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26 May, 2021 07:46

US removes Xiaomi from its blacklist of ‘Communist Chinese military companies’

US removes Xiaomi from its blacklist of ‘Communist Chinese military companies’

Chinese tech giant Xiaomi said on Wednesday it has been officially removed from a US government blacklist prohibiting American investment in “Communist Chinese military companies.”

According to the statement, the US District Court for the District of Columbia issued a final judgment on Tuesday afternoon, formally lifting all restrictions on the purchase or holding of the company’s securities by US investors.

“The company is grateful for the trust and support of its global users, partners, employees and shareholders,” Xiaomi said, adding that it “will continue to provide reliable consumer electronics products and services to users, and to relentlessly build amazing products with honest prices to let everyone in the world enjoy a better life through innovative technology.”

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In January, nine Chinese firms including Xiaomi were added to a blacklist of alleged Chinese military companies under a ban issued by former US president Donald Trump. The ruling ordered American investors to divest their holdings of the blacklisted firms by November 11, 2021.

China then said that there was no basis or procedural justice for Washington to brand civil technology companies like Xiaomi as “Chinese military companies.” Xiaomi has issued a legal complaint against the US Defense and Treasury departments.

In May, the sides reached an agreement to set aside the blacklisting that could have restricted US investment in the company. Meanwhile, another Chinese tech titan, Huawei, is still struggling with its inclusion on the US trade blacklist, which bans it from accessing critical US technologies and has hampered its global smartphone sales.

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