Xiaomi Says Legal Complaint Against US to Protect Company’s Interests

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Chinese language smartphone maker Xiaomi mentioned on Sunday that its authorized criticism in opposition to the US Division of Protection and the Treasury Division was to guard the corporate’s pursuits, in a discover on the Hong Kong inventory alternate.

The corporate filed a criticism in a Washington district courtroom on Friday in opposition to the US Protection and Treasury Departments, looking for to take away the Chinese language smartphone maker from an official checklist of corporations with ties to China’s army.

Xiaomi mentioned the US determination to incorporate the corporate as a “communist Chinese language army firm” was “factually incorrect” and mentioned it had requested the courts to declare the choice unlawful.

The Protection Division, beneath the Trump administration in mid-January, added Xiaomi and eight different corporations to the checklist, which requires American buyers to divest their holdings within the corporations by a set deadline.

Xiaomi has mentioned that 75 p.c of the corporate’s voting rights, beneath a weighted construction, have been held by co-founders Lin Bin and Lei Jun, with no possession or management from a person or entity affiliated with the army.

© Thomson Reuters 2021


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