Xiaomi Says US Has Formally Lifted Securities Ban, Removed Designation as Communist Chinese Military Company

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Xiaomi stated on Wednesday a US courtroom has eliminated the corporate’s designation as a Communist Chinese language Army Firm (CCMC) and lifted all restrictions on US individuals shopping for or holding its inventory.

“The US District Courtroom for the District of Columbia issued a closing order vacating the US Division of Protection’s designation of the corporate as a CCMC,” the smartphone maker stated in a submitting to the Hong Kong bourse. It stated the order was made on Tuesday.

“The corporate reiterates that it’s an open, clear, publicly traded, independently operated and managed company,” Xiaomi chairman Lei Jun stated within the assertion.

A court filing¬†confirmed earlier in Could that the US Protection Division would take away Xiaomi from a authorities blacklist, marking a reversal by the Joe Biden administration of one in every of Donald Trump’s final jabs at Beijing earlier than exiting workplace.

The submitting acknowledged that the 2 events would comply with resolve their ongoing litigation with out additional contest, bringing to an finish a short and controversial spat between the {hardware} firm and Washington that had additional soured Sino-US ties.

A Xiaomi spokeswoman stated the corporate is watching the most recent developments intently, with out elaborating.

The division had designated the agency as having ties to China’s navy and positioned it on a listing that may prohibit US funding within the firm.

Seven different Chinese language corporations have been additionally positioned underneath related restrictions.

Xiaomi went on the offensive by submitting a lawsuit in opposition to the US authorities, calling its placement “illegal and unconstitutional” and denying any ties to China’s navy.

Quickly after that victory, Reuters reported that different Chinese language corporations positioned on the identical blacklist have been contemplating related lawsuits.

Xiaomi was among the many extra high-profile Chinese language know-how corporations that former President Donald Trump focused for alleged ties to China’s navy.

Trump had made countering the rise of Beijing a centrepiece of his administration’s financial and international coverage.

© Thomson Reuters 2021


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