In the wake of the fight against espionage in the US, the name of China’s electronics company Xiaomi appeared on the black list. The company was suspected of having ties to the Chinese military.
Xiaomi has long been subject to former President Donald Trump’s executive order restricting Americans from investing in Chinese firms owned or controlled by China’s military. Xiaomi was one of the last nine companies blacklisted by the Trump administration. However, the US Department of Defense has recently decided to remove the investment ban imposed on the Chinese manufacturer.
The parties agreed to bring the dispute to an end and stop legal proceedings. After the US Department of Defense deemed the move "appropriate," Xiaomi shares spiked by 6.7% to HK$26,15.
Earlier, Xiaomi turned to the court seeking to be removed from the blacklist that prohibits American investors from purchasing the company’s shares. Eight more Chinese companies were banned along with Xiaomi.
