< Smartphone maker Xiaomi says its US stock ban has been lifted - Asia Financial News

Type to search

Smartphone maker Xiaomi says its US stock ban has been lifted

The Chinese tech firm had been blacklisted over alleged military links by outgoing President Trump but it has claimed this week President Biden has reversed that decision

China's Xiaomi Corp says a US court has lifted all restrictions on US persons buying or holding its stock

The Chinese tech firm had been blacklisted over alleged military links by outgoing President Trump but it has claimed this week President Biden has reversed that decision

 

China’s Xiaomi Corp says a US court this week lifted all restrictions on US persons buying or holding its stock – after removing the firm’s Communist Chinese Military Company (CCMC) designation.

“The US District Court for the District of Columbia issued a final order vacating the US Department of Defense’s designation of the company as a CCMC,” the smartphone maker said, in a filing to the Hong Kong bourse. It said the order was made on Tuesday.

Also on AF: Slower progress for China’s industrial machine as commodity prices bite

“The company reiterates that it is an open, transparent, publicly traded, independently operated and managed corporation,” Xiaomi chairman Lei Jun said in the statement.

A court filing showed earlier in May that the US Defense Department would remove Xiaomi from a government blacklist, marking a reversal by the Biden administration of one of Donald Trump’s last jabs at Beijing before exiting office.

  • Reporting by Reuters

 

Read more:

Tech firm mergers and buy-ups double in worth to $136 billion

Local government default dread drags municipal bonds to two-year low

Sean OMeara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

logo

AF China Bond