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May 13, 2021 12:28 pm GMT
This has caused the company shares to soar on the Hong Kong stock exchange by as much as 6.7% after the news appeared. "The Biden Administration is deeply concerned about potential U.S. investments in companies linked to the Chinese military and fully committed to keeping up pressure on such companies", said Emily Horne, a spokeswoman for the White House National Security Council.
Original Link: https://www.techpowerup.com/282173/xiaomi-no-longer-blacklisted-by-the-us-government
Xiaomi no Longer Blacklisted by the US Government
The US Government, specifically the Department of Defense (DoD), has under the Trump administration blacklisted the Chinese smartphone maker Xiaomi. This was a way to impose sanctions on the Chinese company as it was believed that Xiaomi was involved with the Chinese military, thus the Trump organization had problems having US investors taking a share of it. However, the company has issued legal proceedings against the US government for making such claims, and now the US govt., administrated by the President Joe Biden, has reached an agreement with the company. Xiaomi managed to prove that it is not owned or controlled by the Chinese military, so the US DoD has removed the company from its blacklist.This has caused the company shares to soar on the Hong Kong stock exchange by as much as 6.7% after the news appeared. "The Biden Administration is deeply concerned about potential U.S. investments in companies linked to the Chinese military and fully committed to keeping up pressure on such companies", said Emily Horne, a spokeswoman for the White House National Security Council.
Original Link: https://www.techpowerup.com/282173/xiaomi-no-longer-blacklisted-by-the-us-government
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