Xiaomi’s stock price dropped more than 10 percent following the US blacklistingChinese smartphone maker Xiaomi said Sunday it had filed a lawsuit seeking to overturn the former Trump administration’s last-minute blacklisting of the electronics giant.
Xiaomi said it filed the appeal with a Washington federal court Friday after former president Donald Trump’s administration barred investment in the firm, saying the Beijing-headquartered company was a part of the Chinese military.
In a statement, Xiaomi said it “believes that the decision … was factually incorrect and has deprived the company of legal due process.”
“With a view to protecting the interests of the global users, partners, employees and shareholders of (Xiaomi), the company has pleaded to the courts to declare the decision illegal and that it be reversed,” the statement added.
Just six days before Trump left office, his officials made a series of announcements targeting Xiaomi and other Chinese firms including state oil giant CNOOC and embattled social media favorite TikTok.
Xiaomi—which overtook Apple last year to become the world’s third-largest smartphone manufacturer—was one of nine firms the Pentagon classified as “Communist Chinese military companies.”
The measure was seen as an attempt to cement Trump’s trade war legacy with China after four years of turbulent relations with Beijing.
The blacklisting means US investors cannot buy Xiaomi securities.
The company’s stock price dropped more than 10 percent following the blacklisting.
Explore further
US blacklists Xiaomi, CNOOC, Skyrizon, raising heat on China
© 2021 AFP
Citation: Smartphone giant Xiaomi sues to reverse US blacklisting (2021, January 31) retrieved 31 January 2021 from https://techxplore.com/news/2021-01-smartphone-giant-xiaomi-sues-reverse.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
The post Smartphone giant Xiaomi sues to reverse US blacklisting – Tech Xplore appeared first on abangtech.
source https://abangtech.com/smartphone-giant-xiaomi-sues-to-reverse-us-blacklisting-tech-xplore/
No comments:
Post a Comment