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US removes Xiaomi’s designation as a Communist Chinese Military Company – otcbbstocknews.com

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Xiaomi, one of China’s high-profile tech firms that fell in the crosshairs of the Trump administration, has been removed from a U.S. government blacklist that designated it as a Communist Chinese Military Company.

The U.S. District Court for the District of Columbia has vacated the Department of Defence’s designation of Xiaomi as a CCMC in January, a document filed on May 25 shows.

In February, Xiaomi sued the U.S. government over its inclusion in the military blacklist. In March, the D.C. court granted Xiaomi a preliminary injunction against the DoD designation, which would have forbidden all U.S. persons from purchasing or possessing Xiaomi’s securities, saying the decision was “arbitrary and capricious.” The ruling was made to prevent “irreparable harm” to the Chinese phone maker.

Xiaomi has this to say about getting off the blacklist:

The Company is grateful for the trust and support of its global users, partners, employees and shareholders. The Company reiterates that it is an open, transparent, publicly traded, independently operated and managed corporation. The Company will continue to provide reliable consumer electronics products and services to users, and to relentlessly build amazing products with honest prices to let everyone in the world enjoy a better life through innovative technology.

Xiaomi’s domestic competitor Huawei is still struggling with its inclusion in the U.S. trade blacklist, which bans it from accessing critical U.S. technologies and has crippled its smartphone sales around the world.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. OTCBBStockNews.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Lena Berryhttps://otcbbstocknews.com
Lena Berry is the executive editor of OTC BB Stock News. Apart from managing the large team of writers, you will find her writing about various topics.
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