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US court ruling suspends ban on investment in China's Xiaomi

13 March 2021
2357
2 min.
7
US court ruling suspends ban on investment in China's Xiaomi

Investment in Xiaomi

A court in Washington has temporarily blocked enforcement of a US ban on investments in Chinese company Xiaomi, calling the decision to blacklist the tech giant "deeply flawed". The Wall Street Journal reported this on Friday.

"Xiaomi is a public company that makes commercial products for civilian use, controlled by an independent board and controlling shareholders. It is not affiliated with persons under the control of the PRC or its intelligence services", the paper quoted federal judge Rudolph Contreras as saying.

The company, in turn, said it was satisfied with the court ruling and intended to seek a permanent end to the ban. According to the newspaper, the Pentagon has not yet commented on the information.

In January, the Pentagon enlarged its list of Chinese companies doing business in the US, which, according to Washington, are linked to China's military industry. Nine more entities were added to the list, including China Commercial Aviation Corporation (COMAC) and Xiaomi, one of China's largest smartphone manufacturers.

The list was originally compiled and sent to the US Congress in June last year. At the time, it included 20 companies, including Huawei. Later the list was updated several times. The list is compiled in accordance with a law passed in the US in 1999. Being on the list does not automatically lead to the imposition of sanctions, but according to the law, the US President can impose restrictions on companies on the list.

The companies on the list are subject to a decree previously signed by former US President Donald Trump banning US investment in Chinese companies believed to be affiliated with the Chinese Armed Forces. As Reuters explains, according to this document, US investors must get rid of the assets of the companies on the list by 11 November this year.

Persons2 and Companies5 in the news

Judge
1 place
45th President of the United States
2 place
Huawei
1 place
Xiaomi
2 place
Reuters
3 place
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