Xiaomi Says US Raised Securities Ban as Communist Chinese Military Company
Xiaomi said on Wednesday a US court has removed the company’s designation as a Communist Chinese Military Company (CCMC) and lifted all restrictions on US persons buying or holding its stock.
“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.
“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 Xiaomi spokeswoman said the company is watching the latest developments closely, without elaborating.
A court filing showed earlier in May that the US Defense Department would remove Xiaomi from a government blacklist, marking a reversal by the Joe Biden administration of one of Donald Trump’s last jabs at Beijing before exiting office.
The filing stated that the two parties would agree to resolve their ongoing litigation without further contest, bringing to an end a brief and controversial spat between the hardware company and Washington that had further soured Sino-US ties.
