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China's Xiaomi says U.S. has formally lifted securities ban

Published 05/25/2021, 09:37 PM
Updated 05/25/2021, 09:40 PM
© Reuters. FILE PHOTO: The Xiaomi logo is seen at a Xiaomi shop, in Shanghai, China May 12, 2021. REUTERS/Aly Song

HONG KONG (Reuters) - China's Xiaomi (OTC:XIACF) Corp said on Wednesday a U.S. court has removed the company's designation as a Communist Chinese Military Company (CCMC) and lifted all restrictions on U.S. persons buying or holding its stock.

"The U.S. District Court for the District of Columbia issued a final order vacating the U.S. 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.

© Reuters. FILE PHOTO: The Xiaomi logo is seen at a Xiaomi shop, in Shanghai, China May 12, 2021. REUTERS/Aly Song

"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 court filing showed earlier in May that the U.S Defense Department would remove Xiaomi from a government blacklist, marking a reversal by the Biden administration of one of Donald Trump's last jabs at Beijing before exiting office.

Latest comments

Only the best of the best deserves to be on that list. Xiaomi is second grade. DJI should be top that list I say.
I told you guys...
Biden admin has China first foreign policy
The Biden team will hand out billions to US companies to try and stay competitive with China, but also allow Chinese companies to raise money in the US to compete. Congrats China, nice win!
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