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Xiaomi files a lawsuit seeking to overturn former Trump administration's blacklisting
Xiaomi says on Sunday it has 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. Xiaomi said it "believes that the decision ... was factually incorrect and has deprived the company of legal due process."
"With a view to protect the interest of its global users, partners, employees and shareholders, Xiaomi Corporation has filed proceedings in the United States District Court for the District of Columbia against the Department of Defense and Department of Treasury of the United States, for listing the company as “Communist Chinese Military Company," 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 favourite 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." As per the executive order signed by Trump, after the ban, US investors had to divest their stakes in Chinese companies on the military list by November 2021.
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.
With inputs from AFP
from Firstpost Tech Latest News https://ift.tt/3anBjaW
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