By KEY POINTS
The Trump administration has added smartphone giant Xiaomi to a blacklist of alleged Chinese military companies.
The move means that Xiaomi is now subject to a November executive order forcing U.S. investors to to divest, or sell out, of affected holdings of any companies on the blacklist, by Nov. 11 this year.
Beijingbased Xiaomi was the worlds thirdlargest smartphone maker in the third quarter of 2020, according to Counterpoint Research.
GUANGZHOU, China The Trump administration has added smartphone maker Xiaomi to a blacklist of alleged Chinese military companies.
Hong Konglisted shares of the Chinese firm were down 10.6 at the open on Friday on that news.
Beijingbased Xiaomi was the worlds thirdlargest smartphone maker in the third quarter of 2020, according to Counterpoint Research.
The move means that Xiaomi is now subject to a November executive order restricting American investors from buying shares or related securities of any companies designated by the Department of Defense to be a Chinese military company.
Trumps initial executive order was subsequently expanded to force investors to divest, or sell out, of affected holdings, by Nov. 11 this year.
The company is listed in Hong Kong and not in the U.S.
The Department is determined to highlight and counter the Peoples Republic of Chinas PRC MilitaryCivil Fusion development strategy, which supports the modernization goals of the Peoples Liberation Army PLA by ensuring its access to…
