Finally, Xiaomi has managed to get itself removed from the US blacklist. According to a filing in the US courts, the US Department of Defense gas passed the final order to remove Xiaomi from the blacklist.
Xiaomi was added to the US blacklist by the Trump administration in early January after it was accused of being a “Communist Chinese Military Company.” As a result, the company was delisted from US exchanges and US investors couldn’t invest in Xiaomi.
Xiaomi that makes several products including smartphones, wearables, electric bikes, and more was founded by Lei Jun more than 10 years ago. The company filed a lawsuit when the US government added Xiaomi to the blacklist. Back in March, a. U.S. court placed a temporary halt on the ban. Now the company has successfully removed itself from the blacklist.
Xiaomi is the third-largest smartphone brand in the world by shipment. When the ban in the US was announced, the news knocked $10 billion off its market share. Now after the US government agrees to remove Xiaomi from the blacklist, Xiaomi’s shares rose by 6.71% in Hong Kong trade on Wednesday.
