Sci-tech

Xiaomi To Sue US Government For Investment Ban

Xiaomi To Sue US Government For Investment Ban”

The Company believes that the decision by the United States Department of Defense and the Treasury to include the Company as a "Communist Chinese Military Corporation" under the NDAA (the "Decision") is not in line with reality and leaves the Company without legal proceedings.

The Trump administration in mid-January placed Xiaomi and eight other companies on a list of firms with alleged ties to China's military, which would force American investors to divest their holdings in the firms by a set deadline.

Xiaomi is facing stiff competition in its core smartphone business as other Chinese Android-makers, especially Huawei, continue to erode the market shares of smaller players. The blacklisting entails that U.S. investors cannot buy shares from these firms or invest in them in any other way.

The Trump administration blacklisted Xiaomi in its last few days.

Chinese smartphone giant Xiaomi is challenging investment bans imposed by the last USA administration by filing a legal complaint through American courts.

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It explained that more than 75% of the voting rights in the company are held by co-founders Lei Jun and Bin Lin and that various Xiaomi shareholders were U.S. companies, such as BlackRock and The Vanguard Group. "The Company will take appropriate course of actions to protect the interests of the Company and our stakeholders".

This is definitely a critical matter for the company.

It added that the investment restrictions would cause "immediate and irreparable harm to Xiaomi". The agency has been on the rise, particularly in India the place the globe's second largest smartphone market is harm by the nation's low per capita revenue. The Xiaomi lawsuit appeals to overturn the blacklisting, claiming it to be unconstitutional under the Fifth amendment of the U.S constitution.

Xiaomi announced that its recognition by USA administrations as a "Chinese Communist Military Corporation" was wrong and illegal. Huawei misplaced its US provide chain, together with Google, and can't buy cutting-edge chips it designed itself.



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