China’s Xiaomi says US has formally lifted securities ban imposed by Trump administration after court finds it is not a ‘military company’
- A court filing showed earlier in May that the US Defence Department would remove Xiaomi from a government blacklist
- With the securities ban lifted, FTSE Russell said it would add Xiaomi back to its global indexes
China’s Xiaomi Corp said on Wednesday a US court has removed the company’s designation as a Communist Chinese Military Company (CCMC) and lifted all restrictions on US persons buying or holding its stock.
“The US District Court for the District of Columbia issued a final order vacating the US Department of Defence’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.
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“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 US defence 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.
Separately, FTSE Russell said it will add Xiaomi Corp back to its global indexes.
Xiaomi will be added to FTSE GEIS in two tranches, with 50 per cent added effective from the open on June 7, and 50 per cent added from the open on June 21, FTSE said in a statement.
