Skip to main content

Market Overview

Court Filings Show Defense Department Removes Xiaomi From Blacklist

Court Filings Show Defense Department Removes Xiaomi From Blacklist
  • The U.S Department of Defense has agreed to remove the Chinese smartphone company Xiaomi Corp’s (OTC: XIACF) blacklisting, bringing an end to their ongoing tussle, Reuters reports.
  • The Court filing stated that both parties would resolve litigation without a further contest.
  • The parties were negotiating over specific terms and will file a separate joint proposal before May 20, Bloomberg reports.
  • The former Donald Trump administration had banned Xiaomi earlier this year over alleged military ties along with seven other Chinese companies, including a restriction on U.S. investments in the company.
  • Trump’s November order prohibited American investment in Chinese firms owned or controlled by the military.
  • Xiaomi retaliated with a lawsuit denying its Chinese military connections and won the court ruling over the investment restrictions.
  • The blacklisting enforcement was temporarily blocked in March by a federal judge under the President Joe Biden administration, considering the ban as “deeply flawed.”
  • Reuters notes that other Chinese firms were also contemplating similar lawsuits after Xiaomi’s victory.
  • Trump’s order also targeted TikTok owner ByteDance Ltd and WeChat owner Tencent Holdings Ltd (OTC: TCEHY). Huawei Technologies Co was prohibited from buying American-made components and banned from global infrastructure projects.
  • Interestingly, Biden also extended a 2019 executive order this week, excluding the U.S. companies from using telecommunications equipment manufactured by firms like Huawei over national security risk concerns.
  • Congress also remains focused on bipartisan legislation to oppose China and bolster the U.S. position in technology and critical manufacturing.
  • Price action: XIACF shares closed lower by 1.9% at $3.1 on Tuesday.

Related Articles (XIACF)

View Comments and Join the Discussion!

Posted-In: BriefsNews Penny Stocks Tech Media

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at