Xiaomi initiated legal action against two US government departments seeking to overturn a ban on local investors owning shares in the Chinese device maker.
In a filing with the Hong Kong stock exchange, Xiaomi said a decision by the US defence and treasury [1] departments to include it as a “Communist Chinese military company was factually incorrect” and “deprived the company of legal due process”.
Xiaomi explained it acted to protect its interests by asking a US district court to declare the decision illegal and reverse it.
The US requires investors to divest their holdings in companies deemed to have links with the Chinese military: Huawei, all three major Chinese operators and Semiconductor Manufacturing International Corp are among the businesses already listed.
IDC data showed Xiaomi ranked third [2] in global smartphone shipments in Q4 2020, shipping 43.3 million units.
[1] https://www.mobileworldlive.com/featured-content/home-banner/xiaomi-in-us-crosshairs-over-military-links
[2] https://www.mobileworldlive.com/featured-content/top-three/smartphone-market-battles-back-in-q4
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