Wednesday, June 29, 2022
728x90-EN-BENEFIT-SEASON
Bitdefender WW

The US agrees to remove Xiaomi from its blacklist

- Advertisement -

According to a court filing, The US Department of Defense will remove China’s Xiaomi from the government’s blacklist. The former President of the United States, Donald Trump, issued an order designating Xiaomi as a Communist Chinese Military Company.

This step would have forced the Chinese electronics giants to be delisted from U.S. exchanges and other global benchmark indexes. Under his rule, many Chinese firms struggled to operate in the country. Huawei is still under huge constraints which have affected their business majorly.

However, this could be great news for Xiaomi whose products are gaining a lot of attraction worldwide. The blacklisting could have restricted American investment in the company. The court filing further added, “The Parties have agreed upon a path forward that would resolve this litigation without the need for contested briefing.” The parties involved are negotiating over specific terms and will file a separate joint proposal before May 20.

728x90-EN-BENEFIT-SEASON

This update was welcomed positively by the investors of Xiaomi. The stock surged by more than 6% intraday in Hong Kong. Since the order was filed by Donald Trump, the stock reported a fall of 15% in its share price. All this while, the company has maintained their stance that they are not owned or controlled by the Chinese military.

Two months back a temporary halt on the ban was placed by the US court and these new developments will make Xiaomi feel more comfortable. In recent times, we haven’t seen Chinese firms recording victories in the US but with the new presidential change, this can be interpreted as a positive change. It will be seen if apart from Xiaomi, other companies like Huawei Technologies, WeChat super, TikTok and other Chinese entities will also get few relaxations.

Source 1 | Source 2

- Advertisement -

Also Read:

- Advertisement -
spot_img
Sanidhya Bhardwaj
Sanidhya Bhardwaj
A football lover who is doing an MBA in finance and currently covering every news related to smartphones. I believe in diversification, both, in life and in my trading portfolio. Do check out my blogs to be aware of the recent happenings around you!

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles

Bitdefender WW

More To Consider

Stay Connected

13,642FansLike
62FollowersFollow
157FollowersFollow
Myntra [CPS] IN

Hot Topics

spot_img

Latest Articles

Trending

Bigrock [CPS] IN

Featured

Adblocker detected! Please consider reading this notice.

We've detected that you are using AdBlock Plus or some other adblocking software which is preventing the page from fully loading.

We don't have any banner, Flash, animation, obnoxious sound, or popup ad. We do not implement these annoying types of ads!

We need money to operate the site, and almost all of it comes from our online advertising.

Please add technosports.co.in to your ad blocking whitelist or disable your adblocking software.

×