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Chinese smartphone giant Xiaomi shares rally above 6% after the U.S. agrees to remove it from the blacklist

Chinese smartphone giant Xiaomi shares rally above 6%

May 13, 2021: -The U.S. has agreed to remove Xiaomi from a blacklist that would have barred Americans from investing in the Chinese smartphone maker.

Shares of Chinese tech giant Xiaomi rallied 6.5% after the news before paring some gains. In January, the administration under former President Donald Trump designated Xiaomi as one of the “Communist Chinese military companies” or CCMC.

It will mean the world’s third-largest smartphone maker was subject to a November executive order which restricts American investors to buy shares or related securities of any companies given this designation by the U.S. Department of Defense (DOD).

The company brings a legal challenge against the U.S. Department of Defense. A U.S. court granted Xiaomi a preliminary injunction against the Trump-era order in March, saying the company would “suffer irreparable harm in the form of serious reputational and unrecoverable economic injuries.”

And on Tuesday, the DOD agreed that a “final order vacating” Xiaomi’s designation as a CCMC “would be appropriate,” according to a court filing.

Xiaomi and the DOD will “negotiate over the specific terms of the order” and provide the court with a “joint proposed order” on or before May 20.

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