The Chinese company intends to seek the final lifting of the ban on investment and cooperation.
The US Department of Defense blacklisted Xiaomi and eight other Chinese companies in mid-January, suspecting ties to the Chinese military.
The sanctions suggest that US investors should have sold their assets in the listed companies by November 2021. On the back of the news, Xiaomi shares fell more than 10%.
In late January, Xiaomi challenged the decision in court, writes Reuters. The company called the Defense Ministry’s actions ” illegal and unconstitutional.”
On March 12, the court found the administration’s evidence about Xiaomi’s threat to the country’s national interests unconvincing. Xiaomi reported vc.ru that they consider the decision to assign it the status of a Chinese communist military company ” ill-considered and ridiculous.” The company will seek the final lifting of the ban.