US Markets

China's Xiaomi says U.S. has formally lifted securities ban

Credit: REUTERS/ALY SONG

China's Xiaomi Corp said on Wednesday a U.S. court has removed the company's designation as a Communist Chinese Military Company (CCMC) and lifted all restrictions on U.S. persons buying or holding its stock.

HONG KONG, May 26 (Reuters) - China's Xiaomi Corp 1810.HK said on Wednesday a U.S. court has removed the company's designation as a Communist Chinese Military Company (CCMC) and lifted all restrictions on U.S. persons buying or holding its stock.

"The U.S. District Court for the District of Columbia issued a final order vacating the U.S. Department of Defense's designation of the company as a CCMC," the smartphone maker said in a filing to the Hong Kong bourse. It said the order was made on Tuesday.

"The company reiterates that it is an open, transparent, publicly traded, independently operated and managed corporation," Xiaomi chairman Lei Jun said in the statement.

A court filing showed earlier in May that the U.S Defense Department would remove Xiaomi from a government blacklist, marking a reversal by the Biden administration of one of Donald Trump's last jabs at Beijing before exiting office.

(Reporting by Donny Kwok; Editing by Sam Holmes)

((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters Messaging: donny.kwok.reuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest US Markets Videos

Test Video TOPIC US market

Nov 24, 2021

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More