The court overturned the Trump Administration's decision, described by Xiaomi as "arbitrary and whimsical."
American buyers will be delighted to hear that they will afford to purchase Xiaomi shares on the stock exchange.
Une première victoire pour Xiaomi
Actually a few days before the close of businessmen's term, the United States District Court for the District of Columbia has revoked the Trump administration's executive order.
In 13959, Xiaomis was blacklisted as a "Communist Chinese Military Company"(CCMC), which provided the Chinese Armed Forces with technology and expertise and undermined the country's interests.
In specific, the decree called for the ban on Xiaomi investment and the acquisition of stock-listed securities. This decision was quickly contested and the case was won by Xiaomi.
China-US trade ties remain more than tight.
This Friday, March 12, American courts handed down their decision and decided to postpone the decree with Xiaomi for a brief time. The judges take some time to thoroughly investigate the event. This is a success for the producer.
In a press release on the Twitter account of the firm, he quickly welcomed Xiaomi: "Xiaomi thinks his appointment as a CCMC is unfair and capricious and the judge accepts that." In order to permanently eliminate this designation," Xiaomi plans to continue its legal proceedings."
If we thought that the arrival of Joe Biden at the White House would relax relations between the United States and the Chinese telecoms giant, the restrictions on the supply of components have on the contrary been tightened by the news administration against the backdrop of a trade war between the two super powers.