<Editor's Pick> Being shot by Trump's last bullet, Xiaomi, "are you ok?"

Jan 20, 2021 Xiaomi

On January 14, the Trump administration added nine Chinese companies to the "China military-related" blacklist, including Xiaomi, The Commercial Aircraft Corporation of China, Advanced Micro, Luokung Technology, Beijing Zhongguancun Development Center, Gowin Semiconductor Corp, Grand China Air, Global Tone Communication Technology, and Aviation Industry Corporation of China. At this point, there were still 6 days until Trump leaves office.

Under an executive order signed by Trump in November 2020, U.S. investors are prohibited from holding securities related to the blacklisted companies, which takes effect 365 days after the order is signed. In June, August, and December of last year, the U.S. Department of Defense added Huawei, Hikvision, SMIC, and 35 other companies to the list.

In response, Xiaomi issued a clarification announcement on the Hong Kong Stock Exchange, stating that the company's services and products are for civilian or commercial use and confirming that it is not owned, controlled, or affiliated with the Chinese military, nor is it a Chinese military company as defined under U.S. NDAA law.

 

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