US agrees to remove Xiaomi from controversial deny list (Updated: It’s done)
Update: May 26, 2021 (3 a.m. ET): A US court has now issued a final ruling revoking Xiaomi’s designation as a communist Chinese military society.
“With the removal of the name, the court officially lifts all restrictions on the ability of US persons to buy or hold securities in the company,” said Xiaomi on his blog.
Original article: May 12, 2021 (3:17 AM ET): The US government and Xiaomi have reportedly reached an agreement that the Chinese company will be removed from a US denial list.
After a filing in the U.S. courts (discovered by Bloomberg) the US Department of Defense has now confirmed that a final order to remove Xiaomi from the denial list would be “appropriate”.
“The contracting parties have agreed on a way that could resolve this legal dispute without the need for a controversial disclosure,” says an excerpt from the file. It is believed that certain terms will be negotiated and that a joint proposal will be published on May 20th.
Xiaomi was put on a rejection list by the Trump administration in early January and accused of being a “communist Chinese military company”. That listing would have meant US investors couldn’t invest in Xiaomi and would have seen it delisted from the US exchanges.
The Chinese manufacturer has claimed it is an independent, publicly traded company and received an injunction in March against its denial of listing. Xiaomi told Android Authority in response to the message that it “is paying close attention to the development of this problem”.
That wouldn’t be the only good news for Xiaomi this month, as a recent smartphone market share report found Apple ranked second in Europe in the first quarter of 2021.
