The US Department of Defense is reversing former President Donald Trump’s sanction against Chinese telecom company Xiaomi (HKSE: 1810.HK).

The placement of Xiaomi on the blacklist prohibited US based investors. The US Department of Defense tightened the Chinese company’s ties with the military to ban Xiaomi. An accusation that the smartphone company immediately dismissed. In legal filings, Xiaomi said the evidence offered by the U.S. didn’t prove ownership by or affiliation with the Chinese military.

The Chinese smartphone manufacturer filed a lawsuit against the federal government. In March, a federal judge already temporarily blocked enforcement of the blacklist.  Xiaomi declined to comment. Chinese Foreign Ministry spokeswoman Hua Chunying said she wasn’t aware of any deal the firm may have reached with the U.S.   


Other Chinese companies on the blacklist are also considering lawsuits, Reuters reported. These companies include but are not limited to the smartphone giant Huawei, the video app TikTok and the chat service WeChat blacklisted under Donald Trump’s presidency. Joe Biden wants to rethink sanctions against those companies. 

Xiaomi shares soared over 6% in Hong Kong when the news spread on Wednesday. Which results in Xiaomi’s stock price being down about 28% since January.

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Harold Sullivan is a multifaceted individual with an insatiable appetite for challenges. As a writer for The Simple Herald, Harold uses his keen observational skills to craft thought-provoking pieces that resonate with readers. Despite lacking a degree in journalism and quitting high school at the age of 21, Harold has honed his writing skills through a combination of hard work and natural talent. Harold's thirst for challenge doesn't stop at writing, however. As a side hustle, he started a puzzle company where he's determined to beat every world record. With a sharp mind and a tireless work ethic, Harold has thrown himself into this pursuit, working to solve puzzles and break records with a single-minded determination that is both admirable and awe-inspiring. While he may not have a formal education, Harold's breadth of knowledge is impressive. He has a deep understanding of most aspects of life, thanks to his voracious appetite for learning. His intellectual curiosity has driven him to read extensively, exploring topics ranging from history and science to philosophy and literature.

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