Xiaomi has filed a lawsuit against the US government in a bid to be removed from the list of companies the US claimed to have links to China’s military.
The blacklist, if effected, would make it impossible for peole in the US to publicly traded in Xiaomi stocks, on top of other possible restrictions.
It was one of the final salvos fired by the outgoing Trump administration, which has been actively targeting Chinese companies said to be linked to the Chinese military.
“The restrictions, once they go into effect on March 15, 2021, will cause immediate and irreparable harm to Xiaomi, including by cutting off Xiaomi’s access to U.S. capital markets, interfering with the company’s business relationships and ability to conduct and expand its business, and harming its reputation and goodwill among business partners and consumers, both in the United States and around the world,” said Xiaomi in the lawsuit.
Xiaomi’s move is understandable as it would not want to suffer the same fate as Huawei, whose business has taken a major hit because of US sanctions.