Xiaomi says US has formally lifted securities ban

[HONG KONG] China's Xiaomi said on Wednesday a US court has removed the company's designation as a Communist Chinese Military Company (CCMC) and lifted all restrictions on US persons buying or holding its stock.

"The US District Court for the District of Columbia issued a final order vacating the US Department of Defense's designation of the company as a CCMC," the smartphone maker said in a filing to the Hong Kong bourse. It said the order was made on Tuesday.

"The company reiterates that it is an open, transparent, publicly traded, independently operated and managed corporation," Xiaomi chairman Lei Jun said in the statement.

A court filing showed earlier in May that the US Defense Department would remove Xiaomi from a government blacklist, marking a reversal by the Biden administration of one of Donald Trump's last jabs at Beijing before exiting office.

REUTERS