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Home Business China Tech Giant Xiaomi Dives 11% After Being Blacklisted By USA

China Tech Giant Xiaomi Dives 11% After Being Blacklisted By USA

Xiaomi overtook Apple in smartphone gross sales in third quarter, in accordance with Worldwide Information Company

Shares in Chinese language expertise big Xiaomi collapsed greater than 11 per cent in Hong Kong commerce on Friday after the US put it on a blacklist, banning People from investing in it, because the Trump administration ramps up its battle with Beijing. The corporate, one of many world’s greatest smartphone makers and regarded China’s reply to Apple, was one in all 11 companies focused by US officers who mentioned they posed a menace to nationwide safety.

The transfer is the most recent salvo by the White Home towards Beijing as Donald Trump’s presidency involves an finish, and follows related actions towards different tech companies together with Huawei and chip big SMIC.

However Xiaomi is likely one of the greatest firms to be blacklisted. The agency overtook Apple in smartphone gross sales within the third quarter, in accordance with the Worldwide Information Company.

In an announcement, the Division of Protection mentioned it was “decided to focus on and counter the Folks’s Republic of China’s military-civil fusion growth technique” that allowed it to entry key expertise and safety information.

Mr Trump issued an govt order in November banning People from investing in Chinese language firms deemed to be supplying or supporting the nation’s navy and safety equipment, incomes a pointy rebuke from Beijing.

A separate listing from the Commerce Division additionally banned People from supplying firms, together with state vitality big CNOOC and deep-water explorer Skyrison, which develops navy tools.

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