Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
  • Editorial Calendar 19-20
BW Businessworld

Xiaomi gets blacklisted in U.S.A

Xiaomi gets blacklisted in U.S.A

Photo Credit :

Washington [US], January 15 (ANI): Chinese multinational electronics company Xiaomi along with eight other Chinese firms has been put on an investment blacklist by the U.S. Department of Defense. This move prevents American investors from investing in these companies.
As per Mashable, the U.S. government alleges that the nine banned Chinese companies have ties to or are controlled by the Chinese military. In addition to Xiaomi, the list also includes Comac, a plane maker that planned on setting up a factory in the U.S. to compete against Boeing and Airbus.
Since the time of this move, Xiaomi's shares have plunged by 11% on Friday morning.
Xiaomi is China's second-largest and the world's third-biggest smartphone maker. As per Mashable, Qualcomm Ventures, the venture capital arm of Qualcomm, has invested in Xiaomi. If the decision is not overturned, the San Diego-based chipmaker might have to divest its holdings in Xiaomi by November.
All the existing American investors will also have to divest their holdings in the backlisted firms by November 11, 2021. Huawei is already a part of this blacklist. (ANI)

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.


ANI

ANI

More From The Author >>