It was revealed today that it was finally the reason that led them USA to place the Xiaomi at black list since last January.
Τlast January, and just before the delivery of Donald Trump US government's new president-elect, Xiaomi blacklisted by US Department of Commerce and Defense
Xiaomi experienced rapid growth in a few years, and today has become the third largest smartphone maker in the world, partly taking advantage of Huawei's downfall due to its exclusion from all US companies.
As far as Xiaomi is concerned, since January it entered the black list, which is completely different from Huawei's list of entities, US investors are now barred from investing in the company, and those who have already invested in Xiaomi will have to sell their shares up to 11 November.
Xiaomi shares are currently being traded through him Over The Counter Pink Sheets in the form of American Evidence Stocks (ADR), and closed last Friday at $ 15,34 per share, knowing a drop almost 25% from the day the company was blacklisted.
Xiaomi has been blacklisted by US Department of Defense along with eight other Chinese companies because of its alleged links to the Chinese military.
Immediately after being blacklisted, Xiaomi issued a press release stating…
The Company confirms that it is not owned, controlled or affiliated with the Chinese military and that it is not a "Communist Chinese Military Company" designated under the NDAA. The Company will take all appropriate measures as needed, and will take action to protect its interests and those of its interested associates.
Today, however, it was revealed that it was finally the reason that led the US to put Xiaomi on the black list.
Apparently, an award given to Xiaomi's founder and CEO, Lei Jun, was the reason for the US to blacklist Xiaomi last January.
As revealed yesterday by Wall Street Journal, a legal submission made to the US Department of Defense for the preparation of a report, states that an award given to the founder and CEO of Xiaomi, Lei Jun, for his service in the state of China, was the reason why in the last days of the Trump administration, the US President himself decided to add Xiaomi to the black list.
Ο Lei Jun was one of the top 100 Chinese businessmen to receive his award "Outstanding Builder of Socialism with Chinese Characteristics" the 2019. In fact, this award is included in the biography of the founder and CEO of Xiaomi, and is posted on the official corporate website of Xiaomi by 2019.
In the same legal statement, reference is also made to Xiaomi's investment in advanced technologies, such as 5G and artificial intelligence.
Xiaomi has already filed a lawsuit in the US District Court in Washington DC against the US Department of Defense, using all the legal means at its disposal to overturn this decision, and remove the company from the blacklist.
Regarding the award received by Lei Jun, this was given to him by MIIT of China. This is a government agency that oversees the country's technology and industrial policy. The US Department of Defense, however, claims that this organization manages the "political and military empowermentOf China. As part of this program, China is working with private companies to develop new technology, which will then be used in its military.
Xiaomi currently sells a minimal number of products in the US, including mainly Power Banks, headphones and the popular Mi Band fitness tracker, which can be purchased in the US through Amazon.
The former vice president of Xiaomi, the Hugo Barra, had stated the 2016, that the company would sell all of its devices in the US, but even though a long time has passed since then, this has not finally been possible.
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1 comment
Bad lies, there is no company in China that is not controlled by the fascist communist party.
NONE.
The mafia state of China is dangerous for the whole planet because it simply has aspirations of supremacy and enslavement of all the peoples of the planet.
Of course, I'm not saying that America is a good kid, on the contrary, but China is terribly more dangerous because it is simply badly mixed with Zionism and equality, and because they have absolute fascism with 1.5 billion people, they are like a thousand fire bombs.