The American court justified her objections Xiaomi deciding in its favor, and annulling the executive order issued by the US Department of Defense.
ΌAs you may remember, Xiaomi was blacklisted by the US Department of Defense and Commerce about 3 months ago, when the US government, led by Donald Trump, accused the company of collaborating directly with China's armed forces.
Xiaomi immediately denied the allegations and sued the US government for "unconstitutional ban». Xiaomi blacklisted by the Ministry of Defense (DoD), immediately created many problems in the company, as it forced all American investors to get rid of all the investments they have made in it, forcing them to "sell out" the shares of Xiaomi that they hold in their portfolio.
In fact, the shares of Xiaomi that were traded through him Over The Counter Pink Sheets in the form of American Evidence Stocks (ADR), closed at $ 15,34 per share, knowing a drop almost Present in several = 25% from the day the company was blacklisted.
But all of this ended well for Xiaomi as a US court upheld the company's objections. deciding in its favor, and annulling the executive order issued by the Ministry of Defense.
This automatically means that Xiaomi is no longer on the blacklist, and all instructions for the sale of the company's shares held by US investors are canceled, and they are no longer barred from continuing to invest in the company.
In essence, Xiaomi has returned to the status quo before it was blacklisted, and is no longer barred from continuing to expand its investment activities in the United States.
Allegations that the company is cooperating with the Chinese military fell on deaf ears, and it was to be expected, since all these allegations were based on speculation and assumptions and not on factual facts.
As revealed 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 was blacklisted by US Department of Defense along with eight other Chinese companies because of its alleged links to the Chinese military.
Immediately after entering the blacklist, Xiaomi had issued a press release in which it states…
But now the American court has given the victory in the case to Xiaomi, after the judge who heard the company's appeal agrees with it, and the company asks the court to remove it from the black list permanently.
A company spokesman said shortly after the court ruling,
We are committed to working with our global partners to enable everyone in the world to enjoy a better life through innovative technology.
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.
But now, with Xiaomi acquitted by the court, it may be time for the company to expand its investment activities in the US market, while also expanding the range of products it sells in the US. It may not be far off when we will see Xiaomi marketing Smartphones in addition to the Gadgets it has so far.
Do not forget to follow it Xiaomi-miui.gr on Google News to be informed immediately about all our new articles! You can also if you use RSS reader, add our page to your list by simply following this link >> https://news.xiaomi-miui.gr/feed/gn
Follow us on Telegram so that you are the first to learn our every news!
