MOSCOW, March 13 – RIA Novosti. A federal court in the United States has temporarily overturned the administration's ban on investments in Chinese tech company Xiaomi, according to the Wall Street Journal.
The publication notes that federal judge Rudolph Contreras, announcing the verdict, questioned the Pentagon's decision in January to blacklist Xiaomi due to ties with the Chinese military. The judge stated that it was not possible to convincingly demonstrate such links in the documents filed earlier in the court. “Xiaomi is a public company that produces commercial products for civilian use, is controlled by its independent board and majority shareholders, and is not actually controlled or associated with others (organizations – ed.) owned or controlled by the PRC or its security services, “Contreras said.
The US administration in January included nine Chinese companies, including smartphone maker Xiaomi and the airline corporation Comac, on the list of banned from American investors due to ties with the military.
Xiaomi is a Chinese company founded in 2010 that manufactures smartphones, tablets, and smart home products. Its July 2018 IPO on the Hong Kong Stock Exchange became the largest in the tech industry following its 2014 IPO of Chinese internet giant Alibaba.