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Smartphone giant Xiaomi Corp. has become the latest Chinese tech group to be targeted by the Trump administration, with its surprise addition to a U.S. investment blacklist drastically lowering its shares.
Xiaomi’s addition of malicious analysts and investors. Xiaomi, a consumer electronics company specializing in mobile phones and home appliances, had managed to avoid US pressure even as Washington tightened the screws on Chinese tech groups, including Huawei Technologies Co., seeking to restrict their access to it. American technology and funding.
Xiaomi’s shares have more than doubled in the past 12 months and the company has quickly gained market share. In the third quarter of 2020, it overtook Apple Inc. to become the world’s third-largest smartphone maker, according to Gartner.
The US Department of Defense on Thursday added Xiaomi to a list of companies it says support the Chinese military. Under the terms of an executive order issued by President Trump, the designation means that after 60 days, U.S. investors will no longer be able to buy Xiaomi shares and they have one year to sell the existing holdings.
Xiaomi’s Hong Kong-listed shares fell nearly 14% on Friday before closing 10% lower.
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