Smartphone maker Xiaomi says legal complaint against U.S. to protect its interests

Stock Market
© Reuters. FILE PHOTO: People wearing protective face masks visit Xiaomi brand's store in Kyiv © Reuters. FILE PHOTO: People wearing protective face masks visit Xiaomi brand’s store in Kyiv

HONG KONG (Reuters) – Chinese smartphone maker Xiaomi (OTC:) Corp said on Sunday that its legal complaint against the U.S. Department of Defense and the Treasury Department was to protect the company’s interests, in a notice on the Hong Kong stock exchange.

The company filed a complaint in a Washington district court on Friday against the U.S. Defense and Treasury Departments, seeking to remove the Chinese smartphone maker from an official list of companies with ties to China’s military.

Xiaomi said the U.S. decision to include the company as a “communist Chinese military company” was “factually incorrect” and said it had asked the courts to declare the decision illegal.

The Defense Department, under the Trump administration in mid-January, added Xiaomi and eight other companies to the list, which requires American investors to divest their holdings in the firms by a set deadline.

Xiaomi has said that 75% of the company’s voting rights, under a weighted structure, were held by co-founders Lin Bin and Lei Jun, with no ownership or control from an individual or entity affiliated with the military.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Stock Market News

Leave a Reply

Your email address will not be published. Required fields are marked *