Wednesday, May 12, 2021

Xiaomi launches legal challenge against US ban

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Xiaomi is wasting no time challenging the US decision to put it on a list of Chinese companies supported by the military and ban US investment. Reuters reports the Chinese phone giant has filed a lawsuit against the US Defense and Treasury Departments, calling the investment ban “illegal and unconstitutional.” He also said that the claims of links with the Chinese military were false and that a lack of US investment would cause “immediate and irreparable harm.”

The company said that 75 percent of its voting rights belonged to co-founders Lin Bin and Lei Jun, and that there were no military-related people or organizations holding the property. He also noted that a “significant number” of shareholders were Americans and that three of its major shareholders were US investment groups.

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