Smartphone giant Xiaomi Corp. became the latest Chinese technology group to be targeted by the Trump administration, by adding its surprise to a blacklist of US investments that sent its shares much smaller.
Adding Xiaomi analysts and wrong investors. Xiaomi, a consumer electronics company that focuses on mobile phones and home appliances, has managed to avoid US pressure even as Washington tightened its grip on Chinese technology groups, including Huawei Technologies Co., in an attempt to limit their access. to American technology and finance.
Xiaomi’s shares have doubled in the last 12 months and the company has quickly gained market share. In the third quarter of 2020, it surpassed Apple Inc. to become the world’s third-largest smartphone maker, according to Gartner.
On Thursday, the US Department of Defense added Xiaomi to a list of companies the Chinese military supports. According to an executive order issued by President Trump, the designation means that, after 60 days, American investors will not be able to buy Xiaomi shares and will have one year to sell the existing shares.
Shares of Hong Kong’s shares in Hong Kong fell nearly 14 percent on Friday before closing 10 percent lower.