Xiaomi says US has formally lifted securities ban

China’s Xiaomi Corp said on Wednesday a US court has removed the company’s designation as a Communist Chinese Military Company (CCMC) and lifted all restrictions on US persons buying or holding its stock. “The US District Court for the District of Columbia issued a final order vacating the US Department of Defense’s designation of the company as a CCMC,” the smartphone maker said in a filing to the Hong Kong bourse. It said the order was made on Tuesday.

“The company reiterates that it is an open, transparent, publicly-traded, independently operated and managed corporation,” Xiaomi Chairman Lei Jun said in the statement.

A court filing showed earlier in May that the US Defense Department would remove Xiaomi from a government blacklist, marking a reversal by the Biden administration of one of Donald Trump’s last jabs at Beijing before exiting the office. CNBCTV18