Xiaomi says legal complaint against US is to protect its interests

The full version of the article, along with thousands like it, can be found on the following page: Xiaomi says legal complaint against US is to protect its interests

Xiaomi

Xiaomi has stated that its legal complaint against the Department of Defence and the Treasury Department in the US was to protect its interests, in a notice on the Hong Kong stock exchange.

Chinese smartphone maker filed a complaint in a Washington district court late last week against the Defence department and Treasury, seeking to remove the China-based smartphone maker from the list of companies deemed to have ties to China's military.

Xiaomi Corp said the US 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 Defence Department, under the Trump administration in mid-January, added Xiaomi and eight other tech companies to the list, which requires American investors to divest their holdings in the businesses by a set deadline.

Xiaomi has stated 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 Chinese military.

The move reignites weeks of confusion, opaque PR battles and potential legal action by multiple parties aimed at delaying and/or the cancellation of the decision.

Worth keeping your eyes on how the new Biden administration, with its alleged links to China treat Sino-American relations over the coming months. A reset, or a continuation of exisiting rhetoric and policy?

The team at Platform Executive hope you have enjoyed this news article. Translation from English to other languages via Google Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Farah Master. Editing by Frances Kerry and Catherine Evans. Commentary by Rob Phillips.

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