Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. For its part, Xiaomi is already ready for a possible ban on the part of the American government. "The company confirms that it is not owned, controlled or affiliated with the Chinese military, and is not a 'Communist Chinese Military Company' defined under the [National Defense Authorization Act]," it said in the statement. Jan 13, 2021. The Wall Street Journal Americans banned from investing in Xiaomi as U.S. expands China tech blacklist Published: Jan. 15, 2021 at 10:57 a.m. Along with Xiaomi, eight other companies have also been banned. PayPal now the sole owner of a payments firm in China. By Amelia Holt On Jan 15, 2021. Shares in Xiaomi collapsed on Friday after the United States blacklisted the smartphone giant and a host of other Chinese firms as the Trump administration aims to cement its trade war legacy against Beijing. Furthermore, any company using hardware or software developed primarily in the U.S., which includes many chip foundries and chip design firms, would also be subject to a trade ban with Xiaomi. The Xiaomi ban has also been effected alongside other nine Chinese companies that the US says have associations with the China military. Xiaomi responds to Department of Defense's investment ban. US Government Puts Xiaomi Under Investment Ban. The Defense Department said in a statement that it is "determined to highlight and counter" the relationship between China's military and firms that "appear to be civilian entities" but which support the military with advanced technology and expertise. Tesla rivals rev up growth in China's EV sector. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. (SMIC has denied that it has a relationship with the Chinese military, while Huawei has denied various US allegations that it poses a risk to national security.). Xiaomi has responded to the entity ban that was issued by the United States government against it earlier today. With Huawei out of the States, the Trump administration has set its eyes on the second-biggest Chinese giant in the USA. All rights reserved. “The Company noted that the Department of Defense of the Untied States released a news release on January 12 2021 (US time) adding the Company to … Most stock quote data provided by BATS. The ban will cause "immediate selling pressure" on Xiaomi's stock, but will have little impact on the company's operations, analysts from Citi said in a research report on Friday. Disclaimer. Xiaomi, 8 other Chinese firms face US ban just days before Trump exit. Beijing on Friday blasted the new restrictions as an abuse of power by the United States. Xiaomi, also known as Apple of China, has been blacklisted by the Trump administration in the United States. The moves are the latest in a slew of actions the Trump administration has taken against Beijing in the weeks leading up to Biden's inauguration, and could complicate US-China relations for the incoming government. Technology Android OEM Xiaomi lands on US investment ban list. Along with Xiaomi, eight other companies have also been banned. The Beijing-based company’s stock dropped as much as 13.6 per cent in Hong Kong trading on Friday, hours after the Pentagon added it to a list of companies with suspected ties to the Chinese military. Visiting the NIO plant in Hefei, China's rising EV capital. Businesses on … This means many will be affected as there will definitely be limits to the business flow. The ban will cause "immediate selling pressure" on Xiaomi's stock, but will have little impact on the company's operations, analysts from Citi said in a research report on Friday. American industry has a "long history" of civil-military relationships, Zhao Lijian, a spokesman for China's Ministry of Foreign Affairs, told reporters at a regular press briefing, accusing the Trump administration of "double standards" and "bullying.". The top executive said that part of the company’s revenue is … Xiaomi phones aren't officially sold in the USA market and no one ever said they were banned.. you can purchase a Xiaomi phone through a 3rd party dealer and there is no problems with that (though if you work for the FBI for example, they may ban you from using any Chinese phone). Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Technology News. ET Android OEM Xiaomi lands on US investment ban list. Xiaomi added that it will "take appropriate course of actions" to protect the interests of the company and its shareholders. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Japan agrees to provide important Lunar Gateway components. Chinese maker Xiaomi also joins the list. On Thursday, the US administration added nine companies to its blacklist of companies with ties to the Chinese military, which includes the world’s third-largest smartphone maker, Xiaomi. "The new administration will likely not be as belligerent but may also not be as willing to unwind Trump-era policies as many might hope," Jeffrey Halley, senior market strategist for Asia Pacific at Oanda, wrote in a research note on Friday. Disclaimer. The Chinese smartphone giant has refuted the claims of being affiliated with the Chinese military, and said it is not a "Communist Chinese Military Company". US Investment Blacklist "The new administration will likely not be as belligerent but may also not be as willing to unwind Trump-era policies as many might hope," Jeffrey Halley, senior market strategist for Asia Pacific at Oanda, wrote in a research note on Friday. Before Thursday, the Pentagon had already added 35 Chinese companies to its military list, including chipmaker SMIC and tech firm Huawei. His agency claimed that CNOOC has been harassing and threatening offshore oil and gas exploration in the South China Sea by other countries, such as Vietnam. But may not face Huawei-like impact. The flurry of last-minute blacklistings is the coda to four years of aggressive diplomatic and trade policies towards rival China under President Donald Trump. JOIN XIAOMI ON TELEGRAM. Planemaker Comac is part of the list. The Defense Department said in a statement that it is "determined to highlight and counter" the relationship between China's military and firms that "appear to be civilian entities" but which support the military with advanced technology and expertise. Xiaomi added to the US investment ban blacklist. Following the restrictions, these companies will be subject to the new US investment ban, which will force American investors to blacklist their shares by November 11, 2021. The addition is worrisome news for Xiaomi, which recently surpassed. All rights reserved. The Hang Seng Tech Index, which tracks the performance of Chinese tech. Factset: FactSet Research Systems Inc.2018. Xiaomi, also known as Apple of China, has been blacklisted by the Trump administration in the United States. Xiaomi denied it was owned or controlled by the Chinese military in a stock exchange filing. All rights reserved. The US ban on Xiaomi is unlikely to cause a swift dive for the Chinese smartphone maker’s sales as long as the company is not deprived of Google Mobile Service (GMS) access, say IT industry pundits. CNN Business has also reached out to CNOOC, Comac and other companies added to the US government lists on Thursday, but has yet to receive a response. The Hang Seng Tech Index, which tracks the performance of Chinese tech. Xiaomi denied it was owned or controlled by the Chinese military in a stock exchange filing. Xiaomi cops a ban in the US for alleged connections with the Chinese military . The black-list Xiaomi has been added to is DIFFERENT from the Entity List by the U.S. Commerce Department that banned Huawei and DJi from doing any businesses with US companies. Before Thursday, the Pentagon had already added 35 Chinese companies to its military list, including chipmaker SMIC and tech firm Huawei. The United States government has put Chinese consumer electronics giant Xiaomi on a military blacklist which seeks to ban American investment in the … Xiaomi’s ban by the US though shocking is not surprising. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. The speaker, named the Mi … Xiaomi, along with eight other … We have seen how the US trade ban … Your air purifier is a national security threat — Xiaomi won’t suffer the suffocating supply chain bans of Huawei—at least, not yet. "CNOOC acts as a bully for the People's Liberation Army to intimidate China's neighbors," said Commerce Secretary Wilbur Ross in a statement, referring to the country's military. Xiaomi, along with eight other companies, With Huawei out of the States, the Trump administration has set its eyes on the second-biggest Chinese giant in the USA. 17 hours ago. Just days before exiting the White House, the Trump Administration on Friday added nine … Trump administration dials up US-China tech tensions, Tech companies ban Trump, but not other problematic leaders, Extremists and conspiracy theorists search for new platforms online, Parler sues Amazon in response to being deplatformed, Twitter permanently suspends Donald Trump from platform, This tech gives drivers directions on the road in front of them, Internet gets creative with empty iPhone boxes, Google employee on unionizing: Google can't fire us all, Watch 'deepfake' Queen deliver alternative Christmas speech, Russia claims cyberattack may be plot to hurt ties with Biden, Watch father leave daughter dozens of surprise Ring messages, Zoom's founder says he 'let down' customers. The DOD designation seems to only ban US investment in Xiaomi, and any American stakeholders need to divest their holding by November 11, 2021. The ban forbids Americans from investing in these firms and requires all existing investors to divest their holdings in the blacklisted companies by November 11. Xiaomi … "The company confirms that it is not owned, controlled or affiliated with the Chinese military, and is not a 'Communist Chinese Military Company' defined under the [National Defense Authorization Act]," it said in the statement. (SMIC has denied that it has a relationship with the Chinese military, while Huawei has denied various US allegations that it poses a risk to national security.). Xiaomi added that it will "take appropriate course of actions" to protect the interests of the company and its shareholders. The Commerce Department has also imposed restrictions on many companies. Beijing on Friday blasted the new restrictions as an abuse of power by the United States. The US Defense Department on Thursday added nine Chinese firms, including Xiaomi, to a list of companies the agency claims are owned or controlled by China's military. Along with Xiaomi, eight other companies have also been banned. American investors are forced to divest their holdings of the firms by November 11 of this year. With Huawei out of the States, the Trump administration has set its eyes on the second-biggest Chinese giant in the USA. Hong Kong (CNN Business)The Trump administration is inflicting even more damage on Chinese businesses — including smartphone maker Xiaomi — with just days to go before President-elect Joe Biden takes office. Xiaomi is now banned in the U.S. Xiaomi is one of the latest big names facing claims regarding a potential collaboration with the Chinese authorities, and as a … American industry has a "long history" of civil-military relationships, Zhao Lijian, a spokesman for China's Ministry of Foreign Affairs, told reporters at a regular press briefing, accusing the Trump administration of "double standards" and "bullying.". Updated 0908 GMT (1708 HKT) January 15, 2021. EXCLUSIVE: Binance, Poly Network to launch cross-chain interoperability. All rights reserved. The Commerce Department has also imposed restrictions on many companies. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. With this move, this means these groups will be subject to a US investment ban. 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