Smartphone maker Xiaomi says authorized grievance towards U.S. to guard its pursuits By Reuters

© Reuters. FILE PHOTO: Individuals carrying protecting face masks go to Xiaomi model’s retailer in Kyiv

HONG KONG (Reuters) – Chinese language smartphone maker Xiaomi (OTC:) Corp stated on Sunday that its authorized grievance towards the U.S. Division of Protection and the Treasury Division was to guard the corporate’s pursuits, in a discover on the Hong Kong inventory trade.

The corporate filed a grievance in a Washington district court docket on Friday towards the U.S. Protection and Treasury Departments, in search of to take away the Chinese language smartphone maker from an official checklist of firms with ties to China’s army.

Xiaomi stated the U.S. resolution to incorporate the corporate as a “communist Chinese language army firm” was “factually incorrect” and stated it had requested the courts to declare the choice unlawful.

The Protection Division, underneath the Trump administration in mid-January, added Xiaomi and eight different firms to the checklist, which requires American traders to divest their holdings within the companies by a set deadline.

Xiaomi has stated that 75% of the corporate’s voting rights, underneath a weighted construction, have been held by co-founders Lin Bin and Lei Jun, with no possession or management from a person or entity affiliated with the army.

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