Barely three weeks ago, we posted this report about the agreement between the US government and Xiaomi to remove the Chinese company from the US deny list.
Now, Xiaomi have come out to confirm in its blog that the US government have officially removed Xiaomi from that list. A post from their blog reads in part “In vacating the designation, the court formally lifts all restrictions on US persons’ ability to purchase or hold securities of the company.”
Simply put, US citizens are free to make use of Xiaomi products. Xiaomi is now also free to trade with other US companies and US citizens can also buy shares or hold securities of the company.
Bloomberg reported that a filing in the US court shows, the Department of Defense in the US has agreed that a final order removing Xiaomi from the deny list “would be appropriate”.
The outlet had previously reported that, “The Parties have agreed upon a path forward that would resolve this litigation without the need for contested briefing.” It’s believed that specific terms are being negotiated and that a joint proposal will be issued on May 20.
Remember that back in January, the Trump administration added Xiaomi to a deny list. Accusing the company of been a “Communist Chinese Military Company.” This listing meant allot of things including US investors not been able to invest in Xiaomi and stopped the company from trading in US exchanges.
It’s important to note that right from the start of this saga, the Chinese manufacturer has maintained that it’s an independent, publicly traded company, and even won a temporary injunction against the deny listing back in March. In series of tweets and press release, Xiaomi has shown that they’re working to resolve the issue.
In addition to this good news, a new smartphone market-share report showed that Xiaomi overtook Apple to be number in Europe in the Q1 2021.
With the ban still very heavy on Huawei, the company is planning on launching its own HarmonyOS on June 2. Huawei is not as lucky as Xiaomi but the company is sure working to get back its global spot.