Xiaomi shares rise 10% after U.S. judge blocks Trump-era restrictions

People pass a Xiaomi store in Beijing on January 15, 2021, when the company’s stock collapsed on January 15, after the United States blacklisted the smartphone giant and a number of other Chinese companies. .

Greg Baker | AFP | Getty Images

In a decision on Friday, U.S. District Judge Rudolph Contreras granted Xiaomi an injunction against the Trump era order. The judge said that without relief, Xiaomi “would suffer irreparable damage in the form of damage to reputation and unrecoverable economic damage”.

Contreras wrote that there is “clearly a lack of substantial evidence to adequately support the conclusion that Xiaomi is a CCMC.”

Xiaomi said he was “satisfied” with the decision and said he “will continue to request that the court declare the designation illegal and remove it permanently”.

“Xiaomi reiterates that it is a widely controlled, publicly traded and independently managed company that offers consumer electronics products exclusively for civil and commercial use,” the company said in a statement on Saturday.

“Xiaomi believes that the decisions to designate it as a Chinese Communist Military Company are arbitrary and capricious, and the judge agrees with that. “

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