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Trump administration bans Xiaomi, other Chinese companies

January 15, 2021

With mere days left in office, President Donald Trump and his administration have added nine Chinese companies, including smartphone maker Xiaomi, to a list of firms suspected to be owned or controlled by China’s military. When placed on the list, the companies become subject to harsh restrictions and cannot benefit from American investment.

Xiaomi recently took Apple’s place as the world’s third largest smartphone maker, according to market intelligence firm IDC, but with this latest news, the company saw its stock fall more than 10% in Hong Kong.

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