The U.S. Defense Department will remove China's Xiaomi from a government blacklist, a court filing shows, marking a reversal by the Biden administration of one of former President Donald Trump's last actions aimed at Beijing before exiting office.
The court filing stated that the company and the U.S. government would agree to resolve their ongoing litigation, bringing to an end a brief conflict between the hardware company and Washington.
A Xiaomi spokeswoman said the company is watching the latest developments closely, without elaborating.
Shares in the company jumped more than 6 percent in Hong Kong as news of the decision spread. The company's share price has tumbled roughly 20 percent since it was placed on the blacklist in January.
The department had designated the firm as having ties to China's military and placed it on a list that would restrict U.S. investment in the company.
Xiaomi was among the more high-profile Chinese technology companies that Trump targeted for ties to China's military.
The measures effectively crippled the company's smartphone division.
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Wednesday, May 12, 2021
US Will Remove Xiaomi From Blacklist, Reversing Action by Trump
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