Earlier in the year, Chinese tech giant Xiaomi sued the US government, asking to be taken of the blacklist by the previous administration. It looks like that has finally happened, as an agreement has been reached between the two.
Bloomberg reports that while the main point of contention has been addressed, no details like conditions for removal were disclosed by the filing. Both parties will file a separate joint proposal by 20 May after negotiating specific terms.
Being on the blacklist meant that US investors were banned from investing in the company. Beyond that, investors will also have to divest all their holdings. Xiaomi was first put there due to suspicions of it having links to the Chinese military.
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This marks one of the few times a Chinese company escapes the Trump administration’s crosshairs relatively unscathed. Video platform TikTok got out back in September, but at the cost of owner ByteDance having decreasing control over it.
Huawei, the first and hardest hit, has been slapped with another set of restrictions in March. And it’s worth noting that the new restrictions are being put in place by the new Biden administration. So it looks like Xiaomi is not exactly a barometer for relations between the US and Chinese companies.
(Source: Bloomberg)
