Xiaomi

Xiaomi has become the latest Chinese firm to be added to the Trump Administration’s military blacklist, which means US investors will be barred from investing in the phone maker.

Summary List PlacementSmartphone maker Xiaomi and eight other Chinese firms have been added to a Trump administration blacklist, just days before President-elect Joe Biden takes office. The US Defense Department released a statement on Thursday confirming that nine Chinese companies have been labeled as "communist Chinese military companies," meaning Americans cannot invest in them. Xiaomi, one of the world's biggest and fastest-growing phone manufacturers, was added alongside state-owned Chinese plane maker Commercial Aircraft Corporation of China and the airline Grand China Air. They are now subject to Trump's executive order issued November 12, which bans US investment and requires investors to sell their holdings in any blacklisted companies by November 11, 2021. Xiaomi, which now sells more phones than Apple, didn't immediately respond to Insider's request for comment but told TechCrunch that "it is not owned, controlled or affiliated with the Chinese military, and is not a 'Communist Chinese Military Company' defined under the NDAA [National Defense Authorization Act]." It added that "the company will take appropriate course of actions to protect the interests of the company and its shareholders." Read more: Donald Trump's bitter fight to ban TikTok in the US looks set to fail after administration agrees to delayed legal deadline The Defense Department said in a statement that it is "determined to highlight and counter" the relationship between China's military and firms that "appear to be civilian entities" but which support the military with advanced technology and expertise. The Beijing-based company's stock fell 10.3% in Hong Kong trading on Friday, the Financial Times reported. So far, the Defense Department has listed 44 companies that they consider to be owned or controlled by China's military. The firms include phonemaker Huawei, China's number one chipmaker Semiconductor Manufacturing International Corporation (SMIC), and oil giant China National Offshore Oil Corporation (CNOOC).SEE ALSO: Xiaomi is now selling more smartphones than Apple, and Samsung tops the list, according to new data. Here's how the major smartphone players rank. Join the conversation about this story » NOW WATCH: A cleaning expert reveals her 3-step method for cleaning your entire home quickly

The move comes after the US shelved plans to blacklist Chinese tech titan Alibaba, WeChat owner Tencent, and search engine Baidu.

Trump’s Move on Xiaomi Erases $5 Billion From Top Bosses’ Wealth

Chinese smartphone maker Xiaomi is the latest to be added to the Trump Administration’s military blacklist. On Thursday, the Department of Defense added nine more companies to its list of alleged Chinese military companies, including Xiaomi, the world’s third-largest smartphone maker as of Q3 last year. More to come…

In a shock move, the Department of Defence under the outgoing Donald Trump administration has put nine Chinese companies on a blacklist citing military connections. Tech giant Xiaomi is the surprise inclusion in the list. The blacklist bars US individuals and companies from investing in these firms. This is different from Huawei‘s trade ban where Americans were blocked from doing with the tech giant. So, Xiaomi won’t be barred from using Android, Google Play Store, or Qualcomm’s chips. Under this new ban, the commerce department could also block the import of “sensitive technology” from China or any other country.  This… This story continues at The Next WebOr just read more coverage about: Xiaomi