Global

America Blacklisted Nine More Companies of China Including Xiaomi

President Trump himself in trouble, but he has left no stone unturned to shock China. Now the US government has blacklisted three additional Chinese companies, including China’s smartphone company Xiaomi Corporation. Also, China’s third-largest oil company China National Offshore Oil Corporation (CNOC) has been put on the economic blacklist. With this, the total number of companies banned by the US is 35.
The US government has blacklisted Chinese companies because of their involvement with the Chinese military. Last year, Xiaomi left Apple in the sale case. After these companies are on the blacklist, American investors will have to withdraw their stake in these Chinese companies. Investors have been given time till November 2021 this year. US President Trump on executive order related to this was signed in November 2020 last year.
According to US Commerce Secretary Wilbur Ross, the CNOOC acts as a threat to China’s neighboring countries, at the instigation of the Chinese People’s Liberation Army (PLA). Following this news, Xiaomi’s shares in Hong Kong closed down 10%. At the same time, CNOOC shares declined by 1.1 percent.

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