As Xiaomi officially turned away from the battle with the US government, a higher court formally lifted all restrictions on US investment in the company – the stock price of Xiaomi surged afterward to around 1.80% to HKD 28.250 in pre-marketing trading on Wednesday.
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On May 26, Xiaomi announced on the Hong Kong stock exchange that the US District Court for the District of Columbia had issued a final order, revoking the Department of Defense's designation of Xiaomi as a 'Communist Chinese military company' (CCMC).
On January 14, 2021, former US President Donald Trump issued an order that designated nine Chinese companies, including Xiaomi, as 'CCMC,' which removed the companies from US exchanges and restricted any securities trading between US investors and these companies. To defend the interest of itself and its shareholders, Xiaomi sued the US Department of Defense and the Department of the Treasury. Earlier this month, Xiaomi and the US Department of Defense reached an agreement to resolve this litigation without a contested briefing.
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