Pedestrians walking past a Xiaomi Corp. flagship store in Shanghai, China. - Bloomberg
BEIJING, Jan 30 (Bloomberg): Xiaomi Corp sued the US Defence and Treasury departments, challenging a blacklisting that blocks American investors from buying the Chinese smartphone giant’s securities.
The lawsuit came after the Defence Department determined earlier this month that China’s biggest smartphone maker was affiliated with the People’s Liberation Army. Beijing-based Xiaomi called the blacklisting "unconstitutional” and seeks a court ruling to reverse the designation, which was made in the waning days of the Trump administration.
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