Chinese company Xiaomi filed a lawsuit against the U.S. decision to blacklist the manufacturer for investors. This is reported by Engadget.
Lawyers of the technology giant filed a complaint against the Department of Defense and the U.S. Treasury, calling the decision illegal. Xiaomi proves that it is not related to the Chinese military or the CCP — 75 percent of the shares are owned by co-founders Lin Bin and Lei Jun. Other shareholders include American citizens and investment groups.
The decision to blacklist Xiaomi for investors is due to take effect on March 15. In this case, the U.S. business will have to remove its assets from the company by November 11, 2021.