A federal court has blocked the US government’s bid to put an investment ban on Xiaomi, with the company likely getting permanent relief soon
Xiaomi has legally won its battle against a US government move that sought to ban investment in the Chinese company and could’ve forced American investors to divest their holdings. The restrictions were supposed to go into effect next week, but a federal court has blocked the US government’s bid to put an investment ban on the company – something that could’ve done ‘irreparable damage’ in Xiaomi’s own words. U.S. District Judge Rudolph Contreras has temporarily blocked the investment ban, adding that the company will likely get permanent relief as the case proceeds. Following the court ruling, Xiaomi now seeks another court ruling that will declare the designation of being called a ‘Chinese military company’ unlawful and permanently remove it, reports Bloomberg.
