• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Xiaomi sues U.S. to overturn Chinese military designation and share investment ban

5 years ago
in Business, highlights, Home, home-news, latest News
1 min read
0 0
0
80
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Chinese smartphone maker Xiaomi has sued the U.S., seeking to to be removed from Washington’s blacklist of alleged Chinese military companies, which prevents American investors from buying shares in Xiaomi.

Last month, the U.S. designated Xiaomi as one of several “Communist Chinese military companies” under the National Defense Authorization Act of 1999.

That designation means Xiaomi will be subjected to a November executive order by former president Donald Trump, which restricts American investors from buying shares or related securities of any companies that have the Chinese military designation.

In response, Xiaomi filed a lawsuit on Friday against the U.S. treasury and defense departments in the district court of Columbia, according to its investor relations website on Sunday.

Xiaomi alleged that the Chinese military designation is “unconstitutional because it deprives Xiaomi of its liberty and property rights without due process of law” and therefore violates the Fifth Amendment of the U.S Constitution.

The Chinese company also said the ban on investors buying shares will cause “irreparable harm.”

“By cutting off Xiaomi from U.S. capital markets, the Designation and related restrictions will damage the company’s ability to conduct, grow and finance its business, sell its products, maintain and grow its business relationships, and recruit and retain employees,” the company’s lawsuit said.

RelatedPosts

Summary of Events Following Confirmation of Deaths of Defence and Environment Ministers, Six Others in Military Helicopter Crash

FDI Rises to 3-Year High as Reforms Boost Investor Confidence

Togo is Flexing its Unrivaled Maritime Power

Xiaomi shares were up 1.2% in Hong Kong trade at 11:46am HK /SIN time.

The company also said that it is “not owned or controlled by, or otherwise affiliated with the Chinese government or military, or owned or controlled by any entity affiliated with the Chinese defense industrial base.”

Xiaomi said any Chinese government or military entity doesn’t posses the ability “to exert control over the management or affairs of the company.”

Huawei, which was a target under the Trump administration, has also tried to use the U.S. legal system to overturn actions taken by Washington.

In March 2019, Huawei sued the U.S. over a law that banned government agencies from buying the Chinese technology giant’s equipment. That lawsuit was rejected by a federal judge last year.

Source: cnbc
Via: norvanreports
Tags: Chinese governmentChinese military companiesformer president Donald Trumpinvestment banXiaomi sues U.S.
No Result
View All Result

Highlights

Parliament Expresses Grief Over Death of Ministers, MP and 6 Others in Military Helicopter Crash

GSE Composite Index Up 46.51% YTD as Market Capitalization Hits GHS 147.91 Billion

Global Financial Bias Costs Africa $75 Billion Annually

GFA President.Set to Visit Gold Stars, Asante Kotoko, and Police Ladies to Strengthen CAF Campaigns

CHAN 2024: Tanzania and Burkina Faso Secure Important Wins

US Open Announce Record $90 Million Prize Money for 2025 Tournament

Trending

Features

Summary of Events Following Confirmation of Deaths of Defence and Environment Ministers, Six Others in Military Helicopter Crash

August 7, 2025

Summary of Events Following Confirmation of Deaths of Defence and Environment Ministers, Six Others in Military Helicopter...

FDI Rises to 3-Year High as Reforms Boost Investor Confidence

August 7, 2025

Togo is Flexing its Unrivaled Maritime Power

August 7, 2025

Parliament Expresses Grief Over Death of Ministers, MP and 6 Others in Military Helicopter Crash

August 7, 2025

GSE Composite Index Up 46.51% YTD as Market Capitalization Hits GHS 147.91 Billion

August 7, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.