"Blacklisted Chinese firms eye lawsuits after Xiaomi win against Trump ban"


17th Mar,2021


"Blacklisted Chinese firms eye lawsuits after Xiaomi win against Trump ban"

The Chinese company which was banned by former President Donald Trump is considering suing the US government after a federal judge on Friday suspended a similar blacklisting for Beijing-based smartphone maker Xiaomi.
The Trump administration's move to blacklist Xiaomi Corp , which knocked $10 billion off its market share and sent its shares down 9.5 percent in January, would have forced investors to completely divest their stakes in the company.
"Companies are reaching out to lawyers to challenge the listings and the grounds for the listings," said Wendy Wysong, managing partner of the Hong Kong office of Steptoe & Johnson, a worldwide law firm headquartered in Washington.
"The facts that led to Xiaomi's designation are almost laughable, and I think it is going to lead to additional companies seeking relief," said Washington lawyer Brian Egan, a former legal adviser in both the White House and State Department who also works at Steptoe.
A spokeswoman for the U.S. Department of Justice, which is defending the case, declined to comment.
Other companies listed include video surveillance giant Hikvision, China National Offshore Oil Corp (CNOOC) and China's top chipmaker, Semiconductor Manufacturing International Corp.