Xiaomi shares fall 10% as U.S. adds to ‘blacklist’

The Trump administration has added smartphone giant Xiaomi to a blacklist of alleged Chinese military companies.
The move means that Xiaomi is now subject to a November executive order forcing U.S. investors to to divest, or sell out, of affected holdings of any companies on the blacklist, by Nov. 11 this year.
Beijing-based Xiaomi was the world’s third-largest smartphone maker in the third quarter of 2020, according to Counterpoint Research.