Banned Chinese firms look to US courts after Xiaomi win: Report

A US court halted Chinese phone maker Xiaomi’s inclusion on a list of firms subject to an investment ban imposed during former President Trump’s term.

Chinese companies affected by a sweeping investment ban imposed by former US President Donald Trump are reportedly considering suing the US government after a federal judge suspended a similar blacklisting for Beijing-based smartphone maker Xiaomi. Lawyers familiar with the matter told the Reuters news agency that some of the banned Chinese companies are in talks with law firms, including Steptoe & Johnson and Hogan Lovells, emboldened by US District Judge Rudolph Contreras’ preliminary order on Friday halting Xiaomi’s inclusion on a US list of alleged Communist Chinese military companies that are subject to an investment ban. The Trump administration’s move to blacklist Xiaomi Corp, which knocked $10bn off its market value and sent its shares down 9.5 percent in January, would have forced investors to completely divest their stakes in the company.