CHU - Xiaomi shares slide ~10% after U.S. blacklists smartphone-maker

After Huawei and ZTE, the Trump administration has added smartphone maker Xiaomi (XIACF) to a blacklist of alleged Chinese military companies.The move means that Xiaomi is now subject to a November executive order restricting American investors from buying shares or related securities of any companies designated by the Department of Defense to be a Chinese military company.In response, Xiaomi denies military ties and said, “The Company reiterates that it provides products and services for civilian and commercial use. The Company confirms that it is not owned, controlled or affiliated with the Chinese military, and is not a ‘Communist Chinese Military Company’ defined under the NDAA."The final days of Trump’s presidency has seen the administration increases pressure on the Chinese technology sector. President Donald Trump has used executive orders to target Chinese apps and companies such as Tencent’s (TCEHY) WeChat.China Mobile (CHL), China Telecom (CHA) and China Unicom Hong Kong (CHU) were removed by MSCI Inc. last week.

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Xiaomi shares slide ~10% after U.S. blacklists smartphone-maker