“A federal judge in Washington blocked the Defense Department from restricting U.S. investment in the Chinese smartphone manufacturer Xiaomi Corp,” reports Bloomberg:
In the final days of the Trump administration, the Defense Department placed Xiaomi on a list of companies with alleged links to the Chinese military, triggering financial restrictions that were scheduled to go into effect next week. But on Friday, U.S. District Judge Rudolph Contreras put a temporary halt to the ban, siding with Xiaomi in a lawsuit that argued that the move was “arbitrary and capricious” and deprived the company of its due process rights. Contreras said Xiaomi was likely to win a full reversal of the ban as the litigation unfolds and issued an initial injunction to prevent the company from suffering “irreparable harm.” After the ban was announced, the smartphone manufacturer faced the prospect of being de-listed from U.S. exchanges and deleted from global benchmark indexes.
Xiaomi is the third-largest smartphone manufacturer in the world by volume. In the third quarter, it surpassed Apple Inc. in smartphone sales, according to the International Data Corporation.
of this story at Slashdot.
Source:: Slashdot