Xiaomi shares rise 10% after US judge restricts Trump era

People walk past a Xiaomi store in Beijing on January 15, 2021, while shares in the company collapsed on January 15 after the United States blacklisted the smartphone giant and a number of other Chinese companies.

Greg Baker | AFP | Getty Images

In a Friday ruling, U.S. District Judge Rudolph Contreras Xiaomi granted a preliminary injunction against the Trump-era order. The judge said Xiaomi without relief “would suffer irreparable damage in the form of serious reputation and irreparable economic injuries.”

Contreras wrote that there was “apparently a lack of material evidence to adequately support the finding that Xiaomi is a CCMC.”

Xiaomi said it was “satisfied” with the decision and said it would “continue to ask the court to declare the name illegal and remove the name permanently.”

“Xiaomi reiterates that it is a corporation that is widely sold, independently managed, and that offers consumer electronics products exclusively for civil and commercial use,” the company said in a statement Saturday.

“Xiaomi believes that the decisions to designate it as a Chinese Communist Military Company are arbitrary and fickle, and the judge agrees. ‘

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