© Reuters. FILE PHOTO: People wearing face masks visit the Xiaomi brand store in Kiev
HONG KONG (Reuters) – Chinese smartphone maker Xiaomi (OTC 🙂 Corp said on Sunday that its legal complaint against the US Department of Defense and the Treasury was to protect the company's interests in a notice posted on the Hong Kong Stock Exchange.
The company filed a complaint against the U.S. Department of Defense and Treasury in a Washington district court on Friday to remove the Chinese smartphone maker from an official list of companies with ties to the Chinese military.
Xiaomi said the US decision to incorporate the company as a "Communist Chinese military company" was "factually incorrect" and has asked the courts to declare the decision illegal.
The Department of Defense under the Trump administration in mid-January added Xiaomi and eight other companies to the list, according to which American investors must sell their stakes in the companies within a set deadline.
According to Xiaomi, 75% of the company's voting rights were held in a weighted structure by co-founders Lin Bin and Lei Jun, with no ownership or control of any person or organization associated with the military.
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