Xiaomi and other Chinese companies slapped with US restrictions

WASHINGTON DC:

Just two days before president-elect Joe Biden takes office, the US Defense Department on Thursday imposed restrictions on nine Chinese firms.

The decision was taken after Independent agencies in US claimed that a list of companies including Xiaomi are owned or controlled by the Chinese military.

Following the restrictions, the companies will be subject to some harsh restrictions, including a ban on American investment in the future.

The list issued by the Pentagon includes companies like Commercial Aircraft Corporation of China (COMAC) and others.

Accordingly, US investors will have to divest their stakes in Chinese companies on the military list by November this year, an order issued by the Pentagon stated.

(Edited by Shankar Turha)

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