US securities ban on Xiaomi formally lifted

Xiaomi has announced that it is no longer subject to any restrictions on US persons buying or holding its stock as a US court ruling stated that it is no more a designated Communist Chinese Military Company (CCMC), reports Reuters.

The ruling, made on Tuesday and announced by Xiaomi in a filing to the Hong Kong stock exchange on Wednesday, declared that the US District Court for the District of Colombia had issued a final order vacating the US Department of Defense’s designation of the company as a CCMC.

“The company reiterates that it is an open, transparent, publicly traded, independently operated and managed corporation,” Xiaomi chairman Lei Jun said in the filing.