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15 Mar 2021 | 09:01

Xiaomi shares rise 10% after Trump restrictions blocked by judge

(Sharecast News) - Xiaomi shares rose 10% after a US judge granted a preliminary injunction against the restrictions imposed by the Trump administration.

On Friday, a US district judge, Rudolph Contreras, granted the company a temporary block on restrictions. The judge said that without relief, Xiaomi would "suffer irreparable harm in the form of serious reputational and unrecoverable economic injuries."

In January, the Trump administration designated the Chinese tech company as a "Communist Chinese military company" or CCMC.

This restricted American investors from buying shares or related securities of any of the companies on the list.

Xiaomi denies allegations that it is "owned, controlled or affiliated with the Chinese military" and filed a lawsuit to overturn the designation and stop the investment ban.

Contreras wrote there is "plainly a lack of substantial evidence to adequately support a finding that Xiaomi is a CCMC."

Xiomi said that the decision was positive news but that it would continue to request that the court declare the designation unlawful and to permanently remove it".
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