Stefan Mileschin

US attacks against Xiaomi deeply flawed

FTSE Russell has proposed that Xiaomi should be eligible for re-inclusion in FTSE Russell indexes effective from June 21, 2021.

The announcement came after a US federal judge temporarily blocked the Department of Defense from forcing American investors to divest from Xiaomi on the grounds the company has ties to China’s military.

FTSE Russell deleted Xiaomi from its indexes on March 12.

A federal judge has blocked enforcement of the US investment ban on Xiaomi calling the decision to blacklist the Chinese technology giant “deeply flawed”.

Ordering a temporary halt to the ban last week, Judge Rudolph Contreras cast doubt on the Pentagon’s decision in January to designate Xiaomi as a company with links to the Chinese military.

"Xiaomi is a publicly-traded company that produces commercial products for civilian use, is controlled by its independent board and controlling shareholders, and is not effectively controlled or associated with others under the ownership or control of the PRC or its security services”, the judge said in the opinion, using the abbreviation for the People’s Republic of China.

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