The U.S. is set to remove Chinese phonemaker Xiaomi from its investment blacklist.<br /><br />That's according to court filings.<br /><br />The move would mark a major reversal of measures introduced in the final days of the Trump administration.<br /><br />It put Xiaomi on the sanctions list in January.<br /><br />That was over alleged ties to China's military.<br /><br />Local rival Huawei has been a U.S. blacklist since 2019.<br /><br />It's barred from accessing critical technology of U.S. origin, hampering new product development.<br /><br />Xiaomi shares have slumped by around a fifth since it was listed.<br /><br />But on Wednesday (May 12) they soared over 6% as news of the U.S. move spread.<br /><br />The phonemaker had mounted a legal offensive against Washington.<br /><br />In a lawsuit it denied any ties to the military, and called its placement on the list "unlawful and unconstitutional".<br /><br />Now the court filings say the two sides will resolve the litigation without further contest.<br /><br />Analysts say the news is no guarantee that other firms will also be removed from the list.<br /><br />- Reuters -
