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