Apart from Xiaomi, the names of companies being banned from China include Comac. This company has a direct competition with the American plane company Airbus and Boeing.
According to Reuter’s report, American investors will have to exit their investments in these companies after this decision. They will have to do so by 11 November 2021. Earlier, the US had done the same with Chinese company Huawei. America has given the reason behind this that the security of the national security of these companies is threatened, due to which the decision to ban these companies has been taken.
Xiaomi Corp. The stock fell 11% after the Trump administration’s decision. Xiaomi’s direct competition is with Apple of America. Xiaomi was raised by Lei Jun 10 years ago. The company was also initially invested by Qualcomm, a US chipmaker. Xiaomi gradually expanded his business outside of China to Europe and India and he also benefited immensely. According to the International Data Corporation, Xiaomi overtook Apple in global smartphone sales in the third quarter.
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