China based technology company and smartphone manufacturer Xiaomi Corp. (HKG: 1810) has been removed from the list of companies blacklisted by the government of United States.
This announcement was made by U.S Department of Defense which said that going forward United States will be using litigation measures to solve any issues with the Beijing based internet company.
According to the filing, U.S Department of Defense and Xiaomi agreed to be using litigation to solve their current issues putting a stop to the controversial war between the smartphone manufacturer and United States.
Moments after this announcement, share of Xiaomi were up by 6% the company’s spokesperson said are closely watching these latest developments without giving further details on the matter.
In the beginning of the year, still during President’s Trump tenure, U.S Department of Justice established that Xiaomi had links to China’s military adding the company to the list of companies blacklisted by the U.S.
In its response Xiaomi filed a lawsuit denying any links with China’s military further calling the blacklisting process unlawful and unconstitutional.