Xiaomi, Chinese oil major among 10 firms blacklisted by the US

The Donald Trump administration has blacklisted 10 more Chinese firms, including the world’s third-largest smartphone maker Xiaomi, for alleged links with the Chinese companies.

The list of companies banned by the US Department of Defense include:

* Xiaomi Corporation

* Advanced Micro-Fabrication Equipment Inc

* Luokung Technology Corporation

* Beijing Zhongguancun Development Investment Center

* GOWIN Semiconductor Corp

* Grand China Air Company

* Global Tone Communication Technology

* China National Aviation Holding Co Ltd

* Commercial Aircraft Corporation of China

Owners of shares of these companies have been told to get rid of them by November 11, 2021. An executive order signed by President Trump in November 2020 barred Americans from investing in any companies added to the DOD's list

In a statement, the US Department of Defense informed that it was releasing the names of "Communist Chinese military companies" operating directly or indirectly in the United States.  

"The Department is determined to highlight and counter the People's Republic of China's military-civil fusion development strategy, which supports the modernization goals of the PLA by ensuring its access to advanced technologies and expertise acquired and developed by even those PRC companies, universities, and research programs that appear to be civilian entities," the statement further said.  

Xiaomi Corp's shares plunged 11 per cent after the blacklisting. China's No 2 smartphone maker is generally viewed as Beijing's answer to Apple. In fact, it surpassed Apple in global smartphone sales in the third quarter.

Separately, the US Commerce Department put China National Offshore Oil Corp on the entity list -- an economic blacklist that forbids US firms from exporting or transferring technology with the companies named unless permission has been obtained from the US government.

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