Shares of Xiaomi take a nose dive after company added to U.S. Military Blascklist
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The shares of China’s Xiaomi, the world’s third-largest maker of smartphones, plunged in Hong Kong trade on Friday after the U.S. Department of Defense labeled it as having ties to China’s military.
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Xiaomi stock ended the day down 10.3%.
Xiaomi’s shares had tripled in value over the course of the year, as it won business from its main Chinese competitor Huawei Technologies, the initial target for U.S. sanctions.
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