Business

Xiaomi shares jump after report on removal from US blacklist

Shares in Xiaomi Corp rose as much as 6.71per cent in Hong Kong afternoon trade on Wednesday, following a report that the telecoms giant would be removed from a U.S. blacklist.

FILE PHOTO: The logo of Xiaomi is seen inside the company's office in Bengaluru
FILE PHOTO: The logo of Xiaomi is seen inside the company's office in Bengaluru, India, January 18, 2018. REUTERS/Abhishek N. Chinnappa

Bookmark

SHANGHAI: Shares in Xiaomi Corp rose as much as 6.71per cent in Hong Kong afternoon trade on Wednesday, following a report that the telecoms giant would be removed from a U.S. blacklist.

On Twitter, a Bloomberg reporter said the removal comes after the company reached a settlement with the U.S. Defense Department. Xiaomi shares were last up 4.88per cent.

(Reporting by Andrew Galbraith; Editing by Clarence Fernandez)

Source: Reuters