Xiaomi Shares Drop 10.6%

Shares of Xiaomi, the smartphone manufacturer, fell by 10.6% at market opening on January 15, 2021, after former U.S. President Donald Trump placed the company on the blacklist of alleged Chinese military companies. Xiaomi is recognized as the third-largest smartphone manufacturer in the world as of the third quarter of 2020. It is worth noting that the initial executive order by Trump has been expanded to compel investors to divest or sell their holdings in the companies added to the blacklist by November 11 of this year.