The US government on Thursday put nine Chinese companies on a so-called China military-related blacklist, including cell phone maker Xiaomi.
The companies will be subject to a new US investment ban that forces US investors to give up their stakes in the companies by November 11, 2021.
As a result, Xiaomi shares plunged as much as 10 percent in Hong Kong. Prior to this, Xiaomi had risen 174 percent in the past year.
Founded in April 2010, Xiaomi is a technology company that focuses on smartphones, Internet TVs, and smart home products.
Xiaomi has a number of stakeholders in the US. It is a large customer of Qualcomm, accounting for 66% of the chipmaker's shipments in China.
So far 35 Chinese companies, including SMIC and CNOOC, have been on the blacklist.
