US investors will be prohibited from buying Xiaomi shares and will have to divest their holdings by November, according to the executive order.
Huawei is losing its status as a smartphone powerhouse in 2021, with a smartphone shipment forecast putting it in seventh place among global vendors.
Huawei, Xiaomi, Oppo, and Vivo are reportedly collaborating on an app platform for overseas markets, potentially competing with Google’s Play store.
Chinese consumers rallied to support one of their country’s tech behemoths.
The Xiaomi M9 will feature Qualcomm’s latest processor Snapdragon 855 and comes with three cameras in the back.
Competition is picking up as the smartphone market slows and companies launch new sub-brands.
In launching its proprietary app ecosystem to users outside of China, the tech giant is ratcheting up its competition with Google.