US investors will be prohibited from buying Xiaomi shares and will have to divest their holdings by November, according to the executive order.
The world’s fourth-biggest phone maker Xiaomi now pledges to develop high-quality EVs with a ‘best-in-class’ connected device ecosystem.
China, the world’s largest semiconductor market, is highly reliant on foreign technology and aims to make 70% of the chips it uses by 2025.
Huawei is losing its status as a smartphone powerhouse in 2021, with a smartphone shipment forecast putting it in seventh place among global vendors.
The launch shows that the split is an initial success, as the Honor phone contains technology that Huawei still finds difficult to acquire.