US investors will be prohibited from buying Xiaomi shares and will have to divest their holdings by November, according to the executive order.
Overseas sales topped 40% of revenue for the company in the second quarter.
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.
Xiaomi seeks to gain ground in the battle for consumer living rooms with its artificial intelligence of things (AIoT) initiative.
The news comes as the Shanghai Stock Exchange began accepting IPO applications for its new tech board.
It’s a latecomer to the short video scene, where Bytedance and BAT are already wrestling for user attention spans.
The Xiaomi M9 will feature Qualcomm’s latest processor Snapdragon 855 and comes with three cameras in the back.
Chinese companies, including Huawei, Oppo, and Xiaomi, are challenging the dominance of established phone manufacturing giants in overseas markets.
Mi Pay allows users to make payment via multiple options such as UPI, credit cards, debit cards, and internet banking.