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.
Overseas sales topped 40% of revenue for the company in the second quarter.
Huawei, Xiaomi, Oppo, and Vivo are reportedly collaborating on an app platform for overseas markets, potentially competing with Google’s Play store.
The startup also sued Tencent for patent infringement, demanding RMB 80 million for using patented technology in Tencent’s mapping service.
Xiaomi seeks to gain ground in the battle for consumer living rooms with its artificial intelligence of things (AIoT) initiative.
Li’s comments come at a time when China’s EV sales start to slow amid potential recession worries, growing competition, and supply chain disruptions due to frequent Covid comebacks.
Chinese consumers rallied to support one of their country’s tech behemoths.
Mi Pay allows users to make payment via multiple options such as UPI, credit cards, debit cards, and internet banking.
It’s a latecomer to the short video scene, where Bytedance and BAT are already wrestling for user attention spans.