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Collin Furtado · · 1 min readAfter Xiaomi, Nasdaq rescinds decision to delist another Chinese tech firm
“Nasdaq has withdrawn a decision to delist the shares of Luokung Technology, the Chinese mapping technology company said on Thursday, after a US judge suspended an imminent investment ban imposed under the former Trump administration,” reported Reuters.
Details:
- Nasdaq informed Luokung about the withdrawal of its delisting letter and that the trading of its shares could continue.
- This comes shortly after Xiaomi was delisted during the former Trump administration. The Chinese tech company, however, challenged the decision, which was reversed by a US judge in March. This allowed Xiaomi to relist on the US stock exchange.
Context:
- In January, the US government started to blacklist over 40 Chinese tech companies, barring Americans from investing in them. This was done on the grounds that these companies were allegedly controlled by the Chinese military.
- These delisting moves are taking place amid growing political tensions between the US and China.
Editing by Eileen C. Ang
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