The Strategist

Xiaomi founder's fortune grows by nearly $1.5bn after US sanctions lifted


03/16/2021 - 02:50



Xiaomi founder's capital surged by nearly $1.5bn after the company's shares rallied. The smartphone maker has secured a suspension of US sanctions imposed by the Trump administration in the final days of his presidency.



Jon Russell
Jon Russell
The fortune of Xiaomi founder and CEO Lei Jun rose by $1.4bn to $23bn on Monday, Forbes Real-Time ranking data updated in real time showed.

The billionaire's capital surged after the smartphone maker's shares rallied. The company's shares were up 12 per cent in Hong Kong trading at their peak. By the close of trading, Xiaomi shares were worth HK$24.35 ($3.14), 7% more expensive than at the close of trading on Friday. 

The shares rose after Xiaomi secured a U.S. court stay on a decision by U.S. authorities to blacklist it for allegedly being linked to China's defence sector, the Financial Times reported. Americans are banned from investing in companies on the list. 

Xiaomi was put on the list by former US President Donald Trump's administration just days before he left office. The Wall Street Journal wrote that the reason was the state award received by the company's founder.

source: wsj.com




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