Shares of Xiaomi, the Chinese smartphone maker, lost up to 11 percent on Friday in Hong Kong. The rate collapsed after the Trump administration announced that the company was on the “blacklist” of companies linked to the Chinese military.

The blacklisting means that US investors cannot buy shares in a particular company, and must sell their shares within a few months. However, Xiaomi was not on the list of companies that Americans cannot sell without special licenses for electronic components. If it could be on this list, that would be a big hit, because Xiaomi relies on the microprocessors of the American company Qualcomm.

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If component deliveries continue smoothly, the company can at least continue operations. However, this doesn’t help its image, especially when it seeks to gain the benefit of telecom operators and distributors from around the world, says Brian Ma, an IDC analyst.

Xiaomi denies its relationship with the Chinese armed forces. The company provides products and services for both civil and commercial use. It is not owned, controlled or affiliated with the Chinese military, and is not a “Chinese Communist Military Corporation” as defined by the NDAA. Xiaomi said in a statement that the company will take appropriate measures to protect the interests of the company and its shareholders.

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