Xiaomi shares spike after US judge pauses Trump’s tech ban

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Chinese tech company Xiaomi saw a spike in shares as a U.S. judge temporarily put a stop to former president Donald Trump-era restrictions on the Chinese phone manufacturer.

The tech giant’s shares jumped 10% in early trade on Monday as Trump’s administration to bar Americans from investing in the Chinese smartphone maker has been blocked.

According to media reports, U.S. district judge Rudolph Contreras granted Xiaomi a preliminary injunction against the Trump-era order. The judge said that without relief, Xiaomi would suffer irreparable harm in the form of serious reputational and unrecoverable economic injuries.

Xiaomi said it was pleased with the ruling and said it will continue to request that the court declare the designation unlawful and to permanently remove the designation.

“Xiaomi reiterates that it is a widely held, publicly traded, independently managed corporation that offers consumer electronics products solely for civilian and commercial use,” the company said in a statement on Saturday.