US blacklists Xiaomi, 10 other Chinese companies

Xiaomi Corp. plunged 11% after the Trump Administration blacklisted China’s No. 2 smartphone maker and 10 other companies, broadening efforts to undercut the expansion of the country’s technology sector. The U.S. has targeted scores of Chinese companies for the stated purpose of protecting national security, but going after Xiaomi is a surprise. The Beijing-based company has been viewed as China’s answer to Apple Inc., producing sleek smartphones that draw loyal fans with each new release. The company, which vies with Huawei Technologies Co. for the title of China’s No. 1 mobile device brand, also makes electric scooters, earphones and smart rice cookers. MORE FROM...