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The shares of China’s Xiaomi, the world’s third-largest maker of smartphones, plunged in Hong Kong trade on Friday after the U.S. Department of Defense labeled it as having ties to China’s military.
Xiaomi stock ended the day down 10.3%.
Xiaomi’s shares had tripled in value over the course of the year, as it won business from its main Chinese competitor Huawei Technologies, the initial target for U.S. sanctions.
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