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<Research>Citi: XIAOMI-W Sees Limited Impact from Potential Inclusion in Military-linked List
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Nine U.S. Republican lawmakers reportedly sent a letter to U.S. Secretary of Defense Pete Hegseth last week, urging the inclusion of several Chinese tech companies, including XIAOMI-W (01810.HK), in the military-linked list, Citi said in a report.

Xiaomi was removed from the CCMC list in May 2021, the broker noted. Moreover, some Chinese companies were added to the Section 1260H list in January 2025, but the U.S. has not yet imposed sanctions on the U.S. operations of these companies.

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Xiaomi does not have business operations in the U.S., so even if potentially included in the list, it should not be materially affected. Citi rated XIAOMI-W at Buy with a target price of HKD50.
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