Xiaomi, Cnooc shares slide on US sanctions

Shares in state-owned China National Offshore Oil Corp and smartphone marker Xiaomi fell today in Hong Kong trade, following US sanctions, announced on the two companies overnight.

Shares in Xiaomi (1810) skidded by 10.87 percent at HK$29.10, while Cnooc (0883) shed HK$8.15.

US Commerce Secretary Wilbur Ross said in a statement, that CNOOC acts as a bully for the People’s Liberation Army to intimidate China’s neighbors, and the Chinese military continues to benefit from government civil-military fusion policies for malign purposes.