THE Trump administration’s surprising blacklisting of Xiaomi Corp. is costing its top executives big bucks.

Lei Jun, the chief executive officer who co-founded the smartphone maker about a decade ago, lost almost US$3 billion as the stock tumbled a record 10.26 percent in Hong Kong trading Friday.

Lin Bin, the company’s vice chairman, is down US$1.5 billion, and the fortune of at least five other billionaire shareholders has also dropped.

While China’s tech sector has been hit by other Trump blacklistings, Xiaomi was thriving. The Beijing-based company surpassed Apple Inc.’s smartphone sales in the third quarter and grabbed market share from Huawei Technologies Co., which got marred by U.S. sanctions.

Xiaomi’s shares closed at a record high just last week, and in December the firm’s market value surpassed US$100 billion, finally reaching the goal it had for its 2018 listing.

But the latest attack by Trump’s administration in its final days quickly took it back below that level. The move startled investors because previous bans focused on Chinese companies with military ties and strategic value to the tech industry’s growth. Xiaomi said it’s not owned or controlled by the nation’s military.

Lei, who owns more than one quarter of Xiaomi, is now worth US$28.2 billion, down from US$33.2 billion when the shares reached a peak last week, while Lin’s wealth stands at US$10.1 billion.

Xiaomi has been viewed as China’s answer to Apple, producing sleek smartphones that draw loyal fans with each new release. The company, which vies with Huawei for the title of China’s No. 1 mobile device brand, also makes electric scooters, earphones and smart rice cookers. (SD-Agencies)