This matter comes before the Court on Plaintiffs’ motion for a preliminary injunction.Plaintiffs, Xiaomi Corporation (“Xiaomi”) and individual Xiaomi shareholders Bin Lin, PengLin, and Stephen Sean English (collectively, “Plaintiffs”) seek an order enjoining the Departmentof Defense from enforcing its designation of Xiaomi as a Communist Chinese military company(“CCMC”) pursuant to Section 1237 of the National Defense Authorization Act for Fiscal Year1999 (“NDAA FY99”), Pub. L. 105-261, 112 Stat. 2160 (Oct. 17, 1998) (as amended) (“Section1237”). Such designation forbids all U.S. persons from purchasing or otherwise possessingXiaomi’s publicly traded securities or any derivatives of said securities. Without preliminaryinjunctive relief, these restrictions will begin to go into effect on March 15, 2021 at 9:30 am.The Court finds that the issuance of a preliminary injunction here is an appropriate exercise of itsdiscretion, given that Plaintiffs have shown both a high likelihood of success on the merits ontheir Administrative Procedure Act (“APA”) claims and that, absent relief, they will sufferirreparable harm in the form of serious reputational and unrecoverable economic injuries.