Apple shares, Asian suppliers sink on China iPhone restrictions By Investing.com

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<p>Investing.com– Shares of Apple Inc (NASDAQ:) and its Asian suppliers fell sharply on Thursday and Friday after China reportedly barred government officials from using iPhones, with the move coming just days before the launch of a new line of phones.</p>
<p dir="ltr">Media reports said that Beijing ordered central government officials to not use iPhones for official purposes, while state-owned companies and government agencies were also considering similar moves.</p>
<p dir="ltr">The restrictions point to a potential slowdown in Apple’s iPhone sales, which are the company’s biggest revenue driver. China is also the third-biggest contributor to Apple’s revenue, as of its second-quarter earnings.</p>
<p dir="ltr">Apple is also set to launch its new range of iPhone 15 phones later this month.</p>
<p dir="ltr">Reports of the ban saw Apple’s shares tumble about 6% over the past two sessions, wiping out roughly $200 billion from the iPhone maker’s market capitalization.</p>
<p dir="ltr">Losses in Apple spilled over into its Asian suppliers, with South Korea’s <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> SK Hynix Inc </span></span> (KS:), which supplies memory chips to the firm, down 4.1%. <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Samsung Electronics Co Ltd </span></span> (KS:), which supplies memory chips and phone displays to Apple, fell 0.9%.</p>
<p dir="ltr">Taiwan’s TSMC (TW:) (NYSE:) fell 0.7%, while display maker <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Japan Display Inc </span></span> (TYO:) slid 2.5%. In China, Luxshare Precision Industry Co Ltd (SZ:), which makes connector cables for a slew of Apple devices, slid 3.2%. </p>
<p dir="ltr">Hong Kong-listed supplier  AAC Technologies Holdings Inc (HK:), which builds Airpods for Apple, was down nearly 6% this week, although the stock did not trade on Friday due to a . </p>
<p dir="ltr">Beijing’s restrictions on the iPhone come amid worsening relations with the U.S., and could be potentially retaliatory measures for recent restrictions on technology exports to China.</p>
<p dir="ltr">Recently, some U.S. lawmakers also called on a blanket ban on tech exports to China, citing a breach of recent trade restrictions by two companies- Huawei and Semiconductor Manufacturing International Corp (HK:). </p>
<p dir="ltr">China has been a growing point of pain for Apple over the past year, with civil unrest at a major iPhone factory having disrupted production in late-2022. The move had seen Apple attempt to shift more iPhone production to India, to limited success.</p>
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<br /><a href="https://www.investing.com/news/stock-market-news/apple-shares-asian-suppliers-sink-on-china-iphone-restrictions-3170272">Source link </a></p><p>The post <a href="https://forextraderhub.com/apple-shares-asian-suppliers-sink-on-china-iphone-restrictions-by-investing-com.html">Apple shares, Asian suppliers sink on China iPhone restrictions By Investing.com</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>