Apple Shares Witness Sharp Decline after China Ban

Staff Report

Apple shares witness sharp decline after China ban. It has faced a setback as its market value dropped by around $200 billion after reports China has banned the use of iPhones by government workers.

China has also banned government workers from using any other foreign devices. Even they have been barred from bringing such devices into office.

Its shares dropped around by 3 percent on Thursday. Apple has witnessed a sharp decline in its shares by almost 6.4 percent during the last two days. Does Freddys Take Apple Pay? Yes, Tap to Pay with Apple Pay

The suppliers of Apple also suffered a decline in their stocks following this situation.

Its major suppliers included Taiwan’s TSMC, ASE Technology Holding, and Largan Precision.

Taiwan’s TSMC is believed to be the world’s biggest contract chipmaker. It faced a decline in its share by over 2 percent.

ASE Technology Holding is also one of the world’s largest semiconductor testing and packaging companies.

Its shares dropped by 2%, whereas camera lens maker Largan Precision has witnessed a decline of over 3 percent in its shares.

Experts say that Apple could face more curbs in China which is said to be the largest foreign market for Apple products.

Chinese sales contributed around a fifth of Apple’s total revenue last year.

Chinese tech giant Huawei has already faced curbs in the US market and even government officials have been restricted from using or downloading the Chinese social media platform TikTok.

US had been alleging Chinese companies including Huawei for stealing data of US citizens.

China has called for foreign firms like Apple, Amazon, and JPMorgan Chase in February to conduct an audit of data before they send it outside the country.