iPhone Assembler Hon Hai Dives After China Starts Probes
The drop in Foxconn's stock was a response to a series of investigations initiated by the Chinese government into Foxconn's operations within the country.
Foxconn is a key assembler for Apple Inc. and plays a crucial role in Apple's production chain.
The focal point of the investigation is Foxconn's complex in Zhengzhou, often referred to as "iPhone City.
The specifics of these investigations remain undisclosed, creating uncertainty and concerns within the industry and financial markets.
Foxconn has stated its commitment to cooperate fully with the Chinese authorities throughout the investigations.
This could lead to shortages and delays in the production of Apple's devices, including the iPhone, with global ramifications.
Investors, industry analysts, and Apple enthusiasts are likely to closely monitor the developments in this case