Apple iPhone 14, iPhone 14 Pro and iPhone Pro Max on sale on the Fifth Avenue company store in Latest York, U.S., Friday, September 16, 2022. Photographer: Jeenah Moon/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
Actions Luxshare precision industryone among Apple’s Chinese contract manufacturers, grew greater than 3% in Asian trade later reports the Financial Times the supplier is to sign a contract for the production of premium iPhones.
Movement follows the opponent Foxconn halted production lines in Zhengzhou after protests against China’s strict Covid measures greater than a month ago.
The Financial Times reported that Luxshare had already produced “small volumes” of the iPhone 14 Pro Max since November to make up for lost Foxconn production.
Apple and Luxshare didn’t immediately respond to CNBC’s request for comment.
Luxshare shares traded on the Shenzhen Stock Exchange rose on Thursday after falling nearly 10% on Wednesday. This decline occurred after Nikkei Report that Apple asked many suppliers to construct fewer components for its products – including AirPods, Apple Watch and MacBooks in the primary quarter due to weakening demand.
China-related risks have added to investor confusion around US tech giants, including Apple, whose market capitalization fell below $2 trillion earlier this week as its shares hit a 52-week low.
Luxshare was founded in 2004 and have become an Apple supplier in 2011.