Apple iPhone 14, iPhone 14 Pro, and iPhone Pro Max for sale at the company’s Fifth Avenue store in New York, USA, Friday, September 16, 2022. Photographer: Jeenah Moon/Bloomberg via Getty Images
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shares of Luxshare Precision IndustryAsian deals rose more than 3% after the Financial Times, one of Apple’s Chinese contract manufacturers, reported that the supplier was set to sign a deal to make premium iPhones.
Moves Come After Rivals Foxconn It shut down its Zhengzhou production line after protests over China’s draconian Covid measures more than a month ago.
The Financial Times reported that Luxshare has already produced “small quantities” of the iPhone 14 Pro Max since November to make up for Foxconn’s production decline.
Apple and Luxshare did not immediately respond to CNBC’s request for comment.
Luxshare’s Shenzhen-listed gains on Thursday came after a nearly 10% drop on Wednesday. The decline follows Nikkei reports that Apple has asked multiple suppliers to reduce components in its products, including his AirPods, Apple Watch and MacBook, in the first quarter due to weakening demand.
Risks around China have contributed to investor anxiety around US tech giants, including Apple. Apple’s market capitalization fell below $2 trillion this week as its stock hit a 52-week low.
Luxshare was founded in 2004 and became an Apple supplier in 2011.
