Enlarge / SHANGHAI, CHINA - SEPTEMBER 13, 2023 - A light box advertising Huawei Mate 60 mobile phone is seen in front of the Apple store on Nanjing Road in Shanghai, China, September 13, 2023. (credit: CFOTO/Future Publishing via Getty)
In March, Tim Cook was among the first batch of foreign executives to land in Beijing to court high-level officials after the lifting of pandemic-era restrictions, with Apple’s chief lauding how the company and China had grown together in a “symbiotic relationship.”
Six months on, that relationship is under strain. Apple is facing new competitive pressures in a country that is not only its largest manufacturing hub but also its biggest international market, responsible for nearly 20 percent of sales in its last quarter.
A share sell-off cut almost $200 billion from Apple’s market capitalization this month after news that various government agencies had imposed bans on the use of Apple products in government departments and state-owned enterprises. The Ministry of Foreign Affairs on Wednesday denied any formal prohibition but alluded to iPhone-related “security incidents” and told smartphone makers to comply with the law.
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Enlarge / SHANGHAI, CHINA - SEPTEMBER 13, 2023 - A light box advertising Huawei Mate 60 mobile phone is seen in front of the Apple store on Nanjing Road in Shanghai, China, September 13, 2023. (credit: CFOTO/Future Publishing via Getty)
In March, Tim Cook was among the first batch of foreign executives to land in Beijing to court high-level officials after the lifting of pandemic-era restrictions, with Apple’s chief lauding how the company and China had grown together in a “symbiotic relationship.”
Six months on, that relationship is under strain. Apple is facing new competitive pressures in a country that is not only its largest manufacturing hub but also its biggest international market, responsible for nearly 20 percent of sales in its last quarter.
A share sell-off cut almost $200 billion from Apple’s market capitalization this month after news that various government agencies had imposed bans on the use of Apple products in government departments and state-owned enterprises. The Ministry of Foreign Affairs on Wednesday denied any formal prohibition but alluded to iPhone-related “security incidents” and told smartphone makers to comply with the law.
Read 20 remaining paragraphs | Comments
September 18, 2023 at 06:57PM
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