China probes iPhone maker Foxconn
By Abigail Townsend
Date: Monday 23 Oct 2023
(Sharecast News) - Chinese authorities have reportedly launched an investigation into iPhone manufacturer Foxconn.
According to The Global Times, a state-backed newspaper, citing unnamed sources, officials carried out tax and land inspections of Foxconn businesses in various provinces.
Foxconn, Apple's biggest iPhone manufacturer, is based in Taiwan but has a number of facilities across China.
In a statement Foxconn said it would co-operate with the probe, noting: "Legal compliance everywhere we operate around the world is a fundamental principle of Hon Hai Technology Group (Foxconn).
"We will actively cooperate with the relevant units on the related work and operations."
China and Taiwan's strained relationship remains fraught, with Beijing's claims over the self-governed island becoming more vocal in recent years.
Terry Gou, Foxconn's founder, is running as an independent presidential candidate in Taiwan, which will hold elections in January. He resigned his seat on the board after announcing he was running, although he retains a 12.5% stake in the business.
Shares in Foxconn closed down 2% on Monday, while Apple was off just under 1% in pre-market trading.
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