Apple iPhone 14, iPhone 14 Pro and iPhone Pro Max are available for sale at the company’s Fifth Avenue store in New York, US, on Friday, Sept. 16, 2022. Photographer: Jinnah Moon/Bloomberg via Getty Images
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shares of Luxshare Precision IndustriesAsia business grew by more than 3% after one of Apple’s Chinese contract manufacturers Financial Times reported The supplier is ready to sign a contract for the production of premium iPhones.
move comes after opponent Foxconn A month ago, production lines in Zhengzhou came to a halt after protests over China’s tough COVID measures.
The Financial Times reported that Luxshare has produced “small quantities” of the iPhone 14 Pro Max since November to make up for Foxconn’s lost production.
Apple and Luxshare did not immediately respond to CNBC’s request for comment.
Thursday’s rise in Luxshare’s Shenzhen-listed stock comes after falling nearly 10% on Wednesday. after that fall Nikkei Report Apple asked several suppliers to manufacture fewer components for its products — including AirPods, Apple Watch and MacBooks — in the first quarter due to weak demand.
risks around china has contributed to investor jitters around US tech giants including Apple, which fell earlier this week less than $2 trillion in market capitalization Because its shares have reached a 52-week low.
Luxshare was founded in 2004 and became an Apple supplier in 2011.