Apple, Inc. AAPL shares closed the day lower after Bloomberg reported China expanded its ban on Apple devices to now include state-backed firms and more government departments across at least eight Chinese provinces.
What Happened According to a Bloomberg report, the ban was expanded in the past two months to include additional state firms and government departments spanning at least eight provinces including Zhejiang, Jiangsu, Guangdong, Anhui, northern Shanxi, Shandong, Liaoning and central Hebei. The largest iPhone factory in the world is located in Hebei.
Why It Matters: Beijing previously ordered central government agencies and state-backed corporations to replace foreign-branded personal devices with domestic alternatives in 2022. This new information signaled a potential decline in sales for Apple in China.
The Bloomberg report cited its sources as stating smaller firms and government agencies in other districts have also issued their own verbal policies against Apple devices, suggesting a broader grassroots movement favoring Chinese-made devices is beginning to take shape in the country.
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AAPL Price Action: Apple shares fell to session lows after the report was released and closed down 0.27% for the day at $197.57 per share.
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Image and article originally from www.benzinga.com. Read the original article here.