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Benzinga
Benzinga
Politics
Anusuya Lahiri

Apple's Key Supplier Resumes Partial Operation At Shenzhen Campuses

  • Apple Inc (NASDAQ:AAPL) supplier Hon Hai Precision Industry Co Ltd (OTC: HNHPF), also known as Foxconn, resumed partial operations and production at its two Shenzhen campuses, one of which makes iPhones, after assuming Covid measures, Bloomberg reports.
  • Foxconn had suspended operations after Shenzhen imposed a city-wide lockdown, including its Guanlan factory.
  • Foxconn has resumed some production at its China headquarters and the Guanlan campus. After adopting a “closed-loop” system across its campuses, it won the approval to resume business.
  • The closed-loop “process, is only possible on campuses that include both employee housing and production facilities, adheres to strict industry guidelines and close-loop management policies issued by the Shenzhen Government,” Foxconn said.
  • Analysts saw a minimal impact on Apple due to the lockdowns.
  • Price Action: AAPL shares traded higher by 1.55% at $157.49 premarket on the last check Wednesday.
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