How much will Apple lose from new restrictions in China?
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Apple shares on September 8 recouped part of their decline after the company lost more than $200 billion in market value over September 6-7 and its shares fell 6.4% on news of Beijing’s new ban on government officials using iPhones at work. Investors sold off everything from large-cap chip and technology stocks to U.S.-listed Chinese stocks. The Nasdaq Composite tech index fell 1.9% in two days, while the Philadelphia Semiconductor index, which includes several Apple suppliers, fell 2.8%.
Chinese authorities have been restricting the use of Apple by government employees for several years, and now the ban has been expanded, The Wall Street Journal reported. The new ban will include employees of departments in the fields of international relations, trade and investment, notes the Hong Kong edition of the South China Morning Post. These measures will help reduce risks to national security, Beijing believes.
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