Apple's Key Supplier Resumes Partial Operation At Shenzhen Campuses

Apple Inc AAPL supplier Hon Hai Precision Industry Co Ltd 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.

Overview Rating:

Good

100

0100