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☆ Asian chip stocks slump as Nvidia's slowing revenue growth worries investors
▼ + stars: | 2024-11-21 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

Justin Sullivan | Getty ImagesAsian semiconductor-related stocks mostly slumped on Thursday after Nvidia reported an earnings forecast that failed to meet the lofty expectations of some investors. The sentiment has spilled over to Asia, with stocks tied to Nvidia suppliers as well as other chip companies mostly falling. Selloff in AsiaSemiconductor testing equipment supplier Advantest , which counts Nvidia among its clients, dropped as much as 5.6% on Thursday, the largest chip loser on Japan's benchmark Nikkei 225. Taiwan Semiconductor Manufacturing Corp , which manufacturers Nvidia's high-performance graphics processing units, slipped as much as 1.5%. The company has been a key supplier to Nvidia and is building the world's largest manufacturing facility in Mexico for assembling Nvidia's GB200 superchips, a key component of its next-generation Blackwell family computing platform.

Persons: Justin Sullivan, Daniel Newman, CNBC's Organizations: Getty, Nvidia, Futurum, Asia Semiconductor, Nikkei, Advantest Corp, Softbank Group, Taiwan Semiconductor Manufacturing Corp, Hai Precision Industry, Blackwell, SK Hynix, Samsung Electronics Locations: Santa Clara , California, Asia, Selloff, Mexico, South Korea

☆ How Apple's China suppliers could actually benefit from U.S. trade tensions, according to JPMorgan
▼ + stars: | 2024-10-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

After a sweeping look at global trade shifts, JPMorgan strategists have concluded that some of Apple's Chinese suppliers could benefit from the trend of supply chain diversification. The Oct. 18 report looked at 10 aspects of "the great supply chain relocation and the rise of trading blocs." The analysis ranged from China's dominance in the global supply chain and overcapacity concerns, to U.S. policy. Calls for supply chain diversification picked up during the Covid-19 pandemic. "Further, they highlight names that could benefit from Apple's supply chain relocation," the report said.

Persons: Donald Trump's, Trump, Kamala Harris, Oppo, Bernstein, — CNBC's Michael Bloom Organizations: JPMorgan, Republican, Democratic, Biden, Apple, Wingtech, Luxshare Precision Industry Locations: U.S, China, India, ASEAN, Mexico, iPhones, GoerTek, Luxshare, Vietnam, Malaysia, Philippines, Shenzhen, Indonesia

☆ Asian chip stocks fall on ASML's disappointing forecast, possible U.S. export cap
▼ + stars: | 2024-10-16 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

Asian chip stocks fell on Wednesday after Dutch semiconductor equipment maker ASML posted disappointing sales forecasts, driving down global stocks in the sector. South Korean chipmaking heavyweight SK Hynix, which manufactures high bandwidth memory chips for AI applications for Nvidia, traded 1.6% lower. Net bookings for the September quarter were 2.6 billion euros ($2.83 billion), the company said — well below the 5.6 billion euro LSEG consensus estimate. Nvidia fell 4.7% and AMD lost 5.2%. In its June-quarter earnings presentation, ASML said that 49% of its sales come from China.

Persons: ASML, Foxconn —, Roger Dassen, — Ryan Browne Organizations: Tokyo, Renesas Electronics, Taiwan Semiconductor Manufacturing Company, Hai Precision Industry, SK Hynix, Nvidia, Samsung Electronics, Nikkei, AMD, Bloomberg, Biden Locations: Korean, Taiwan, ASML, Veldhoven, Netherlands, China

☆ Asian semiconductor stocks rise after shares of AI chip darling Nvidia hit a record high
▼ + stars: | 2024-10-15 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +1 min

Asian chip stocks rose on Tuesday after Nvidia closed at a record high overnight as the chip company continues to ride the massive artificial intelligence wave. Stocks tied to Nvidia suppliers as well as other chip companies advanced as the bullish investor sentiment spilled over. Shares of South Korean chipmaker SK Hynix, which manufacturers high bandwidth memory chips for AI applications, for Nvidia surged 2.5%. Samsung Electronics, which is expected to be manufacturing HBM chips for some Nvidia products, saw its shares rise 0.5%. Japanese semiconductor manufacturing firm Tokyo Electron surged 5%, testing equipment supplier Advantest gained 3.6% and Renesas Electronics rose over 4%.

Persons: Stocks Organizations: Nvidia, Korean chipmaker SK Hynix, Samsung Electronics, Taiwan Semiconductor Manufacturing Company, Hai Precision Industry, Tokyo, Advantest, Renesas Electronics, SoftBank Group

☆ Asian chip-related stocks rally on renewed AI optimism after Nvidia CEO comments
▼ + stars: | 2024-09-12 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +1 min

Jensen Huang, co-founder and chief executive officer of Nvidia Corp., speaks during an event in Taipei, Taiwan, on Sunday, June 2, 2024. Asian chipmaking heavyweights extended Wall Street's rally as Nvidia CEO Jensen Huang made bullish comments about the AI darling's outlook. Stocks tied to Nvidia suppliers and semiconductor related companies rallied in Asia as the bullish investor sentiment spilled over. Contract chip manufacturer Taiwan Semiconductor Manufacturing Corp jumped as much as 5% and Hon Hai Precision Industry — known internationally as Foxconn — gained over 4%. Japanese chip-related stocks also soared, including semiconductor testing equipment supplier Advantest which gained over 9%.

Persons: Jensen Huang, Goldman Sachs, Huang, Stocks, — Organizations: Nvidia Corp, Nvidia, Goldman, Technology Conference, Taiwan Semiconductor Manufacturing Corp, Hai Precision Industry, TSMC, Tokyo, SoftBank Group, Samsung Electronics, SK Hynix Locations: Taipei, Taiwan, San Francisco, Asia, South Korea

☆ CNBC Daily Open: Wall Street rebounds, investors to monitor earnings and inflation data
▼ + stars: | 2024-08-12 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange during morning trading on May 31, 2024 in New York City. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Asia markets climb higherAsia-Pacific markets were mostly higher on Monday ahead of U.S. economic data later in the week. [PRO] Distinct marketWhile U.S. and Japanese indexes fell sharply amid recent volatility, the MSCI China index rose slightly, reinforcing China's distinct market status despite slower growth.

Persons: Disney, Indiana Jones, Donald Trump, Sen, Elizabeth Warren, Elon Musk, Elon Musk's, Warren, Tesla, Robyn Denholm, Musk, Hai Precision Industry —, —, Australia's, Hong Organizations: New York Stock Exchange, CNBC, Wall, Dow Jones, Nasdaq, Magic, Hollywood, Inc, Animal Kingdom, Trump, Trump Media, SpaceX, Twitter, Hai Precision Industry, SK Hynix, China's CSI, U.S Locations: New York City, U.S, Magic Kingdom, Disney's California, Friday's, Asia, Pacific, Taiwan, Australian, China

☆ CNBC Daily Open: Tech rebounds, CrowdStrike tumbles, Wiz rejects Google
▼ + stars: | 2024-07-23 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wiz walks awayCloud security startup Wiz rejected a $23 billion acquisition offer from Google, opting instead to pursue an IPO. The move allows Warner Bros. to retain some of its NBA broadcasting rights. However, the NBA may not want Warner Bros. as a media rights partner and could reject the company's matching rights, which could lead to a legal tussle.

Persons: Kamala Harris, Russell, CrowdStrike, George Kurtz, Mark Green, Andrew Garbarino, Wiz, Hai Precision Industry —, Hong Organizations: New York Stock Exchange, CNBC, Tech, Nvidia, Nasdaq, Dow Jones Industrial, Homeland Security, Microsoft, Delta Air Lines, Google, NBA, Warner Bros, Discovery, National Basketball Association, Amazon Prime, Taiwan Semiconductor Manufacturing Corp, Hai Precision Industry, CSI, U.S Locations: New York City, U.S, Asia, Pacific, Taiwan

☆ Forget the Magnificent 7: UBS just refreshed its 'Super 8' list of global stock picks
▼ + stars: | 2024-07-16 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

But for those looking for alternatives, UBS has refreshed its list of "highest conviction and most investable" tech stocks in Asia. So far, UBS' Asian Super 8 has gained 8.3% since its inception in February, beating the 6.7% returned by the benchmark MSCI Asia-Pacific index. "We believe the valuation discount across the value chain in Asia's technology sector offers a defensive catch-up play for investors," UBS' analysts wrote. Tencent has been making headlines recently, with several analysts bullish, including Goldman Sachs , which included the stock in its conviction list. The company, which also goes by the name Foxconn, is expecting over 40% year-on-year growth in its AI server sub-segment this year, UBS' analysts noted.

Persons: Tencent, Goldman Sachs, Hon Hai Taiwan's, Hai, — CNBC's Michael Bloom Organizations: Apple, Microsoft, Nvidia, Tesla, UBS, Hong Kong Stock Exchange, U.S, Hai Precision Industry, Taiwan Stock Exchange, Lenovo Lenovo, Lenovo, Hong Kong Exchange Locations: Asia, China, U.S

☆ The 4 Apple suppliers set to pop on iPhone 16 series launch: BofA
▼ + stars: | 2024-07-10 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

"A solid iPhone replacement cycle and spec upgrade should help HH's better sales/earnings in 2025-26," the investment bank's analysts wrote. The bank expects the China-based design and manufacturing giant to see strong margins as demand for its casings increases in tandem with better iPhone shipment cycles between 2025 and 2026. "We lift Foxconn Industrial Internet (FII)'s 2024-26E earnings by 2-6% on potentially better iPhone casing sales and strong AI server contribution," the analysts wrote. "We expect BYDE's casing profitability to gradually improve on better operation efficiency (higher automation rate, improving yield)," the analysts wrote. They have lifted the company's 2025-2026 earnings expectations by 2% to "reflect potentially better iPhone volume, robust auto expansion as well as rising AI-related contribution (server, robot)."

Persons: Ming, Chi Kuo, Ross Young, Hai, BofA, Foxconn, — CNBC's Michael Bloom Organizations: Tech, Apple, Bank of America, Hai Precision Industry, Taiwan Stock Exchange, American Depository, New, Industrial, Taiwan Stock Exchanges, U.S . Its, Shenzhen Stock Exchange, China 5G, Semiconductor, Hong Kong Exchange, Hong Locations: U.S, New Taiwan, China, Shanghai, Taiwan, U.S . Its Shanghai, Hong Kong

☆ Taiwan tops Asia's best-performing stock markets so far in 2024 — Japan is No. 2
▼ + stars: | 2024-07-01 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +5 min

A screen displays stock figures at the Taiwan Stock Exchange Corp. headquarters in Taipei, Taiwan, on Monday, Jan. 15, 2024. The Taiwan Weighted Index has surged 28% so far this year, powered by stocks along the AI value chain. While Taiwan may lead Asian markets, Japan seems to be the favored market going forward, among analysts who spoke to CNBC. While most Asian markets are in positive territory year-to-date, three stock markets — Thailand, Indonesia and the Philippines — fell into negative territory. The CME FedWatch tool indicates that 61% of traders expect the Fed to cut rates by 25 basis points in the September meeting.

Persons: Foxconn —, Hai Precision Industry —, Rahul Ghosh, Rowe Price, Ghosh, Ben Powell, Powell, Neel Kashkari, Ken Orchard Organizations: Taiwan Stock Exchange Corp, Bloomberg, Taiwan Semiconductor Manufacturing Corp, Hai Precision Industry, Intelligence, Nikkei, CNBC, BlackRock Investment Institute, Bank of Japan, Federal, U.S, Fed, Minneapolis Federal Locations: Taipei, Taiwan, Asia, Pacific, Japan, BlackRock, Thailand, Indonesia, Philippines, Jakarta, Philippine, U.S

☆ CNBC Daily Open: Le Pen's 28-year old protégé
▼ + stars: | 2024-06-20 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. China holds rates, stocks dipMarkets in the Asia-Pacific region were trading mostly lower after the People's Bank of China held interest rates unchanged. Russia-North Korea partnershipRussia and North Korea signed a "comprehensive strategic partnership" deal on Wednesday, including a mutual defense pact, during President Vladimir Putin's first state visit to North Korea in 24 years. Musk clarifies remarksElon Musk attempted to clarify his controversial remarks after advertisers threatened to leave X. Musk previously told advertisers to "go f--- yourself."

Persons: Hai Precision Industry —, Foxconn —, Australia's, Guzman Y Gomez, Vladimir Putin's, Putin, Kim Jong Un, CNBC's Holly Ellyatt, Elon Musk, Musk, Goldman Sachs Organizations: New York Stock Exchange, CNBC, People's Bank of China, CSI, Hai Precision Industry, Nikkei, of England, Cannes Lions Locations: New York City, China, Asia, Pacific, Seng, Taiwan, Russia, North Korea, Ukraine, Cannes, France, Europe

☆ Apple supplier Foxconn's first-quarter profit jumps 72% but misses forecasts
▼ + stars: | 2024-05-14 | by ( ) www.cnbc.com time to read: +1 min

Apple supplier Foxconn reported a 72% rise in first-quarter profit, boosted by strong demand for AI servers and coming off a low base from the period a year earlier, but the growth was lower than expected. While the profit missed the T$29.31 billion forecast by analysts, it was Foxconn's third consecutive quarterly profit rise. In the first quarter, consumer electronics including smartphones accounted for 48% of its revenue while cloud and networking products, including servers, contributed 28%. Apple's quarterly results and forecast beat modest expectations this month, nd CEO Tim Cook said revenue growth would return in the current quarter. Foxconn's shares have risen 65% so far this year, driven by its rosy AI outlook, far outperforming a 17% gain for the broader market.

Persons: Foxconn, Tim Cook Organizations: Sharp Corp, Hai Precision Industry Co

☆ Apple supplier Foxconn posts 9% fall in first-quarter revenue, sees growth ahead
▼ + stars: | 2024-04-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Pictured here is a Foxconn factory in Zhengzhou city on Sept. 4, 2021. Apple iPhone manufacturer Foxconn on Friday posted a dip of 9.6% in revenue for the first quarter of 2024, compared to the same period last year. The company, which trades as Hon Hai Precision Industry in Taiwan, recorded a first-quarter revenue of 1.32 trillion New Taiwan dollars ($41.2 billion), which was also 28.58% lower compared to the fourth quarter of last year. It was also below economists' expectations in an LSEG poll. However, the company expects revenue to grow in the second quarter, despite noting that it "remains a traditional off-peak season."

Organizations: Apple, Hai Precision Industry Locations: Zhengzhou, Taiwan

☆ Apple supplier Foxconn sees strong 2024 as Q4 beats forecasts
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: +2 min

The outlook has turned rosier since Foxconn Chairman Young Liu said in November the world's largest contract electronics maker had "relatively conservative and neutral" expectations for 2024. The profit beat a T$43.52 billion LSEG SmartEstimate, which gives greater weight to forecasts from analysts who are more consistently accurate. In the fourth quarter, consumer electronics including smartphones accounted for 58% of revenue while cloud and networking products, including servers, contributed 20%. Foxconn said it expects revenue for the first quarter to slightly decline from a year earlier, with revenue for smart computer electronics also likely to drop in the period. Apple last month reported sales and profit that beat Wall Street estimates, powered by growth in its iPhone business though its China sales missed analysts' targets.

Persons: 20JUL16 SCMP, Nora Tam, Foxconn, Young Liu Organizations: South China Morning, Getty, Foxconn, Hai Precision Industry Co, Apple, Wall Locations: Foxconn, Longhua, Shenzhen, 20JUL16, South, China

☆ Foxconn raises Q4 outlook on strong year-end holiday sales
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

The logo of Foxconn is seen outside the company's building in Taipei, Taiwan November 10, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Dec 5 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker and a major Apple (AAPL.O) supplier, on Tuesday raised its outlook for the fourth quarter on strong year-end sales for the holiday peak season. The fourth quarter is traditionally the hot season for Taiwan's tech companies as they race to supply smartphones, tablets and other electronics to major vendors such as Apple for the year-end holiday period in Western markets. "Therefore, the outlook for the fourth quarter should be better than the original guidance for 'significant growth'", the company added, without elaborating. For components and other products, revenue in November showed strong year-on-year growth "due to increasing allocations in smart consumer electronics products and rising shipments in auto components", it added.

Persons: Ann Wang, Foxconn, Ben Blanchard, Sarah Wu, David Goodman Organizations: REUTERS, Rights, Apple, Hai Precision Industry Co, Revenue, Foxconn's, Thomson Locations: Taipei, Taiwan, Rights TAIPEI, Zhengzhou, Foxconn's Taipei

☆ Foxconn is still running with difficult status quo
▼ + stars: | 2023-11-27 | by ( Chan Ka Sing | ) www.reuters.com time to read: +3 min

HONG KONG, Nov 27 (Reuters Breakingviews) - Terry Gou is not running for Taiwan’s presidency after all. Nonetheless, the $45 billion Apple (AAPL.O) supplier’s continuing push to move production outside of China leaves it firmly on frontlines of rising cross-strait tensions. Foxconn grew into the biggest employer in China, with more than 1 million workers at its peak and a top contract manufacturer for global brands. Foxconn is out of the election spotlight but it still has to grapple with an awkward status quo. CONTEXT NEWSTerry Gou, the billionaire founder of electronics maker Foxconn, announced on Nov. 24 that he will be withdrawing from Taiwan’s presidential election next month.

Persons: Terry Gou, Critics, Foxconn, Una Galani, Thomas Shum Organizations: Reuters, Apple, Democratic Progressive Party, DPP, KMT, Hai Precision Industry, World Trade Organization, Reuters Graphics, China -, Foxconn, Taipei Times, Thomson Locations: HONG KONG, China, Washington, Beijing, Taiwan, Kuomintang, Taipei

☆ Terry Gou: Foxconn founder drops out of Taiwan presidential race
▼ + stars: | 2023-11-24 | by ( Wayne Chang | Michelle Toh | ) edition.cnn.com time to read: +2 min

Taipei/Hong Kong CNN —Terry Gou, the billionaire founder of major Apple supplier Foxconn, withdrew from the race to become Taiwan’s next president on Friday, just hours before the deadline to formally register as a candidate. “I have never yielded in the battlefield of international business,” Gou said in a statement, without providing a specific reason for the retreat. “For the future of the Republic of China, choosing to yield is all the love I can give to my homeland,” Gou added, referencing Taiwan’s official name. Gou founded Foxconn, established as Hon Hai Precision Industry in Taiwan, in 1974. Shortly after he announced his bid, Chinese state media reported that Foxconn was under investigation by authorities in China over land use and tax concerns.

Persons: Hong Kong CNN — Terry Gou, Taiwan’s, “, ” Gou, Gou’s, Tammy Lai, ”, Hou Yu, Ko Wen, Gou, Foxconn, wouldn’t, Hai Organizations: Hong Kong CNN, Apple, Foxconn, ih, Kuomintang, Taiwan People’s Party, Democratic Progressive Party, Hai Precision Industry, Communist, CNN, for Public Credit Locations: Taipei, Hong Kong, Republic of China, Taiwan, China, Beijing, Wuhan

☆ Apple supplier Luxshare to invest $330 mln more in northern Vietnam
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

HANOI, Nov 10 (Reuters) - Apple (AAPL.O) supplier Luxshare Precision Industry Co (002475.SZ) has been awarded a license to invest an additional $330 million in its plant in Vietnam's northern province of Bac Giang, raising the total investment to $504 million, provincial authorities said. The facility is expected to be completed in 12 to 24 months, it added. China-based Luxshare, one of Apple's main AirPods makers, started investing in Vietnam since 2019. Its additional investment in the country comes as other manufacturers seek to further diversify production away from China. Earlier this year, another Apple supplier, Foxconn, set up a new factory in central Vietnam and raised its investment in the country by $250 million to make electric vehicles and telecom parts.

Persons: Luxshare, Phuong Nguyen, Lincoln Organizations: Luxshare Precision Industry, Apple, Thomson Locations: HANOI, Bac Giang, Vietnam, Bac, China

☆ Foxconn sticks to strong end-of-year sales outlook
▼ + stars: | 2023-11-05 | by ( ) www.reuters.com time to read: +2 min

A Foxconn shareholder poses for photos after the annual shareholder meeting in New Taipei City, Taiwan May 31, 2023. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Nov 5 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker and a major Apple supplier, on Sunday stuck to its previous outlook of strong year-end holiday sales, and said customers were buying well in China and the United States. Foxconn said in a statement that with the second half of the year a "traditional peak season" for consumer tech products, operations "will ramp up sequentially", sticking to its outlook given last month. "Significant growth outlook in the fourth quarter compared to the third quarter remains unchanged," it added, without elaborating. Foxconn releases third-quarter earnings on Nov. 14, when it will give more details on its outlook.

Persons: Ann Wang, Foxconn, Ben Blanchard, David Goodman, Christopher Cushing Organizations: REUTERS, Rights, Apple, Hai Precision Industry Co, Revenue, Thomson Locations: New Taipei City, Taiwan, Rights TAIPEI, China, United States, Taipei

☆ For China, Bullying Apple Suppliers Could Backfire Badly
▼ + stars: | 2023-10-30 | by ( Jacky Wong | Nathaniel Taplin | ) www.wsj.com time to read: 1 min

China’s slowing economy could soon become a major talking point for U.S. companies as they begin to report third-quarter earnings. Illustration: Elizabeth SmelovChina’s surprise investigation into Apple supplier Foxconn, a key link in the iPhone supply chain, may be intended to send a message. The one Apple and its suppliers actually receive might do China more harm than good. Chinese authorities have launched tax and land-use probes into subsidiaries of Foxconn , formally known as Hon Hai Precision Industry , the company confirmed last week. That is surprising since Foxconn, which is the world’s largest contract electronics manufacturer, has long had an amicable relationship with China—and is one of the biggest employers in the country.

Persons: WSJ’s Dion Rabouin, Elizabeth Smelov China’s Organizations: Apple, Foxconn, Hai Precision Industry Locations: China

☆ TSMC, Alibaba and more: Goldman reveals AI stocks in its 'conviction list' — giving one 105% upside
▼ + stars: | 2023-10-26 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

Here are some of the other stocks in Goldman's conviction list. Aside from TSMC, Goldman's conviction list stocks in this category include Chinese tech giant Hon Hai Precision Industry and Japanese electronics manufacturing company Ibiden . AI-empowered names The bank's conviction list stocks in this category include Chinese machine industry player Envicool , Japanese video game publisher Bandai Namco Entertainment and industrial equipment company Keyence . Goldman has an 83,000 yen price target on Keyence, giving it an upside of 56.7%. Stocks that are both Goldman named Chinese tech giants Alibaba and Baidu as its conviction list stocks that are both in the business of enabling and empowering AI.

Persons: Goldman Sachs, Daiki Takayama, TSMC, Goldman, Hai —, Envicool, Alibaba, — CNBC's Michael Bloom, Sheila Chiang Organizations: Taiwanese Semiconductor Manufacturing Company, New, Companies, Precision Industry, Bandai Namco Entertainment, Bandai Namco, Baidu, Alibaba Locations: Asia, New Taiwan

☆ China's crackdown on Foxconn, one of Apple's biggest suppliers, shows Beijing is willing to sacrifice its economy for political power
▼ + stars: | 2023-10-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

China has launched investigations into Taiwan's Foxconn over its land use in mainland China. AdvertisementAdvertisementEven Foxconn, China's largest private-sector employer, isn't immune from Beijing's whims. Foxconn, also known as Hon Hai Precision Industry, is a huge contributor to China's employment and economic growth. Given how important Foxconn is to China's economy, it's a sign that Beijing is willing to make some sacrifices in its economy for political reasons, Liu said. China's economy is in tattersChina's economy has struggled to recover after nearly three years of on-off COVID-19 lockdowns.

Persons: —, Terry Gou, Foxconn, William Lai, KMT's Hou Yu, Ko Wen, Anna Ashton, Lai, China —, Gabriel Wildau, Zhu Fenglian, Dongshu Liu, Liu, they've, Insider's Linette Lopez, Xi, Lee Miller, Lopez, Liu Pengyu Organizations: Service, Hai Precision Industry, Apple, Democratic Progressive Party, ih, Taiwan People's Party, Eurasia Group, Gzero Media, KMT, Teneo Holdings, Bloomberg, Foxconn, Taiwan Affairs Office, City University of Hong, WPP, DC Locations: China, Beijing, Taiwan —, Taiwan, Taipei, New York, City University of Hong Kong, tatters, Washington, Foxconn

☆ Foxconn founder Terry Gou lies low in Taiwan election as China tax probe reverberates
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +6 min

[1/2] Terry Gou, founder of Taiwan's Foxconn poses for pictures while saluting during a news conference in Taoyuan, Taiwan April 5, 2023. But three months out from the election, Gou, whose net worth is estimated by Forbes at $6.7 billion, has gone to ground. China claims Taiwan as its own and believes Lai, who leads opinion polls, is a separatist bent on a formal declaration of independence. Since the Global Times report came out, Gou's team has declined to comment, referring questions to Foxconn itself. Gou remains a lauded figure at Foxconn after stepping down as chairman in 2019, referred to reverentially as "the founder".

Persons: Terry Gou, Taiwan's, Carlos Garcia Rawlins, Taiwan's Terry Gou, Gou, Lai Ching, Lai, Steve Jobs, Foxconn, Democratic Progressive Party's, reverentially, Xi Jinping, Ben Blanchard, Sonali Paul Organizations: REUTERS, Rights, Apple, Forbes, Global Times, Taiwan, Democratic Progressive, DPP, Taiwan People's Party, Hai Precision Industry Co Ltd, Chicago, Atari, Dell, Sony Corp, Nintendo Co, Microsoft Corp, Communists, Communist Party's, Thomson Locations: Taoyuan, Taiwan, Rights TAIPEI, China, Foxconn, Beijing, Kuomintang, People's Republic of China

☆ Foxconn’s China woes expose supply chain dilemma
▼ + stars: | 2023-10-24 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

Yet, coming less than 100 days ahead of Taiwan’s presidential election in January, it is difficult to see surprise tax raids on Foxconn as having no geopolitical implications. For multinationals, the tax audits expose Foxconn’s difficulty in navigating the global business environment as tensions across the Taiwan Strait escalate. For global onlookers anxious to reduce their Chinese dependency, Foxconn could be the most telling case on the true cost of reshoring. The audits come less than three months ahead of Taiwan’s presidential election in January 2024 and amid Foxconn’s drive to expand its production outside China. Foxconn’s founder Terry Gou, who stepped down as company chief in 2019, is running as an independent candidate in Taiwan’s upcoming presidential election.

Persons: Foxconn, Terry Gou, It’s, Foxconn’s, Lisa Jucca, Thomas Shum, Katrina Hamlin Organizations: Reuters, Apple, Hai Precision Industry, Global Times, Eastern, Democratic Progressive Party, Foxconn, Thomson Locations: HONG KONG, China, Taiwan, Foxconn, Beijing, Vietnam, Republic, Shanghai, Taipei

☆ Foxconn shares drop after report of China tax audit, land use probe
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +3 min

A woman drives past the logo of Foxconn outside the company's building in Taipei, Taiwan November 9, 2022. The Global Times did not give details of the tax or land use probes, which have not been officially announced by any Chinese government department. The Chinese state media report comes less than three months before Taiwan votes in presidential and parliamentary elections. Speaking at a campaign rally on Sunday, Taiwan Vice President Lai Ching-te, the DPP's presidential candidate and leading the polls, said the Chinese report on the investigation was "unexpected" and "regretful". Foxconn shares were down 2.4% at 0204 GMT, underperforming the broader Taiwanese market (.TWII).

Persons: Ann Wang, Foxconn, Terry Gou, Taiwan's, Huang Shih, Gou, Lai Ching, Hai, Ben Blanchard, Jacqueline Wong, Edwina Gibbs, Sonali Paul Organizations: REUTERS, Rights, Global Times, Hai Precision Industry Co, Democratic Progressive Party, Taiwan, Thomson Locations: Taipei, Taiwan, Rights TAIPEI, China, China's, Henan, Hubei, Zhengzhou, India, U.S

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