China Launches Tax Investigations into Apple Supplier Foxconn, Shares Slide
China's tax authorities have initiated multiple investigations into Foxconn, the company that manufactures iPhones, including tax audits and probes into land use in two Chinese provinces. The investigations are believed to be politically motivated, following Foxconn founder Terry Gou's announcement of his candidacy in Taiwan's 2024 presidential election. Gou's bid for presidency comes amid ongoing tension between China and Taiwan over the issue of independence. Foxconn, one of Apple's largest smartphone suppliers, has stated that it will cooperate with the investigations.