Apple’s stock price fell by the largest margin this year on the 6th (local time) amid reports that China has banned officials from using foreign mobile phones such as iPhones as work devices, citing security concerns.
Citing sources, the Wall Street Journal (WSJ) said, “Officials belonging to China’s government agencies have been ordered not to use Apple’s iPhone and other foreign-brand devices for work or bring them to the office for a few weeks.”
Apple’s stock price fell by the largest margin on the 6th (local time). Apple shares closed at $182.91 on the New York Stock Exchange, down $6.79 from the previous session, marking the biggest drop of the year.
According to the WSJ, these orders were delivered through online chat rooms, not official documents. However, it was not clear how widely the order was issued.
The move is analyzed as part of the Chinese government’s move to reduce its dependence on foreign technologies and prevent the leakage of sensitive information.
In the past, China has ordered some government officials to restrict the use of iPhones at work, which seems to have widened the scope of the restrictions.
The WSJ said, “If the use of iPhones is banned by Chinese government agencies, overseas brands such as Apple will be hit,” adding, “Apple alone currently relies on the Chinese market for 19% of its total sales.”
