Apple supplier Luxshare rises after reportedly winning contract to produce luxury iPhones - CNBC

Shares of Luxshare Precision Industry, 1 of Apple's Chinese declaration manufacturers, roseate much than 3% successful Asia's commercialized aft the Financial Times reported the supplier is acceptable to motion a declaration to nutrient premium iPhones.

The determination comes aft rival Foxconn halted accumulation lines successful Zhengzhou pursuing protests implicit China's stringent Covid measures implicit a period ago.

The Financial Times reported Luxshare has already produced "small amounts" of the iPhone 14 Pro Max since November to marque up for Foxconn's mislaid production.

Apple and Luxshare did not instantly respond to CNBC's petition for comment.

The emergence successful Luxshare's Shenzhen-listed banal connected Thursday comes aft it dropped astir 10% connected Wednesday. That diminution followed a Nikkei report that Apple asked aggregate suppliers to physique less components for its products – including AirPods, the Apple Watch and MacBooks for the archetypal 4th owed to weakened demand.

Risks astir China person contributed to capitalist jitters astir U.S. tech giants including Apple, which earlier this week fell under $2 trillion successful marketplace capitalization arsenic its shares deed a 52-week low.

Luxshare was founded successful 2004 and became an Apple supplier successful 2011.