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Apple Supplier Luxshare Rises After Reportedly Winning Contract

Shares of Luxshare Precision Industry, one of Apple’s Chinese contract manufacturers, rose more than 3% in Asia’s trade after the Financial Times reported the supplier is set to sign a contract to produce premium iPhones.

The move comes after rival Foxconn halted production lines in Zhengzhou following protests over China’s stringent Covid measures over a month ago.

The Financial Times reported Luxshare has already produced “small amounts” of the iPhone 14 Pro Max since November to make up for Foxconn’s lost production.

Source: (CNBC)

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