By Laura He, CNNHong Kong (CNN) — Taiwan’s Foxconn, one of Apple’s largest suppliers, is being investigated by authorities in China, according to state media. Foxconn, also known as Hon Hai Precision Industry, has iPhone factories in Guangdong and Henan, including the world’s largest in the city of Zhengzhou. The company’s listed unit in Shanghai, Foxconn Industrial Internet, plummeted by its daily limit of 10% on Monday. “At a time when China’s economy sorely needs to re-engage with investors, policy moves instead reinforce doubts over basic investability.”Upcoming electionFoxconn is one of the world’s largest contract manufacturers. The crackdown came despite repeated calls from Chinese leaders to welcome more foreign investment to boost the country’s slowing economy.

Source: CNN October 23, 2023 10:00 UTC