Apple loses 200 billion dollars in two days after China’s restrictions on the iPhone

Apple’s market capitalization has fallen by 200 billion dollars following a steady decline in the iPhone manufacturer’s stock following reports of China expanding restrictions on the use of iPhone phones by employees in state-owned enterprises and government agencies.

The Nikkei Asia newspaper revealed on Friday that China’s restrictions on the use of iPhones by central government employees extend to local governments and state-owned companies, as China is one of the company’s largest markets and contributes to about 20% of the “fifth” of its revenues.

Reuters reported on Thursday that China has in recent weeks expanded the scope of current restrictions on the use of government employees iPhones, as it ordered employees of some central government bodies to move towards stopping using their mobile phones at work, which are produced by “Apple”.

The latest restriction imposed by China reflects a similar ban that the United States has taken against Chinese smartphone companies such as the TikTok short video platform as well as Huawei Technologies, owned by the Chinese company Bytedance.

For more than a decade, China has been seeking to reduce dependence on foreign technologies, asking Chinese state-owned enterprises, including banks, to switch to domestic software and promote the manufacture of domestic semiconductor chips.