iPhone supplier Foxconn slides as China probes land and tax
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The news: Shares in Taiwanese iPhone supplier Foxconn dropped in early trading after Beijing launched investigations into land use and tax practices in its China operations.
The numbers: Foxconn shares dropped by slightly more than 3.4% in early trading, and were trading 1.7% lower at around 3:30pm AEDT. Foxconn assembles millions of iPhones for Apple, mostly at its Zhengzhou plant in Henan province where it employs about 200,000 people, Reuters reports.
The context: The investigations come less than three months before Taiwan's presidential and parliamentary elections. Foxconn's founder Terry Gou is running in the election as an independent candidate, but he no longer has a role in the company and is performing poorly in polls.
