China's blow to Apple

US technology giant Apple’s market value decreased by $200 billion in two days following allegations that China banned the use of iPhones in public institutions. Apple’s stock value decreased by more than 6 percent in the last two days. Apple’s market value lost $200 billion in two days following news that China banned public employees from using iPhones in central government institutions. It had been stated that China planned to expand the ban on iPhone use in public institutions to include state-backed agencies and state-owned companies. The measure is considered to be part of the Beijing administration’s recent efforts to reduce external dependency on technology and increase cybersecurity. It is noteworthy that China’s steps come after similar bans imposed by the US on Chinese technology company Huawei and social media platform TikTok. Despite the tensions between the US and China, Apple has the largest share of smartphone sales in China with 22 percent. The company, which manufactures a significant portion of its smartphones in China through subcontractors, also generates 19 percent of its revenue from the Chinese market. Bank of America estimates that China accounts for about 50 million of Apple’s annual iPhone sales, and such a ban could cost Apple 5 million to 10 million units a year. There has been no official statement from the Chinese government on the matter, and Apple declined to comment.