China announced on September 6 that government employees will be banned from using iPhones and other foreign devices in offices.
As a result of this ban, Apple’s market value has decreased by about 3% over the course of 2 days.
Due to the decrease in market value, the company has lost 190 billion dollars so far.
This ban on the part of China is being extended to the institutions and companies under the government, from which Apple also faced the worst financial loss.
Apple shares fell 6.4% over the course of 2 days.
It should be noted that Apple is the second largest company in the world and China is its largest foreign market as well as its production base.
The decision to ban the use of iPhones by China was made due to the sanctions imposed by the US on major Chinese technology companies.
If China expands the ban, it will affect many US technology companies that rely on China for the sale and production of devices.
Apple’s supplier companies around the world have also faced financial loss due to this ban.
This decision by China comes at a time when new models of iPhones will be introduced on September 12.
The iPhone 15 series is expected to introduce 4 new models this year, the series will consist of iPhone 15, iPhone 15 Plus, iPhone 15 Pro and iPhone 15 Pro Max.