Lukewarm Chinese market weigh down Apple-related shares
Updated: 2013-09-17 16:54
BEIJING -- Apple-related Chinese shares fell Tuesday after reports of shrinking reservations and reduced subsidy for its latest products in China hit Apple Inc's shares yesterday.
Suxhou Anjie Technology Co Ltd, which provides Apple with functional components, dropped 4.50 percent on the Shenzhen stock market while Universal Scientific Industrial(Shanghai) Co Ltd, a producer of WiFi devices for Apple, fell 3.66 percent on the Shanghai stock market.
Apple Inc's shares suffered a 3.18 percent slump on Monday, shedding $14.78 per share to end at $450.12 and marking a loss of market value of $13.4 billion.
Chinese telecom giant China Unicom reported 100,000-plus orders for Apple's new product iPhone 5S and iPhone 5C on September 15, marking about a 50 percent shrinkage compared with the 200,000-plus orders of last year's iPhone 5 recorded within two days after reservations opened.
Meanwhile, another telecom giant China Telecom offers iPhone 5S buyers who sign a 289 yuan ($47) monthly plan a subsidy of 2,890 yuan, 15 percent less than the 3,400 yuan for the iPhone 5 under the same plan.
Apple Inc haven't disclosed number of reservations for iphone 5C: In the past three years Apple Inc. reported reservations for its new products on the first Monday after reservations opened.
Chinese iPhone fans seem unimpressed by Apple's latest products as many complain that the undesirable innovation- Touch ID, a new processor and a better camera- is not worth the high price.
The iPhone 5c and 5s will go on sale on September 20, and this is the first time that Chinese mainland was among the first markets to launch its product.