Apple's Key Supplier Resumes Partial Operation At Shenzhen Campuses

• Apple Inc (NASDAQ:AAPL) supplier Hon Hai Precision Industry Co Ltd (OTC: HNHPF), also known as Foxconn, resumed partial operations and production at its two Shenzhen campuses, one of which makes iPhones, after assuming Covid measures, Bloomberg reports.
• Foxconn had suspended operations after Shenzhen imposed a city-wide lockdown, including its Guanlan factory.
• Foxconn has resumed some production at its China headquarters and the Guanlan campus. After adopting a “closed-loop” system across its campuses, it won the approval to resume business.
• The closed-loop “process, is only possible on campuses that include both employee housing and production facilities, adheres to strict industry guidelines and close-loop management policies issued by the Shenzhen Government,” Foxconn said.
• Analysts saw a minimal impact on Apple due to the lockdowns.
• Price Action: AAPL shares traded higher by 1.55% at $157.49 premarket on the last check Wednesday.