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Cook's visit to China, Wedbush says Apple bets on.

TraderKnows
TraderKnows
03-27

Apple, facing competition from Huawei in China and antitrust probes in Europe/America, sees CEO Tim Cook visiting China to "seek support" amid challenges.

Last week, Apple CEO Tim Cook made a high-profile trip to Shanghai to attend the opening ceremony of the Apple Jing'an Store, which is one of the largest Apple flagship stores in the world, and is the eighth store in Shanghai and the 58th Apple store globally.

However, attending the opening ceremony was just one of the objectives. In addition to this, Cook also participated in the China Development Forum held in Beijing, where he had discussions and exchanges with Wang Wentao, the Chinese Minister of Commerce, and firmly expressed that Apple will continue to deepen its commitment to the Chinese market.

Before this visit to China, Cook had visited China twice within seven months in 2023. Despite repeatedly facing negative news in China and the challenge from local brands such as Huawei and Xiaomi, it's clear that they are not yet ready to give up on this market.

Many analysts interpret this visit to China as seeking support from the Chinese side, especially since Apple faced antitrust charges from the US Department of Justice the day after Cook's arrival in China, and had previously been subjected to penalties and investigations related to antitrust issues by the US and the EU.

Faced with a decline in the Western markets, Apple's response has been to stabilize and expand in the Chinese market. Wedbush has issued an analysis report stating that this visit to China may indicate that Apple plans to double down on the Chinese market at a critical moment.

Although in recent years Apple has been seeking to shift its manufacturing base, moving from China to Vietnam and India in what is a trend among Western manufacturers, this shift does not mean giving up on the Chinese market, even if Apple faces difficulties in China at the moment.

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