Taiwan’s Foxconn, one of Apple’s largest suppliers, is being investigated by authorities in China, according to state media.
The probe comes weeks after founder Terry Gou announced his bid for Taiwan’s presidency and stressed that he won’t be pressured by Beijing, despite his extensive business operations in the country.
While it is unclear whether the investigations are connected to Gou’s entrance into the presidential race, analysts said the move will send jitters through foreign businesses in China.
This is the best summary I could come up with:
The probe comes weeks after founder Terry Gou announced his bid for Taiwan’s presidency and stressed that he won’t be pressured by Beijing, despite his extensive business operations in the country.
On Sunday, the state-owned Global Times reported that tax authorities had recently audited Foxconn’s key subsidiaries in the provinces of Guangdong and Jiangsu, where it has major factories.
The probe was revealed after Chinese police reportedly raided the Shanghai office of international advertising agency GroupM, owned by WPP, as Beijing ratcheted up pressure on foreign businesses.
They say they’re growing increasingly wary of rising risks, including the possibility of raids and detentions, in the world’s second largest economy amid a crackdown on international consulting firms on national security grounds.
In August, Foxconn founder and former chairman Terry Gou, a self-made septuagenarian billionaire, announced he would contest Taiwan’s presidential election in January as an independent candidate.
Chinese police have raided the Shanghai office of GroupM, a unit of the world’s largest advertising agency, and detained a senior executive, according to multiple media outlets.
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