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AirPods Producer Luxshare Gains More Than 6% as Operations in China Resume

Published 03/10/2020, 01:51 AM
Updated 03/10/2020, 01:53 AM

By Alex Ho

Investing.com - Shenzhen-listed Luxshare Precision Industry Co Ltd (SZ:002475) gained more than 6% on Tuesday morning in Asia as its factories resumed operations in China.

Jiangxi Luxshare Intelligent Manufacture, Luxshare’s subsidiary and Apple’s major AirPods manufacturing factory, said it was resuming full operation after a 20% slump in February production due to the virus-induced shutdown.

While reports showed on Monday that iPhone’s sales in China plummeted 54.7% in February due to the Covid-19 fears, AirPods’ demand has in turn increased, according to reports.

Luxshare plans to produce 48 million units of AirPods with an estimated operating revenue of 30 billion yuan ($4.3 billion) this year, according to Zhang Xiaojian, director of the company's human resources department.

"We will make up for the loss by hiring more workers and improving the production efficiency," Zhang said.

Luxshare’s shares in Shenzhen last traded at CNY 45.10, up 6.1%.

Latest comments

this is the only site where i can find this info. is it fake news?
It is true, but it is difficult to predict the demands for this year, the working class was hit hard, consumers sentient is going south.
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