Apple suppliers soar in Hong Kong, China after US tech giant smashes revenue expectations
- Shares of Apple AirPod makers Luxshare Precision, GoerTek have more than doubled this year
- Apple growing increasingly popular in Greater China, its third largest market
Apple suppliers in Hong Kong and China soared on Friday after the US tech giant smashed revenue expectations, as consumers snapped up iPhones, iPads, Mac computers and watches to work and play in the stay-at-home world of the coronavirus pandemic.
Of mainland-listed Apple AirPod suppliers, Luxshare Precision Industry climbed 3.5 per cent to 58.59 yuan (US$8.40) in Shenzhen, bringing its rally this year to 109 per cent. GoerTek surged 9.8 per cent to 42.70 yuan, capping 114 per cent run-up. Apple rose 31 per cent on Nasdaq this year.
Hong Kong-listed AAC Technologies, which derives 40 per cent of its revenue from Apple, jumped as much as 6.9 per cent before closing with a 3.6 per cent gain at HK$61.70. AAC makes miniaturised components used in Apple’s iPhones, iPads and watches.
Sunny Optical Technology Group, which is expected to enter the Apple supply chain with its smartphone lenses, gained as much as 3.8 per cent before closing with a 1 per cent gain at HK$145.90.
Apple reported a fiscal year third-quarter revenue of US$59.7 billion, an 11 per cent gain from a year earlier. Also overnight, the Cupertino, California-based firm announced a 4-for-1 share split, which would lower its per-share price and attract individual investors and increase its liquidity, while the spillover could also lift the share prices of its suppliers.
