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After news that Foxconn is the target of tax audits and land use investigations in China, shares of the main iPhone supplier from Taiwan fell as much as 3% on Monday.
According to China's state-backed Global Times, the Natural Resources Department of China has also conducted on-site investigations into the land use of Foxconn enterprises in the provinces of Henan and Hubei and elsewhere. It also claimed that some of Foxconn's important Chinese subsidiaries were the subject of tax audits.
Foxconn said in a statement on Sunday that upholding the law was a "fundamental principle" of all of its operations and that it would "actively collaborate with the appropriate units on the associated work and operations."
More comment was declined on Monday. Though it has additional smaller production facilities in southern China and India, Foxconn produces the majority of iPhones at its Zhengzhou facility in the Henan province, where it employs roughly 200,000 people.
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The Global Times omitted information about the tax and land usage investigations, which have not been publicly disclosed by any branch of the Chinese government.
Less than three months before Taiwan's upcoming presidential and parliamentary elections, a report has been released.
Although Terry Gou, the billionaire founder of Foxconn, no longer plays an active role in the company's daily affairs and stepped down as the company's chief in 2019, he is running as an independent candidate.
Though he currently ranks at the bottom of the polls, Gou has accused Taiwan's ruling Democratic Progressive Party. The accusation has been made of pushing the island towards a conflict with China due to its confrontational policies. He claims that only he, with his extensive business and personal connections in both China and the United States, can help maintain peace.
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