Market Overview

Beijing Orders Apple To Halt Sales Of iPhone 6, iPhone 6 Plus Devices In The City

Beijing Orders Apple To Halt Sales Of iPhone 6, iPhone 6 Plus Devices In The City
Related AAPL
Benzinga's Option Alert Recap From October 16
10 Most/Least Crowded Trades Of Week Ended Oct. 13
Netflix's Unusual Post-Earnings Move; Monday's Rally Lacked This: S&P 500 Futures (Investor's Business Daily)

Billionaire investor Carl Icahn was on to something when he dumped his entire stake in Apple Inc. (NASDAQ: AAPL) and warned other investors that the government in China could "come in and make it very difficult for Apple to sell there."

On Friday, The Wall Street Journal confirmed Icahn's concerns to be true. The publication noted that Beijing's intellectual property regulator ordered Apple to cease selling its iPhone 6 and iPhone 6 Plus in the city of Beijing because the phone's design is too similar to a smartphone manufactured by a local company.

Related Link: Apple iPhone Shipments Are Bottoming, Says Brean

The company, Shenzhen Baili, manufactures a smartphone called 100C. Apple could appeal the ruling to a higher court, according to Chinese law.

The Beijing's government move to ban the sell of iPhone 6 devices follows a prior decision by the Chinese government to shut down Apple's iBooks and iTunes Movies services.

Shares of Apple were trading lower by more than 2 percent at $95.60 ahead of Friday's market open.

Wall Street Journal's Daisuke Wakabayashi recently Tweeted, "Apple says appealing order to stop selling phones in Beijing. Injunction has been stayed, phones selling as usual. update coming."

Posted-In: 100C Smartphone Apple Apple China Apple stockNews Legal Global Tech Best of Benzinga


Related Articles (AAPL)

View Comments and Join the Discussion!

Partner Center