Chinese tech stocks slump after report that Apple has cut its iPhone X orders by 40%

Apple is a company that can make or break the fortunes of its suppliers, that is why when reports started emerging yesterday that the Silicon Valley juggernaut has cut its suggested iPhone X order forecast from 50 million to 30 million, a lot of Chinese tech stocks experienced quite a ravaging, swimming in a sea of red, as you can see in the stock exchange snapshot below.

All it took is one report in a Taiwanese publication for Apple's supplier Lens Technology to plunge 8%, for instance. The report said that Foxconn's Zhengzhou plant, where the iPhone X is assembled, stopped hiring ...