Foxconn shares drop after report of China tax audit, land use probe

Shares in Foxconn, a major supplier of Apple’s iPhones, fell by 3% after reports of tax audits and land use probes in China. The state-backed Global Times stated that some of Foxconn’s subsidiaries in China were being audited for taxes, and investigations were being conducted on their land use. Foxconn, in response, emphasized its commitment to legal compliance and cooperation with relevant units. The reports come ahead of Taiwan’s upcoming elections, where Foxconn’s founder Terry Gou is running as an independent candidate.