Apple CEO Tim Cook Visits China... Will Apple Escape Slump in the Chinese Market?
Apple CEO Tim Cook revealed his local activities a day before the opening of the Apple Store in Shanghai, China. Attention is focused on whether Apple, which has recently struggled in the Chinese market, can achieve a turnaround.
On the 20th, Cook publicly shared on social media that he was visiting Shanghai, China. In a post on Weibo that day, he said, "This morning, I took a walk with actor Zheng Kai and enjoyed a traditional Shanghai breakfast."
Bloomberg News analyzed that Cook's visit to China appears to be related to the opening of the eighth Apple store in Shanghai. On the 21st, the Apple Store Jing'an, located in Jing'an Square in downtown Shanghai, will open. As Cook emphasized the 'symbiosis' between Apple and China, attention is on whether iPhone sales will increase in China.
According to Chinese media, this store covers an area of 3,835㎡, making it the largest Apple store in Asia. It is also the second-largest Apple flagship store in the world, after the one on Fifth Avenue in New York.
Recently, sales of Apple's latest model, the iPhone 15 series, have been sluggish in China. This is due to the escalating conflict between the U.S. and China, which has sparked a 'patriotic consumption boom' within China. Apple has implemented self-help measures, including at least two price cuts for the iPhone 15 series in China this year alone.
Chinese media outlet Pengpai reported that Cook also met with Wang Chuanfu, chairman of BYD, the world's number one electric vehicle company, at Apple's Shanghai headquarters that day. Cook and Wang examined parts and products exhibited by Apple suppliers such as BYD Electronics, Lens Technology, and Everwin Precision for smart manufacturing technology.
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Meanwhile, after attending the opening event of the Apple Jing'an store on the 21st, Cook is expected to attend the China Development Forum opening in Beijing on the 24th. According to the U.S. daily The Wall Street Journal (WSJ), the forum will be attended not only by Cook but also by Albert Bourla, CEO of Pfizer, and Ray Dalio, founder of Bridgewater Associates, the world's largest hedge fund.
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