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

Shares in Taiwan’s Foxconn, a major supplier of Apple’s iPhones, dropped as much as 3% on Monday after a report the company is the subject of tax audits and land use probes in China just months ahead of a Taiwanese election.

China’s state-backed the Global Times said some of Foxconn’s key subsidiaries in China were the subject of tax audits and that China’s natural resources department had also conducted on-site investigations on the land use of Foxconn enterprises in Henan and Hubei provinces and elsewhere.