13/08/2020
WeChat ban challenges Apple's $44B market in China
$AAPL (Apple)
While Tencent $0700.HK (Tencent) is playing down the recent moves by Washington, saying soon to be banned WeChat (for international users) and key revenue driver Weixin (for mainland Chinese customers) are two separate products, more action from the U.S. may be on the table.
The executive orders against TikTok (BDNCE) and WeChat could be "broader" than just those two apps, according to Secretary of State Mike Pompeo, adding that "American data will not end up in the hands of an adversary like the Chinese Communist Party."
That could have far reaching consequences. If Apple (NASDAQ: $AAPL) is forced to remove WeChat from its global app stores, iPhone annual shipments will decline 25% to 30%, TF International Securities analyst Kuo Ming-chi wrote in a research note.
More than a dozen major U.S. multinational companies raised concerns over the WeChat order in a call with White House officials this week, including $F (Ford Motor Co) Ford, $WMT (Wal-Mart) Walmart, $DIS (Walt Disney) Disney, $PG (Procter & Gamble Co) Procter & Gamble, $INTC (Intel) Intel, $MET (Metlife Inc) MetLife, $GS (Goldman Sachs Group Inc) Goldman Sachs, $MS (Morgan Stanley) Morgan Stanley, $UPS (United Parcel Service Inc) and $MRK (Merck) Merck.
$AAPL
Source: Seeking Alpha
Full report link:
seekingalpha.com/news/3604973-wechat-ban-challenges-apples-44b-market-in-china
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