Source: Visual China

Shenzhen-listed shares of Goertek plunged by daily limit of around 10% on Wednesday, the first trading day since the company confirmed it had stopped making a product for an overseas client. In a statement released late Tuesday, Goertek said the production halt was made for notification from a major foreign client. While not identifying the client and which device the move involved, the statement expected impact of the adjustment to be up to RMB3.3 billion in its overall revenue this year, accounting for 4.2% of annual revenue in 2021. Goertek vowed to promote the ongoing impact evaluation of the accident to conclude as soon as possible, and make disclosures in accordance with the laws and regulations.

The share plummet underscored many investors’ concern that Goertek could follow the fate of Ofilm, a Chinese optical electronic maker that was removed from Apple’s supply chain last year. Goertek also was said to suffer much more than RMB3.3 billion for the order cut. The exact impact is hard to assess, but the RMB3.3 billion may be a direct loss, Shenghao, a Senior Analyst at Counterpoint Research based in Shenzhen commented.

Shenghao shared the same view with Ming-Chi Kuo, the so-called most accurate Apple analyst in the world who said the production halt involved was likely to be AirPods Pro 2. As far as Kuo knows, the reason for halt could result from production issue, rather than that of demand. Shenghao believed a possible reason for the halt is Goertek just removed the glue on reused the components of earbuds and reused them in the rework process.

The news about cutting off by Apple is completely rumor as Goertek halted working for only one product, the company told China’s leading financial newspaper Shanghai Securities News Wednesday. As the statement a day earlier, official at the manufacture reiterated projects about the client’s other products are still operating normally. “Rumors, including a fine of billions dollars, are untrue,” the person added. “The company is still evaluating exact losses and will timely make announcements.”

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