Apple’s shares fell for a second day in a row after reports that Chinese government workers had been banned from using iPhones, according to the BBC.
This comes just days ahead of the launch of the iPhone 15, expected on 12 September.
The firm’s stock market valuation fell by more than 6%, or almost $200bn, in the last two days, according to the report. Apple has the world’s highest stock market valuation, standing at close to $2.8 trillion.
The BBC reports that China is the technology giant’s third-largest market, accounting for 18% of its total revenue last year.
It is also where most of Apple’s products are manufactured by its biggest supplier, Foxconn.
Although there has been no official statement from the Chinese government, the Wall Street Journal reported on Wednesday that Beijing had ordered central government agency officials to not bring iPhones into the office or use them for work, and, on Thursday, Bloomberg News reported that the ban may also be imposed on workers at state-owned companies and government-backed agencies.
This year, Washington, along with its allies Japan and the Netherlands, restricted China’s access to some chip technology.
China retaliated by restricting exports of two materials key to the semiconductor industry.
Last week, during US Commerce Secretary Gina Raimondo’s visit to Beijing, Chinese tech giant Huawei unexpectedly unveiled its Mate 60 Pro smartphone.