Apple CEO Tim Cook Visits Shanghai, Hints At Opening More Stores Amid Declining Sale In China

Apple Inc. (NASDAQ:AAPL) CEO, Tim Cook, is currently in Shanghai, according to a post on his Weibo account.

What Happened: Cook spent the morning walking along the Bund River with Chinese actor Zheng Kai and enjoying a local breakfast, Reuters reported on Wednesday. However, the purpose of his visit remains undisclosed.

This visit follows Apple’s recent announcement of a new retail store opening in the Chinese financial hub on Thursday. The move comes as Apple grapples with declining iPhone sales in China and increased competition from local rivals like Huawei.

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Last year, Cook made at least two trips to China, Apple’s third-largest market by revenue. Around the same time, he also visited Beijing, where he attended the China Development Forum and visited an Apple store.

Why It Matters: Apple’s presence in China has been challenged recently. Earlier this month, iPhone sales in China dipped by 24% in the first six weeks of the year, pushing Apple to fourth place among smartphone vendors. This allowed Vivo, a company catering to the budget segment, to surpass Apple as China's top smartphone seller.

Moreover, Apple resellers in China have been forced to offer significant discounts on the iPhone 15 series in February. The discounts, which are steeper than those offered last year, indicate a sustained dip in demand for Apple’s products in the region.

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Photo courtesy: Apple