- Hundreds of workers at Quanta Computer Inc's (OTC:QUCPY) Shanghai factory manufacturing Apple Inc (NASDAQ:AAPL) devices clashed with authorities and flooded past isolation barriers after weeks under lockdown on May 5, Bloomberg reports.
- Quanta is a critical partner for Apple, generating over 50% of its revenue from the iPhone-maker as it assembled MacBooks and other devices.
- Twitter Inc (NYSE:TWTR) and Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) YouTube videos showed workers rushing through barriers and tangled with guards in white protective gear who tried to keep them inside.
- A worker disclosed that people were worried about further tightening due to positive Covid cases on the campus.
- Tensions at the Quanta factory in the Songjiang district of Shanghai boiled over after workers tried to return to dormitories after their shifts.
- Operations at the facility returned to normal by May 6 morning.
- The government assumed a central role in managing the plant's operations. The factory has been operating under tight restrictions since April.
- China's "closed loop" system requiring workers to live and sleep on-site or in nearby accommodation that they were shuttled to helped Shanghai restart production at more than 70% of its industrial manufacturing facilities.
- About 90% of 660 "key" industrial companies have resumed output, Bloomberg noted.
- Price Action: AAPL shares traded higher by 1.17% at $158.68 on the last check Friday.
