Chinese Government Closes Foxconn and Samsung Factories Because of Coronavirus Outbreak

The situation in China when it comes to the Coronavirus reminds you of a movie with the Chinese government locking down entire cities to contain the virus outbreak. Naturally when massive cities are under lock-down it is only natural for factories to cease operation as well. According to a report by ZeroHedge the government has shut down factories owned by some big names in the PC and silicon industry.

The big names on this list include Foxconn and Samsung. Foxconn of course is one of the biggest manufacturing the iPhone and various other products. Samsung of course makes consumer electronics, home appliances, and semiconductor products in China. Another interesting name in the report is FMCG and pharmaceutical giant Johnson & Johnson. These factories closing could do some damage on stocks as well as impact prices of electronics. The word is that the closure of these factories could last 1-2 weeks.

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