The Apple iPhone 14, iPhone 14 Pro, and iPhone Pro Max on sale at the company’s Fifth Avenue store in New York, US, on Friday, Sept. 16, 2022. Photographer: Jeenah Moon/Bloomberg via Getty Images

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Shares of Luxshare Precision Industryone of Apple’s Chinese contract manufacturers, rose more than 3% in Asia’s trade after the Financial Times reported the supplier is set to sign a contract to produce premium iPhones.

The move comes after rival Foxconn halted production lines in Zhengzhou following protests over China’s stringent Covid measures over a month ago.

The Financial Times reported Luxshare has already produced “small amounts” of the iPhone 14 Pro Max since November to make up for Foxconn’s lost production.

Apple and Luxshare did not immediately respond to CNBC’s request for comment.

The rise in Luxshare’s Shenzhen-listed stock on Thursday comes after it dropped nearly 10% on Wednesday. That decline followed a Nikkei Report that Apple asked multiple suppliers to build fewer components for its products – including AirPods, the Apple Watch and MacBooks for the first quarter due to weakened demand.

Risks around China have contributed to investor jitters around US tech giants including Apple, which fell earlier this week under $2 trillion in market capitalization as its shares hit a 52-week low.

Luxshare was founded in 2004 and became an Apple supplier in 2011.

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