China is investigating Foxconn, one of Apple's largest suppliers, according to state media. The probe comes after Foxconn founder Terry Gou announced his bid for Taiwan's presidency and emphasized that he won't be influenced by Beijing. The investigation has raised concerns among foreign businesses operating in China. Chinese authorities have audited Foxconn's subsidiaries and investigated its use of land. Foxconn has stated that it will cooperate with the investigations. The company's stock has taken a hit since the probe was revealed. The investigation comes as Chinese police raided the Shanghai office of advertising agency GroupM, owned by WPP, and detained a senior executive on suspicion of bribery. The crackdown on foreign businesses has caused unease among investors. Foxconn is a major contract manufacturer and one of the largest private employers in China. Gou believes that Beijing will not threaten Foxconn due to the global implications it would have. He also expressed concern about the impact of a supply chain crisis if Foxconn were to shut down. Gou is currently trailing in the polls for Taiwan's presidential election. Other well-known businesses have also faced scrutiny in China, including GroupM. Despite calls for more foreign investment, China continues its crackdown on foreign businesses.
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