Apple to open 25 stores in China over next two years

Summary:Apple told shareholders that it plans to open 25 stores in China in the next two years and that it plans to conserve cash.

http://www.textually.org/textually/archives/images/set3/iphone-china-talks.jpgApple held its annual shareholder meeting yesterday and, in traditional fashion, communication devices were banned. That didn't stop word from leaking out though. Philip Elmer-DeWitt was able to piece together a pseudo liveblog for Fortune from unnamed shareholders attending the event.

Environmental groups at the meeting pushed for an even greener Apple, but a sustainability proposal was rejected by the board. Perhaps the biggest piece of news was that Apple plans to open 25 retail stores in China over the next two years. Apple opened its first store in China in Beijing in 2008.

CNBC reports that when Jobs was asked why Apple keeps so much cash on hand, he responded "We want to take risks, technical risks … We want to know that the ground is still beneath us when we jump."

Topics: Apple, Banking

About

Jason D. O'Grady developed an affinity for Apple computers after using the original Lisa, and this affinity turned into a bona-fide obsession when he got the original 128 KB Macintosh in 1984. He started writing one of the first Web sites about Apple (O'Grady's PowerPage) in 1995 and is considered to be one of the fathers of blogging.... Full Bio

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