Major iPhone assembler Hon Hai Precision Industry, or also kn0own as Foxconn Technology Group announced the Chinese government finally gave it the green light to approve Japanese conglomerate Sharp for US $3.5 billion, reported Nikkei Asian Review.

Taiwan and China’s LED markets have been affected by market rumors this morning of rising LED tariffs in China, with Chinese manufacturers in general reaping in profits, while neighboriing Taiwan manufacturers saw stock prices drop.The disruptive market rumor has proven to be false by a source from  China’s Ministry of Commerce (MOC), according to a report from Chinese financial media NetEase.

Earlier this morning, LED stocks on Taiwan’s bourse riveted from market rumors surrounding China’s Ministry of Commerce (MOC) plans of raising LED tariffs, but LED manufacturers have refuted receiving any related government notices.