(Yicai Global) March 22 -- Ofilm Group continues to do business with a number of clients and the loss of one large overseas customer, namely US tech giant Apple, will not spell the end of the Chinese optical lens maker, the 21st Century Business Herald reported, citing the company founder.

Ofilm was struck off Apple’s supply chain due to changes in the international trade environment, said Cai Rongjun at a conference held on March 20, no doubt trying to limit the damage. The company’s stock has more than halved in value since a unit was added to a US blacklist last July, restricting access to US-made goods and technologies, and fueling speculation that it would lose the Apple contract.

A certain overseas customer, whose orders accounted for nearly one third of Ofilm’s revenue last year, is terminating its purchasing relationship with Ofilm and existing business orders will not be renewed, the firm finally confirmed on March 16. The full impact on the company’s operations and performance is still being determined, it added.

From now on, Ofilm will focus on developing camera modules and optical lenses as well as expanding its market share in mobile phone imaging, vehicle-based imaging and security imaging, Cai said. It will also promote innovation in microelectronics to accelerate its positioning in high-end sensors and new materials.

Ofilm’s stock price [SHE:002456] closed up 2.69 percent at CNY8.78 (USD 1.35) today.

Editor: Kim Taylor