The Feiyang Times is an unassuming tower in Shenzhen's Huaqiangbei district, but it has earned the nickname "the stolen iPhone building" in Apple community forums. According to a Financial Times investigation (paywalled), the building has become a major hub in a global network trafficking stolen iPhones.
When London tech entrepreneur Sam Amrani had his iPhone 15 Pro snatched by two men on electric bicycles, he tracked its journey via Find My to a repair shop in London, then to Hong Kong, before it finally settled in Huaqiangbei. "It was very quick, very organised and kind of targeted," Amrani told the FT.
Law enforcement in London estimates phone theft represents a £50 million ($63.5 million) annual criminal industry, with similar rises reported in Paris and New York.
The fourth floor of the Feiyang building specializes in selling second-hand iPhones from Western countries. Many are legitimate trade-ins, but traders admit that even remotely locked devices have their "market price."
Hong Kong serves as the critical intermediary in this supply chain, according to the report. Specifically, an industrial building at 1 Hung To Road in Kwun Tong houses hundreds of wholesalers openly advertising phones labeled "iCloud locked" through various messaging platforms.
"The [passcode-locked] ones were probably stolen or snatched in the U.S. They are sold to Hong Kong and then on to other countries including the Middle East," explained one Shenzhen-based seller visiting Hong Kong.
What makes Huaqiangbei valuable to thieves is its specialized market that can find buyers for every iPhone component – from screens and circuit boards to chips. Even when devices can't be unlocked, they're profitable when stripped for parts.
Many theft victims receive messages from individuals in Shenzhen (when put into Lost Mode, a contact number for anybody finding the iPhone can be added) either cajoling or threatening them to remove their devices from Find My iPhone, which would substantially increase the device's resale value.
According to the report, the criminal network thrives on Hong Kong's status as a free trade port with no import taxes, allowing traders to move stolen devices into mainland China while avoiding electronics tariffs.
The Hong Kong police told FT that it "will take appropriate actions where necessary according to actual circumstances and in accordance with the law."
