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Apple said Ive will continue work on its products at his new venture, but shares fell as much as 1.5% to 7.44 in after-market trading, wiping about billion from the firm's value.

Around the region, MSCI's Asia ex-Japan stock index was weaker by 1.36 percent while Japan's Nikkei index closed down 2.55 percent.

Apple investors have been worried about sales in China since the company last month lowered guidance for the quarter due to economic pressures in the region and weak iPhone sales. CEO Tim Cook also blamed trade tensions between the United States and China for the slowdown in sales.

As China's Engel Coefficient has dropped to under 30 percent, which indicates a wealthy life on average, the consumption of services has taken up a larger proportion of residents' spending, the director said, adding that China will accelerate the development of the service industry, including home rentals, household services, elderly care and child care.

Applicants may include the country's top fund firms and receive approvals in the next two weeks, a source from a major bank told the paper.