Hon Hai is reportedly in the market to add 100,000 employees to its payroll, more than live in any of the largest cities in five US states. These workers would be destined to produce the next iPhone. Analysts anticipate an October launch date.

Hon Hai’s special relationship with Apple has driven much of its growth in recent years. Apple accounts for just under half of revenues for Hon Hai (also known as Foxconn), up from 17 per cent in 2007, the year of the first iPhone.

But the relationship has been skewed. Apple infamously leaves little profit for its suppliers. While Hon Hai’s revenues have more than doubled since 2007, net income is up only 40 per cent. JPMorgan estimates that between early 2010 and mid 2012, Hon Hai assembled the iPad for zero profit in an effort to persuade Apple to remain exclusive. As margins dropped, Hon Hai’s price to earnings ratio fell from a high of 21 times in 2007 to a (post-crisis) low of 9. The stock is now trading at 11 times forward estimates.