Fears about China's government ban on iPhones are 'way overdone,' as the crackdown could impact only 1% of the smartphone's sales in China: analyst

• Investors are spooked over Beijing banning government officials from using iPhones at work.
• But Wedbush's Dan Ives says the fears are 'way overdone' as the ban could only impact 1% of iPhone sales in China.
• Apple supports 5 million jobs in China. Its major supplier Foxconn is China's largest private employer.

Fears about Apple's prospects in China following Beijing's ban on iPhone use for government officials may be overblown, according to two analysts.