• Apple Inc. has introduced rare discounts of up to 500 yuan ($70) on its latest iPhones in China, marking the first such price cut in years. The move, coinciding with the upcoming Lunar New Year shopping season from Jan. 18 to Jan. 21, reflects a strategic shift as Apple aims to navigate challenges posed by increased preference for local brands like Huawei Technologies Co. in China. The discount, equivalent to about 5% off, is applied to models ranging from the iPhone 13 to the iPhone 15 Pro Max.

• The decision to reduce iPhone prices comes amid concerns over dwindling demand for Apple's flagship device, exacerbated by factors such as the popularity of local alternatives and restrictions on foreign devices imposed by state-backed entities in China. Analysts note that the iPhone 15 experienced weaker sales in China compared to its predecessor. Jefferies has even suggested a potential 30% drop in 2023 iPhone sales in the country, influenced by the success of Huawei's Mate 60 series with a domestically produced 7-nanometer processor.