The largest price cut of 500 yuan will be applied to the iPhone 16 Pro and the iPhone 16 Pro Max which are normally priced at 7,999 yuan ($1,096) and 9,999 yuan ($1,366) respectively. Some older iPhone models and other Apple products are also having their prices reduced.

Apple offers discounts on iPhones in China to counter competition from Huawei amid economic challenges and declining market share.

Shoppers in the U.K. can pick up the iPhone 16, iPhone 16 Pro and iPhone 16 Pro Max for less today. At roughly 5% off for all handsets, the price drops aren’t huge, but this is one of the few discounts Apple’s flagship range has seen since they were launched in September.

Rival technology giant Huawei has also cut smartphone prices in the run-up to the Lunar New Year holiday.

Apple is offering rare discounts of up to 500 yuan on its latest iPhone models in China, as the U.S. tech giant moves to defend its market share against rising competition from domestic rivals like Huawei.

Apple stock sank Thursday on news reports that the consumer electronics giant cut iPhone prices in China to compete with domestic rivals such as Huawei.

Amid increased competition in the smartphone market, Apple is offering customers in China a rare discount on its latest phones ahead of the Chinese New Year. iPhone 16 Pro models will cost 500 Chinese yuan,

BEIJING (Reuters) -Shipments to China of foreign-branded smartphones, including Apple Inc's iPhone, fell by 47.4% in November from a year earlier, according to data released on Friday from a government-affiliated research firm.