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Excerpt from www.benzinga.com
Apple Inc. (NASDAQ:AAPL) has initiated a significant price reduction for its iPhone models in China, as it faces mounting competition from local rivals like Huawei Technologies Co.
What Happened: Apple has launched a substantial discounting campaign on its official Tmall site in China, offering discounts of up to $318 (CNY 2,300) on select iPhone models, reported Reuters.
This move comes as Apple seeks to maintain its position in the high-end smartphone market, where it is facing increased competition from local players such as Huawei.
The discounting campaign, which runs from May 20 to May 28, is more substantial than the one Apple offered in February.
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