Scalpers outside Apple's flagship Sanlitun store in Beijing offered customers an extra 3,000 Chinese yuan ($448) to immediately resell newly purchased iPhone Duo phones on Friday. Apple launched the Duo, the company's first foldable phone, globally that day. Initial demand in China appears strong despite the device's high price. Scalper Alex Wang expected resale premiums to persist for half a month. Wang attributed the premiums mainly to scarce supply.
Counterpoint Research identifies China as the world's biggest market for foldable phones, although foldable phones remain a niche category globally. Apple enthusiast Mary Tong arrived at the Sanlitun store at 6 a.m. to collect a foldable phone. Tong headed a queue of about 100 people. Tong described Apple as late to foldable phones and said many consumers in China prefer foldable devices.
Customers without reservations arrived before the Beijing store's normal opening time, hoping to buy the Duo. Apple had said customers could not buy the Duo without reservations on launch day in mainland China. Apple had also said availability for purchases without reservations would be limited elsewhere. Apple capped each online purchase at two phones. Zhang Zheng said a delivery estimate extending to January 2027 discouraged Zhang from ordering online. Zhang still wanted to buy a Duo, citing usefulness for work and an appealing appearance.
Huawei is promoting the company's XiaoYi AI assistant to strengthen competition with Apple and other domestic smartphone makers. Huawei already offers an extensive range of foldable phones. Huawei introduced the Mate XT2 trifold on September 7 at about $3,000, two days before Apple announced the Duo. Xiaomi unveiled the expensive 18 Fold around the same time.
Expectations for Apple Intelligence were minimal despite excitement about the Duo itself. Apple said a mainland China version of Apple Intelligence is scheduled to enter beta testing this month. Apple said the version will offer live translation, the Clean Up photo feature and writing tools.
Beijing approved Alibaba AI models for the Duo and other Apple devices on October 14 as part of Apple's pending AI launch in China. Apple secured regulatory approval in China over the summer. Official media in China cited former CEO Tim Cook as saying during a recent visit that Apple's updated Siri AI would not yet be available in China.
Duo buyer John Zhao said Zhao had used Apple Intelligence while working abroad. Zhao described Apple Intelligence as "nice but not beyond imagination." Zhao expects the version for China to be less impressive.
Apple iPhone Duo Scalped for Extra 3,000 Yuan in Beijing
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Summary
Apple iPhone Duo resellers in Beijing charged an extra 3,000 yuan ($448) for the device on its global launch day, according to TA for crypto tracking tools. Scalpers near the Sanlitun flagship store expect premiums to last about half a month due to limited supply. Apple restricted online orders to two units, while delivery times pushed some buyers away. Meanwhile, Huawei and Xiaomi are pushing foldable models to challenge Apple. Value investing in crypto traders are watching such market behaviors for potential insights.
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