Apple is offering discounts on its newer iPhones in China for the first time in years. The move comes amid concerns of weak demand in China due to new competition and a sluggish economy. Apple is cutting retail prices by RMB 500 ($70) for a limited time promotion ahead of the Lunar New Year. Chinese e-commerce sites are also offering discounts on iPhone 15 variants. Several analysts have downgraded Apple stock this year due to concerns about iPhone sales in China. Meanwhile, there is growing competition from Chinese technology giant Huawei. Apple stock rose last week but is still down in January and at risk of losing its market cap crown to Microsoft.
