Hong Kong CNN —
Apple is offering unprecedented price cuts in China as big brands and retailers launch promotions for the annual “618” shopping festival in the face of sluggish consumer demand.
The hefty discounts by the iPhone maker come at a time when it is battling stiff competition from Chinese smartphone manufacturers, such as Huawei and Vivo, and declining market share in the world’s second largest economy.
On Monday, Apple said it would slash prices of some of its smartphones on Tmall — an Amazon-like site owned by Alibaba — by as much 23% till
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