[Beijing = E-Daily Lee Myeongcheol Correspondent] As the popularity of Apple’s foldable phone, the “iPhone Duo,” which launched in China last month, has waned, resellers who had bought the product in advance to resell it have been left high and dry. This is because, as complaints about the iPhone Duo’s quality have increased, the buying frenzy expected locally failed to materialize, and a premium price has not been established.

On the 4th, the hashtag “Helpless iPhone Duo Huangniu” (a term for scalpers in China) became a trending topic on Weibo, often referred to as the “Chinese version of X” (formerly Twitter).

According to social media platforms like Weibo, the local media outlet Zhejiang Economic Daily reported, “Market performance following the launch of Apple’s iPhone Duo fell short of expectations, and consumers were reluctant to pay a premium,” adding that “many scalpers and telecom carriers have accumulated large amounts of inventory.”

According to the report, one scalper noted that while the premium for the iPhone Duo rose to over 3,000 yuan (approximately 603,000 won) on the launch date, it dropped to the 1,000 yuan (approximately 201,000 won) range by the end of the day. The scalper added that prices have fluctuated over the following days, resulting in overall losses.

Hangzhou News reported that as of the 3rd, the premium for the 1TB iPhone Duo model was over 1,000 yuan, while the 512GB model’s premium was around 300 yuan (approximately 60,000 won) and the 256GB model had no premium at all. Consequently, resellers who purchased the devices at high prices are reportedly losing 500 to 1,000 yuan per unit.

Apple’s first foldable phone, the iPhone Duo, began pre-orders in China on the 16th of last month and officially went on sale on the 23rd. Prices started at 15,999 yuan (approximately 3,216,000 won).

According to Chinese secondhand trading platforms such as Xianyu, prices for the iPhone Duo Premium exceeded 7,000 yuan during the pre-order period, but had dropped to around 3,000 yuan by the time of the official launch.

The Hong Kong South China Morning Post (SCMP) also reported on the 26th of last month, after sales began, that “at Shenzhen’s Huachangbei (the largest electronics market), the price of the iPhone Duo Premium had dropped by 2,800 yuan (approximately 563,000 won) compared to just before its launch.”

Reselling of iPhone smartphones, which are highly sought after in China, is rampant. This is because supply is often limited during the initial launch period, leading to overwhelming demand from those eager to get their hands on the product first.

However, the situation is different for the iPhone Duo. Since its launch, it has not gained much popularity in China, with issues regarding the quality of the foldable phone being raised.

The SCMP reported, “Demand has slowed as early adopters have voiced complaints on social media about fragile hinges and screen damage,” adding, “Many platforms are updating their user interfaces to accommodate the iPhone Duo’s wide internal screen, while other users have pointed out app compatibility issues.”

As a result, resellers—who had anticipated substantial profits—are now suffering massive losses. The Weibo account of Chen Zhangyuanbao reported, “Before the launch of Apple’s first foldable phone, many scalpers bought units at high prices hoping to make a premium, but market enthusiasm fell short of expectations,” adding, “There are rumors that scalpers are losing at least 100,000 yuan (approximately 20.1 million won) on iPhone Duo transactions, according to a merchant at an electronics market in Hangzhou.”

China is one of Apple’s most important markets, but its market share has been declining in recent years due to the growth of domestic Chinese brands. In Apple’s third-quarter earnings report released on the 2nd (local time), the company’s revenue in China increased by 21% year-over-year, falling short of market expectations (28%). While hopes were high that the iPhone Duo would reverse this trend, there are no signs of that happening yet.

In China, a vast country with a huge population, all sorts of things happen every day. “Another Peaceful Day in China” brings you a variety of stories from China—some curious, some absurd, and some amusing—as well as issues that can be both moving and meaningful. [Editor’s Note]