BEIJING, Sept 11 (Reuters) - Huawei’s latest tri-foldable smartphone has stirred a wave of national pride across China, with social media buzzing about what many perceive as its ability to surpass Apple (AAPL.O) despite ongoing U.S. sanctions.

 However, the phone’s steep $2,800 price tag has received widespread criticism.

The Chinese tech giant revealed its Mate XT, the first tri-foldable phone in the industry, on Tuesday, just hours after Apple introduced its new AI-powered iPhone 16 series.

 Both the Mate XT and iPhone 16 will be available for purchase starting Sept. 20, although the Mate XT will be sold exclusively in China.

One user on Weibo, China’s version of X, praised Huawei’s comeback, stating, “Apple hasn’t fallen, but Huawei has truly risen again.” 

Another remarked, “The times are changing. U.S. sanctions have been in vain.” A video allegedly showing Apple employees visiting a Huawei store to watch the product launch also went viral on Weibo, amassing 91 million views and over 6,600 comments.

The Mate XT’s launch marks Huawei’s continued re-emergence in the premium 5G smartphone market, following the release of its Mate 60 series last year and its high-end Pura series this year. 

These devices, which feature domestically-produced semiconductors, have been hailed as victories against U.S. sanctions that have barred the company from accessing advanced American chips and technology since 2019.

Washington has labeled Huawei a national security threat, an accusation the company denies. 

U.S. sanctions have since expanded to restrict exports of advanced chips to Chinese companies, as part of an effort to curb the technological development of China’s military.

Huawei supporters were also quick to point out that Apple has yet to announce a Chinese AI partner for its iPhone 16 series. 

Additionally, Apple Intelligence, the company’s AI software, will not be available in China until next year.

Despite the surge of national pride, the Mate XT’s starting price of 19,999 yuan has been heavily criticized as unaffordable for many, especially during a time of slow economic growth and widespread financial insecurity in the country. 

The higher-end version of the phone, with enhanced features such as expanded memory, will cost up to 23,999 yuan ($3,300).

A Weibo poll on the Mate XT showed that of the 9,200 participants, only 966 said they planned to purchase the phone, while 4,700 were deterred by the high price. 

Another 3,500 stated they were not currently considering buying it.

“No matter how much I like the product, the price is just too high,” said Xu, a Huawei loyalist in Beijing.

 “Maybe Huawei isn’t really targeting people like me,” he added.

At the current exchange rate, $1 equals 7.1138 Chinese yuan renminbi.

Read Also : Apple Looks To Entice iPhone 16 Shoppers With Not-Quite-Ready AI