The iPhone Duo enters China’s crowded foldable market — and faces a price test

Apple's first folding phone is getting a tepid response Chinese consumers that are focused more on how much it costs versus existing foldables from domestic rivals. "I won't buy it this year. I'll buy the second-generation foldable next year," one user on social media platform WeChat said, according to CNBC's translation, after Apple announced the iPhone Duo at an event on Wednesday. It's priced at15,999 yuan ($2,230) in China. U.S. consumers "earn US$3,000 to US$4,000 a month and buy it for US$1,999. We earn 3,000 to 4,000 yuan and spend 10,000 yuan on it," one commenter wrote on a WeChat video review translated by CNBC. Apple shares climbed more than 3% after the launch event.