Huawei's trifold smartphone is launching the same day as the iPhone 16 — and it's already creating a frenzy on resale sites

• Huawei's new smartphone is being listed on resale sites for three times its retail price.
• The Mate XT will feature a tri-fold design and have generative AI features.
• Huawei's launch will coincide with the launch of Apple's new iPhone 16 on Friday.

Online scalpers are looking to make a quick buck on the newest Huawei phone before it's released.

Huawei's new trifold smartphone, the Mate XT , is set to hit stores on Friday. The device was announced on September 10 and pulled in more than 2.7 million preorders within hours of the announcement.

People online have listed the phone for as much as 70,000 yuan, or over $9,900, Lin Shen, a secondhand smartphone dealer, told the South China Morning Post . That's far above its official retail price of 19,999 yuan to 23,999 yuan.

The phone will feature a tri-fold design, giving users up to 10.2 inches of screen space when fully unfolded, and functions including generative artificial intelligence and satellite communications.

Huawei's release coincides with Apple's latest launch. The iPhone 16 is set to be released in stores on Friday — the same day as the Mate XT. Apple's newest smartphone lineup will be priced from $799 for its standard model, up to $1,599 for its Pro Max model.

Some online sellers in China have begun slashing prices of the latest iPhone ahead of its release, the SCMP reported. On platforms like Pinduoduo, a budget shopping platform, the 512GB iPhone 16 Plus was offered at 8,999 yuan, a discount from its retail price of 9,999 yuan.

Apple faces stiff competition from Huawei, especially in China. Sales of iPhones in China slumped by 24% in the first six weeks of 2024, while Huawei experienced a 64% increase in sales in China during the same period, per Counterpoint Research .

While Huawei is winning the smartphone race on its home ground, Martin Yang, a senior analyst at Oppenheimer & Co, told CNBC on Tuesday that the Chinese tech giant lags behind industry leaders like Apple by two or three years in chip technology.

Huawei did not respond to requests for comment sent by Business Insider.