The upcoming trifold smartphone from Huawei Technologies, China’s top smartphone maker, is being listed for over $7,000 on online marketplaces, more than double its list price, even before its official release.

What Happened: Scheduled to be released on Friday, Huawei’s new Mate XT is already being offered on online marketplaces at inflated prices due to its limited availability and high demand, reported Nikkei Asia.

The device, which is the world’s first trifold smartphone, has seen preorders on Huawei’s homepage alone exceed 5 million.

The Mate XT, unveiled on Sept. 10, is expected to be available in Guangzhou stores no sooner than February or March next year.

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The phone, which measures 10.2 inches when unfolded and is 3.6 millimeters thick, comes with generative artificial intelligence and satellite communication functions.

On Alibaba Group Holding’s (NYSE:BABA) flea market app Xianyu, listings for the phone have been spotted for as high as 49,999 yuan, over $7,000, more than twice the price of the top-end model.

Some sellers are even asking for around 100,000 yuan (about $14,089.47), saying they have guaranteed access to the phone due to early reservations at physical stores.

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Why It Matters: The Mate XT, with a starting price tag of $2,800, was announced by Huawei shortly after Apple Inc. launched its iPhone 16 series, marking Huawei’s intensified efforts to challenge Cupertino’s smartphone dominance in China.

The trifold smartphone’s high price tag and its potential to rival Apple’s iPhone 16 Pro Max, which retails for $1,199 for 256 GB storage, has made it a subject of curiosity.

However, the cost of replacing the Mate XT’s screen could set owners back as much as a brand-new iPhone, with a replacement OLED panel costing about $1,125.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.