Apple is offering rare discounts of up to 500 yuan on its latest iPhone models in China, as the U.S. tech giant moves to defend its market share against rising competition from domestic rivals like Huawei.

Amid increased competition in the smartphone market, Apple is offering customers in China a rare discount on its latest phones ahead of the Chinese New Year. iPhone 16 Pro models will cost 500 Chinese yuan,

UBS analysts led by David Vogt slashed their iPhone sales estimates even further below Wall Street’s consensus amid China weakness.

Apple stock sank Thursday on news reports that the consumer electronics giant cut iPhone prices in China to compete with domestic rivals such as Huawei.