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.

Apple Inc. has kicked off the new year with iPhone discounts in China, underlining the challenges facing the tech giant in one of the world’s most populous countries.

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,

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.

Apple is giving customers 500 Chinese yuan ($68.50) off of the iPhone 16 Pro or iPhone 16 Pro Max and 400 yuan off the iPhone 16 or iPhone 16 Plus. For a long time Apple has resisted offering discount through its own retail channels but more recently has done so,