Apple is cutting the prices of its iPhones by up to 500 yuan ($70) in China, an unprecedented discount.

Sales of Apple's most recent iPhone 15 series smartphones in China have not been as good as those of earlier models.

Chinese iPhone sales decreased 30% in the first week of 2024 when compared to the same period the year before.

On Monday, the US tech giant announced a 5% price reduction on a selection of iPhones on its Chinese website. Known as a Lunar New Year event, the special offer will be available from January 18 to January 21 in advance of the celebration in the middle of February.

While domestic competitors like Xiaomi and Huawei Technologies offer competitive models, sources say that some businesses and government agencies are limiting employees' access to Apple devices, mirroring the US government's prohibitions on Chinese software because to security concerns.

The most recent iPhones from Apple have not been cheaper in years. The price cut follows Apple's shocking announcement to the market in September that it would not be raising the price of the iPhone 15 series upon its arrival.

Apple remained silent on the subject.