Apple is offering discounts of up to 500 yuan ($68.50) on its latest iPhone models in China as part of a rare four-day promotion.

The promotion, running from January 4 to January 7, includes the flagship iPhone 16 Pro, priced at 7,999 yuan ($1,096), and the iPhone 16 Pro Max, starting at 9,999 yuan ($1,370), both eligible for the maximum 500-yuan ($68.50) discount, as per a recent report by Reuters.

The iPhone 16 and iPhone 16 Plus are receiving a price cut of 400 yuan ($54.80). Older iPhone models, along with MacBooks and iPads, are also discounted by 200 to 300 yuan ($27.40 to $41.10), provided customers use designated payment methods such as WeChat Pay or Alipay, states the report.

This move comes as Apple grapples with challenges in China, the world's largest smartphone market. Domestic rival Huawei has surged ahead, thanks to innovative locally-made chipsets and steep price reductions of up to 3,000 yuan ($411) on high-end devices, further states Reuters.

As per the report, Apple's smartphone sales in China declined 0.3% in the third quarter of 2024 compared to the previous year, while Huawei's sales soared by 42%, according to IDC.

Apple briefly dropped out of China's top five smartphone vendors earlier in the year before recovering its position. The rare discounts reflect Apple's efforts to regain momentum in a market where competition is intensifying and economic uncertainty persists.