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.

Apple is offering discounts on its top-end iPhones and other products in China for the upcoming Lunar New Year as the U.S. tech giant faces heightened competition in one of its most crucial markets.

"Importantly, Apple Intelligence has not rolled out in China or many other countries with April the likely timetable for these AI launches, along with a Chinese tech partner also named very soon ...

Apple Inc. is headed for a strong holiday season ... This could lead to gangbuster sales in the key China market — and likely to a new partner there, as new features get rolled out.