Chinese tech companies Huawei and Xiaomi unveiled their latest flagship foldable smartphones on Monday, intensifying competition in China’s premium handset sector as Apple prepares to launch new products later this week.Huawei's Mate XT2 series features a design that folds out twice into a tablet-sized screen, powered by the Kirin 9050 Pro chip. The device includes a redesigned hinge, improved water resistance, and a privacy screen that limits visibility from nearby individuals. Pricing for the Mate XT2 starts at 19,999 yuan ($2,980), with the highest-end version costing 24,999 yuan ($3,725). Sales are set to begin on Saturday.Huawei Executive Director Richard Yu noted that rising memory costs have posed challenges, stating, "Pricing right now is a real challenge, because memory costs have risen sharply. We adopted a lot of new technology, and the cost pressure has been enormous."The new chip design aims to deliver enhanced computing power while consuming less electricity, incorporating the LogicFolding architecture introduced in May. This effort reflects Huawei's strategy to navigate U.S. sanctions that restrict its access to advanced technology.In a separate event, Xiaomi launched its premium device, the Xiaomi 18 Fold, which features a “medium-fold solution.” This design allows it to remain passport-sized when closed and supports running three applications side by side when opened. Xiaomi CEO Lei Jun highlighted the device’s advantages over Apple products, mentioning its weight of under 8 ounces and a thickness of less than a quarter-inch when unfolded. The Xiaomi 18 Fold is powered by the XRing O3 AI processor, claimed to surpass Apple’s A19 Pro in responsiveness, and utilizes DRAM memory chips from Chinese supplier CXMT. The pricing for this smartphone ranges from 10,999 yuan ($1,540) to 14,999 yuan ($2,100). Lei commented on the current pricing of memory, stating, "Nowadays, memory is very, very expensive. We don’t say it is cheap, but it is value for money."These launches come just before Apple is expected to unveil its latest iPhone series on Wednesday, which may include a foldable phone.Huawei currently holds the distinction of being the only major brand offering a tri-fold phone. The company faces a ban on selling its products in the U.S., which considers it a national security risk. In comparison, South Korea’s Samsung Electronics, the largest foldable smartphone vendor globally, launched a tri-fold device last December but reportedly halted sales after three months. Samsung has recently expanded its foldable lineup to include a passport-sized option.Huawei maintained a leading position in China’s smartphone market with a 22.6% share in the second quarter, outpacing Apple’s 18.1%, according to IDC. Xiaomi follows with a 12.4% share. In folding phones, Huawei dominated, capturing 68% of shipments in China during the same period, according to Smart Analytics Global.