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Art Revolver will offer four-tiered pricing that will cater to a wide range of consumers spanning high net worth individuals to young professionals living in small flats and university students living in hostels. The market is huge because "every empty wall" in metropolitan China is a target, he said.

Apple Inc apologized on Thursday for its controversial decision to slow down phones with older batteries, and offered consumers a lower-priced battery replacement solution.

As China's drinking culture has changed, Chinese consumers in general are consuming more alcohol, said Snow Chen, senior cultural strategy consultant at market research company Kantar.

Apple's latest launch event came after its iPhone shipments went down 18.2 percent year-on-year in the second quarter of 2019, according to research firm International Data Corp.

As Chinese steel producers achieve more technology breakthroughs and produce more high-end products to meet domestic needs, China is also seeing a decline in the country's steel imports, Wang said.