Huawei's upcoming Mate XT trifold smartphone is being listed for over $7,000 on online marketplaces, more than double its list price, due to limited availability and high demand before its official release.

It was a similar story at the Huawei Wangfujing store in Beijing, where access to the much-hyped Mate XT - which folds three ways like an accordion screen door - was restricted to those whose pre-orders had been confirmed.

Huawei has received more than 2.7 million pre-orders for its new, tri-fold smartphone, according to its website Monday.

Huawei’s new tri-fold smartphone, the Mate XT, has already stirred up a lot of excitement, amassing over 2.7 million pre-orders just days after its launch on Saturday. This early rush puts Huawei ahead of Apple’s iPhone 16, which is set to make its debut early Tuesday morning Beijing time.

Huawei's new tri-fold phone was welcomed with open arms by consumers as the company received more than 2.7 million pre-orders for it.

The Mate XT comes in red and black, in three storage options with prices ranging from 19,999 yuan ($2,809) to 23,999 yuan ($3,371).

Huawei may not have enough supply. Apple may not have enough demand.

Pictured here is an Apple flagship store in Beijing, China, on the day of the iPhone 16 launch on Sept. 20, 2024. Many Apple iPhone users in China are just as interested in Huawei's pricier trifold phone,

Many of Apple’s affluent iPhone users in China are just as interested in Huawei’s pricier trifold phone, CNBC found during spot checks at stores Friday, the day the iPhone 16 and Mate XT launched in the country.