Scalpers make merry as demand for Huawei high-end model soars

Scalpers who expected to rake in huge profits from the sale of Apple's iPhone X may think twice as prices of Huawei Technologies new ultrahigh-end smartphone soared to dizzying heights as of Wednesday and made it one of the most expensive models on sale in the country.

Prices for the Chinese company's Porsche Design Huawei Mate 10, priced at 8,999 yuan ($1,360), rose to around 20,000 yuan ($3,023) in the country's leading online platforms of JD.com and Taobao.com, with the highest price peaking at 26,999 yuan.

In comparison, the price of its rival iPhone X on e-commerce websites was roughly similar or even lower than its official price tag.