The U.S. tech giant cut prices of some iPhones by 5%, its Chinese website showed on Monday. The time-limited promotion, branded as a Lunar New Year event, will last from Jan. 18 through Jan. 21 in a lead-up to the holiday in mid-February.

Sales of Apple’s latest iPhone 15 series of handsets have been far worse than previous models in China.

Home-grown rivals such as Huawei Technologies and Xiaomi offer competitive models, while sources have said some companies and government departments have been limiting staffers’ use of Apple devices – mirroring U.S. government restrictions of Chinese apps on security grounds.

Chinese iPhone sales dropped 30% in the first week of 2024 versus the same period a year earlier, Jefferies analysts said in a client note, having fallen 3% for all of 2023. Analysts expect the competitive landscape to get tougher this year.

Apple has not cut prices for its latest iPhones in years.