HONG KONG (Yonhap) -- Samsung Electronics Co. will look to expand its presence in China's premium smartphone market by releasing a high-end product exclusively for Chinese consumers, company officials said Monday.
The world's No. 1 smartphone maker will soon introduce a folder-type smartphone with a 3.7-inch active-matrix organic light-emitting diode (AMOLED) dual-screen, according to the officials.
The new smartphone, which will be carried by China's third largest mobile telecom provider China Telecom Corp., is likely to have a price tag of at least 1 million yuan ($160,600), they said.
The phone will be equipped with two cameras -- an 8 million-pixel main camera and a 1.9 million-pixel front camera. It will use Google Inc.'s Android 4.0 or Ice Cream Sandwich as its operating system.
The product will be endorsed in TV commercials by Hong Kong-born action movie star Jackie Chan, Samsung officials said.
Samsung Electronics has been a leading smartphone vendor in China, which is soon expected to be the world's largest smartphone market.
However, its market share in China has been gradually shrinking after hitting 24.3 percent in the October-December period last year amid competition with local manufacturers that provide more affordable smartphones.
In the third quarter of this year, Samsung's market share inched down to 16.7 percent of the Chinese smartphone market, compared to 17.7 percent in the second quarter and 20.6 percent in the first quarter.
The world's largest PC maker, Lenovo, gained a significant market share in the same period to 14.8 percent, becoming the No. 2 smartphone vendor in China.
Apple Inc.'s market share in China dropped to 7 percent in the third quarter from 12.3 percent in the second quarter, placing itself in the sixth position.