Tech giant Apple launched the iPhone 7 in China on Sept. 15. Much like the rest of the world, the launch of Apple's newest flagship device was received with enthusiasm by Chinese consumers.

There are doubts that Apple can keep up with the massive demand of the iPhone in China. This high demand has led to scalpers selling the device for as much as $2,998.

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So far the most requested variants of the Apple iPhone 7 are the black and jet black colors. In China, only those who placed pre-orders for the iPhone 7 were allowed to purchase the smartphone on the first day of its launch. Despite this restrictions, hordes of Apple fans crowded several stores in the country just to get a glimpse and try out the new iPhone 7, according to All China Tech.

Customers who placed pre-orders on Apple's website would have to wait for three to five weeks before they can get their hands on the new iPhone. This huge demand coupled with limited supply have caused the street value of the iPhone 7 to skyrocket. Local Chinese media outlets have reported that scalpers are now selling a brand new Apple iPhone 7 for as much as triple its original price.

This massive demand for the iPhone 7 has also opened a market for imitations. Some clever merchants have come up with a new sticker product. The jet black and black stickers can essentially make the iPhone 6 look like the new iPhone 7.

TagsiPhone, iPhone 7, china iphone, iphone 7 demand, iPhone 7 News, iphone 7 stocks, iphone 7 china