iPhone Duo Goes on Sale, Sparking Resale Rush at Sincere Podium with Premiums Up to HK$5,000

Apple’s first foldable iPhone, iPhone Duo, officially went on sale on Friday, October 23. Long queues of Apple fans had already gathered outside multiple Apple Store locations early in the morning, waiting to collect or purchase the new device. As with every Apple launch, a resale rush followed: by around 9 am, a large crowd had formed at Sincere Podium in Mong Kok, long regarded as Hong Kong’s "handset collection hub", with many hoping to resell their new phones at a higher price or to buy handsets on the spot.

Apple’s first foldable iPhone, iPhone Duo, officially went on sale on Friday, October 23. Photo by Bastille Post

Festival Walk's Apple Store. Photo by Bastile Post

Festival Walk's Apple Store. Photo by Bastile Post

By around 9 am, a large crowd had formed at Sincere Podium in Mong Kok, long regarded as Hong Kong’s "handset collection hub", with many hoping to resell their new phones at a higher price or to buy handsets on the spot. Photo by Bastille Post

The crowd at Sincere Podium. Photo by Bastille Post

The crowd at Sincere Podium. Photo by Bastille Post

The crowd at Sincere Podium. Photo by Bastille Post

Outside Mong Kok MTR station, several informal "purchasing points" were set up. One buyer was offering HK$3,000 above retail for new devices, while another quoted a HK$3,000 premium for the 512GB model and HK$2,000 for the 218GB version.

Outside Mong Kok MTR station, several informal "purchasing points" were set up. Photo by Bastille Post

Photo by Bastille Post

A seller from Shenzhen, Mr. Zhang, said he was stunned by the size of the crowd, describing it as his first time witnessing such a scene. He saw the buying and selling of new phones as normal market behaviour. He had already sold his new device for HK$4,000 to HK$5,000 above the original price.

Mr. Zhang from Shenzhen. Photo by Bastille Post

Another male seller, also from the Mainland and in Hong Kong on a business trip, said he had known about this resale mode for years. He was selling an iPhone Duo 1TB and hoped to get HK$4,000 to HK$5,000 above retail. He picked up his phone at an Apple Store at 8:30 am and headed straight to the queue at Sincere Podium, viewing the transactions as a straightforward matter of supply and demand.

Sincere Podium was packed with crowds, as many flocked to buy and sell the new devices. Photo by Bastille Post

Sincere Podium was packed with crowds, as many flocked to buy and sell the new devices. Photo by Bastille Post

Sincere Podium was packed with crowds, as many flocked to buy and sell the new devices. Photo by Bastille Post

By 10 am, vendors at Sincere Podium had already put up price lists for in-stock iPhone 18 Pro, iPhone 18 Pro Max and iPhone Duo.

By 10 am, vendors at Sincere Podium had already put up price lists for in-stock iPhone 18 Pro, iPhone 18 Pro Max and iPhone Duo. Photo by Bastille Post

Appointment of Chairman of Market Misconduct Tribunal and Securities and Futures Appeals Tribunal announced

The Government announced today (October 23) that the Chief Executive has appointed Mr Mohan Tarachand Bharwaney, a former Judge of the Court of First Instance of the High Court, as a Chairman of the Market Misconduct Tribunal (MMT) and the Securities and Futures Appeals Tribunal (SFAT) for a term of three years, starting from December 1, 2026, and January 1, 2027, respectively.

A Government spokesman said, "Mr Bharwaney has over 40 years of experience in the legal profession. He joined the Judiciary in 2010 and retired from the Court of First Instance of the High Court in 2021. We are confident that with his sterling experience and knowledge in adjudication and legal matters, Mr Bharwaney will lead the Tribunals to operate effectively."

The Government also expressed gratitude to the outgoing Chairman of the Tribunals, Mr Michael John Hartmann, for his valuable contributions and dedicated service. As authorised by the Chief Executive, Mr Hartmann will complete any cases that he has commenced before the expiry of his term of appointment.

Both the MMT and the SFAT are established under the Securities and Futures Ordinance (Cap. 571) (SFO).

The MMT deals with six types of market misconduct, namely insider dealing, false trading, price rigging, disclosure of information about prohibited transactions, disclosure of false or misleading information inducing transactions, and stock market manipulation. The MMT is also empowered to deal with the breaches of disclosure requirements on price sensitive information of listed corporations.

The SFAT has jurisdiction to review specified decisions made under the SFO by the Securities and Futures Commission (SFC), the Hong Kong Monetary Authority and an investor compensation company recognised by the SFC. It serves as an effective safeguard to ensure that the relevant regulatory decisions are reasonable and fair.

Mr Michael Victor Lunn, a former Vice-President of the Court of Appeal of the High Court, and Mr Ian Charles McWalters, a former Justice of Appeal of the Court of Appeal of the High Court, are the other serving Chairmen of the MMT and the SFAT.

Source: AI-found images