Priciest models sold out in less than an hour to fanatical fans from the Chinese mainland

Online preorders of Apple Inc's new smartwatch, which came with a jaw-dropping price tag, have sold out in China in just two days, the US company has revealed.

News about the big-spending Apple fanatics in China will be comforting to CEO Tim Cook, after analysts had earlier suggested that selling prices between 2,600 yuan ($424.50) and a whopping 128,000 yuan might have restricted demand.

The Apple Watch Edition, the premium version of the wearable - equipped with leather band and gold watch case - will not be delivered until June on the Chinese mainland, Apple's website showed. Preorders of those sold out in less than an hour, however, after they opened on Friday afternoon, according to tech site businessinsider.com.

It was unclear how many devices were made available as Apple did not disclose preorder China data, but Cook said in an interview with CNBC that the preorders were doing "great", as they sold out in the US, too.

Apple said it received nearly 1 million orders for its smartwatches in the US on the first open booking day, according to Slice Intelligence, a US online retail research company. More than 60 percent of the buyers chose the less-expensive models.

Apple said previously the highest-end edition of the watches will be sold in selected stores and will come in limited numbers.

Apple is preparing to deliver the first actual watches later this month, with analysts expecting them to be among the company's biggest ever moneyspinners, with China a major contributor.

Nicole Peng, research director of Canalys China, said: "If supply continues to be limited it will create a 'craving' among consumers who can afford it."

She said although the anti-graft campaign in the country has hampered many luxury product sales, China still remains "a strong contributor" to the global luxury goods market.

"There is high interest in the Apple Watch and the supply is limited, therefore not many consumers can get the device as early as they want."

John Fang, an analyst at China Market Research Group, said the arrival of the Apple Watch has added another dimension to Chinese luxury shoppers.

He said the cheaper versions may erode market shares held by traditional timepiece makers such as Swatch SA, Casio Computer Co Ltd and Tissot SA. But the highest-end gadgets will have limited ability to lure buyers away from luxury watch brands.

gaoyuan@chinadaily.com.cn

(China Daily USA 04/14/2015 page15)