(Yicai Global) April 1 -- Apple dropped its prices today in step with China's value added tax cut in a bid to stem an ebbing market share tide.

The iPhone XS series and the iPhone XS Max series stickers have fallen 4 percent to 7 percent by CNY500 (USD75).

The Shenzhen-headquartered firm gained CNY415.4 billion (USD62 billion) in operating revenue last year, up 17.2 percent from the previous year, and CNY17 billion in net profit, up 6.5 percent.

The iPhone XR, iPhone 8 series and iPhone 7 series prices have all fallen between 4 percent and 6 percent and are thus CNY300 cheaper, per a notice the company posted on its website.

The cost of newly released Air Pods with wireless charging box has also been reduced to CNY1,558 from CNY1,599 in a 2.5 percent decrease. The prices of the iPad and Mac series have also shrunk by several hundred yuan, or about 2 to 3 percent.

Licking Its Wounds

Apple is acting now to staunch its hemorrhaging market share after local rivals have mugged it of its low- and mid-end stake in China in recent years and even poached in its high-end preserve. 

Users can apply for a refund or discount of the price difference within 14 days after receipt of their products but must act within 14 calendar days of the price change, Apple warned.

The firm's online store underwent an update yesterday and is now open again.

This is the fourth time Cupertino, California-based Apple has lowered its China prices.

It let its third-party sellers slash them to entice custom as the new iPhone XS and iPhone XR got the cold shoulder in the country earlier this year.

Prices of the iPhone series have dropped by a cumulative 25 percent thus far in 2019.

Editor: Ben Armour