Apple Inc.(NASDAQ:AAPL) has finally started selling its most popular latest version of iPad in the world’s largest populous country – China this morning. Although, this time the company hits the country after about four months of original launch of new version of iPad in U.S., demands have been solid and buyers have already made pre-orders.
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Apple opened its stores in Beijing and Shanghai at 8 a.m. to fulfill the demand of lartge number of customers who placed reservations for the new iPad. Consumers had to pre-order in order to collect the device today.
Apple Inc. was allowed to market its products after reaching a legal dispute with China’s Proview International Holdings Ltd., which sued the company for iPad trademark and restricted the company to launch. Last month, Apple decided to pay $60 million to settle a two-year-old legal dispute.
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It was vert important for Apple to settle the dispute as the company has seen a sharp jump in sales in the country ever since it made debut in China. The company’s iPad contributed 72.50% of China’s tablet market in 2011, according to research company Analysys International.
Moreover, China contributed 20% of the company’s total revenue or $7.9 billion in the second quarter. The company has fixed the price iPad between $499 to $829, depending on the amount of memory and the device’s wireless-connection compatibility.
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Shares of Apple Inc. have been showing solid accumulation as the company is all set to report quarterly earnings next week. The stock has gained over 4% since the beginning of this month and trading comfortable above $600 mark.