Chinese smartphone manufacturer Nubia Technology unveiled its latest flagship handset Z50 on Monday, in a bid to tackle the mid-range to high-end smartphone market amid intensifying competition from domestic rivals.

The phone is equipped with a 6.67-inch active-matrix organic light-emitting diodes or AMOLED display that supports up to a 144Hz refresh rate and 360Hz touch sampling rate.

Priced from 2,999 yuan ($430.1), the device comes with a Sony IMX787 sensor paired with a 35mm lens, which provides a professional shooting experience for users who love photography. It has a 64-megapixel primary shooter accompanied with a 50-megapixel ultra-wide snapper and a 16-megapixel front camera for selfies.

The competition in China's smartphone market is heating up. Smartphone sales in China fell 11.9 percent year-on-year to 71.13 million units in the third quarter of 2022, according to market research firm International Data Corporation. The decline was narrower than the previous two quarters despite the continued weak demand.

Smartphone maker Vivo returned to the top spot with a shipment of 14.2 million units in the July-September period, accounting for 20 percent market share. Honor shipped 12.7 million units of smartphones, ranking second place and taking up 17.9 percent market share, followed by Oppo and Apple.

Furthermore, premium foldable products saw triple-digit year-on-year growth and shipped more than one million units, which were the highest-ever shipments in a single quarter, said IDC.