Demand for the iPad mini knows no bounds in China and Hong Kong, where stocks of Apple’s (NASDAQ:AAPL) smaller tablet are already falling short, according to Topeka Capital analyst Brian White. White, whose current price target of $1,111 is by far the highest among analysts and more than double Apple’s current share price, conducted checks in the two key Asian markets to gauge the tablet’s performance, according to Barron’s.
What’s the Mini Story in China?
The iPad mini was launched in Hong Kong on November 2 and in the Chinese mainland on December 7. According to White, stocks of the tablet have run out in stores in China and are completely sold out at all three Apple stores in Hong Kong. “Our checks indicate that the iPad mini sold out in Hong Kong this week for nearly all models, while the fourth-generation iPad remains in stock,” White wrote in a note to investors, calling demand for the tablet “insatiable.”
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The smaller tablet is also by far more popular with Chinese consumers than the fourth-generation iPad. “Prior to the China launch, we indicated that the iPad mini would be the ‘next big thing in China’ and we believe this phenomenon is starting to develop,” the analyst added.