A person uses the Huawei Mate X, the first 5G foldable smartphone from Huawei, during the 17th China Digital Entertainment Expo, also known as ChinaJoy 2019, in Shanghai, in August, 2019. Photo: IC

Huawei's Mate X 5G phone sold out shortly after its second round of sales began on Monday. The price of the foldable smartphone has surged to more than four times its original price on resale platforms. 

The heated market response is expected to encourage the tech giant to expedite production of the device, according to analysts.

Huawei started the second round of sales for its Mate X on its own e-commerce platform Vmall.com at 10:08 am Beijing time, and the device was reported to have sold out shortly after, similar to the first round of sales last Friday. 

The third round of sales is scheduled to begin at 10:08 am on Friday. Additionally, Huawei will also be offering a 50 percent discount on first-time display replacements for the Mate X, according to Vmall.com.

The Global Times found that the device's resale price has surged to 70,000 yuan ($9,980), more than four times the official price of 16,999 yuan, on Xianyu, Alibaba's flea-market platform. 

The Mate X's resale price is much higher than that of its major competitor Samsung's foldable smartphone Galaxy Fold. The resale price of the Galaxy Fold is 15,998 yuan, a price which could be seen on Xianyu.

The Mate X's market response is beyond expectations and has proved the great success for the company's test in the foldable smartphone market, Zhang Yi, CEO of Shenzhen-based iiMedia Research, told the Global Times on Monday.

Huawei is expected to accelerate production of the popular foldable device and gear up preparations for its next foldable smartphone, the Mate Xs, according to analysts.

Huawei is reportedly curbing the total production volume of the Mate X, the first attempt at a new type of cutting-edge-technology device that is still evolving as technology develops, due to quality control and risk management, James Yan, Beijing-based research director at Counterpoint, told the Global Times on Monday.

"The first batch of the Mate X is expected to be around 100,000 [units]. Total shipments in China are expected to be hundreds of thousands," said Yan.