Strong demand for Huawei Technologies' attention-grabbing Mate XT tri-fold smartphone, which is in tight supply, has prompted consumer electronics vendors in Shenzhen's Huaqiangbei to triple the handset's selling price ahead of its official release this Friday.

Over successive administrations, the U.S. government has used stiff trade restrictions to try to stifle the Chinese telecom giant Huawei. In turn, the company never misses an opportunity to show that it is still standing.

While the Mate XT shows Huawei's innovation in the premium segment, sales may fall short of its bi-folding predecessor, the Mate X5, which still retails for 11,500 yuan ($1,630) and has sold 2.2 million units in total as of the second quarter, said Amber Liu, an analyst with research firm Canalys.