Xiaomi, Huawei take on Apple’s rumored foldable iPhone

Huawei and Xiaomi this week rolled out their latest foldable phones as the Chinese tech giants look to steal a lead on rival Apple , which is rumored to launch its first foldable iPhone on Wednesday.

Xiaomi , the world's third-largest smartphone player, introduced the Xiaomi 18 Fold on Monday, a passport-sized device similar to Samsung's Galaxy Z Fold8, which was released earlier this year . Huawei on Monday unveiled the Mate XT2, the third generation of its trifold smartphone , which it pioneered.

Those launches are no coincidence. Apple is holding an event on Wednesday , where it is rumored to be unveiling the first foldable iPhone, a major new product under new CEO John Ternus .