Beijing: Huawei Technologies Co Ltd launched on Tuesday the Honor 4C smartphone, the latest bid by the Chinese technology firm to gain market share in the highly competitive budget handset segment from domestic rivals such as Xiaomi Inc.

The phone has a 5-inch display, slightly larger than the iPhone 6 and the same as Xiaomi's Mi 4 smartphone, and starts at 799 yuan ($129). By comparison, the iPhone 6 starts at around $750 while the Mi 4 costs around $250.