2 million iPhone5 devices were sold out in China in just three days of its launch on Friday, said Apple Inc. Though the company has started on a high note in Chinese market, its share prices are still on a slide due to stiff competition from other smartphones.

Apple’s share plummeted to 3.8 % on Friday to $509.79 after iPhone 5 was launched in China.

The latest offering from Apple, iPhone 5 was launched successfully in more than 30 counties and Cupertino California Company sold more than 5 million phones in its first three days.

“Customer response to iPhone 5 in China has been incredible, setting a new record with the best first weekend sales ever in China,” Apple Chief Executive Tim Cook said in a statement.

It is the first time that no of iPhone 5 sold in China have come to surface.

Analysts say Apple’s longer-term outlook in the China market, however, may hinge on expanding its partners in that country to include China Mobile Ltd, the country’s top telecoms carrier.