The iPhone 6 is being smuggled into China, but not with the type of financial gains smugglers were hoping to achieve. Demand for the new Apple device has been so underwhelming that smugglers have been forced to deeply slash their high asking prices.

According to a report by The Daily Mail, the iPhone 6 has been met with a lack of enthusiasm, which has caused criminal syndicates to cut its asking price in half.

The iPhone 6 won’t go on sale in China for at least several more weeks, and typically the desire to own a new Apple device before legal sales begin drives Chinese consumers to pay a very high premium.

One retailer in Beijing is asking $1,060 (£650) and $1,436 (£885) for the iPhone 6 and iPhone 6 Plus. However, the Chinese black market had originally priced the smartphones at $1,960 (£1,200) and $2,450 (£1,500). That’s more than a 50 percent decline in asking price for each smartphone.

The move to slash prices on the illegally imported devices does not necessarily mean the iPhone 6 and iPhone 6 Plus won’t be big hits in China. It may just signal that Chinese consumers who are already using Apple devices, are more willing to wait a few weeks to trade-in their devices or purchase the newest in Apple technology.

iPhone consumers could also be waiting for a final verdict on #Bendgate. Several YouTube videos and news reports have suggested that the Apple iPhone 6 Plus is prone to bending when placed inside a consumers back pocket. While those reports have been largest overstated and misrepresented, there is a good chance that Chinese consumers want to make sure their device is fully warrantied through legal channels.

Whatever the case may be, the iPhone 6 and iPhone 6 Plus is still likely to earn a profit for black market sellers. While prices have been cut, the current cost is still several hundred dollars above the cost of an unlocked Apple smartphone.