While the US foldable market has largely been dominated by Samsung's Galaxy Z line, things have recently been getting a bit more competitive in China. On Monday, Honor announced its first foldable smartphone for its home market, the Magic V. 

Like Oppo's recently announced Find N, the Magic V will be available only in China when it launches on Jan. 18. Pricing will start at 9,999 yuan (roughly $1,570, £1,155 or AU$2,185) for a model with 12GB of RAM and 256GB of storage. A step-up version with 512GB of storage will run 10,999 yuan (about $1,725). 

The front of the phone features a 6.45-inch, 120Hz OLED display that the company touts sports a "wider 21.3:9 aspect ratio" that should hopefully make the device easier to use when closed. When opened, the Magic V reveals a 7.9-inch, 90Hz screen. 

Honor says that the device's water-drop hinge is "the slimmest compared to similar products in the market" and will allow the inside tablet screen to be "creaseless."

As for other specs, Honor's latest offers much of what you would expect in a 2022 flagship phone. It's powered by a Qualcomm Snapdragon 8 Gen 1 processor, supports 5G and packs a bevy of cameras headlined by a 50-megapixel main camera on the back and a 42-megapixel sensor on the front.

There's a 4,750-mAh battery inside, with support for 66-watt fast charging using Honor's SuperCharge system. The company says this can fill up the battery to 50% "within just 15 minutes." 

It remains to be seen, however, if Honor will ever release this phone outside of China. A representative for the company, which was spun out of Huawei in 2020, told GSM Arena that it has not yet decided on plans to bring the device to other countries.