AsianFin -- Huawei's supply chain team is working overtime to meet the overwhelming demand for its new Mate 70 smartphones, as initial supplies proved insufficient, an executive revealed to the state-owned Securities Times on Thursday.

He Gang, CEO of Huawei's consumer business group, shared that reservations for the Mate 70, which do not require a deposit, have already surpassed 6.7 million, describing the demand as "excessive."

The Mate 70, launched last week as the successor to the popular Mate 60, continues to make waves, following the groundbreaking success of the Mate 60 in 2023. The earlier model was notable for demonstrating Huawei's ability to locally produce an advanced chip despite years of U.S. sanctions.