(Yicai Global) Oct. 19 -- Apple Inc. [NASDAQ:AAPL] is quietly developing a lower-cost version of the iPhone X, internally code-named Hangzhou, the Taiwan Economic Daily reported.

The Cupertino-based firm will reportedly introduce the cheaper iPhone X variant at the beginning of next year in hopes of squeezing out a profit from Chinese consumers interested in mid-level and high-end smartphones.

The cheaper iPhone X may feature a liquid crystal display rather than the costlier organic light-emitting diode screen its pricier counterpart has. Possibly priced at around USD830 (CNY5,500), the Hangzhou edition may have Apple's Face ID technology or use a home button fingerprint sensor to lower costs.