Hong Kong iPhone 4S pre-orders sell out in 10 minutes, analyst says

Apple iPhone 4S pre-orders in Hong Kong sold out within just 10 minutes, analyst Brian White with Ticonderoga Securities said Monday in a note to investors. Pre-orders began last Friday and the phone will officially land in stores this Friday. White estimates that the Chinese market will be key to Apple’s continued growth. The analyst believes Apple’s revenue from “Greater China” — mainland China, Hong Kong and Taiwan — topped $4.5 billion last quarter, a 270% increase from the same quarter in 2010. That figure was 16% of Apple’s total sales, up from the 2% of sales that Greater China represented in 2009. Apple currently owns and operates six official Apple Stores in China. White reiterated a Buy rating on Apple stock with a price target of $666.