'Our fordable smartphone will replace traditional laptop,' boasts Huawei CEO

The invitation offered few details but the mention of "4x fun" led to speculation about a new smartphone with four cameras or possibly a foldable handset.

Research firm IDC expects worldwide smartphone shipments to decline 0.7% in 2018 to 1.455 billion units, with growth likely to resume as 5G devices become available.

Chinese smartphone manufacturer Huawei has confirmed to launch the foldable smartphone within a year in a cutthroat completion with competitor Samsung to win the title of "World's first".

And its seems that this new device will be launched soon after chief executive Richard Yu confirmed in a newspaper article that the device would be launched "within a year". He also mentioned that the foldable smartphones will also be able to replace computers.

"Why are you still using the computer?"

One analyst said the commercial appeal of foldable displays was unclear.

"We will change that".

In a recent interview with German outlet Die Welt, Mr. Yu said are still reliant on laptops due to the small screens of their smartphones. "It is conceivable that you could fold out a display". According to the expert, tech companies are using foldable display technology to highlight their innovative capabilities without "really considering the nuts and bolts that would make it a commercial success".

Though rumors and reports about foldable phones have always been circulating, the race to develop the first foldable phone effectively started when Samsung claimed in July that it had developed an unbreakable, bendable screen which has cleared safety testing in the U.S.