Samsung to shut mobile phone plant in China's Tianjin

Samsung Electronics will cease operations at one of its mobile phone manufacturing plants in China, the company said, as its sales in the world's biggest smartphone market slumps amid rising competition from lower-cost local rivals.

The South Korean company has seen its share of the Chinese market shrink to 1 percent in the first quarter of this year, losing out to home-grown brands like Huawei, according to market research firm Counterpoint.

 “As part of ongoing efforts to enhance efficiency in our production facilities, Samsung Electronics has arrived at the difficult decision to cease operations of Tianjin Samsung Electronics,” Samsung said in a statement.