A new player is about to take the crown for best folding phone, but details about its upcoming release are rather sparse at this point.

Honor, a Chinese handset maker targeting young shoppers, posted a post on Twitter announcing the release of the Honor Magic V.

The company's newest phone, the Honor Magic V, is the first to be released in the United States.

It's a bit disappointing in that folding phone fans have few options right now. Samsung dominates the market with the Galaxy Z Fold 3 and Galaxy Z Flip 3, both of which have reportedly sold better than expected since their introduction this summer; LG is exiting the cell phone business this year with a dual-screen device, and Google has reportedly canceled its Pixel Fold launch Pixel Fold, and Google has reportedly canceled plans to launch the Pixel Fold. The only other non-Samsung option in the U.S. is Microsoft's dual-screen Surface Duo 2.

But before we give up on the foldable phone sector, something interesting is happening in China: Honor's Magic V appeared shortly after the launch of the Oppo Find N. Oppo's foldable is also China-only, but it does not have as prominent a fold as the Galaxy Z Fold 3 and is decorated with a 7.1 inch display adorned on the inside. Also, the Oppo Find N's Flexion hinge helps it close completely flat, as opposed to Samsung's phone, which has a slight gap. (You can read more about the differences between the two phones in our Oppo Find N vs. Galaxy Z Fold 3 comparison.)

We don't know nearly as much about the Honor Magic V, but that's because Honor is very stingy with details, aside from the fact that the foldable will be available soon in China. From the teaser images, we can infer that the Magic V will open up like a book to reveal a larger internal display, much like how the Galaxy Z Fold 3 is designed.

However, reports in July indicated that the phone (then called the Honor Magic Fold) would have an 8.03-inch internal display. This would be larger than the Galaxy Z Fold 3, which opens to reveal a 7.6-inch screen; the Surface Duo 2 would still have a larger work area, with an 8.3-inch full-screen mode consisting of two separate panels. That July report also stated that Honor's foldable would feature a 6.45-inch outer screen, allowing the phone to be used without opening it.

The specs of the Honor Magic V will certainly be important - especially the processor that runs the device and what camera it has. But as we have seen with other foldable phones, there are other important factors that will determine the likelihood of a foldable phone's success, and as the generally positive response to the Oppo Find N indicates, the design of a foldable phone will depend on how it handles folds, especially where the display folds into two halves. The design of a foldable phone can be a major selling point, especially in terms of how it handles the creases that form where the display folds in two.

Price is also a major issue; one of the factors that helped the Galaxy Z Flip 3 gain users was that Samsung priced its flip phone under $1,000, as Honor has a reputation for offering devices that are not as expensive as competing products, It will be interesting to see the final price of the Magic V.

The Magic V's price is expected to be $3,000.

Finally, handset manufacturers are struggling to articulate why people should pay for a foldable phone. Right now, the most compelling argument seems to be that foldable phones can get more done on the go, thanks to their expandable screens. However, app makers need to adjust their software to take advantage of the larger display. That has been accomplished to some extent, but not enough to cause a rush to the foldable from productivity-minded shoppers.

Stay tuned for more details on the Honor Magic V. The phone will not be available outside of China, but we hope it will influence other folding phone manufacturers who are trying to shake up this new category of cell phones.