South Korean technology giant Samsung Electronics unveils its latest flagship handset, Galaxy Note 20 series, on Thursday. [Photo provided to chinadaily.com.cn]

South Korean technology giant Samsung Electronics unveiled its latest flagship handset, Galaxy Note 20 series, on Thursday, in a bid to grab a bigger slice in the highly competitive smartphone market.

Powered by the superfast 5G technology, the Galaxy Note 20 packs a 6.7-inch active matrix/organic light-emitting diode (AMOLED) display with a 60 hertz refresh rate, and features an enhanced S Pen that offers the ultimate writing experience, as well as professional photography tools to capture stunning photos and create cinematic-style videos.

Samsung has also launched its new foldable smartphone — Galaxy Z Fold 2, which serves as a tablet when fully opened and becomes a phone when closed. When folded up, the phone has a 6.2-inch display designed to fit in the palm of a hand, and when opened up, it has a 7.6-inch display that's tablet-sized.

"Never before have we relied on technology like we are today. It is how we are staying connected as we navigate the extraordinary challenges faced around the world," said TM Roh, president and head of mobile communications business, Samsung Electronics, at the launch ceremony.

However, Samsung has faced intense competition from Chinese rivals. A report from market consultancy Canalys showed Huawei became the biggest smartphone player in the world in the second quarter for the first time.

The Chinese vendor shipped 55.8 million devices worldwide, accounting for 19.6 percent market share in the second quarter, while Samsung shipped 53.7 million smartphones, a 30 percent plunge versus the same period last year, taking up for 18.9 percent share in the global smartphone market.