The Apple's iPhone 4 officially went on sale in Taiwan at midnight Friday, with three major telecom providers holding extravagant events to mark the occasion. And legions of gadget fans had been lining up since noontime to get their hands on the red hot product.

Taiwan's three major telecommunications providers held lavish launch parties on Friday for the iPhone 4, which officially went on sale at midnight on Friday.

Many Apple fans began lining up at noon on Thursday in the hopes of going home with a new iPhone.

The iPhone 4's new functions and multimedia effects have resulted in soaring market demand.

Although the initial shipment consisted of only 60,000 units, over 200,000 orders have been placed around the island.

Telecom providers are doing their best to take advantage of relevant business opportunities, but market trends can be difficult to predict and consumers have the ultimate say in how they spend their money.