Chinese smartphone brand OnePlus has unveiled its latest handset Ace 2V, as part of its broader push to grab a bigger share of the world's largest smartphone market amid intensified competition.

With prices starting from 2,299 yuan ($330) in China, the phone is also OnePlus's latest push to popularize affordable flagship handsets.

Li Jie, president of OnePlus China, said the Ace 2V has achieved unprecedented levels in terms of texture design, performance release, system smoothness and game experience, compared with its peers in the same price range.

Shipments of smartphones in China fell 13.2 percent year-on-year to 285.8 million units in 2022, according to market research firm International Data Corp. This is the first time in a decade that China's phone shipments have fallen below 300 million units.