HTC’s strategy to deliver a premium mid-rang device is already paying off. Only three days into the pre-order campaign for the new HTC Desire 816 in China, pre-order sales figures have already exceeded 450,000 units. The HTC Desire 816 is selling for ¥1,899 ($310 USD) in China, offering consumers a handset with premium specs at a considerably low price. HTC’s stock price jumped 4.27% today to NT$146.50 and could rise even further as pre-order numbers are expected to surpass the 500,000 milestone very soon.

With news of the strong pre-sales of the HTC Desire 816, Deutsche Bank has changed its rating for the stock from “sell” to “hold,” upgrading its target price on HTC shares to NT$155 from NT$85. This is the first positive rating change for HTC from a foreign investment bank in more than a year. Deutsche Bank says that HTC sales could start to rebound once the all new HTC One is unveiled on March 25th.

HTC is expected to put most of its weight behind the all new HTC One, but the HTC Desire 816 and other mid to low-end Desire phones are expected to flood the market to help HTC pick up additional market share this year. Last year’s HTC One series was extremely successful, but HTC did not have an alternative for consumers who either did not like the design of the HTC One or could not afford its premium price.

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