people who wanted it desparately have already bought it instead waiting for apple to officially release it.
Yes and no, although I have a small sample size in our Shanghai office, of a 25 person workforce, about 20 own iPhones, one owns a Nokia n900 one owns a Huawei and the rest own some HTCs. There are 3 people who have iPhone 5s and bought theirs on the grey market or abroad (including me) and the rest 'ohh and ahh' over them. Even now I get bar staff and taxi drivers and freaking people in bank queues (queuing, a rare thing in China!) who stare and ask "iPhone 5?" And want to look at it. Without exception all of them whip out their iPhone 4/4s and do the size and weight comparison.
Now this is totally anecdotal, but it does suggest there is still a great deal of excitement for the 5 in china. Also the scalpers learnt from last weeks iPad mini launch that you can't hoard off stock for the grey market easily because the lottery and the need to enter a valid ID card number to actually buy one ... A friend of mine in the office has tried every day for the last week to secure a mini in store to no success, so they must be in demand. Of course you can still order online and queue with everyone else.
Now the stifling factors are obviously price sensitivity and android competition in china (mostly as I see it from local and neighbouring products like HTC, oppo, xiaomi, huawei and lenovo etc - I see very few sammys except the stupid "Notes") but also from the fact that the new iPhone is nearly 800rmb cheaper in Hong Kong (about $125) and most critically a saturation of 4 and 4S's in the city. I mean our secretary who must make less than 4000 RMB a month even has a 4S. On that wage and a 2 year contract she's not likely to be upgrading any time soon.
I know Shanghai is pretty international and as such isn't really a good indicator of the whole Chinese market, these are simply my observations.