Before the launch of iPhone 5:
iPhone 4S 16GB HKD $5,088 (unsubsidised price, no SIM lock)
iPhone 4S 32GB HKD $5,888 (unsubsidised price, no SIM lock)
iPhone 4S 64GB HKD $6,688 (unsubsidised price, no SIM lock)
After the launch of iPhone 5:
iPhone 4S 16GB HKD $4,688 (unsubsidised price, no SIM lock)
iPhone 5 16GB HKD $5,588 (unsubsidised price, no SIM lock)
iPhone 5 32GB HKD $6,388 (unsubsidised price, no SIM lock)
iPhone 5 64GB HKD $7,188 (unsubsidised price, no SIM lock)
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I thought Apple would just slide the iPhone 4S out of the way and replace it with iPhone 5 with the same capacity and price for 16GB, 32GB and 64GB models. It turns out Apple increases the price of iPhone for $500. Maybe Apple wants to get more money. Or maybe the components constituting the iPhone 5 are more expensive.