ipad miniApple Inc. (NASDAQ:AAPL)’s iPad mini has run out of stock in Mainland China and Hong Kong, following its launch in the countries. The device received an overwhelming demand, which has literally tramped the availability of the 7.9″ iPad. In fact, analysts from Topeka capital believe that the iPad mini is already cannibalizing the demand for fourth generation iPad launched on the same day with the middle low end market device. The device seemed to have missed Apple Inc. (NASDAQ:AAPL)’s expectations due to low turnouts during the early periods after the launch.

The iPad mini was developed with a focus on the low end market as the larger iPad proved to be too expensive for it. However, it seems as though iPad mini has gone a step further to take on the high end market.

In a report published by Topeka Capital, Brian White wrote that checks in China and Hong Kong found that there is “an insatiable demand” for the iPad mini. The iPad mini launched in Hong Kong on November 2. However, according to report, all the units were sold out in this week. A similar case happened in China mainland where the device was launched December 7. The iPad mini is noted to have been met with a strong interest in the world’s most populated nation, which sold-out within three weeks of launching.

Brian White highlighted his initial prediction before the launch of the device, he had stated that the iPad mini would become the next big thing in China. He wrote, “In our view, the smaller form factor and lower price point will allow Apple Inc. (NASDAQ:AAPL) to sell the iPad mini in more meaningful volumes versus the regular-size iPad”. Indeed, this prediction seems to be becoming a reality especially considering the fact that the checks in both Hong Kong and China indicate that the iPad mini is becoming more popular than the fourth generation of iPad amongst consumers.

Other checks indicate that the iPhone 5 availability in Hong Kong where it launched on September 21 and China where it launched two weeks ago (December 14) has improved significantly. According to the report, iPhone 5 stock has improved over the past week and is now more widely available for walk-in customers in both Hong Kong and mainland China.

The checks also indicated that the iPhone 5 has overtaken Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) Galaxy SIII and NoteII/I in terms of popularity amongst customers in Hong Kong and China. Brian White wrote, “after the Galaxy S III and Galaxy Note I/II became more popular than the iPhone 4S in recent months, our discussions now indicate that the iPhone 5 has recently become the most popular high-end smartphone at the resellers that we spoke with”.

At the time of writing, Apple Inc. (NASDAQ:AAPL) stock was trading at $512.27 per share, down $2.79, or 0.54 percent decline from yesterday’s close. Brian White reiterated his price target of $1,111 per share, which is well above the average analyst rating ($740) from leading firms by $371, and nearly double the current market price.