Chinese billionaire Kate Wang, 39, jumped into the ranks of the world’s richest when her vaping company RLX went public on the New York Stock Exchange last January, becoming China’s largest vape brand in just three years.
Despite the growing mistrust towards e-cigarettes and the current regulatory atmosphere, RLX’s sales grew 147% to $585 million in 2020, with a small net loss of $20 million, making it China’s largest vaping firm. Subsequently last January, the brand went public with a brand new initial public offering (IPO) on stock markets in the United States.
At the time, Bloomberg News, had reported that RLX Technology intended to sell 116.5 million American depositary shares of their company at $8 to $10 each. This move had elevated Wang into the ranks of the world’s richest.
New regulations in China
Meanwhile, a recent statement by China’s Ministry of Industry and Information Technology (MIIT) announced the addition of a clause to the Detailed Rules for the Implementation of the Tobacco Patent Sales Law of China as Article 65,”…
Diane Caruana – Vaping Post – 2021-09-02.
Want More Investigative Content?
