It won’t win the award for the most politically correct initial public offering.

But that’s not stopping cigarette behemoth China Tobacco, also known as CNTC, from filing to float shares for its international unit in Hong Kong. China Tobacco International has just filed new documents for an IPO that could raise a relatively modest total of up to just over HK$800 million ($102 million).

The company is a much smaller international version of its state monopoly parent, which has a lock on selling cigarettes to China’s huge population of an estimated 306 million smokers – the largest of any country in the world. The Hong Kong unit engages in mostly international activities, including importing tobacco and also selling Chinese cigarettes overseas.

The company plans to sell about 167 million shares at up to HK$4.88 per share, according to the new IPO documents filed on Tuesday. Perhaps not surprisingly due to negative publicity around smoking in general, no foreign underwriters are listed for the offering. Instead it’s two domestic players, CICC and the investment banking arm of China Merchants Bank, that are handling this one.

Like its parent, China Tobacco International is relatively profitable, posting a HK$262 million profit last year on revenue of about HK$7 billion. But the profit was down by about a quarter from 2017 and revenue fell by about 10%. That could reflect difficulties the sector might face in coming years, as even China takes steps to try and reduce the country’s love affair with tobacco.