Shares of e-cigarette maker RLX Technology Inc soared 146% on its first trading day in New York last Friday, as the company cashed in on investor enthusiasm despite heightened scrutiny of listings by Chinese companies in the U.S. and regulatory clampdowns in its home market.
Beijing-based RLX Technology manages China’s most popular vaporizer brand Relx, which boasted having a 62.6% market share in the country in the first three quarters of last year.
The initial public offering comes as tensions between Beijing and Washington have escalated in recent months, as the Donald Trump administration signed into law rules that would kick Chinese companies off U.S. exchanges if American regulators were unable to vet their audit books.
At home, the e-cigarettes have repeatedly entered regulatory crosshairs due to concerns about their potential health impact and use by minors.
Read the full story on Caixin Global.
Contact editor Marcus Ryder (email@example.com)