RLX Technology falls after lower results

RLX Technology

10/03/2023 12:46

** U.S.-listed shares of Chinese vaping company RLX
Technology  RLX.N  fall 5.9% to $2.06 premarket 
    ** Posts Q4 net revenue of RMB 340 million ($49 million) vs
RMB 1,904.4 million a year earlier
    ** Adj net income falls to RMB 249.7 million from RMB 536.5
million last year
    ** Decrease in revenue primarily due to impact of regulatory
changes fully implemented in the quarter & COVID-19, as numerous
regions in China were in partial lockdown during Q4
    ** "Given the benefits of the clearer regulatory framework
and China's reopening, we remain confident in the long-term
growth of our industry" - CEO Ying (Kate) Wang 
    ** RLX fell 41.03% in 2022

 (Reporting by Ashwini Raj in Bengaluru)
 ((Ashwini.Raj@thomsonreuters.com))