Chinese vaping IPO leaves risk factors up in smoke

Smoore International Holdings

26/01/2021 02:30

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Sharon Lam
    HONG KONG, Jan 26 (Reuters Breakingviews) - Rlx shares
surged in their debut, delivering a $46 bln valuation that tops
Japan Tobacco’s. Revenue is growing fast, despite an earlier ban
of domestic online sales. A wider backlash also singed Altria’s
bet on Juul. Overlooking regulators can be hazardous to
investors’ health.       
    Full view will be published shortly.
    On Twitter https://twitter.com/sharonlamhk
    
    CONTEXT NEWS
    - Rlx Technology shares closed at $29.51 on their first day
of trading on Jan. 22 after pricing above the marketed range, at
$12, for the initial public offering. 
    - The company raised $1.4 billion in a deal underwritten by
Citigroup and China Renaissance.
    - For previous columns by the author, Reuters customers can
click on  LAM/ 
    - SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS: http://bit.ly/BVsubscribe

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SEC filing     https://www.sec.gov/Archives/edgar/data/1828365/000104746921000126/a2242811zf-1a.htm
RLX Technology launches US$1.16bn US IPO --IFR News   
 urn:newsml:reuters.com:*:nIfp2TCwWm
BREAKINGVIEWS -Chinese IPO gives vaping a second, deep puff   
 urn:newsml:reuters.com:*:nL4N2EE08X
BREAKINGVIEWS - Philip Morris shows going upmarket has a
downside      urn:newsml:reuters.com:*:nL2N2C90FE 
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 (Editing by Jeffrey Goldfarb)
 ((sharon.lam@thomsonreuters.com; Reuters Messaging:
sharon.lam.thomsonreuters.com@reuters.net))