RELX has soared by more than 140% on its first day of listing, and many e-cigarette concept stocks have daily limit

 it skyrocketed by more than 104% at the opening. It rose 145.92% to US$29.51, with a total market value of US$45.83 billion.

Investors' favor of this upstart e-cigarette also pushed up the wealth of its founder. According to the prospectus, Wang Ying, the founder and actual controller of RELX, holds 58.7% of the shares. According to the latest total market value, Wang Ying's net worth has soared to 26.9 billion US dollars, or about 174.1 billion yuan.

According to the prospectus, according to the CIC report, RELX is the number one e-cigarette brand in China. In terms of retail sales, in 2019 and the first three quarters of 2020, RELX accounted for 48.0% and 62.6 of the market share of closed-system electronic atomization products, respectively. %.

Engaged in high-margin tobacco-related businesses, RELX’s profitability is not bad. In the first three quarters of 2020, RELX’s gross profit was 833.4 million yuan, an increase of 81.37% year-on-year, and the gross profit margin was as high as 37.9%; the profit rate was 4.94%, an increase of 1.86 percentage points from the full year of 2019 .

Smol International (06969.HK, hereinafter referred to as "Simall"), a manufacturer of electronic atomization equipment listed in Hong Kong, is RELX’s main supplier and operating partner. In 2019 and the first three quarters of 2020, Simer accounted for 72% and 79% of RELX’s purchase amount respectively.

Even so, RELX cannot escape the corporate risks brought about by supervision. The State Municipal Supervision Bureau and the State Tobacco Monopoly Administration successively issued the "Notice on Prohibiting the Sale of Electronic Cigarettes to Minors" and the "Notice on Further Protecting Minors from Electronic Cigarettes", prohibiting online sales of electronic cigarettes, and prohibiting Publish e-cigarette advertisements on the Internet, etc. RELX also mentioned this in the risk warning in the prospectus.

But overall, the development process of the electronic cigarette industry is still accelerating.

Huatai Securities said that the current e-cigarette brand offline channel expansion efforts continue to increase, and the domestic e-cigarette market ushered in rapid development. At the same time, the listing of leading industrial chains such as Smol International and Wuxin Technology further catalyzed the sentiment of the sector.

Futu Niuniu data shows that the Shanghai and Shenzhen e-cigarette index has risen for many consecutive days, and today's concept stocks such as Aipu and Dongfeng all hit their daily limit.


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