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Shares of China's vaping device maker Smoore International Holdings Ltd. (HK: 06969) have more than doubled Thursday upon its public trading debut in Hong Kong worth $918 million.
Its stock opened at HK$28 and soared more than 120% above its IPO price of HK$12.40 per share early.
CLSA Capital Markets Ltd. was the sole sponsor on the offering.
Ahead of the institutional bookbuild, Smoore had locked in ten cornerstone investors for $340 million in shares: Huaneng Trust has reserved $80 million worth of stock and Prime Capital booked $50 million, according to Reuters.
Smoore is one of the world's largest vaping device makers, accounting for 10.1% of the total market share in 2018.
The e-cigarette and vape manufacturer company said it has recorded 2.17 billion yuan ($307.8 million) in profit last year, which was up sharply from 733.9 million yuan in the preceding year.
Founded in 2006, Smoore has ten specialized, large-scale production bases in Shenzhen and Dongguan for the supply chain of vaping devices globally.
The demand for e-cigarettes is concentrated in North America and Europe, while 90% of e-cigarettes worldwide are designed and manufactured in China. And there are more than 600 electronic cigarette companies based in Shenzhen.
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