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China's E-cigarette Giant Smoore Debuts in Hong Kong

China's E-cigarette Giant Smoore Debuts in Hong Kong


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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