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Monday, July 26, 2021

Chipping … the e-cigarette billionaire getting richer despite the restrictions

Almost a year ago, after China banned online sales of e-cigarettes, the industry has boomed so far away from the internet world that the coronavirus outbreak has not stopped it from expanding.

RELX Technology, the country’s largest company in the sector, opened more than 1,000 stores in the first half of 2020. In January, it announced plans to add 10,000 outlets over the next three years. This is what its competitor, Yooz, has done, which has increased the number of its stores as well.

Stock prices are multiplying
The company’s shares have quadrupled since its debut in July, making it one of the best performing IPOs in Hong Kong this year.

Big winners
Among the big winners are the founder of “Beaver Chen Chipping”, who has a net worth of $ 14.2 billion, as well as the company’s deputy general manager, Cheung Shaoming, who now has a stake of $ 2.1 billion, according to the “Bloomberg” Billionaires Index.

The market expands
Sammour acquired one sixth of the global market share for vape products, which was shown by revenues last year. The company is expected to expand further and grow, according to Frost & Sullivan data.

The company is achieving these numbers in light of the obstacles of regulations and laws. Online sales were banned in China last year, and restrictions were placed on flavored e-cigarettes in the United States of America, which is the market that constituted 17% of the sales of “beaver” in the first half. From the year, we coincided with FDA restrictions on illegal sales in the industry.

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