Sunday, July 14, 2024

AUV e-cigarette closed 100 million yuan series A financing round

Separated from the parent company for independent development


AUV, a new brand of electronic cigarette, has recently obtained a round of financing of 100 million yuan, and will be separated from its parent company, Dingzhi communication, and will start to develop independently.

According to the report, Zhen gengpeng, AUV co-founder, disclosed that the financing has been fully paid. In order to better and quickly respond to market changes and improve independent decision-making, the group will divide e-cigarette business into independent development and introduce external financial background capital at the same time. A new company will be established to seek greater development in e-cigarette market.

Established in 2006, Dingzhi communication was a former distributor of Nokia mobile phones in mainland China. At the end of 2018, the business scope of the company quietly changed. On the basis of the original “mobile communication system, mobile phone, tablet computer, digital TV” and other businesses, the company added “electronic cigarette kit, vape device” and put it first in the business scope of the company.

E-cigarettes are seen as opportunity. It is reported that China’s 350 million cigarettes smoker contribute a trillion level market to China’s tobacco industry. According to the China Industrial Research Institute, the number of Chinese smokers is more than twice that of the United States, but the penetration rate of e-cigarettes is only 1%, while that of the United States is 13%.

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