Netease Finance learned today that Lu Chao, who was previously the head of Citigroup’s Asian medical and health industry investment bank, will serve as the CFO of Wuxin, the parent company of RELX vape, which has just been listed in the United States.
According to the data, Wuxin Technology was founded by Wang Ying in January 2018. Before founding the company, Wang Ying was the head of Uber China. After the merger of Didi and Uber in October 2016, Wang Ying became the general manager of Didi’s Uber business unit. After that, Uber App was closed. The Youxiang business led by Wang Ying was taken over by Didi, who subsequently resigned from Didi and founded Wuxin Technology At present, Wuxin Technology is the largest electronic cigarette manufacturer in China.
The prospectus shows that Wang Ying, the founder, chairman and CEO of Wuxin Technology, and the team hold 58.7% of the shares. The other two founders, Jiang Long and WEN YILONG, hold 9.9% and 6.5% respectively. In terms of institutional shareholders, Deep Technology Linkage, a subsidiary of Source Code Capital, holds 10.7% of the shares, and Sequoia China holds 4.9%.
On January 22 this year, Wuxin Technology was listed on the New York Stock Exchange under the stock code “RLX”. The issue price was set at US$12, and approximately US$1.4 billion was raised. The stock price of Wuxin Technology has increased by more than 75% in the listing, and the company’s market value is about 32.7 billion US dollars.
A source close to Wuxin Technology revealed to NetEase Finance that Lu Chao will join Wuxin Technology as early as March this year. “He will help Wuxin Technology expand the application and investment opportunities of atomization technology in the medical and health industry.” (Chen Junhong)
