On August 27, according to the news reported by many media that Yueke, an e-cigarette brand invested by Sequoia IDG capital, is considering listing in Hong Kong, blue hole has contacted the official of relx Yueke on this matter.
Yueke’s reply is as follows: Thank you for your concern. Relx Yueke has not been considered for listing at present and has not started listing.
This morning, tonghuashun, Sina Technology, financial association and other media reported that Yueke, an e-cigarette brand invested by Sequoia and IDG capital, is considering an IPO in Hong Kong, or raising about US $1 billion.
Relx Yueke was founded in 2018 with Wang Ying, the former head of Uber China, as CEO. The founding team is from oppo, Huawei, Chinese Academy of Sciences, L’Oreal, P & G and Uber.
In June of the year when it was founded, relx Yueke obtained the source code capital and the first round of IDG financing of 38 million yuan. Since then, the official has not disclosed any new financing.
Previous reports in blue hole show that Shanhang capital, the fund behind Yang Haoyong, CEO of cheduo group, participated in Yueke round B financing in 2019. At that time, DST’s investment value exceeded 3 billion.
The investment of Sequoia has not been officially disclosed by Yueke. However, at the new product launch of Yueke in July 2019, Sequoia partners conducted a video platform to prove that Sequoia also invested in Yueke.
Yueke is currently in the top position of electronic cigarette butt in China. According to Nielsen’s report in April 2020, Yueke occupies 69% of the closed e-cigarette market share in 19 new first tier cities.
According to blue hole’s user mind share ranking, Yueke ranked first in the second quarter with a share of 75%.
According to the media reports that the IPO raised US $1 billion, generally 10% of the shares will be transferred. Once Yueke is listed, the market value may reach about 10 billion US dollars.