Friday, July 12, 2024

RELX vape officially listed in USA stock market


The vape company Wuxin Technology (RELX) officially landed on the New York Stock Exchange today, with the stock code “RLX” and the issue price of US$12/ADS. The opening price of Wuxin Technology today is $22.34, an increase of 86% from the issue price, and its market value is $34.6 billion. As of the close, RELX’s stock price has soared 145.92% to US$29.54, with a market value of US$45.8 billion.

RELX vape officially listed in USA stock market

Wuxin Technology was established in early 2018, with Wang Ying, the former head of Uber China, as the CEO. According to CIC report data, in 2019 and the nine months ending September 30, 2020, Wuxin Technology’s market share in China was 48% and 62.6% respectively, ranking first in terms of retail sales.

On December 31, 2020, Wuxin Technology formally submitted a prospectus to the US Securities Regulatory Commission. The lead underwriters of the IPO are Citigroup and China Renaissance Capital. Wuxin Technology’s initial IPO pricing range was 8-10 US dollars per share, and the final IPO issue price was higher than the pricing range, reaching 12 US dollars per share. Wuxin Technology will issue 116.5 million ADSs through this IPO, raising approximately US$1.4 billion.

The prospectus shows that in 2018, 2019 and the first three quarters of 2020, Wuxin Technology’s revenue was 133 million yuan, 1.549 billion yuan and 2.201 billion yuan respectively; net profits were about -287,000 yuan, 47.748 million yuan and 1.09 respectively. 100 million yuan.

In 2018 and 2019, the company mainly sold e-cigarette products through two major channels, e-commerce + offline. In the fourth quarter of 2019, the State Tobacco Monopoly Administration and the State Administration for Market Regulation jointly issued an online e-cigarette sales ban. In 2020, Wuxin Technology will mainly rely on offline channels for sales.

According to the prospectus, as of September 2020, Wuxin Technology has cooperated with 110 authorized distributors and has over 5,000 specialty stores and over 100,000 retail stores.

In terms of shareholding structure, CEO Wang Ying holds 58.7%, the two founders Jiang Long and Wen Yilong hold 9.9% and 6.5% respectively; Source Code Capital holds 10.7% and Sequoia China holds 4.9 %. (Zhang Jun)

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