By Colin Kellaher

Shares of RLX Technology Inc. rose nearly 15% Wednesday after the maker of e-vapor products said its board authorized the repurchase of up to $500 million in stock.

The Beijing company, which currently has about 727.7 million shares outstanding, sports a market capitalization topping $6 billion.

RLX said the buyback authorization extends until the end of 2023, adding that it will fund repurchases with cash on hand.

RLX shares were recently changing hands at $4.47, up 14.3%. The stock is down roughly 87% from a 52-week high of $35 in January and touched a 52-week low of $3.30 Monday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

12-08-21 1019ET