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    6969   KYG8245V1023

SMOORE INTERNATIONAL HOLDINGS LIMITED

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Investors in China wary as alcohol and e-cigarettes stocks become latest casualties

08/05/2021 | 08:44am EDT
FILE PHOTO: An exhibitor staff member uses an electronic cigarette at VAPE CHINA EXPO in Beijing

* RLX Technology Inc down 4.5% after article

* CSI Liquor Index closed down 1.47% on Thursday

SHANGHAI, Aug 5 (Reuters) - Investor jitters over which sectors Chinese regulators might target next spread to the spirits and e-cigarette industries on Thursday after state media ran critical reports which knocked companies' shares.

State media attention on the dangers of alcohol and e-cigarettes follow various articles in Chinese publications which pilloried the gaming industry for its adverse impact on Chinese youth, triggering a sell-off in the sector.

The falls on Thursday demonstrated how investors remain on edge and on the hunt for clues about which companies might be vulnerable to tighter state intervention.

Crackdowns have hit the technology, property and education sectors already, and the head of a Chinese private equity firm said although China's regulatory stance was expected due to its focus on "common prosperity," the specific tactics used were surprising and have caused shockwaves.

"It's damaging to China's reputation as an investment destination in the short term," CITIC Capital CEO Yicheng Zhang, whose firm manages $36 billion in assets, told the Reuters Global Markets Forum on Wednesday.

However, Zhang said the questions raised over China's investability are "probably a bit overdone" and had left some valuations looking quite cheap.

As well as alcohol and e-cigarettes, shares in fertilizer companies were hit after China's top market regulator announced late on Wednesday that it would launch an investigation into fertilizer companies suspected of driving up prices.

Shares in RLX Technology Inc, China's leading e-cigarette brand, and smaller peers Smoore International Holdings Ltd and China Boton Group Co Ltd tumbled after state news agency Xinhua published a report saying that minors were gaining easy access to e-cigarettes.

Similar market sentiment took hold of liquor related stocks, after the Ministry of Science and Technology posted an article citing a study that linked alcohol consumption to cancer.

China's CSI Liquor Index closed down 1.47% on Thursday, with shares in Kweichou Moutai Co Ltd and Wuliangye Yibin Co Ltd down 1.5% and 3.1% respectively.

Critical articles in Chinese publications had previously pilloried the gaming industry for its adverse impact on Chinese youth, triggering a sell-off in the sector.

An op-ed published Tuesday in a state-backed media outlet calling video games "spiritual opium" caused widespread speculation that the gaming sector would be the next target for Chinese regulators, and caused shares in Tencent Holdings Ltd , China's largest gaming company, to fall over 10% on Tuesday. https://www.reuters.com/technology/tencent-falls-after-china-media-calls-online-gaming-spiritual-opium-2021-08-03/

The article was subsequently edited and re-published, but media outlets have continued to publish critical pieces. On Thursday, China's Securities Times ran a piece calling for an end to tax breaks for gaming companies (Reporting by Josh Horwitz and Andrew Galbraith in Shanghai and Divya Chowdhury in Mumbai, additional reporting by Winni Zhou in Shanghai, Hallie Gu in Beijing; Editing by Elaine Hardcastle)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA BOTON GROUP COMPANY LIMITED 7.95% 3.26 End-of-day quote.91.76%
KWEICHOW MOUTAI CO., LTD. 2.93% 1686 End-of-day quote.-15.62%
SMOORE INTERNATIONAL HOLDINGS LIMITED 2.95% 34.9 End-of-day quote.-41.69%
TENCENT HOLDINGS LIMITED 2.39% 461.8 End-of-day quote.-18.12%
WULIANGYE YIBIN CO.,LTD. 2.51% 201.95 End-of-day quote.-30.80%
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Financials
Sales 2021 14 742 M 2 280 M 2 280 M
Net income 2021 5 572 M 862 M 862 M
Net cash 2021 13 519 M 2 091 M 2 091 M
P/E ratio 2021 30,4x
Yield 2021 1,34%
Capitalization 174 B 26 954 M 26 952 M
EV / Sales 2021 10,9x
EV / Sales 2022 7,78x
Nbr of Employees 24 482
Free-Float 29,8%
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Number of Analysts 13
Last Close Price 29,00 CNY
Average target price 61,83 CNY
Spread / Average Target 113%
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Managers and Directors
Zhi Ping Chen Chairman & Chief Executive Officer
Gui Sheng Wang CFO, Executive Director & Joint Secretary
Chun Hua Luo General Manager-Operation Department
Jie Liu Independent Non-Executive Director
Siu Wing Yim Independent Non-Executive Director