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SMOORE INTERNATIONAL HOLDINGS LIMITED

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Smoore International : China mulls bringing e-cigarette regulation in line with traditional tobacco products

03/22/2021 | 05:01am EST

BEIJING, March 22 (Reuters) - Two of China's regulators plan to bring the rules governing the sale of e-cigarettes and other new tobacco products in line with those for ordinary cigarettes.

The Ministry of Industry and Information Technology (MIIT) and China's State Tobacco Monopoly Administration, posted online the draft regulations that could potentially curb a fast-growing industry.

In 2019, a string of Chinese e-cigarette companies emerged targeting the domestic market, following the overseas success of the Juul.

The most successful among them, RLX Technology Inc, raised $1.4 billion in an IPO in January that valued the company at $35 billion.

RLX Technology did not immediately respond to a request for comment.

A huge market of smokers and its large electronics manufacturing industry makes China a promising market for the e-cigarette industry.

Yet the sector exists in precarious regulatory area.

China's tobacco industry is controlled entirely via a government monopoly, and strict controls determine what companies and retailers can produce and sell cigarettes.

Cigarette sales generated 5.45% of China's overall tax revenue in 2018. For this reason, industry experts have long expected the state to intervene in the business operations of China's private e-cigarette companies.

In November 2019, Chinese regulators forbid e-commerce platforms from selling e-cigarette products online. The ban swiftly curbed the growth of the sector, and many brands focused their business toward offline sales.

(Reporting by Josh Horwitz and Yilei Sun, editing by Louise Heavens)


ę Reuters 2021
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Financials
Sales 2021 14 539 M 2 284 M 2 284 M
Net income 2021 5 605 M 881 M 881 M
Net cash 2021 13 519 M 2 124 M 2 124 M
P/E ratio 2021 49,5x
Yield 2021 0,81%
Capitalization 280 B 35 909 M 44 002 M
EV / Sales 2021 18,3x
EV / Sales 2022 13,3x
Nbr of Employees 24 482
Free-Float 29,8%
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Number of Analysts 15
Last Close Price 46,60 CNY
Average target price 58,78 CNY
Spread / Average Target 26,1%
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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