This is important economic news for vaping and unsurprisingly it comes from China. Friday, the country formalized its first two billionaires in the vaping industry, they are Chen Zhiping and of Xiong Shaoming, both manager of the Smoore International Holdings.
TWO BILLION CHINESE THANKS TO THE VAPE INDUSTRY!
Following stock market actions, China has just formalized its first two billionaires in the vaping industry. Indeed, the actions of Smoore International Holdings more than doubled from their IPO price of HK $ 12.40 to close at HK $ 31.00 on the Hong Kong Stock Exchange on Friday. This left Smoore’s valuation at HK $ 178 billion, or nearly $ 23 billion.
At the closing price, the Chairman and Chief Executive Officer Chen Zhiping, 44, had a stake of almost 8 billion dollars ; shares held by the executive director Xiong Shaoming, 49 years old, were worth $ 1.2 billion. Each one shares his fortune with his wife; neither spouse is a member of the board of directors.
Founded in 2009, Smoore provides vaping devices or components to customers such as Japan Tobacco, Reynolds, NJOY, RELX, American Tobacco and British American Tobacco. It earned 2.1 billion yuan last year, or about $ 300 million, on revenue that increased to 7.6 billion yuan from 3.4 billion yuan in 2018. About a fifth of its income comes from the United States and nearly half of mainland China and Hong Kong.
China is home to the second highest number of billionaires in the world after the United States. Smoore International Holdings is headquartered in Shenzhen, the Chinese tech hub just across the border from Hong Kong, home to China’s richest man, internet CEO, heavyweight Tencent, which is worth $ 60.4 billion on the real-time billionaire list of Forbes today.