The Chinese vape giant went public on the Hong Kong stock exchange last week, launching the biggest initial public offering this year. The IPO raised more than $900 million from investors before shares began trading publicly on Friday.
The initial share price of HK$12.40 (about $1.61) skyrocketed to HK$31 on the first day of trading, and closed at HK$29 on Monday. Smoore is now worth nearly $22 million.
Few people know that Smoore International Group is the owner of popular vape brands such as Vaporesso, CCELL, FEELM, Revenant and Renova. The group also receives many products under contract, many products from famous brands use technology from Smoore.
Smoore is one of the oldest Chinese vape companies. It was founded in 2006 by 30-year-old entrepreneur Chen Zhiping, who currently owns a third of the company and is the CEO and chairman of the group. According to Forbes, Zhiping and CEO Xiong Shaoming just became millionaires with the IPO.
In recent years, the company has focused on research and development of atomizer technology, developing ceramic coils for both the CCELL cannabis vaping device and the FEELM pod. Smoore says it has more than 600 R&D staff and more than 1,500 patents.
Smoore accounted for 16.5% of all vaping devices sold last year, according to independent consultants Frost & Sullivan. The company’s annual growth rate has exceeded 100% for the past three years.
With sales taking over every vape market and a diverse product range, Smoore has surpassed JUUL to become the largest vape corporation in the world.
Source: https://vaping360.com/vape-news/104129/smoore-just-became-the-richest-vape-company-in-the-world/
