RELX Plans US IPO
China's largest e-cigarette company is planning a new initial public offering (IPO) on the U.S. stock market. According to a recent Bloomberg News report, RELX plans to sell 11.65 million American depositary shares at US$8 to US$10 per share. RELX claims
China's largest e-cigarette company is planning a new initial public offering (IPO) on the U.S. stock market.<\/div>
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According to a recent report from Bloomberg News, RELX plans to sell 1.165 million American depositary shares at $8 to $10 each.<\/div>
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RELX claims to be the largest vapor product manufacturer in China. The company promotes its popular RELX brand of vaporizers and liquids, selling them internationally.<\/div>
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The U.S. Securities and Exchange Commission (SEC) has received a filing from RELX notifying the federal government of the company's intention to enter the U.S. market.<\/div>
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RELX intends to sell shares on the New York Stock Exchange.<\/div>
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The company hopes to raise $1.2 billion through the IPO, making it the latest example of a Chinese company going public on the U.S. stock market.<\/div>
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In its SEC F-1/A filing, the company stated: "Under applicable U.S. federal securities laws, we are an 'emerging growth company' and qualify for reduced reporting requirements for public companies."<\/div>
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According to RELX, an emerging growth company has total annual revenue of less than $1.07 billion in the most recent fiscal year and has not yet sold stock and common stock under a registration agreement with the SEC.<\/div>
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Sequoia Capital China, a venture capital firm based in Beijing, is supporting the company during its IPO.<\/div>
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According to the same report, Chinese companies that have gone public on U.S. exchanges have raised nearly $15 billion, the second-highest amount on record.<\/div>
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RELX's data shows that China is the largest e-cigarette market globally, with 287 million adult smokers reported in 2019. However, the penetration rate of vaping products in China is only 1.2%, compared to 32.4% in the U.S.<\/div>
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