Jirui Technology Files for IPO in the U.S., Becoming the First Chinese E-cigarette Stock to List Ove

DZH Aastocks News reported on November 14 that Huizhou Jirui Technology on Thursday submitted its IPO prospectus to the U.S. Securities and Exchange Commission (SEC), seeking to raise up to $125 million. If successfully listed, it will become the first Chinese e-cigarette company to go public in the United States.

In the first nine months of this year, Jirui Technology's total revenue increased 50.19% year over year to $87.573 million. Of that, revenue from the U.S. business was $80.021 million, accounting for 91.3% of total revenue; revenue from the European Union business was $7.418 million, accounting for 8.5%; and revenue from Asia and other regions was $134,000, accounting for 0.2%. Net profit for the first nine months surged 80.07% to $18.414 million.

According to data from consulting firm Frost & Sullivan, China is the world's largest production base for e-cigarette products, and in recent years about 95% of global e-cigarette products have been manufactured by Chinese producers.

In China's A-share market, Dongguan MYS Environmental Protection Technology Co., Ltd., a wholly owned subsidiary of MYS Group (002303.SZ), provides integrated packaging services for Jirui Technology's e-cigarette products.