China Mints E-Cigarette Billionaires As RLX Soars On NYSE Debut [Forbes]
Uber Technologies, Inc. (UBER)
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Source: Forbes
A person exhales vapor while using an electronic cigarette device in New York. Photographer:... [+]Michael Nagle/Bloomberg© 2020 Bloomberg Finance LPChina, home of the world’s second-largest number of billionaires after the U.S., added newcomers to that group today following the listing of e-cigarette brand RLX Technology at the New York Stock Exchange.RLX’s shares more than doubled from their $12 IPO price to $29.51. The company raised $1.4 billion by offering 116.5 million American depositary shares, according to figures from Renaissance Capital.Investors bid up the stock on hopes for growth in China’s e-cigarette market and economy this year. China’s GDP expanded by 6.5% in the fourth quarter from a year earlier, shaking off the impact of the global pandemic. U.S. investors in China shares are also hoping that geopolitical tension between the two countries – the world’s No. 1 and No. 2 economies – will ease under the Biden administration.New billionaires created through the RLX lis
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