The share price of Smoore increased significantly after its launch on the Hong Kong Exchange last week. After an initial public offering of HKD12.40 ($1.60) per share, the stock closed at HKD31 on Friday.
“As the global leader in offering vaping technology solutions, Smoore’s mission is to build the world’s leading vaping technology platform to bolster the innovation and development of vaping technology with a wide range of applications,” said Smoore spokesperson Cloris Li.
“In the next three to four years, Smoore plans to invest more in improving production capacity and upgrading equipment, including setting up new manufacturing facilities and research institute of group level as well as installing automated production lines and IT equipment.”
According to Frost & Sullivan, a business consulting firm, Smoore is the world’s largest vapor device manufacturer in terms of revenue, accounting for 16.5 percent of the total market share in 2019.
“In the past 14 years, we have been firmly grounded to focus on advanced R&D technology, strong manufacturing capacity, wide-spectrum product portfolio and diverse customer base. We are glad about what we have achieved and will take this as a new start,” said Li.
The Shenzhen-based company offered 574 million shares, according to the company’s prospectus, and had indicated the stock would be priced between HKD9.60 and HKD12.40 per share.
“After being listed on the Hong Kong stock market, Smoore is probably going to be able to invest more in the R&D and application of heating technology, for instance, in the medical atomization arena,” said Li. “Meanwhile, we are able to better serve our clients and provide a better life for our employees. As a leader in this field, Smoore is also able to play a more important role in shaping the industry and the whole of society.”