Tag: Smoore

  • Smoore Secures Judgment Against Counterfeiters

    Smoore Secures Judgment Against Counterfeiters

    Photo: Shenzhen Smoore Technology

    A New York federal judge recently granted Shenzhen Smoore Technology a $5.4 million default judgment and permanent injunction against more than 100 defendants accused of selling Vaporesso and Smoore’s self-branded counterfeit goods.

    The default judgment is for $50,000 dollars per defendant and transfers to Smoore the frozen assets of the defaulting defendants. Smoore filed the complaint in October alleging trademark counterfeiting and infringement against defendants located in China but conducting business in the U.S. and other countries by means of their merchant storefronts on some online marketplace platforms. In the same lawsuits, Smoore settled with a significant number of defendant sellers who paid compensation for infringement and cooperated to identify their sources of supply of counterfeit products.

    According to Smoore the ruling demonstrates the company’s determination to protect its intellectual property rights in the United States. “It is meaningful for protecting the development of the whole industry toward a healthy direction and providing safe and reliable vaping products for individual customers,” Smoore wrote in a statement.

    Smoore has undertaken the lawsuits as part of an overall anti-counterfeiting program in the United States and elsewhere that includes cooperation with customs to seize counterfeit products and local police to arrest owners of and shut down counterfeit operations.

    In the United States, Smoore is represented by the law firm Epstein Drangel, which has considerable experience in implementing and overseeing such anti-counterfeiting programs. Smoore says it plans to enforce the default judgment to collect compensation.

  • Smoore Thrives Amid Difficult Environment

    Smoore Thrives Amid Difficult Environment

    Photo: Timothy Donahue

    Smoore International Holdings, the world’s biggest maker of e-cigarettes, posted a 40 percent year-on-year jump in underlying net profit for the first half of 2020, to CNY1.3 billion ($188.8 million), reports The South China Morning Post. Revenue rose 18.5 percent to CNY3.88 billion.

    The increase comes despite the challenges of the coronavirus, the U.S.-China trade war and tougher regulations.

    Smoore, which recently listed in Hong Kong, held a 16.5 percent share of the $763 billion global vapor devices market last year, up from 10 percent in 2018, said Wang.

    While only half its production capacity was used in the first six months, the company plans to double capacity by next year. Additional expansion will boost production by a further two-thirds by 2023.

    Global e-cigarette sales are projected to see compound annual growth of 25 percent between last year and 2024 compared to 5.2 percent for traditional cigarettes, according to Frost & Sullivan.

    China produces 90 percent of the world’s e-cigarettes, of which 90 percent are exported, according to Smoore’s listing prospectus. The industry is concentrated in Shenzhen, the country’s technology hub, which hosts more than 600 e-cigarette manufacturers.

    The U.S. accounted for around half of Smoore’s sales, while 18.6 percent came from mainland China and 12.5 percent came from Japan and Europe each.

    Since 2018, its U.S. customers have had to pay a 25 percent additional import tariff as part of the fallout from the trade spat between Washington and Beijing. The firm said the tariff has not stopped U.S. demand from growing since its products are “technologically superior.”

  • FDA Accepts Vaporesso’s PMTA

    FDA Accepts Vaporesso’s PMTA

    Photo: Bacho | Dreamstime

    Vaporesso received an acceptance letter for its first round of premarket tobacco product applications (PMTAs) from the U.S. Food and Drug Administration (FDA) on Aug. 20, 2020.

    The acceptance letter came three days after the company submitted its PMTAs. The application received positive comments from the FDA on its preparation, according to the company’s U.S. scientific CRO agent.

    “A successful acceptance has boosted the confidence of Smoore to keep investing in bringing more vaping products into PMTA in the future,” the company wrote in its press release. “Our commitment to vapers in the USA remains the same: We will make vaping as easy as possible, and we will consistently provide high-quality vaping experiences for vapers all over the world. So the first round of application accomplished by Smoore is merely the start with more products to come.”

  • Smoore Stock Soars After Hong Kong IPO

    Smoore Stock Soars After Hong Kong IPO

    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.”

  • Smoore Raises $918 Million in Hong Kong

    Smoore Raises $918 Million in Hong Kong

    Photo: Timonthy Donahue

    Smoore International has raised $918 million in its initial public offering (IPO) at the Hong Kong Stock Exchange, reports Reuters. The deal is the largest IPO in Hong Kong since the start of 2020.

    The Shenzhen, China-based firm offered 574 million shares, according to the company’s prospectus, and had indicated the stock would be priced between HKD9.60 ($1.24) and HKD12.40 per share.

    The largest investors were Huaneng Trust, which took $80 million worth of stock, and Prime Capital which took $50 million, according to Smoore’s prospectus.

    In 2019, Smoore reported a profit of CNY2.17 billion ($307.8 million), up from CNY733.9 million one year earlier.

    Smoore is due to start trading on the Hong Kong Stock Exchange on Friday.