When China’s biggest e-cigarette maker listed its shares on the New York Stock Exchange in January, the price doubled on the first day, lifting RLX Technology’s valuation to $46bn.
But last week RLX’s share price crashed to earth on reports that Beijing is tightening vaping regulations and fears the US will delist Chinese companies. It is now worth $14bn.
RLX’s wild ride highlights the risks and rewards to be found in one of the steamiest parts of the red-hot global market for initial public offerings. Investors have been pouring into cross-border US listings, in which far-flung companies sell shares on the NYSE and Nasdaq. Just as in the dotcom era some people are becoming very rich, but others may well be left holding the bag.
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