Chinese e-cigarette maker Smoore raises $918m in Hong Kong IPO

A digital display in Hong Kong shows stock market figures. Photo: Leung Cho Pan

Chinese e-cigarette and vape manufacturer Smoore International, one of the largest companies of its kind in the world, has raised $918 million after pricing its shares at HK$12.40 each in its Hong Kong initial public offering (IPO), according to two sources with direct knowledge of the matter.

The Shenzhen-based company offered 574 million shares, according to the company’s prospectus, and had indicated the stock would be priced between HK$9.60 and HK$12.40 per share.

Smoore did not immediately respond to a request for comment.

The deal is the largest IPO in Hong Kong during 2020 but will be eclipsed later this week by China Bohai Bank which is currently raising up to $2 billion.

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

Ahead of the institutional bookbuild, Smoore had locked in ten cornerstone investors which accounted for $340 million of the total raising, the prospectus showed.

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

Smoore‘s listing documents showed its 2019 profit was 2.17 billion renminbi ($307.8 million), which was up sharply from 733.9 million renminbi one year earlier.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.