(Jan 22): American depositary shares of RLX Technology Inc jumped 86% in their US stock market debut on Friday, giving the Chinese vaping firm a market capitalization of nearly US$35 billion.
RLX's shares opened at US$22.34, well above their initial public offering (IPO) price of US$12 per share. Shares were up 58% in early trade on the New York Stock Exchange.
The Beijing-based company offered 116.5 million shares in its IPO, raising US$1.4 billion, after having earlier targeted a price range of US$8 to US$10 per share.
RLX's debut comes at a time of heightened scrutiny of Chinese listings from the US government. Former US President Donald Trump signed legislation last month to delist Chinese companies that do not adhere to American auditing standards.