How This Chinese Vaping Billionaire Became One Of The World s Richest Women In Three Years forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
How This Chinese Vaping Billionaire Became One Of The Worldâs Richest Women In Three Years
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Kate Wang, 39, jumped into the ranks of the worldâs richest when her vaping company RLX went public on the New York Stock Exchange in January. Now the Procter & Gamble and Uber veteran faces looming threats from Chinese regulators and skeptical investors.
In a period of 55 hours starting on the morning of March 22, shares in Chinese vaping company RLX Technology collapsed 54%, slashing more than $16 billion from the startupâs market cap. The slump continued through the week as investors sold on the news of a potential industry crackdown by Chinaâs tobacco regulator and the Securities and Exchange Commissionâs announcement that it would start enforcing a law to require Chinese listed companies to provide audits or risk being delisted.