A Vaping Billionaire Only Got Richer After China’s Online Ban
- Smoore founder Chen Zhiping is now worth $14.2 billion
- Despite stricter regulation, the market is expected to grow
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Since China banned online sales of e-cigarettes about a year ago, the industry has mushroomed offline with not even the coronavirus crisis stopping the expansion.
RELX Technology, the country’s largest player, opened more than 1,000 stores in the first half of 2020, and said in January it planned to add 10,000 outlets within the next three years. Its rival, Yooz, has also boosted the number of stores.