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.
您已阅读16%（736字），剩余84%（3750字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。