Share this on Twitter Share this on Facebook Share this on LinkedIn Share this on Sina Weibo Share this on Wechat Share this on LinkedIn Founder and CEO Kate Wang speaking at a dinner to honor RELX employees in 2019. She worked at Bain & Company, Uber, and Didi Chuxing before branching out into the e-cigarette market. Credit: RELX RELX Technology was founded in 2018 to tap into a smoking-hot business possibility in China: e-cigarettes. Last month, after becoming the most popular branded e-cigarette company in China in just three years, the company raised $1.4 billion in an initial public offering on the New York Stock Exchange. Shares of the company jumped 86 percent on the first day of trading, giving RELX a market capitalization of more than $38 billion and making it instantly one of the world's most valuable e-cigarette brands. “China is the biggest tobacco market in the world, so it follows that it could be a very conducive environment for vaping products,” says Pieter Vorster, managing director of Idwala Research, an advisory firm focused on tobacco harm reduction. “It could be huge — that’s clearly what investors think.” Investors seem to be discounting the risks associated with e-cigarettes, which have raised health and safety concerns in the U.S. and elsewhere. There are also Subscribe or register to read the rest. Registered users can access a limited amount of content for free.Subscribers get full access to: Exclusive longform investigative journalism, Q&As, news and analysis, and data on Chinese business elites and corporations. We publish China scoops you won't find anywhere else. A weekly curated reading list on China from David Barboza, Pulitzer Prize-winning former Shanghai correspondent for The New York Times. A daily roundup of China finance, business and economics headlines. We offer discounts for groups, institutions and students. Go to our Subscriptions page for details.