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 rSubscribe or login to read the rest. 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.