BEIJING, January 22 (TMTPOST)— American depositary shares (ADSs) of Chinese vaping company RLX Technology Inc surged as much as 158% and settled 145.9% higher on Friday, the first day trading on the New York Stock Exchange (NYSE) under the stock symbol of RELX. RLX sold 116.5 million ADSs and raised about $1.4 billion through its initial public offering (IPO), with the offering price at least 20% higher than upper of the target range. RLX’s US market debut reflected global investors’ aggressive bet on China’s potential in growing into the world’s largest e-cigarette market, as well as continuing demand in Chinese securities, despite of NYSE’s recent delisting three Chinese telecom giants, some of major financial news media such as the Financial Times commented. Founded in 2017, RLX took just two years to develop as the leading e-vapor company of in China. In the first nine months of 2020, RLX had 62.6% of the market share of closed-system e-vapor products in terms of retail sales value, according to the prospectus cited a CIC report. For the nine months ended September 30, 2020, RLX recorded RMB2,201.3 million (US$324.2 million), gaining more than 93% from the same period of 2019, and generated the nine-month net income of RMB108.6 million (US$16.0 million) in 2020, with more than 10% year-over-year rise.