Shares of RLX Technology, which sells vaping products in stores across over 250 cities in China, surge in their U S market debut, giving evaluation of 46 billion that made it bigger than heavyweights like Imperial Brands and Japan Tobacco.

在中國250多個城市的商店裡銷售抽吸產品的RLX科技股價在其美國市場首發中激增，給出了460億的評價，使其比帝國品牌和日本菸草等重量級公司更大。

The excitement can be partly explained.

激動的心情可以得到部分解釋。

The Sequoia back company has about 63% of the market and has managed to roughly double revenue for the nine months through September.

紅杉背公司約佔63%的市場份額，在截至9月的9個月裡，公司的營收大致實現了翻番。

It's also proven itself to be quite nimble.

事實證明，它也是相當靈活的。

For example, it responded to 2019 crackdown on online E cig domestic sales by focusing on offline operations.

例如，它通過專注於線下業務來應對2019年打擊線上E雪茄國內銷售。

And it's not the only one benefiting from market exuberance.

而這並不是唯一受益於市場繁榮的人。

Share is a Vape device manufacturer.

Share是一家Vape設備製造商。

Hong Kong List.

香港名單。

It's more international have also soared over 500%.

更是國際上也已經飆升了500%以上。

Still, there are reasons to be wary deciding the largest market for tobacco consumption, Vaping is so relatively nascent in China, with penetration rates a just over 1%.

不過，有理由謹慎決定菸草消費的最大市場，Vaping在中國是如此相對新生，滲透率只有1%多。

There's also been a wider global backlash towards vaping, and the jury's still out on the health benefits of these so called reduced risk products.

此外，全球範圍內也出現了對吸食菸頭的廣泛反彈，而這些所謂降低風險的產品對健康的好處還沒有定論。

Altria, for example, initially took a 12.8 billion stake and Jewel Labs back in 2018, but has since had a series of writedowns and now says it's taken.

例如，Altria最初在2018年就拿下了128億的股份和Jewel Labs，但此後有一系列的減記，現在又說拿下了。

The company is worth 1.6 billion.

公司價值16億。

In China, the rules can change very quickly.

在中國，規則的變化可能非常快。

Investors can avoid blowback by pricing and regulatory risk.

投資者可以通過定價和監管風險來避免打擊。