Smoore listed on Hong Kong Stock Exchange
FEELM Tech manufactuer Smoore International has been listed on the Hong Kong Stock Exchange following a hugely successful initial public offering (IPO).
Smoore’s initial IPO price was 12.4 HKD (£1.27) and its shares closed at 31 HKD (£3.17), giving it a market value of 178 billion HKD, approximately £18 billion.
This is the first listing of an electronic atomization technology company on the Hong Kong market and Smoore said its mission was “to build the world’s leading vaping technology platform to bolster the innovation and development of vaping technology with a wide range of applications.”
According to Frost & Sullivan, Smoore was the world’s largest vaping device manufacturer in terms of revenue last year, accounting for 16.5 percent of the total market share.
Smoore is also exploring “new applications of atomization technology” such as inhalation therapy.
Tests are currently underway to see whether its inhalation delivery device could deliver experimental drug Ampligen into the lungs to treat early-onset COVID-19 and prevent further infection.
A spokesperson for Smoore said in a press release:
“With its automated production technology, Smoore can simplify the existing medical automation equipment, accurately control the dosage and the size of aerosol particle, so as to improve the atomization efficiency of health care essence.
“In the precise calculation of medicines, Smoore has made breakthroughs, contributing to treat asthma, chronic obstructive pulmonary disease and other respiratory diseases.”