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Markets

China Inc. tests Biden stance on listings with $1.2bn IPO

RLX, country's top e-cigarette maker, set for NYSE debut on Thursday

An executive order from President Donald Trump that came into effect last week bars investment in the securities of companies judged to be linked to the Chinese military. (Source photos by AP)

HONG KONG -- E-cigarette maker RLX Technology plans to raise as much as $1.2 billion in an U.S. initial public offering this week as Joe Biden takes office following a string of moves by Washington to discourage investment in Chinese stocks.

"There is a belief the Biden administration may take a softer touch toward regulatory issues," said Andrew Collier, managing director of Hong Kong-based Oriental Capital Research. "That is prompting companies to still go ahead and sell shares in the world's biggest capital market."

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