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In first Chinese IPO of Biden era, RLX rockets to 146% gain in US

Meanwhile, TikTok rival Kuaishou seeks bigger Hong Kong listing

RLX Technology, China's largest producer of vaping devices, sells products under the RELX brand.   © Reuters

NEW YORK/HONG KONG -- Chinese vaping company RLX Technology more than doubled its value on its New York trading debut Friday, a sign of investor confidence despite uncertainty on whether new U.S. President Joe Biden will continue his predecessor's push for financial decoupling.

Shares of the e-cigarette maker opened at $22.34 -- 86% higher than its initial public offering price -- and closed at $29.51 for a gain of 146%, giving the company a valuation of about $46 billion.

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