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Chinese vaping firm RLX valued at nearly $35 billion in U.S. market debut

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American depositary shares of RLX Technology Inc jumped 86% in their U.S. stock market debut on Friday, giving the Chinese vaping firm a market capitalization of nearly $35 billion.

RLX’s shares opened at $22.34, well above their initial public offering price of $12 per share. Shares were up 58% in early trade on the New York Stock Exchange.

RLX’s debut comes at a time of heightened scrutiny of Chinese listings from the U.S. government. Former U.S. President Donald Trump signed legislation last month to delist Chinese companies that do not adhere to American auditing standards.

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