Chinese vape products company RLX Technology listed on the NYSE in 2021 and at one point had a market cap of US$40bn. Revenue and profits peaked in the year of the IPO and have collapsed since, along with the share price. Investors unsuccessfully sued the company, claiming it had overstated its financials and failed to tell them about the risks of government regulation. RLX was subsequently attacked by shortseller research firm J Capital, which made several additional claims, including that insiders had been diverting international business away from the listed entity. To date, the allegations have not been proven.

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