In Depth: Investors Dump China’s Vape-Makers as Regulators Look to Apply Tobacco Law

Investors in China’s two largest e-cigarette companies ran for the exits after Beijing signaled the controversial products will be treated more like tobacco cigarettes.

Shares of China’s biggest vaping company, RLX Technology Inc., dove almost 48% on Monday. The firm, which raised $1.4 billion with a New York Stock Exchange listing two months ago, does most of its business on the Chinese mainland.