FastTech, an online retail business based in China, has shut down due to strict new regulations on electronic cigarettes.
According to the company, the new measures have added uncertainty, making it impossible for the company to remain competitive.
In 2019, China imposed a ban on the sale of electronic cigarettes online within the country. Following the measure, regulations for licensing and sales were introduced along with a new taxation plan. Hong Kong banned the air transportation of Chinese e-cigarette products to export destinations, but is currently reconsidering the policy. This change could also affect FastTech, a company that ships many of its products through Hong Kong.
FastTech sells Chinese-made electronic cigarette products to overseas customers at prices that are sometimes close to wholesale prices. These products include many semi-legal items and replicas of well-known brands, and are shipped at low prices.
According to Vaping360, there are still many competitors to FastTech in China operating with similar business models.
In October, a reporter from the Beijing Youth Daily stated that several companies have shut down due to the implementation of China's national standards for electronic cigarettes.
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