FLER at APE

On September 16, 2Firsts hosted a China-focused industry forum during InterTabac in Dortmund, bringing together more than 30 participants from North America, Europe, India, South Korea and other markets. The session covered traditional tobacco, next-generation products, exports, technology, regulation and supply chains, while examining how China’s tobacco sector operates, where its transformation may be heading, and why its growing role matters increasingly to companies across the global tobacco and nicotine industry.

IKE Tech launched IKE 2.0 on September 28, initially targeting nicotine products with a platform that combines user identity verification, product authentication, configurable policy controls and data analytics. Products can be authenticated through direct device integration or NFC smart tags. IKE Tech was formed with participation from Ispire's Aspire North America, Berify and Chemular, with Ispire currently holding a 40% interest. Its age-verification component PMTA was accepted by the FDA in 2025 and remains under review. The company did not disclose customer names, commercial deployment volumes, pricing or revenue tied to IKE 2.0.

RLX Technology (NYSE: RLX) has been removed from the FTSE All-World Index, effective September 21. FTSE Russell records show RLX was already part of its global equity index universe by 2022, when its American depositary receipts were classified as China Large Cap securities. Trading volume rose to about 44.77 million shares on September 18, roughly 23 times the previous session's volume. RLX reported RMB1.0105 billion in second-quarter revenue, up 14.8% year over year, with international operations contributing 68.5%. The company also acquired a 51% stake in one of Western Europe's largest distributors of next-generation smoke-free and FMCG products in July.

A U.S. International Trade Commission (USITC) administrative law judge issued an initial determination on October 20, 2026, finding that certain Glas vaping devices, cartridges and components infringed 12 claims across two patents asserted by JUUL, constituting a violation of Section 337 of the Tariff Act of 1930. The judge recommended a limited exclusion order and a cease and desist order against the Glas respondents. Five months earlier, the FDA authorized four Glas e-cigarette pods, including mango, blueberry and two menthol variants. The patent investigation concerns device and cartridge structures and is separate from FDA premarket review. The proposed import restrictions have not become final, and their product-level scope remains unresolved.

AIR Limited, a wholly owned subsidiary of AIR Global, has launched an offering of U.S. dollar-denominated senior unsecured notes, with proceeds primarily intended to repay its existing term loan and revolving credit facility. AIR has not disclosed the final size, maturity or coupon; Refinitiv, citing Moody's, reported an expected issuance of approximately $400 million and a Ba3 rating. AIR had about $412.4 million outstanding under the two bank facilities at June 30 and net debt of $344.8 million. In the first half of 2026, AIR's Al Fakher-led flavored shisha molasses business generated about 99% of company revenue, while New Growth Categories including Crown Switch produced $2.2 million in revenue and remained loss-making on an adjusted EBITDA basis.

How are investors reassessing the global tobacco industry as nicotine markets evolve? In an interview with 2Firsts, Charlie Chen, Head of Research at CCB International Securities, forecasts annual growth of 30–50% for nicotine pouches, outpacing vaping and heated tobacco. He examines how regulatory enforcement, shifting market shares and new business models are influencing company valuations. The report also explores differences between multinational tobacco groups and Chinese companies, drawing on insights from the New Approaches Summit on profitability, investment strategies and industry consolidation.