On March 1st, Fogcore Technology (Yueke RELX) saw a 16% increase in morning trading. As of the market close on March 1st, Fogcore Technology had risen 11.28% to $2.17 USD.
According to data, FogCore Technology's stock continuously declined in the past 3 days until a sudden rise on March 1st.
On the same day, the State Tobacco Monopoly Administration issued a notice regarding a special inspection on the regulation of the electronic cigarette market.
The National Tobacco Monopoly Bureau has announced that it will carry out a special inspection to regulate the electronic cigarette market. The inspection will focus on businesses that have not obtained the tobacco monopoly production license in accordance with the law, and will particularly investigate any illegal production and operation of e-cigarette nicotine, aerosols, e-cigarette products and other related activities after the end of the transition period on October 1st, 2022.
Companies that have obtained tobacco monopoly production licenses legally and engage in domestic production of electronic cigarettes will be inspected for the manufacture and sale of "flavored electronic cigarettes." The production of domestic electronic cigarette products that have not been through technical evaluation (or are being outsourced in the production process) will also be checked. Any irregular supply chain methods or sales activities that do not comply with regulations, as well as sales activities that have not been carried out through an electronic cigarette trading platform, will also be scrutinized.
The financial website "Finance World" speculates that the rise in FogCore Technology's stock on March 1 may be related to the recent special inspection.
Reference:
The tobacco monopoly bureau will carry out a special inspection to regulate the market order of electronic cigarettes. In early morning trading, Vape technology briefly rose by nearly 16%.
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