[summary of the research report]

General situation 1: the number one e-cigarette brand in China, accounting for 62.6% of the closed e-cigarette market in the first three quarters of 2020

Main business: research and development, design, manufacture and sales of self-owned brand Relx (closed electronic atomization equipment). Since its inception, five series of closed e-cigarette products have been launched.

The company is the number one e-cigarette brand in China, accounting for 48.0% and 62.6% of the market share of closed system electronic atomization products in 2019 and the first three quarters of 2020, respectively. The company's business involves product research and development, supply chain management and offline distribution.

Profile 2: the company was founded on January 2, 2018 and is scheduled to be listed on the New York Stock Exchange on January 22, 2021 under the stock code "RLX".

Development course: Shenzhen RLX Technology Inc. Co., Ltd. was founded in 2018, Yueke RELX was officially mass produced in April of the same year, an offshore holding company was established in August, and Beijing Yueke was established in October. Alpha and Reinpoint were launched in 2019, with a peak capacity of 50 million atomization bombs per month in September of the same year. It will launch Wireless and Phantom in 2020, pass the international standard certification in March, submit its prospectus on NASDAQ on December 31, and will be listed on the New York Stock Exchange on January 22 under the ticker symbol "RLX". It is expected to issue 116.5 million shares with a minimum subscription share of 600. the unit price of the offering will be between $8 and $10, with a planned offering amount of $9.32 to $1.165 billion, with a corresponding market capitalization of $124 to $15.5 billion.

Profile 3: Ms. Wang Ying is the controlling shareholder and actual controller of the company.

Ownership structure: Ms. Wang Ying is the controlling shareholder and actual controller of the company, and serves as the chairman of the board and CEO of the company. Relx inc's parent company, which is listed on the stock market, was established in the Cayman Islands in August 2018 as an offshore holding company for domestic and foreign business in China. In the same month, it established Relx HKLimited as its intermediate holding company in Hong Kong. The latter set up a wholly-owned subsidiary Beijing Yueke Technology Co., Ltd. in October in China. At present, Relx Inc operates outside China through other offshore entities. The listing body RLXTechnology Inc is its wholly owned holding company in the Cayman Islands. After a series of contractual arrangements, Relx Inc is the main beneficiary of Beijing Fog Core.