RLX Technology Inc
RLX
Consumer Staples
1
exclusion reason
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
RLX Technology Inc. is a Chinese manufacturer of RELX-branded electronic cigarettes and vaping products. The company's primary business is the design, development, and sale of closed-system vaping devices and nicotine-containing e-liquid pods. In June 2023, a subsidiary obtained the Tobacco Monopoly License for Manufacturing Enterprise from the State Tobacco Monopoly Administration, formally regulating its core product line as a tobacco product.
The company's financial model is built on nicotine delivery. E-cigarette manufacturers in China, including RLX, are subject to a 36% ad valorem excise tax on production, a tax category specific to tobacco products. While RLX has diversified geographically, with over 70% of its third-quarter 2025 revenue coming from outside China, its product remains a nicotine-vaporizing system designed for adult smokers. Under China's current regulatory system, RLX is required to sell its products exclusively to the state-run China National Tobacco Corporation (CNTC), further integrating its operations into the state tobacco monopoly framework.
Research Sources
1 organization
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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