After a triumphant debut on the Hong Kong Stock Exchange in July of 2020, vape component producer Smoore International saw over $900 million in generated investments.
Chairman and chief executive Chen Zhiping, thus, has elevated to the status of billionaire, notes the 2020 China Rich List published and populated by Forbes.com.
Chen is said to be the first billionaire in China to make his fortune on vaping. According to Forbes, he is the “second richest newcomer” on the 2020 list.
Chen is worth about $9.55 billion.
He is said to be a self-made billionaire by building a manufacturing business that supplies components and custom devices to blue-chip tobacco and vape companies like the partially state-owned Japan Tobacco, British American Tobacco, and independent producer NJOY from Scottsdale, Arizona, in the United States.
Smoore also owns a private line of vape products with a total revenue generation of $1.1 billion worldwide in 2019.
Smoore is a tour de force in the Shenzhen manufacturing world too.
Chen says that his company is also the world’s largest manufacturer of vaping devices and components holding a near virtual monopoly of the practice in China.