RLX Technologies, a Chinese vaping company just did an IPO to raise $1.4 billion. That’s a lot of money for smoke, but that’s not all: it listed on the NYSE and on the first day of trading its shares jumped 133% from $12 to $28 giving RLX a market cap of $44 billion. That’s 1,900 times annual earnings... for smoke...to be clear: that’s one thousand nine hundred times. Oh, and a mere 97 times revenue.
Does every man, woman and child on Earth vape?? I guess they must!!
You know, Tulipmania was sane by this measure...
Insane. Must be the zero yields everywhere, for a very long time, now chasing stocks for returns.
ReplyDeleteGamestop stock insanity too.
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