Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration to cancel the VAT export tax rebate for e-cigarettes starting April 1, 2026, is expected to accelerate industry consolidation and benefit leading compliant companies with scale and technological advantages [1] Company Summary - Smoore International (06969) saw its stock price rise over 5% in early trading, currently up 4.63% at HKD 11.52, with a trading volume of HKD 123 million [1] - Despite the short-term impact of the tax policy on Smoore's performance, its strong ties with leading brands are expected to solidify its market position in the long run [1] Industry Summary - The policy adjustment is anticipated to significantly impact the e-cigarette manufacturing industry, leading to a new round of reshuffling [1] - The reduction of tax rebates is likely to help the industry move away from price wars, promoting a healthier market environment [1]
思摩尔国际早盘涨超5% 退税取消有望加速行业整合 利好头部合规企业