Zhi Tong Cai Jing·2026-02-13 05:55Core Viewpoint - The stock of Smoore International (00669) has experienced a decline of nearly 5%, currently trading at HKD 12.18, with a transaction volume of HKD 210 million, following the announcement from the National Tobacco Monopoly Administration regarding new regulations on the e-cigarette industry [1] Group 1: Regulatory Impact - The National Tobacco Monopoly Administration issued a notice to implement e-cigarette industry policies aimed at further promoting supply-demand balance [1] - The notice emphasizes the need to regulate corporate investment behavior, prohibiting new project investments and restricting capacity increases for relocated or resumed projects [1] - The administration aims to strengthen e-cigarette capacity regulation, promoting supply-side structural reforms based on market demand and ensuring fair and orderly management of production capacity [1] Group 2: Market Dynamics - The policy intends to establish annual production targets within the approved capacity limits, addressing and preventing risks associated with market disorderly competition [1] - The approach will involve a coordinated effort between effective market mechanisms and proactive government actions to maintain market equilibrium [1]