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RLX Technology Inc. (RLX) stock is climbing high today: Here’s Why

Shares of the RLX Technology Inc. (RLX) stock were climbing today on October 13, 2021. RLX stock price saw a push of 13.58% to reach $5.27 a share at the time of this writing. The stock was gloomy in the previous trade and went low by 4.72% at closing. Let’s deep dive to understand more about this stock and the current happening.


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What’s Happening?

There is no news associated with the current bullish sentiment of RLX Technology stock. No recent press release or any other company-specific news has been reported. Sometimes the stock gets hype due to analysts’ upgrades, but this is not the case for this stock. It seems that stock is getting hype due to interactions between investors in the social media platforms like Reddit, StockTwits, Twitter, etc.

RLX Technology Inc is engaged in the business of developing, manufacturing g, distributing, and selling e-vapor products in China. It is operating its business through serving RELX branded partner stores and other retail outlets via distributors. It was founded in 2018 and its headquarters are in Beijing, China.

Recent news of RLX stock:

RLX stock on October 05, 2021, did announce the resignation of Ms. Ying (Kate) Wang as a member of the company’s board of directors. Now the Ms. Zhenjing Zhu and Mr. Youmin Xi are the only independent directors of the company’s board of directors.

Second Corporate Social Responsibility Report by RLX stock:

In the previous month on September 22, 2021, RLX stock did announce the second corporate social responsibility report. The report highlighted the company’s efforts regarding disposal pods recycling, supporting the rural vitalization, minor protection, and protecting wildlife in China in the previous year. The report stated the launch of the Sunflower System 3.0 version which is the latest minor protection technology. The system verifies the age of the customers before purchasing in all Chinese stores. Thus, the customers have to verify their name-ID before making any purchase.

The report further stated that RLX stock has kicked off the project of Pods Recycling to convert useful pods into raw material in order to produce cement.  The stock discovered that metals present in the pods after recycling and processing to raw material, enhance the functionality of cement. Besides this, RLX stock also highlighted its progress regarding wildlife protection in North-East China and efforts in sustainable manufacturing.

Conclusion:

The sentiment is positive for RLX stock so far but no one knows how long it will persist as the stock market is very unpredictable. The company has created more than 277,000 job opportunities in China so far. However, the stock has lost almost 84% year to date.

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