Shares of the RLX Technology Inc. (RLX) stock were declining in the intraday trading session today on November 26, 2021. RLX stock price saw a downtrend of 5.09% to drop at $5.12 a share at the time of this writing. The trading volume was 21,681,394 on the last check. Let’s deep dive to explore more of it.
What’s Happening?
RLX stock recently the release date of third quarter 2021 financial results. RLX stock will announce unaudited third quarter 2021 financial results on December 3, 2021, before the U.S markets open. The earning conference call will start at 7:00 A.M. U.S. Eastern Time on December 3, 2021.
On October 5, 2021, the company announced the resignation of Ms. Ying (Kate) Wang as a member of the audit committee of the company’s board members. Ms. Wang took this step to help RLX stock to comply with relevant New York Stock Exchange listing requirements on the audit committee’s independence. Now Ms. Zhenjing Zhu and Mr. Youmin Xi are the only independent directors of the company.
Second Corporate Social Responsibility Report by RLX stock:
RLX Technology on 22 September 2021 did release an annual corporate social responsibility report. In the report, the company highlighted its various efforts for the protection of wildlife in China in the past year. RLX stock did launch a 3.0 version of its latest minor protection technology Sunflower system. This system makes it mandatory to verify the age before any purchase in all stores in China. Customers are required to verify their name-ID-face before the generation of any order.
The Pods Recycling project has been kicked off by the RLX stock. In this project, the company was converting used pods in China into raw materials for cement production. It is a cumbersome task to recycle the disposal pods for the vaping industry. It is not easy to regenerate secondary value and also it is quite expensive.
Conclusion:
Things are not going well for RLX stock as far as market sentiment is concerned. The performance in the year 2021 is not satisfactory as this stock lost almost 83% year to date. In a nutshell, deep fundamental, as well as technical analysis, is necessary before adding this stock to the portfolio.
