RLX Technology Inc. (RLX) inclines to 11.42% in the premarket. However, the last trading session closed at $4.64 with decline of 4.72%.
Change in Audit Committee Composition
RLX, a leading branded e-vapor company in China, announced on 5th October 2021 that Ms. Ying (Kate) Wang has decided to resign as a member of the Company’s audit committee. She will assist the Company in meeting the relevant New York Stock Exchange listing requirements on audit committee independence. Ms. Zhenjing Zhu and Mr. Youmin Xi will serve on the Audit Committee going forward.
Second Corporate Social Responsibility Report
RLX released the second corporate social responsibility report on 22 September 2021. The annual report outlines the company’s efforts in minor protection, disposal pod recycling, rural vitalization, sustainable manufacturing, and animal preservation in China during the previous year. According to the report, RLX has introduced Sunflower System 3.0. It is a small protection system that requires age verification before purchases in all Chinese businesses.
Furthermore, the new technology will be placed at the point-of-sale equipment in the store. Before an order can be generated, all clients must validate their name, ID, and face. RLX has also begun its Pods Recycling initiative in China, which will transform discarded pods into raw material for cement production. Recycling disposable pods has long been an issue for the vaping business, as it is costly and difficult to regenerate secondary value. In the industry, there is no established answer.
RLX Technology – To turn used pods into cement
On 9th September 2021, RLX announced that the company unveiled its Pods Recycling project. The company would invest 20 million yuan in China to recover old e-liquid pods and turn them into cement. Moreover, the Pods Recycling initiative will begin in September in Beijing and then progressively expand to ten Chinese cities by February of the following year. By the end of 2022, it hopes to have covered all RELX shops in China. Lastly, RLX will collect spent pods from all other brands in addition to its own. As vaping becomes more popular, how to dispose of old pods has become a big problem for both businesses and individuals.