Over the past decade, China’s e-cigarette industry has lived through a full-blown business epic — complete with overnight fortunes, government crackdowns, and global adventures gone sideways.

It started with chaos and gold fever, matured through capital frenzy, and now limps into an era of hard-earned sobriety.

If this industry had a movie title, it’d probably be called:
“Three Booms and Three Hangovers.”

💰 First Boom: The Wild West Years (2014–2018)

Once upon a time — before regulations, taxes, or anyone even asking “is this legal?” — the e-cigarette world was a paradise for hustlers.

Factories in Shenzhen and Dongguan were cranking out vapes faster than TikTokers post selfies. A stick that cost a few yuan to make could sell overseas for dozens of dollars.

Everyone was getting rich — or at least pretending to be.

If you could copy fast, ship faster, and not blow up your customer’s battery, you were a legend.
But behind the cash and chaos, the cracks were forming:

• Fires and malfunctions made headlines,
• Products looked and tasted the same,
• Consumers were clueless, and
• Regulators were quietly sharpening their pencils.

Everyone knew the hammer would fall — but hey, when you’re sprinting through a gold rush, who’s got time for self-reflection?

🚀 Second Boom: The RELX Era (2018–2021)

Then came the brand that changed everything — RELX.

In just three years, this startup turned vaping from a dusty factory product into a sleek lifestyle statement. Suddenly, vapes weren’t just “things you smoke” — they were accessories.

Investors went feral.
Sequoia, IDG, and every VC with caffeine in their bloodstream jumped in.

Within two years, China had hundreds of new vape brands, thousands of stores, and an ocean of optimism. Everyone believed they were building “the next Xiaomi of smoking.”

Then, in 2021, RELX went public. Its valuation hit $30 billion — and for one shiny moment, everyone in the industry thought they were untouchable.

Until, of course, the National Tobacco Administration said:
“Hold my pen.”

A new regulation brought e-cigarettes under tobacco law.
The party ended instantly.
Investors vanished. Shops shut down. The “next Xiaomi” dreams went up in vapor.

That was the industry’s first real sobering slap — the second boom was over.

✈️ Third Boom: The Great Escape (2021–2023)

When domestic rules tightened, Chinese vape makers did what they do best: adapt fast.

They went global — to Southeast Asia, the Middle East, Europe, and Latin America.
It worked like a charm.

Foreign markets had weak regulation and strong demand.
Orders exploded. TikTok, Shopee, and Amazon couldn’t restock fast enough.

“Going overseas means instant profit,” people said — and for a while, it was true.

But 2023 brought a rude awakening:

• The UK, France, Australia, and the US all tightened laws.
• Taxes rose, import licenses got messy, and “gray exports” turned red flags.

By 2024, even overseas, the gold rush was fading.
Those who hadn’t built real brands or long-term systems were back where they started — fighting price wars for survival.

🧩 Three Booms, Three Lessons: From Luck to Logic

Every surge in this industry came from external opportunities, and every crash came from internal weakness.

For ten years, success meant being fast:
Fast to launch, fast to ship, fast to cash in.

Now?
Speed has turned into a burden.
The new game isn’t “who runs fastest,” but who builds strongest.

The key questions have changed:

• Can you operate efficiently under tight regulation?
• Can you build a recognizable brand when advertising is banned?
• Can you grow steadily instead of just quickly?

Welcome to vaping’s fourth phase: the era of long-term value.

🏗️ From Fast Money to Firm Foundations

The golden age of shortcuts is over.

Regulation, investor caution, and global policy shifts are forcing vape makers to evolve from “opportunity businesses” to “system businesses.”

The next winners won’t be those who sprint — they’ll be those who endure.
Those who:

• Think strategically,
• Build real brands based on trust and culture,
• Develop safer, more consistent products, and
• Create organizations that don’t collapse when the founder sneezes.

It’s less flashy, less frenzied — but far more sustainable.

💭 Epilogue: The Marathon After the Sprint

Three booms gave birth to giants.
Three crises humbled them all.

The vape game is no longer about “who gets rich fast” — it’s about “who stays alive longest.”

The bonus rounds are over. The real test begins now.

Because when the smoke clears, the future belongs to those who can build, not chase.