RLX Technology Inc.

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Investigation Details

Citi downgraded RLX stock to Neutral from Buy on March 17, 2025, citing overseas headwinds from regulatory changes and an unfavorable product mix shift, and predicting that organic growth of RLX’s overseas business will decelerate in 2025.

Following this news, RLX’s American Depositary Receipt (“ADR”) price fell over 13% on the same day.