Stock prices of Chinese vaping firms have slumped as the country considers tighter regulations for electronic cigarettes and other tobacco products.

Hong Kong-listed Smoore International, the world’s largest maker of vaping devices, tumbled 39% to HK$40 (US$5.15) as it opened on Tuesday. Smoore recouped some of the losses in intraday trading, narrowing the fall to 27.2% as it closed at HK$48.

China Boton, which manufactures flavors used in tobacco, also suffered a slide of 23%, closing at HK$6.37.

Meanwhile on the New York Stock Exchange, China’s biggest e-cigarette brand RLX Technology sank more than 47% to US$10.20 on Monday.

The price movements followed a joint announcement on Monday by the Ministry of Industry and Information Technology and the State Tobacco Monopoly Administration of potentially tighter regulations on e-cigarettes.

Authorities might align regulations that controlled e-cigarettes and other new tobacco products with those for ordinary cigarettes, according to the draft regulations, which would deal a blow to the fast-growing industry.

RLX Technology raised US$1.4 billion in a New York initial public offering in January that put its value at US$35 billion.

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