Equity Analyst, LightStream Research

Oshadhi Kumarasiri

An equity research analyst with over 7 years of experience in multiple sectors. Previously worked for one of the world's largest asset managers with about USD2.5trn in AUM, covering small and micro-cap companies in the consumer sphere across Europe and developed Asia. Also experienced in covering multiple industries including banking, insurance and asset management, retail, tech, telco and REIT.

Equity Analyst

RLX Technology to Buyback 33% of The Free Float: Time To Reverse The Long Smoore/Short RLX Trade

RLX Technology IPO Valuation: Smoore International May Not Be The Perfect Hedge

RLX Technology IPO Trading Update: Long Smoore/Short RLX

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

<p>Investors started dumping Chinese e-vapor stocks following the announcement of <a target="_blank">draft amendments to the Tobacco Monopoly Law</a>, if approved could extend the law's jurisdiction to e-cigarettes. As a result, <a href="https://www.smartkarma.com/entities/rlx-technology-inc" target="_blank" data-smartkarma-citation="entities:31113:1" rel="noopener">RLX Technology Inc (RLX US)</a>’s share price plunged 48% while <a href="https://www.smartkarma.com/entities/smoore-international" target="_blank" data-smartkarma-citation="entities:28241:1" rel="noopener">Smoore International (6969 HK)</a>’s (less dependent on China) fell by 23%. Meanwhile, the lock-up period for RLX’s pre-IPO holders’ expiries on 21<sup>st</sup> July 2021 possibly leading to additional selling pressure in the short term.</p>

Investors started dumping Chinese e-vapor stocks following the announcement of draft amendments to the Tobacco Monopoly Law, if approved could extend the law's jurisdiction to e-cigarettes. As a result, RLX Technology Inc (RLX US)’s share price plunged 48% while Smoore International (6969 HK)’s (less dependent on China) fell by 23%. Meanwhile, the lock-up period for RLX’s pre-IPO holders’ expiries on 21st July 2021 possibly leading to additional selling pressure in the short term.

Long Smoore/Short RLX: RLX’s Lock-Up Expiry Could Aggravate the Sell-Off