HK Stock Market Move | SMOORE INTL (06969) rose more than 5% in early trading. The cancellation of tax rebates is expected to accelerate industry consolidation, which is beneficial for leading compliant companies.

SMOORE INTL(06969) rose more than 5% in early trading, rising 4.63% to HK$11.52 as of the time of writing, with a turnover of HK$123 million. On the news front, the Ministry of Finance and the State Administration of Taxation previously announced that starting from April 1, 2026, the export tax rebate for various products including electronic cigarettes will be canceled. Tianfeng released a research report stating that this policy adjustment is expected to accelerate industry consolidation, benefiting large-scale and technologically advanced compliant enterprises in the long term. Guotou Securities International also believes that this adjustment will have a significant impact on the electronic cigarette manufacturing industry and will bring about a new round of reshuffling in the industry. Although Smoore, which is closely tied to top brands, may see short-term performance affected by the rebate policy, its position is expected to be further consolidated in the long term. The reduction in tax rebate benefits also helps the industry gradually emerge from the quagmire of price wars.