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The cold winter of the cool water pipes market

  

  E-cigarette is a new type of tobacco product, which has developed rapidly in the past two years. However, due to the lack of legal positioning and unclear and unified regulatory policies, some operators have been subject to administrative penalties or even criminal penalties.

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  In 2014, the first year of e-cigarettes in China, lookah seahorse coil of all sizes have also entered the stage.In 2018, e-cigarettes jumped to the forefront of the capital industry.In the "3".At the 2019 party, CCTV exposed the levels of nicotine and formaldehyde in e-cigarettes and poured cold water on the steaming hot devices, signaling a policy watchdog's attitude toward cooling the emotional e-cigarette industry.Even so, the e-cigarette industry is not over yet. With strong capital growth, many companies are engaged in the e-cigarette industry.The uncertainty of regulatory policy, on the one hand, leads to the booming development of the domestic e-cigarette industry;On the other hand, it also restricts the throat of e-cigarette operators and the smooth development of the e-cigarette industry.

  I. classification and industry status quo of e-cigarette products

  The structure of e-cigarette product includes smoke bomb (cigarette oil), e-cigarette stick, atomizer, battery, etc.Currently, e-cigarette products in circulation on the market can be divided into the following two categories:

  Category one: steam e-cigarette, also known as atomized e-cigarette, belongs to the traditional e-cigarette. The basic principle of the e-cigarette is the mixture of propylene glycol and glycerin containing nicotine, essence and other ingredients. After being heated by atomization or ultrasonic atomization, the e-cigarette produces a smoke similar to cigarette combustion for people to smoke.America's Juul, for example, falls into this category.

  At present, the main e-cigarette in circulation in the domestic market is this kind of vapor e-cigarette.The vapor e-cigarette exchange is convenient, less harmful and less polluting, but the biggest disadvantage is that it cannot simulate the real smoke taste. The taste of the smoke oil can only imitate the taste of tobacco as much as possible, but there is still a gap with the taste of the real smoke.

  Category two: heated, non-combustible lookah glass bongs, a new type of tobacco product that falls somewhere in between traditional and vaping e-cigarettes. The product is heated by an electronic high temperature device to produce smoke containing nicotine and other chemicals.Japan's iQOS, for example.

  Heating up non-combustible e-cigarettes is essentially the heating of tobacco, and the harmful substances are reduced by 90% compared with the actual smoke. More importantly, the laryngeal sensation and smoking way are close to the real smoke, so the non-combustible e-cigarettes were once regarded as the future development direction of the tobacco industry.As soon as iQOS was launched, it quickly occupied the market share, and the trend of iQOS swept the world in a short time.

  Currently, vaping is a major market share in the e-cigarette industry. However, due to regulatory policies, this type of business is mainly concentrated in small businesses.To avoid risks, listed companies focus on e-cigarette products that are not regulated by the state tobacco monopoly administration, or even though the products are sold overseas.Among the newly established third board listed companies, there are few enterprises that mainly produce e-cigarettes and related tobacco products. Enterprises that directly produce cigarettes (soot) or tobacco, tobacco (soot oil) or tobacco are usually provided by customers or purchased from suppliers designated by customers.

  The following table shows the product types and business situations of major listed enterprises in the e-cigarette industry and listed enterprises on the new third board, which are disclosed in the report of "juchao information network national sme share transfer system".

  The implementation of the tobacco product license system in China requires the corresponding administrative license to produce, sell and import and export tobacco products, but the current laws and regulations only focus on traditional tobacco products, and there are no clear provisions on new tobacco products.In accordance with the provisions of article 2 of the "tobacco monopoly law", the term "tobacco monopoly products" as used in this law refers to cigarettes, cigars, tobacco silk, rolled tobacco leaves, leaf tobacco, cigarette paper, filter rods, tobacco tow, and special machinery for tobacco use.Cigarettes, cigars, shred tobacco and rebound tobacco are collectively referred to as tobacco products.It can be seen that the "tobacco monopoly law" does not clearly stipulate that lookah glass rig products belong to its regulatory scope.

  In accordance with the regulations on the administration of hazardous chemicals, the drug administration law of the People's Republic of China and the regulations on the supervision and administration of medical devices and electronic tobacco products, China's hazardous chemicals, drugs and medical devices shall not be directly defined.