FastTech Falls as China’s Vape Rules Slow Sales
Credit: Nikolay N. Antonov
Chinese online retailer FastTech is closing in the wake of strict new vaping regulations, reports Vaping360.
In a Dec. 5 post on its customer forum, the discounter blames restrictions introduced after the State Tobacco Monopoly Administration took control of China’s vaping business. The new measures have increased uncertainty, preventing the company from remaining competitive, according to firm.
China outlawed domestic online vape sales in 2019. The measure was followed by a licensing and sales regulations, along with the new tax scheme. Hong Kong’s ban on importing Chinese vape products for air shipping to export destinations—which is currently being reconsidered—may also have affected FastTech, which shipped many of its products through the city.
FastTech sold Chinese-made vape products, including many semi-legal clones and copies of well-known products, to overseas customers at sometimes near-wholesale prices, and shipped them inexpensively
According to Vaping360, there remain a number of FastTech competitors in China operating on a similar business model.
In October, a reporter from Beijing Youth Daily claimed many businesses closed because of the implementation of China’s National Standard for Electronic Cigarettes have begun.