This article only represents the author's own views.

Vaping may not be as hazardous to your health as smoking, but it was quite the damper for RLX Technology Inc. (RLX.US) when the company was doused by a massive wave of new regulation in 2021 in its home China market. Now, three years later, the company may finally be turning a corner, capitalizing on a globalization strategy where it’s finding success using a combination of strong brand recognition and its own deep pockets.

Non-China business in five countries in East Asia, Southeast Asia and Oceania accounted for more than half of the company’s revenues in the third quarter, said Sam Tsang, RLX’s head of capital markets, on the company’s earnings call after the release of its third-quarter results last week.