(Yicai Global) July 8 -- Shares in Smoore International Holdings jumped by as much as 8 percent today after the world’s largest vaping device manufacturer predicted its net profit in the first half to more than double from the same period last year due to economies of scale and a better range of products.

Smoore’s share price [HKG:6969] closed up 2.75 percent today at HKD42.95 (USD5.53), giving it a market capitalization of HKD255 billion (USD33 billion). Earlier in the day it had reached HKD45.30. The firm's share price has halved since January, after Chinese regulators decided to classify electronic cigarettes as tobacco products, raising concerns that they might be subject to the same high taxes.

The company is anticipating profit for the six months ended June 30 to be in the range of between CNY2.8 billion (USD433 million) and CNY3.1 billion (USD480 million), Smoore said yesterday. The Shenzhen-based company did not give a revenue forecast.

Net profit would have been CNY1.1 billion (USD170 million) more if it was not for adjustments in the fair value of financial tools and expenditure since the firm went public in July last year, it added.

Last year, profit soared 70 percent year on year to CNY3.9 billion (USD601.8 million) and revenue surged 31.5 percent to CNY10 billion, according to the company's annual financial report. Its share of the global market that year jumped to 18.9 percent from 16.5 percent.

Editor: Kim Taylor