SMOORE INTL (06969) fell by nearly 5% during afternoon trading. As of the time of writing, the stock was down 3.79%, trading at HK$12.18, with a turnover of HK$210 million. The decline comes after the State Tobacco Monopoly Administration issued a notice titled "Implementing E-Cigarette Industry Policies to Further Promote Supply-Demand Balance." The notice emphasizes standardizing corporate investment activities, strictly adhering to restrictions on e-cigarette industry policies, prohibiting new project investments, and ensuring that relocation or resumption of construction projects does not lead to increased production capacity. It also calls for strengthening the regulation of e-cigarette production capacity, promoting supply-side structural reforms based on market demand, and implementing a verified production capacity management system in accordance with principles of fairness, transparency, and orderly implementation. Additionally, the notice aims to balance market supply and demand by setting annual production scales within verified capacity limits to prevent disorderly market competition.