SMOORE INTL (06969) saw its shares rise by nearly 9% during the trading session. At the time of writing, the stock was up 8.56%, trading at HKD 9.77, with a turnover of HKD 272 million. The price movement follows news that on April 2, the State Tobacco Monopoly Administration announced revisions to certain clauses across seven regulatory policy documents concerning e-cigarettes. According to the updated content, the phrase "achieving a supply-demand balance under total volume management" has been revised to "implementing total volume management under a dynamic supply-demand balance." The administration plans to enforce total volume management on e-cigarette manufacturers, approving production capacity and scale in accordance with laws and regulations. Industry insiders view this as a sign that e-cigarette regulation has progressed from establishing a basic framework to a phase of refined governance. Looking ahead, e-cigarette oversight is expected to become more precise in adjustment, differentiated in supervision, and comprehensive in control. The e-cigarette industry is anticipated to remain on a "restricted development" path over the long term, pursuing high-quality growth within strict production capacity limits.