Largest Tobacco Companies: Market Cap

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Methodology

Publicly traded companies outside China. Fully or predominantly tobacco/nicotine business. Tobacco/nicotine distributors & retailers are excluded. Publicly traded affiliates of PMI and BAT (i.e. majority stake ownership) are excluded. Publicly traded companies, in which PMI and BAT hold a minority stake, are included. Ranked by Market Capitalization

Notes:

(1) Minority ownership: BAT owns 29.2% stake in ITC and 32.2% stake in VST Industries. PMI owns 25.1% stake in Godfrey Phillips

(2) BAT affiliates (Bentoel Group, Ceylon Tobacco Company, West Indian Tobacco, Pakistan Tobacco Company, BAT Kenya, BAT Malaysia, BAT Bangladesh) and PMI affiliates (Sampoerna, Philip Morris CR – Czechia) are not included in the ranking

(3) Both Smoore and RLX are based in China. However, they are HKG- and NYSE-listed, respectively

(4) BAT: issued share capital of 2,236,408,054 ordinary shares. 220,533,855 shares held in Treasury (November 30, 2023)

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