22nd Century Group (XXII)

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The China National Tobacco Corp., which serves China’s 300 million smokers, is by far the largest cigarette maker in the world. In 2013 it manufactured about 2.5 trillion cigarettes. Its next largest competitor, Philip Morris International (PM), produced 880 billion. In terms of market share, China National is bigger than its next five competitors combined; its growing sales have accounted for a net increase in global production, even as volume at its competitors has fallen.

The Chinese Government Is Getting Rich Selling Cigarettes - Businessweek