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Aspire Global, a China-based company that makes tobacco vaping products, has cancelled plans to go public in the US. Learn more about the withdrawn IPO, and find out about similar companies you can invest in from Canada.
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What we know about the Aspire Global IPO
On May 9, 2022, Aspire Global announced it was cancelling its plans to go public. Originally, it had planned to conduct an IPO on the Nasdaq under the ticker symbol “ASPG.” Altogether, the company was hoping to raise around $120 million USD by offering 15 million stocks at a price of $7.00 – $9.00 each.
US Tiger Securities and EF Hutton (a division of Benchmark Investments, LLC) were slated to act as the lead underwriters of the deal. You can read more about the IPO in this document submitted to the US Securities and Exchange Commission (SEC) on January 19, 2022.
The decision to hold off on going public in the US may be connected to newly-introduced security regulations in China. These regulations have affected a number of China-based companies’ plans to go public including Ant Group (owned by Alibaba owner and billionaire, Jack Ma) and TikTok.
Buy stocks in similar companies
Even though you won’t be able to buy Aspire Global stock, you can still invest in other companies that make tobacco and vape products.
| Company | Stock info |
|---|---|
| Turning Point Brands | NYSE: TPB |
| British American Tobacco p.l.c. | NYSE: BTI |
| Altria Group | NYSE: MO |
| Philip Morris International | NYSE: PM |
| RLX Technology | NYSE: RLX |
How to buy stocks in a company
You’ll need a brokerage account to buy and sell shares. Here’s how it works:
- Compare stock trading platforms. Use our comparison table to help you find a platform with the features you want and fees you can afford.
- Open your brokerage account. Complete an application by providing your personal, contact and financial details as well as your Social Insurance Number (SIN).
- Confirm your payment details. Fund your account.
- Research the stock. Find the stock by name or ticker symbol (for example, “TPB”), and research it before deciding if it’s a good investment for you.
- Purchase now or later. Buy your desired number of stocks with a market order, or use a limit order to delay your purchase until the stock reaches a more favourable price.
Tax implications of buying US stocks in Canada
Canadians who earn dividends from US stock investments must pay the US Internal Revenue Service (IRS) a 15% withholding tax on their earnings. The rate goes down to 10% for bonds and other interest-yielding US investments.
An exception is made for stock investments held in trusts designed to provide retirement income. This includes RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs that hold US stocks, bonds or ETFs are also exempt from US withholding tax. RESPs, TFSAs and RDSPs are not exempt.
Canadian and international investment income must be declared on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you’ll be taxed by both the IRS and the CRA. The CRA may allow you to claim foreign tax credits for any taxes you’ve already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply in your circumstances.
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Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades. Read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the product on the provider's website.
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