e-cigarette industry regulations, products labeled as “counterfeit” or “fake” were completely banned, and products marked with “HQD” were particularly affected. In the first half of 2022, HQD’s market share in Russia plummeted. In the worst case, all types of HQD products were pulled from the shelves of Russian stores. When speaking with 2FIRSTS, the distributor stated that after the compliance crisis, HQD’s market share in Russia fell to about 40%. From a “Russian Unicorn” to a “Global Marketer,” what challenges will HQD face?According to our discussion with relevant personnel and experts in the industry, HQD’s compliance crisis in Russia is not isolated. Similar problems have affected many e-cigarette brands, or even the entire industry. Facing the declining market share and the toughening regulatory environment, what decisions and adjustments will HQD make in the face of the compliance crisis? What strategies will HQD take to enter and expand in high-barrier markets such as the European Union and the United States? And what kind of product innovation and transformation will HQD carry out to maintain its growth momentum in the future? To answer these questions, we should first pay attention to the changes in the global e-cigarette industry in 2023 and HQD’s historical path and strategic layout. Through in-depth analysis, we can break down the challenges and opportunities faced by HQD from different perspectives. The following sections will be covered in the series of articles that follow:Part I An Analysis of Global E-Cigarette Industry Changes and DevelopmentPart II The Compliance Crisis and Transformation Challenges of HQDPart III Opportunities and Strategies for HQD to Enter High-Barrier MarketsPart IV Product Innovation and Transformation Roadmap of HQD In the next article, we will explore the changes in the global e-cigarette industry in 2023, focusing on disposable e-cigarettes’ global penetration and the intensified regulatory environment. We will also analyze the category change that HQD is facing, the strategic logic behind the brand’s development, and the core challenges that HQD encounters in global competition. Please stay tuned for the “Global Annual Brand Series 2023” and follow us on 2FIRSTS. We will bring you insight into HQD’s future journey and the industry’s future prospects.