As an emerging industry, e-cigarettes have been greatly prosperous globally in recent years. In China, Shenzhen is the center of e-cigarette production, and a complete business ecosystem has been built at this point. To explore the phenomenon of the agglomeration of e-cigarette enterprises in Shenzhen, the business ecosystem structure and evolution path of e-cigarette industrial clusters in Shenzhen [...] are illustrated in this study from an ecological perspective, and the development characteristics of the Shenzhen e-cigarette industry as well as the interspecies relationships among enterprises were studied based on the population life history theory.