Preliminary Statement of Assets and Liabilities of JSTE Company

Business by 2FIRSTS.ai
Jun.21.2024
Preliminary Statement of Assets and Liabilities of JSTE Company
On June 20, JSTE Liquidation Team released preliminary statement on JSTE's assets and liabilities, hinting at possible restructuring.

On the evening of June 20th, the JSTE liquidation team released a preliminary statement regarding the assets and liabilities of JSTE Electronic Technology (Dongguan) Co., Ltd.'s voluntary liquidation case.

Preliminary Statement of Assets and Liabilities of JSTE Company
JSTE Company | Image source: JSTE Liquidation Team

 

According to the liquidation team of JSTE, as the concentration of the international e-cigarette market increases, the domestic e-cigarette industry has entered a new round of mergers and acquisitions. The liquidation team believes that JSTE company may undergo restructuring to maximize the interests of all creditors. Based on the financial data of JSTE company in May 2024, the preliminary assets and liabilities of JSTE company will be disclosed.

Preliminary Statement of Assets and Liabilities of JSTE Company
JSTE Company's tobacco monopoly license is subject to renewal in July 2023. | Source: JSTE Liquidation Team

 

According to statistics from the JSTE liquidation team, the financial report data of JSTE company at the end of May 2024 shows:

Preliminary Statement of Assets and Liabilities of JSTE Company
Modern production workshops and advanced experimental equipment | Image source: JSTE Liquidation Team

 

The total assets of the company amount to 75.1999 million yuan, including stagnant inventory of a South Korean brand. The assets involved in a legal case have been notified to appear in court in July, with raw materials valued at approximately 27 million yuan and finished products valued at approximately 8 million yuan.

Preliminary Statement of Assets and Liabilities of JSTE Company
Modern office space | Image source: JSTE Clearing Group

 

Debt data for May prior to the settlement date:

 

Liability to external suppliers: approximately 46 million yuan.

 

External arrears of financial debt: Two banks are owed approximately 7 million yuan in financial debt.

 

Employee claims: In May, the amount of employee claims was 1.23 million. On the June settlement reference date, 1.04 million was paid out, with the remaining amount unaccounted for and unpaid employee salaries to be paid out in a unified manner in the "Asset Disposal Plan.

 

The following is the original text of the "explanation":

 

The shareholders' meeting of JSTE Electronic Technology (Dongguan) Co., Ltd. made a resolution on June 3, 2024, to carry out the voluntary liquidation of JSTE company. On the same day, Beijing Tianyuan (Kunming) Law Firm was selected as a member of the liquidation team of JSTE company (hereinafter referred to as the liquidation team). According to the asset and liability situation of JSTE, with the increasing concentration of the international e-cigarette market and the domestic e-cigarette industry entering a new round of mergers and acquisitions, the liquidation team believes that there may be a possibility of restructuring JSTE company. In order to maximize the interests of all creditors, based on the financial data of JSTE company in May 2024, the preliminary assets and liabilities of JSTE company will now be disclosed.

 

Special Note: JSTE Company's asset valuation and liquidation audit work is being carried out in an orderly manner with June 3, 2024 as the settlement base date. The final data should be based on the liquidation audit and evaluation reports.

 

JSTE liquidation team issues special statement: As of June 3, 2024, the assessment and audit of JSTE company's liquidation assets are progressing in an orderly manner. Final data will be based on the liquidation audit and assessment reports.

 

JSTE Electronics Technology (Dongguan) Co., Ltd. is a manufacturer with over a decade of experience in e-cigarette production. Over the past ten years, JSTE has served as an advanced research and development manufacturing base, providing support for the rapid growth of the global top ten e-cigarette brand JUSTFOG, by offering high-quality, safe, and reliable open system products. With superb technology and a strict quality control system, JSTE's management and technical team always prioritize quality, providing strong support to earn the trust and recognition of users.

 

JSTE Company will mainly focus on providing OEM and ODM services for open, disposable, and pod system e-cigarettes. They will offer customized solutions tailored to the needs and requirements of their clients, including research and development, design, production, and packaging, in order to produce unique e-cigarette products.

 

In July 2022, the e-cigarette manufacturing company obtained its production license. The factory has implemented strict quality management systems to ensure that all materials and components comply with relevant regulations and standards. The company has also obtained certifications for ISO9001 quality management system, ISO14001 environmental management system, and ISO45001 occupational health and safety management system. After more than a decade of experience, the team's overall competence is at a high level within the industry.

 

JSTE Company has a strong production capacity for e-cigarettes. The factory (office) area is 7729 square meters, with accompanying dormitory area of 6600 square meters. It has a 100,000-level GMP production workshop, 4 standardized atomization workshops, over 20 automated assembly lines, more than 120 testing equipment facilities, an annual production capacity of 50 million sets, and a supply chain and quality management system that meets the regulatory requirements of target market countries.

 

Scale advantage: stand-alone, safe management, with a total cost of over 8 million RMB for both soft and hard furnishings.

 

Technological and design advantages: More than 30 effective e-cigarette patents.

 

Company culture and talent advantage: The company has a strong corporate culture, which can rally the team, unite as one, and create excellent performance together. The core personnel of the company have worked for more than 8 years, and the current key members are still involved in the company's subsequent related work.

 

Management and production advantages: team members have undergone training in lean production, 6S management, marketing methods, and other related skills.

 

Quality Assurance: A complete set of testing equipment in the laboratory ensures quality control and protection.

 

Translate to standard journalistic English: 02 - "The police department has confirmed that there was a break-in at the jewelry store last night.

 

JSTE Company's statement of assets and liabilities (data as of the date of liquidation).

 

Asset data for the month of May before the settlement date.

 

The financial report data of JSTE Company at the end of May 2024 shows that the total assets of the company amount to 75.1999 million yuan (including the inventory of Korean brand merchants, with the part of assets involved in litigation cases scheduled to be heard in July, the original value of raw materials is approximately 27 million, and the original value of finished products is approximately 8 million).

 

Debt data for the month of May before the settlement date.

 

Outstanding payments to suppliers: approximately 46 million yuan.

 

External overdue financial debts: Two banks are owed approximately 7 million yuan in overdue financial debts.

 

Employee claims: In May, employee claims amounted to 1.23 million yuan. As of the June settlement reference date, 1.04 million yuan was paid out. The remaining unpaid employee salaries and claims will be settled uniformly in the Asset Liquidation Plan.

 

Statement: The asset evaluation and liquidation audit work of JSTE Company is currently progressing in an orderly manner. The final data will be based on the liquidation audit and asset evaluation reports.

 

The liquidation group of JSTE Electronics Technology (Dongguan) Co., Ltd. on June 20, 2024.

 

We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn


Notice

1.  This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2.  The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3.  This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4.  Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

 

Copyright

 

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

 

AI Assistance Disclaimer

 

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com

Sweden Finds ZYN Ingredient Labels Noncompliant Over Generic Flavoring Disclosure, Swedish Match Faces SEK 2 Million Monthly Penalty
Sweden Finds ZYN Ingredient Labels Noncompliant Over Generic Flavoring Disclosure, Swedish Match Faces SEK 2 Million Monthly Penalty
Sweden's Public Health Agency has found ingredient labels on ZYN nicotine pouches sold by Philip Morris International subsidiary Swedish Match to be noncompliant, according to Dagens industri. The products' packaging listed 10 to 13 ingredients, compared with 11 to 42 in regulatory submissions, with multiple flavoring ingredients grouped under the generic term "aromer." The agency ordered corrective action, warning of a conditional penalty of SEK 2 million per month for noncompliance. The order applies only to products manufactured after the decision becomes legally effective and does not require recalls. Swedish Match disputes the agency's interpretation and plans to appeal.
PMI
Oct.22
Product | PMI Launches TEREA Black Mint Pearl in Japan, Adding First Capsule Variant to Black Range With Nationwide Rollout From October 19
Product | PMI Launches TEREA Black Mint Pearl in Japan, Adding First Capsule Variant to Black Range With Nationwide Rollout From October 19
Philip Morris Japan (PMJ) launched TEREA Black Mint Pearl on October 15, 2026, introducing the first capsule-equipped heated tobacco stick in the TEREA Black range for IQOS ILUMA devices. The product combines a strong menthol profile with a crushable mint capsule and is priced at ¥640 per 20-stick pack, including tax. Sales began at four IQOS stores and selected retail partners on October 15, with distribution expanding to convenience stores and other tobacco retailers nationwide from October 19. The launch brings Japan's TEREA portfolio to 28 variants, including 21 menthol-related products, or 75% of the range.
product
Oct.16 by 2Firsts Perspectives
Special Report | Russia Places Four JTI Businesses Under Temporary Management, a First for Tobacco Majors
Special Report | Russia Places Four JTI Businesses Under Temporary Management, a First for Tobacco Majors
Russia has placed shares in four Japan Tobacco International businesses under temporary management, the first such move involving a major global tobacco manufacturer, according to Interfax. JTI held 35.8% of Russia's tobacco market by volume in the first nine months of 2026. While British American Tobacco and Imperial Brands have exited Russia, Philip Morris International continues operating there. As the market changes and diplomatic efforts continue, could international tobacco companies that left Russia eventually return?
Nov.06
EU Vape, Heated Tobacco and Nicotine Pouch Tax Reform Reaches Ministerial Talks: Sweden Opposes Proposed 2032 Minimum of 50% of Retail Price or €50/kg for Nicotine Pouches
EU Vape, Heated Tobacco and Nicotine Pouch Tax Reform Reaches Ministerial Talks: Sweden Opposes Proposed 2032 Minimum of 50% of Retail Price or €50/kg for Nicotine Pouches
EU finance ministers are scheduled to discuss tobacco excise reform on November 9, 2026, seeking agreement on higher minimum duties for conventional tobacco and a common EU minimum tax framework covering e-cigarettes, heated tobacco and nicotine pouches. A November 5 Council document identifies nicotine pouch taxation as the main outstanding issue. The Irish Council presidency proposes phased increases, reaching 50% of retail selling price or €50 per kilogram in 2032. Sweden has formally said it cannot support the current compromise, objecting to both the proposed nicotine pouch tax burden and the adjustment of minimum rates based on national purchasing power. The package also addresses cross-border personal-use reference quantities, raw tobacco controls and the continued exclusion of traditional tobacco snus.
Regulations
Nov.10
As Regulators Focus on Nicotine Pouch Child Safety, Safeguard Pursues an External Packaging Route
As Regulators Focus on Nicotine Pouch Child Safety, Safeguard Pursues an External Packaging Route
As regulators pay closer attention to child safety in nicotine pouches, manufacturers face a practical challenge: how to strengthen child-resistant packaging without unnecessarily reworking products, production lines and regulatory submissions already in place. In a written interview with 2Firsts, Chemular detailed Safeguard’s external packaging approach, its customer-specific testing requirements and possible PMTA pathways. The model remains early-stage, but it offers a new way to think about an increasingly important regulatory and manufacturing issue.
Industry Insight
Sep.19
German Tobacco Tax Revenue Falls 10.8% Through August as Tax-Paid Cigarette Volume Drops 12.6%
German Tobacco Tax Revenue Falls 10.8% Through August as Tax-Paid Cigarette Volume Drops 12.6%
Germany collected €9.789 billion in total tobacco tax revenue from January through August 2026, down 10.8% from a year earlier, according to the Federal Ministry of Finance. Germany's tobacco tax base covers not only cigarettes and fine-cut tobacco but also heated tobacco and vaping liquids taxed as tobacco substitutes. The German Association of the Tobacco Industry and Novel Products, or BVTE, citing federal statistical data, said tax-paid cigarette volume fell 12.6% to 40.6 billion sticks. BVTE is using the latest figures to argue against further tax increases planned from 2027 through 2030, while Germany's parliament is scheduled to hold a first reading of the bill on September 24.
Sep.23