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

Texas Extends Tobacco Tax Interpretation to a 6-Methylnicotine Product, Citing VELO Ruling
Texas Extends Tobacco Tax Interpretation to a 6-Methylnicotine Product, Citing VELO Ruling
The Texas Comptroller of Public Accounts ruled in September 2026 that a combustible product made with non-tobacco plant material and 6-methylnicotine (6-MN), a synthetic nicotine analog, qualifies as a taxable tobacco product. The applicant said the product contained neither tobacco leaf nor measurable conventional nicotine. The determination applies reasoning from a May Texas Supreme Court decision involving VELO nicotine pouches, finding that the plant material and 6-MN together perform the functions of tobacco in a conventional smoking product. The ruling carries applicable tax, licensing and reporting obligations but is limited to the facts submitted by the taxpayer. It does not establish a blanket tax classification for all 6-MN products or extend the same conclusion to e-cigarettes.
Regulations
Nov.06
Italy Proposes Earlier Vape and HTP Tax Hikes, New Rules for E-Liquid Pricing, Exclusive Deals and Distribution
Italy Proposes Earlier Vape and HTP Tax Hikes, New Rules for E-Liquid Pricing, Exclusive Deals and Distribution
Italy's proposed 2027–2029 budget would bring forward scheduled tax increases for e-cigarette liquids and heated tobacco products from January 1, 2028, to July 1, 2027. The consumption tax coefficient for nicotine-containing e-liquids would rise from 20% to 22%, that for nicotine-free liquids and applicable flavorings from 15% to 17%, and the heated-tobacco coefficient from 41% to 42%. The bill would also introduce official retail price schedules for e-liquids, restrict exclusive agreements between retailers and suppliers, and limit single-brand-dominated displays, sales incentives and bundled offers. Importing, authorized warehousing and retailer sourcing arrangements would also change. The proposals remain subject to parliamentary approval and subsequent implementing regulations.
Regulations
Nov.04
R.J. Reynolds Vapor Company Launches Flavored Vuse Pro Pods in U.S. Without FDA Marketing Authorization
R.J. Reynolds Vapor Company Launches Flavored Vuse Pro Pods in U.S. Without FDA Marketing Authorization
R.J. Reynolds Vapor Company has begun selling four flavored Vuse Pro pods — Peach, Berry, Watermelon and Fresh Mint — in Ohio and selected other U.S. markets. According to the Vuse U.S. FAQ, Vuse Pro contains approximately 5.0% nicotine by weight, and Vuse Pro pre-filled pods are intended for use with Vuse Alto devices. Reynolds told 2Firsts that product labeling lists an e-liquid capacity of 2.0 mL per pod. The Vuse Alto Power Unit received FDA marketing authorization in 2024, while the new Vuse Pro pods themselves have not received marketing granted orders. The rollout follows the FDA’s May 2026 revision of enforcement priorities for certain unauthorized vaping products with qualifying pending applications.
BAT
Sep.10
IKE Tech Launches IKE 2.0 Compliance Platform for Nicotine Products
IKE Tech Launches IKE 2.0 Compliance Platform for Nicotine Products
IKE Tech launched IKE 2.0 on September 28, initially targeting nicotine products with a platform that combines user identity verification, product authentication, configurable policy controls and data analytics. Products can be authenticated through direct device integration or NFC smart tags. IKE Tech was formed with participation from Ispire's Aspire North America, Berify and Chemular, with Ispire currently holding a 40% interest. Its age-verification component PMTA was accepted by the FDA in 2025 and remains under review. The company did not disclose customer names, commercial deployment volumes, pricing or revenue tied to IKE 2.0.
News
Sep.29 by 2Firsts Perspectives
JTI Invests ₱2.1 Billion to Upgrade Batangas Manufacturing Hub, Adds First Southeast Asia DIET Facility
JTI Invests ₱2.1 Billion to Upgrade Batangas Manufacturing Hub, Adds First Southeast Asia DIET Facility
JTI Asia Manufacturing Corp. has invested ₱2.1 billion, or about $37 million, in its manufacturing site in Malvar, Batangas, Philippines, to expand tobacco-processing capabilities. About ₱1.9 billion is allocated to JTI's first Dry Ice Expanded Tobacco, or DIET, facility in Southeast Asia, while more than ₱177 million has been spent on expanding its Controlled Atmosphere treatment facility. The Batangas plant supplies the Philippine market and exports to 22 overseas markets, making it one of JTI's key manufacturing hubs in Asia.
Sep.24
Gallery | InterTabac 2026 Opens as VAPORESSO, SKE, GREENTANK, GEEK BAR and Other Brands Take the Floor
Gallery | InterTabac 2026 Opens as VAPORESSO, SKE, GREENTANK, GEEK BAR and Other Brands Take the Floor
InterTabac 2026 opened in Dortmund, Germany, on September 15 alongside NUBIZ and InterSupply. According to the latest figures released by the organizer, the three trade shows bring together around 750 exhibitors from 64 countries. On site, 2Firsts observed vaping and related brands including VAPORESSO, DOJO, SKE, GREENTANK, GEEK BAR, HQD and ELUX.
Special Report
Sep.15