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