Shenzhen Wuke Announces Bankruptcy: US Distributor Defaulting on Payment Leads to Cash Flow Breakdown

Business by 2FIRSTS
Jul.30.2024
Shenzhen Wuke Announces Bankruptcy: US Distributor Defaulting on Payment Leads to Cash Flow Breakdown
Shenzhen's Wuke Technology announces bankruptcy due to financial struggles and unpaid debts, ceasing operations starting July 27, 2024.

On July 30th, industry sources revealed to 2FIRSTS that Shenzhen Wuke Technology Co., Ltd. issued a notice titled "Announcement on the Suspension of Production and Closure of the Company." The notice indicated that after facing a series of financial difficulties, Shenzhen Wuke Technology Co., Ltd. has announced the suspension of production and closure of the company, and will enter bankruptcy proceedings.

 

The following is a detailed account of the incident.

 

Notice of Company Shutdown and Closure

 

To all employees and collaborators:

 

Due to the impact of the international market on downstream customers, resulting in unsold goods, a large amount of company funds have not been recovered, leading to severe cash flow shortages. The company has been struggling since the beginning of this year, seeking help and chasing payments from various sources, with little success. Ultimately, the brand owner and American agent have directly defaulted on payments, causing a cash flow crisis that the company cannot recover from. Due to financial difficulties, the company will cease operations and close from July 27, 2024. It is with great difficulty and regret that we announce the bankruptcy of the company.

 

Thank you to all our partners for their support over the years, and thank you to all our employees for their hard work day and night.

 

Next, the company will apply for bankruptcy to the court and establish a liquidation team to liquidate its assets. It will then cooperate with handling the aftermath work in accordance with relevant laws and regulations, and negotiate to resolve all matters.

 

Notice is hereby given.

 

Wuke Technology Co., Ltd. in Shenzhen City

 

July 26, 2024

 

Shenzhen Wuke Announces Bankruptcy: US Distributor Defaulting on Payment Leads to Cash Flow Breakdown

 

According to Tianyancha, Shenzhen Wuke Technology Co., Ltd., founded in 2014 and located in Shenzhen, Guangdong Province, has obtained a tobacco monopoly license to engage in the production and operation of e-cigarettes.

 

Shenzhen Wuke Announces Bankruptcy: US Distributor Defaulting on Payment Leads to Cash Flow Breakdown
Image source: Tianyancha
Shenzhen Wuke Announces Bankruptcy: US Distributor Defaulting on Payment Leads to Cash Flow Breakdown
Image source: 2FIRST

 

This material comes from images provided by a whistleblower. 2FIRSTS has contacted internal sources at the company and received confirmation.

 

Shenzhen Wuke Announces Bankruptcy: US Distributor Defaulting on Payment Leads to Cash Flow Breakdown
Click on the image to read "Beware of e-cigarette industry debt risks: How can the operational difficulties of a single enterprise affect the overall industry chain?

 

2FIRSTS will continue to monitor this matter, stay tuned for updates.

 

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

Data|China’s May Vape Exports Fall 10.3%; January–May Shipments Slip 0.9%
Data|China’s May Vape Exports Fall 10.3%; January–May Shipments Slip 0.9%
China’s vape-related exports fell 10.25% year on year in May 2026, marking a second consecutive monthly decline, although exports recovered modestly from April. January-May exports totaled US$4.018 billion, down 0.86% from a year earlier and broadly in line with 2025 levels.
Special Report
Jun.29
FDA Tobacco Center Pushes Review-Efficiency Statement After Commissioner’s Exit
FDA Tobacco Center Pushes Review-Efficiency Statement After Commissioner’s Exit
FDA CTP issued a May 7 statement on accelerating product review and improving PMTA efficiency, but did not push it via official X and newsletter until May 13, one day after FDA Commissioner Marty Makary’s resignation was confirmed. FDA has not explained the delay, and no public evidence links it directly to the leadership change. The timing is notable given CTP’s usual 24-hour distribution practice.
Special Report
May.14
Sweden Becomes First EU Country to Reach Smoke-Free Status as Daily Smoking Falls to 4.8%
Sweden Becomes First EU Country to Reach Smoke-Free Status as Daily Smoking Falls to 4.8%
According to the latest CAN report and multiple media reports, Sweden’s daily smoking rate fell to 4.8% in 2025, below the commonly used 5% smoke-free threshold, making it the first EU country to reach that benchmark.
News
Jun.05
PMI Highlights 43 Million Smoke-Free Users at Stockholm Summit
PMI Highlights 43 Million Smoke-Free Users at Stockholm Summit
Philip Morris International says about 43 million adults worldwide now use its smoke-free products, with nearly 70% having stopped using cigarettes and smoke-free products accounting for about 43% of its net revenues.
Jun.18
French Vape Distributor Kumulus Vape Yields About 3% as Earnings Growth Stalls
French Vape Distributor Kumulus Vape Yields About 3% as Earnings Growth Stalls
Listed French vape distributor Kumulus Vape will trade ex-dividend on June 26, 2026, and pay an annual dividend of €0.10 per share on June 30, with Simply Wall St saying the payout is covered by profit and free cash flow, while weak earnings growth remains a concern.
Industry InsightMarketNews
Jun.24
FDA 2025 NYTS: Youth E-Cigarette Use Declines but Unauthorized Disposables Remain Prominent; Nicotine Pouch Use Stays Low
FDA 2025 NYTS: Youth E-Cigarette Use Declines but Unauthorized Disposables Remain Prominent; Nicotine Pouch Use Stays Low
The U.S. Food and Drug Administration (FDA) released its 2025 National Youth Tobacco Survey analysis, saying about 2.01 million U.S. middle and high school students currently used any tobacco product; among current youth e-cigarette users, unauthorized disposable brands including Geek Bar, Elf Bar, Lost Mary and Raz had high reported shares, potentially making them a focus for future enforcement.
Jun.24