Recently, the list of the top 500 Shenzhen enterprises in 2023 was released. This ranking is based on the annual revenue of companies in 2022. A total of 14 e-cigarette companies made it to the list. However, 2FIRSTS discovered that a previously listed e-cigarette company, Mason Vap, unexpectedly did not make the cut this time.
Why did Mason Vap drop out of the Shenzhen Top 500 Enterprises list?
Since Mason Vap is not a publicly listed company, its specific revenue data is not available. However, by examining the order of companies listed in the 2022 Shenzhen Top 500 Enterprises, 2FIRSTS can roughly estimate Mason Vap's annual revenue.
Ranked in the top three before Mason Vap in the United States, the listed company Shenzhen Heina (Stock Code: 300961, ranked 479th) achieved a revenue of 549 million yuan in 2021, indicating that Mason Vap's revenue for the same year was slightly lower than this figure. On the other hand, Shenzhen Rapoo Technology Co., Ltd. (Stock Code: 002577, ranked 489th) was ranked 10th after Mason Vap, recording a revenue of 487 million yuan in 2021.
Based on the aforementioned data, it can be inferred that the revenue of the American electronic cigarette company, Mason Vap, is estimated to be between 487 million yuan and 549 million yuan in 2021. (Another e-cigarette company, Innokin, also falls within this range in terms of its 2021 revenue).
According to the rankings of the top 500 companies in Shenzhen in 2023, Shenzhen Jinyi Technology Co., Ltd. (stock code: 002869) was placed last, at 488th position. The company's revenue for 2022 amounted to 491 million yuan. This indicates that Mason Vap's revenue in 2022 was lower than this figure, experiencing a decline compared to the revenue range of 487-549 million yuan in 2021.
Why did Mason Vap's revenue decline in 2022? 2FIRSTS obtained the answer from Mason Vap's overseas operations. According to industry insiders, Mason Vap has established a factory in Batam, Indonesia in 2022, and some of its operations have been relocated to the factory.
Although there is no official information available, a Google search conducted by 2FIRSTS has revealed that Mason Vap does indeed have a factory in Indonesia. The factory, named "PT. MASON VAP INDONESIA," is located in Batam City. Furthermore, 2FIRSTS also found job postings on recruitment platforms indicating that Mason Vap is actively hiring an international trade manager, with the designated work location being Indonesia. This further confirms the company's expansion plans in the region.
This situation could possibly explain why Mason Vap Corporation's revenue is expected to decrease in 2022, leading to its eventual exclusion from the list of the top 500 companies in Shenzhen in 2023.
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