Yinghe Technology's Subsidiary Sikary Misses Performance Target in 2022

Apr.03.2023

Yinghe Technology's 2022 annual report reveals Sikary's performance with revenue of 545 million yuan and a net profit of 85.35 million yuan.

Recently, Yinghe Technology has released its 2022 annual report, which discloses the performance of its subsidiary, Sikary. According to the report, Sikary achieved a revenue of 545 million yuan in 2022, with a net profit of 85.35 million yuan.

According to reports, Sikary, the parent company, owns the e-cigarette brands Sikary and SKE. Based on NielsenlQ data, SKE ranks among the top 10 e-cigarette brands in the UK market.

According to the annual report, Sikary had committed to achieving a net profit of at least 200 million yuan in 2022, as per the "Capital Increase Agreement" and the "Supplementary Agreement". However, the company ended up with a profit of only 85.35 million yuan, failing to meet the performance commitment for the year. The annual report reveals that the reason for not achieving the performance commitment was due to changes in domestic policies.

In addition, according to the announcement by Yinghe Technology Co., Ltd., a controlling subsidiary of Shenzhen-based Yinghe Technology, Sikary will establish a wholly-owned subsidiary in Manchester, England, with a registered capital of £250,000 (approximately RMB 2 million), focusing on the UK and European markets.

According to sources, Manchester is renowned as a major hub for e-cigarette distribution in the United Kingdom. The city has attracted a substantial number of Chinese e-cigarette brands such as VAPORESSO, VOOPOO, ELFBAR, SMOK, and GEEK BAR.

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Yinghe Technology Co., Ltd., a company based in Shenzhen, has released its annual report for the year 2022.

Announcement: Yinghe Technology Co., Ltd., a subsidiary of Shenzhen City, announces establishment of its UK subsidiary through an external investment.

Related Reading:

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