Juster Liquidation Group: The company does not rule out the possibility of restructuring, with total assets reaching 75.19 million yuan
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Juster Liquidation Group: The company does not rule out the possibility of restructuring, with total assets reaching 75.19 million yuan
The Just Liquidation Group issued the "Preliminary Explanation of the Assets and Liabilities of Just Electronic Technology (Dongguan) Co., Ltd. in the Self-Liquidation Case". The liquidation group believes that Just Company does not rule out the possibility of restructuring. The company's total assets are 75.1999 million yuan; the amount owed to suppliers is about 46 million yuan; the financial claims owed to two banks are about 7 million yuan.
On the evening of June 20, the Just Liquidation Group issued the "Preliminary Explanation of the Assets and Liabilities of Just Electronic Technology (Dongguan) Co., Ltd. in the Self-Liquidation Case".
The Just Liquidation Group stated that according to Just's liquidation and capital verification, as the international market concentration of e-cigarettes increases, the domestic e-cigarette industry has entered a new round of mergers and acquisitions. The liquidation group believes that Just Company does not rule out the possibility of restructuring. In order to maximize the interests of all creditors, based on Just Company's May 2024 financial report data, Just Company's preliminary assets and liabilities will be announced.
According to the statistics of the Juste liquidation team, Juste's financial statements at the end of May 2024 show:
The company's total assets are 75.1999 million yuan (including Korean brand's stagnant inventory, the case involving this part of the assets has been notified to go to court in July, the original value of raw materials is about 27 million, and the original value of finished products is about 8 million);
Liabilities data in May before the liquidation date:
1. External payments to suppliers: about 46 million yuan.
2. External financial claims owed: about 7 million yuan in financial claims owed to two banks.
3. Employee claims: The amount of employee claims in May showed 1.23 million yuan, and 1.04 million yuan was paid on the June liquidation base date. The remaining uncounted and unpaid employee salaries will be paid uniformly in the "Asset Liquidation Plan".
The following is the original text of the "Explanation":
The shareholders' meeting of Jiast Electronic Technology (Dongguan) Co., Ltd. made a shareholders' meeting resolution on June 3, 2024, deciding to carry out the self-liquidation of Jiast Company, and on the same day, Beijing Tianyuan (Kunming) Law Firm was selected as a member of the liquidation group of Jiast Company (hereinafter referred to as the liquidation group). According to the liquidation and capital verification of Jiast, 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 group believes that Jiast Company does not rule out the possibility of restructuring. In order to maximize the interests of all creditors, based on the financial report data of Jiast Company in May 2024, the preliminary assets and liabilities of Jiast Company are now announced.
Special note: With June 3, 2024 as the liquidation base date, the liquidation asset evaluation and liquidation audit work of Jiast Company are proceeding in an orderly manner, and the final data is subject to the liquidation audit and liquidation evaluation report!
The Just Liquidation Group issued a special statement: With June 3, 2024 as the liquidation base date, Just's liquidation asset evaluation and liquidation audit are in progress in an orderly manner, and the final data is subject to the liquidation audit and liquidation evaluation report.
Just Electronic Technology (Dongguan) Co., Ltd. is a manufacturer with more than ten years of experience in electronic cigarette manufacturing. In the past ten years, Just, as an advanced R&D, processing and manufacturing base, has provided guarantees for the rapid development of JUSTFOG, one of the world's top ten electronic cigarette brands, and provided high-quality, safe and reliable open electronic cigarette products. With superb technology and a strict quality control system, Just's management and technology always put quality first, providing strong support for winning the trust and recognition of users.
Just will focus on the OEM and ODM business of open, disposable and cartridge-changing electronic cigarettes, and provide customized solutions according to their needs and requirements, including R&D, design, production and packaging, to achieve the production of its unique electronic cigarette products.
In July 2022, it obtained an e-cigarette production enterprise license. The factory adopts a strict quality management system to ensure that all materials and components comply with relevant regulations and standards. It has obtained ISO9001 quality management system, ISO14001 environmental management system, ISO45001 occupational safety management system and other certifications. After more than ten years of experience, the overall quality of the team is at a high level in the industry.
Jiast has good e-cigarette production capabilities, with a factory (office) area of 7,729 square meters and a supporting dormitory area of 6,600 square meters. It has a 100,000-level GMP production workshop, 4 standardized atomization workshops, 20+ automated assembly lines, 120+ testing equipment and facilities, an annual production capacity of 50 million sets, and a supply chain system and quality management system that meet the regulatory requirements of the target market countries.
Scale advantage: independent building, safe management, soft and hard decoration cost more than 8 million RMB;
Technology and design advantages: more than 30 valid electronic cigarette patents;
Corporate culture and talent advantages: the company has a good corporate culture, which can gather strength, unite as one, and create good results together. The company's core personnel have worked for more than 8 years; the core backbone is still involved in the company's subsequent related work;
Management and production advantages: the team has experienced lean production, 6S management, marketing methods and other training;
Quality assurance: the laboratory's complete set of testing equipment escorts quality control;
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Basic assets and liabilities of Jiaster Company (report data before liquidation)
(I) Asset data in May before liquidation
The financial report data of Jiaster Company at the end of May 2024 showed that the company's total assets were 75.1999 million yuan (including the stagnant inventory of Korean brand companies. The case involving this part of assets has been notified to open in July. The original value of raw materials is about 27 million yuan, and the original value of finished products is about 8 million yuan)
(II) Liability data in May before liquidation
1. External payments to suppliers: about 46 million yuan.
2. External financial claims: Financial claims owed to two banks are about 7 million yuan.
3. Employee claims: The amount of employee claims in May showed 1.23 million yuan, and 1.04 million yuan was paid on the June liquidation base date. The remaining uncounted and unpaid employee salaries will be paid uniformly in the "Asset Liquidation Plan".
Statement: The liquidation asset evaluation and liquidation audit work of Jiaster Company is proceeding in an orderly manner. The final data shall be subject to the liquidation audit and liquidation evaluation reports!
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Liquidation Group of Just Electronic Technology (Dongguan) Co., Ltd. June 20, 2024
