Why Mysvape dropped off the 2023 Shenzhen Top 500: part of its business has shifted to Indonesia

The 2023 Shenzhen Top 500 Enterprises list has been released, and the e-cigarette company Mysvape, which was included in the 2022 list, has dropped off. This article explores why Mysvape has fallen out of the Shenzhen Top 500 Enterprises list.

Recently, the 2023 Shenzhen Top 500 Enterprises list was announced. This list is based on the companies' revenue for the year 2022. A total of 14 e-cigarette companies made the list. However, it was discovered that Mysvape, which was included in the 2022 list, unexpectedly did not make it this time.

Why did Mysvape drop off the Shenzhen Top 500 Enterprises list?

Mysvape is not a publicly listed company, so its specific revenue data is not available. However, by examining the order of the 2022 Shenzhen Top 500 Enterprises list, we can roughly estimate Mysvape's annual revenue.

The three companies ahead of Mysvape are publicly listed: Shen Shui Hai Na (stock code: 300961, ranked 479th) had a revenue of 549 million yuan in 2021, indicating that Mysvape's revenue was slightly lower than this figure; while the tenth company behind Mysvape, Shenzhen Rapoo Technology Co., Ltd. (stock code: 002577, ranked 489th) had a revenue of 487 million yuan in 2021.

From the above data, it can be inferred that Mysvape's revenue in 2021 was between 487 million and 549 million yuan. (Another e-cigarette company, Xinyi Kang, also had a revenue within this range.)

By examining the order of the 2022 Shenzhen Top 500 Enterprises list, we can roughly estimate Mysvape's annual revenue | Source: Shenzhen Enterprise Federation

The 2023 Shenzhen Top 500 Enterprises ranking shows that the last listed company is Shenzhen Jinyi Technology Co., Ltd. (stock code: 002869, ranked 488th), with a revenue of 491 million yuan in 2022. This indicates that Mysvape's revenue in 2022 was below this figure, suggesting a decline compared to its 2021 revenue (487 million - 549 million yuan).

Why did Mysvape's revenue decline in 2022? Insights from Mysvape's overseas activities provide an answer. Industry insiders revealed that Mysvape established a factory in Batam, Indonesia in 2022, and part of its business has shifted to this factory.

Although there is no official news, a Google search confirms that Mysvape indeed has a factory in Indonesia named "PT. MASON VAP INDONESIA," located in Batam City. Additionally, job postings on recruitment platforms indicate that Mysvape is hiring foreign trade managers, with the job location marked as Indonesia. This further confirms the company's business expansion plans in the region.

A recruitment website shows that Mysvape is hiring foreign trade managers, with the job location marked as Indonesia.

This situation may explain why Mysvape's revenue declined in 2022, leading to its exclusion from the 2023 Shenzhen Top 500 Enterprises list.