Zhitong Finance App News, JS Global Life (01691) issued an announcement. On April 26, 2024, SharkNinja Operating (transferor) signed a debt transfer agreement with JS Global Trading (transferee), an indirect wholly-owned subsidiary of the company. SharkNinja Operating agreed to the transfer, while JS Global Trading agreed to transfer the claims under the distribution agreement. Once completed, the transfer will enable the Group to recover the outstanding amount in the foreseeable future, thereby minimising uncertainty and credit risk associated with the claims. The Group also anticipates receiving some interest due from Cosmo on the maturity of the claims.
The subject matter is that on January 1, 2023, SharkNinja Operating signed a distribution agreement with Cosmo. Under the distribution agreement, SharkNinja Operating held all accounts receivable and liabilities owed by Cosmo to the Group due to Cosmo's procurement of Group products during May 2023, totaling US$1.897 million (claims).
The announcement stated that before the spin-off was completed, the distribution business with Cosmo was carried out by the group according to the distribution agreement, but it was contracted through SharkNinja Operating. Following the completion of the spin-off, SharkNinja Operating ceased to be a group subsidiary. In order to minimize disruptions in doing business with Cosmo, the contracting party continued the original payment arrangement under the distribution agreement after completing the spin-off. Among them, SharkNinja Operating held all accounts receivable and liabilities owed by Cosmo to the Group due to Cosmo's procurement of Group products for the period ending July 31, 2023, including related receivables arising in May 2023. Since the actual business with Cosmo is carried out by the Group, the contracting party believes that the transfer of the debt will help improve communication efficiency and speed up debt settlement, thereby strengthening the relationship between the Group and Cosmo.