JS Global Lifestyle (abbrev. JS Global) has issued a circular calling an extraordinary general meeting (EGM) on 14 August 2026 to approve a new sourcing services agreement with its 67%-owned subsidiary Joyoung Co., Ltd. and its affiliates (Joyoung Entities).
The proposed 2026 Sourcing Services Agreement extends the partnership with SharkNinja (Hong Kong) Company Ltd. (SharkNinja HK) from 31 July 2026 to 31 December 2027. Under the arrangement, Joyoung will continue to manufacture or coordinate OEM production of SharkNinja-branded cooking, food-preparation and floor-care appliances destined for North America, Europe and other international markets.
Key commercial terms remain on a cost-plus basis, with sourcing fees calculated at a mark-up of approximately 3%–6%, consistent with the historical 4%–6% range. The proposed cap for transactions between 31 July and 31 December 2026 is set at US$18.61 million, bringing the full-year 2026 aggregate limit to US$48.61 million after including the US$30.00 million cap already in place for 1H 2026.
Historical transaction values show a declining trend: US$191.60 million in 2024, US$88.70 million in 2025, and US$20.00 million for the first five months of 2026. Utilisation of the prior annual caps stood at 87% in 2024 and 81% in 2025.
JS Global cites Joyoung’s established technical capabilities, supply-chain expertise and the need to sustain capacity utilisation as primary reasons for renewing the agreement. The company will set a separate annual cap for 2027 to align with SharkNinja’s rolling procurement forecasts.
An Independent Board Committee and independent financial adviser Gram Capital both deem the agreement terms and the proposed cap “fair and reasonable” and recommend that independent shareholders vote in favour. As chairman Wang Xuning holds a material interest in SharkNinja, he and his associates will abstain from voting.
The EGM will be conducted virtually via the Vistra eVoting Portal at 10:00 a.m. on 14 August 2026. Proxy forms must be submitted at least 48 hours before the meeting.