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• A very small, publicly-traded version of a venture capital firm, investing in diverse early-stage businesses.
• Similar to a micro-cap Berkshire Hathaway, but focused on highly speculative acquisitions across emerging industries.

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• Mineral Exploration: The company identifies and evaluates potential deposits of rare earth elements and other critical minerals.
• Mineral Property Acquisition: It acquires rights to properties believed to contain valuable mineral resources.
• Mineral Project Development: SMJ International advances discovered mineral deposits towards production, including feasibility studies and infrastructure development.

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Due to the current status of SMJ International Group, Inc. (symbol: SMJF) as a company with limited public information and its historical classification as a development-stage entity, specific major customer names are not publicly available.

Based on its last available comprehensive public filing (Form 10-K for the fiscal year ended December 31, 2020), SMJ International Group, Inc. was a development-stage company engaged in the cannabis industry. Its business model focused on the extraction, processing, marketing, and distribution of cannabis and hemp-related products. At that time, the company stated its expectation to primarily sell its products to other businesses (B2B).

The intended categories of its business customers were:

• Licensed processors, distributors, and retailers of cannabis-related products: These companies would have acquired SMJF's processed cannabis and hemp derivatives for further manufacturing, wholesale distribution, or direct retail sale to consumers within regulated markets.
• Pharmaceutical companies: Entities in the pharmaceutical sector might have utilized SMJF's extracts or other cannabis/hemp-derived materials for medicinal research, product development, or inclusion in pharmaceutical formulations.
• Research institutions: Academic or private research organizations could have been customers, procuring cannabis and hemp materials for scientific study and analysis.

While SMJF also mentioned potential future expansion into direct-to-consumer sales through retail dispensaries or e-commerce platforms, its initial focus and primary customer base as a development-stage company were intended to be other businesses within the cannabis and pharmaceutical sectors. No specific customer names or their corresponding stock symbols were disclosed in its public filings, reflecting its development stage and general market approach rather than reliance on a few named major customers.

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Rena Ho, Chief Executive Officer and Executive Director

Rena Ho was appointed CEO of SMJ International Holdings Inc. in January 2014 and has served as an Executive Director. She joined the company in 1997 and leads its strategy and local sales. With over 25 years in the flooring industry, she holds an NTU Business (Hons) degree. She directly owns 40.95% of the company's shares.

Yeen Mei Low, Chief Financial Officer

Yeen Mei Low oversees the finance and human resources functions at SMJ International. Her background includes prior roles in logistics and shipping. She holds a BSc in Applied Accounting (Hons) from Oxford Brookes.

Lay Choo Lee, Chief Operating Officer and Executive Director

Lay Choo Lee joined SMJ International in 1988 and is responsible for overseeing the company's day-to-day operations, purchasing, and inventory management. She has over 30 years of experience in the industry.

Wan Jing Ho, Deputy CEO and Executive Director

Wan Jing Ho joined the company in 1999 and is responsible for export sales and overseas expansion. She is a Certified Accounting Technician (ACCA).

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The key risks for SMJ International (symbol: SMJF) primarily revolve around its financial health and the broader economic environment in which it operates.

1. High Debt Level and Insufficient Debt Coverage: SMJ International Holdings has a net debt to equity ratio of 66%, which is considered high. Furthermore, the company's debt is not well covered by its operating cash flow, with coverage at only 1.4%. This indicates a significant financial risk regarding its ability to manage its debt obligations.
2. Exposure to Economic Volatility: As a premium flooring specialist distributing products across various Asian markets, SMJ International is susceptible to economic fluctuations. Economic volatility can directly impact competition within the industry and affect the company's revenue recognition, especially given its numerous domestic and international customers.
3. Competitive Market Environment: SMJ International operates within the global flooring market, which was valued at $416.56 billion in 2024 and is projected to grow to $646.70 billion by 2032. While growth indicates opportunity, it also suggests an intensely competitive landscape, posing risks from existing competitors and potential new market entrants.

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• Major consumer electronics brands, including those SMJ International distributes, are increasingly investing in and prioritizing direct-to-consumer (D2C) online and offline sales channels. This strategic shift allows brands to capture higher margins, control customer relationships, and gather direct data, potentially reducing their reliance on third-party distributors like SMJ International and diminishing their role in the supply chain.
• The continued rise and dominance of large e-commerce marketplaces (such as Lazada, Shopee, Amazon, Alibaba, and JD.com) in SMJ International's operating regions pose a significant threat. These platforms are rapidly expanding their logistics, warehousing, and direct partnerships with brands, providing more efficient, cost-effective, and direct-to-consumer pathways. This trend threatens to disintermediate traditional distributors by becoming the primary channel for sales and distribution for many brands, either through direct brand integration or by creating intense pricing pressure.

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SMJ International (SMJF) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Geographic Expansion and Market Penetration: The company currently operates in over 20 countries, primarily across Asia, including Malaysia, Indonesia, the Philippines, Hong Kong, and India, among others. Further expansion into new regions or deepening its penetration within existing international markets is anticipated to be a significant revenue driver.
2. Growing Demand for Eco-Friendly and Sustainable Flooring Products: SMJ International is focused on supplying environmentally friendly flooring products to meet the increasing demand for green materials in Asia. This aligns with government initiatives promoting sustainable building practices, positioning this product segment as a key growth area.
3. Strengthening and Expanding the Distribution Network: The company primarily sells its flooring products through an extensive distribution network that includes dealers, importers, and installation companies. Enhancing and expanding this network is expected to lead to increased sales volumes and market reach.
4. Increased Demand from Commercial and Institutional Clients: SMJ International is a recognized flooring specialist serving commercial and institutional clients. Growth in construction and renovation projects within these sectors is likely to translate into higher demand for SMJ's products and services.

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Share Issuance

• SMJ International Holdings Inc. completed its initial public offering (IPO) on December 5, 2025, raising a total of US$10,820,000 in gross proceeds.
• The company initially priced 2,500,000 Class A ordinary shares at US$4.00 per share, generating US$10,000,000 in gross proceeds.
• The underwriter exercised a portion of its over-allotment option, purchasing an additional 205,000 shares, which brought the total gross proceeds to US$10.82 million.

Capital Expenditures

• For the six months ended in March 2025, SMJ International Holdings spent approximately $0.09 million on purchasing property, plant, and equipment.
• In March 2024, the company spent approximately $0.01 million on purchasing property, plant, and equipment.