China Strategic Technology Group Limited/ADR (USPCY)
China Strategic Technology Group Limited (CSTGL) functions as an investment holding enterprise with a dual emphasis on electronics manufacturing services (EMS) and aerospace ventures. The company provides a broad spectrum of EMS solutions internationally, serving regions such as the People's Republic of China, the United States, India, South Korea, Hong Kong, Germany, Vietnam, and Australia. Its electronics manufacturing offerings encompass comprehensive support, ranging from design optimization and validation, technical consulting, and engineering solutions to raw material procurement, quality assurance, logistics, and post-sale services. CSTGL specializes in the assembly and production of printed circuit board assemblies (PCBAs) and complete electronic products for sectors including banking and finance, telecommunications, and smart devices. Key fully assembled products include mobile phones, mobile point-of-sale systems, photovoltaic inverters, tablets, and street lamp controllers. Beyond EMS, CSTGL's aerospace division is actively involved in satellite manufacturing, component production for satellites, precision electronics for aerospace applications, satellite data services, telemetry, tracking, and control (TT&C) operations, as well as satellite launching. Founded in 2017 and based in Wong Chuk Hang, Hong Kong, the company was formerly known as USPACE Technology Group Limited, changing its name to China Strategic Technology Group Limited in November 2025. CSTGL operates as a subsidiary of Hong Kong Aerospace Technology Holdings Limited.
Sector: Engines & Turbines
Industry: Hardware, Equipment & Parts
China Strategic Technology Group Limited
OTC:USPCYTechnology · Hardware, Equipment & Parts
-31.96%$0.3932
Mkt Cap-
Float35.2M
O/S-
Inst Own-
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$96.35M
Net Income-$48.78M
Total Assets$52.45M
Free Cash Flow-$6.18M
Debt & Equity
Debt 133%
Total Debt$54.61M
Total Equity-$13.54M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in USPCY's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$52.45M
Liabilities$91.93M
Accounts Receivable$25.6M
Accounts Payable$12.68M
Inventory$2.83M
PP&E (Net)$7.53M
Goodwill$0
Intangible Assets$366K
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 |
| Revenue | $96.35M | $47.36M | $89.01M | $95.29M | $97.51M | $82.16M | $81.93M | $81.99M | $55.51M | $40.17M | $27.43M |
| YoY Growth | 103.4% | -46.8% | -6.6% | -2.3% | 18.7% | 0.3% | -0.1% | 47.7% | 38.2% | 46.4% | - |
| Cost of Revenue | $90.62M | $40.14M | $79.3M | $91.39M | $91.95M | $74.72M | $72.86M | $72.12M | $46.46M | $33.05M | $22.25M |
| Gross Profit | $5.73M | $7.22M | $9.7M | $3.91M | $5.57M | $7.44M | $9.07M | $9.87M | $9.05M | $7.13M | $5.19M |
| Gross Margin | 5.9% | 15.2% | 10.9% | 4.1% | 5.7% | 9.1% | 11.1% | 12.0% | 16.3% | 17.7% | 18.9% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $314K | $301K | $370K | $70K | $1.09M |
| Selling, General, and Administrative | $24.41M | $30.28M | $40.74M | $24.69M | $12.92M | $5.43M | $5.04M | $6.54M | $4.19M | $568K | $539K |
| Other | -$988K | $14.5M | $76K | $341K | -$420K | -$1.06M | -$819K | -$853K | -$678K | $2.33M | $477K |
| Total Operating Expenses | $23.42M | $44.78M | $40.81M | $25.03M | $12.5M | $4.37M | $4.53M | $5.99M | $3.88M | $2.97M | $2.11M |
| Operating Income (EBIT) | -$17.69M | -$37.56M | -$31.11M | -$21.12M | -$6.94M | $3.07M | $4.54M | $3.88M | $5.17M | $4.16M | $3.08M |
| Operating Margin | -18.4% | -79.3% | -35.0% | -22.2% | -7.1% | 3.7% | 5.5% | 4.7% | 9.3% | 10.4% | 11.2% |
| Interest Expense | $2.97M | $2.62M | $2.94M | $1.9M | $180K | $65K | $187K | $79K | $92K | $142K | $274K |
| Interest Income | $39K | $28K | $54K | $84K | $75K | $84K | $56K | $19K | $15K | $5K | $4K |
| Other Income (Expense) | -$51.54M | -$2.6M | -$2.89M | -$1.82M | -$104K | -$18K | -$160K | -$84K | -$105K | -$160K | -$294K |
| Income Before Tax (EBT) | -$69.23M | -$40.16M | -$34M | -$22.94M | -$7.04M | $3.05M | $4.38M | $3.8M | $5.06M | $4M | $2.79M |
| Income Tax Expense | $268K | $124K | -$585K | $196K | $917K | $451K | $559K | $710K | $786K | $692K | $690K |
| Net Income | -$48.78M | -$29.69M | -$31.66M | -$23.14M | -$7.96M | $2.6M | $3.82M | $3.09M | $4.28M | $3.31M | $2.1M |
| Net Income Margin | -50.6% | -62.7% | -35.6% | -24.3% | -8.2% | 3.2% | 4.7% | 3.8% | 7.7% | 8.2% | 7.6% |
| Supplementary Data | |||||||||||
| EPS | -6.05 | -0.53 | -0.68 | -0.50 | -0.18 | 0.06 | 0.08 | 0.08 | 0.10 | 0.07 | 0.05 |
| Diluted EPS | -6.05 | -0.53 | -0.68 | -0.50 | -0.18 | 0.06 | 0.08 | 0.08 | 0.10 | 0.07 | 0.05 |
| Weighted Average OS | 53.75M | 375.02M | 309.62M | 309.00M | 301.31M | 300.00M | 300.00M | 253.36M | 300.00M | 300.00M | 300.00M |
| EBITDA | -$53.24M | -$10.77M | -$20.7M | -$14.12M | -$4.34M | $5.12M | $6.01M | $4.33M | $5.56M | $4.88M | $4.38M |
| EBITDA Margin | -55.3% | -22.7% | -23.3% | -14.8% | -4.4% | 6.2% | 7.3% | 5.3% | 10.0% | 12.2% | 16.0% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 |
| Assets | |||||||||||
| Current Assets | |||||||||||
| Cash and Cash Equivalents | $5.05M | $4.31M | $10.53M | $6.22M | $13.71M | $26.83M | $16.17M | $20.65M | $7.97M | $3.19M | $4.33M |
| Short-Term Investments | $326K | $376K | $375K | $244K | $21K | $14K | $2.39M | $10K | $662K | $3.04M | $1.9M |
| Cash and Short-Term Investments | $5.38M | $4.31M | $10.91M | $6.46M | $13.73M | $26.84M | $18.57M | $20.65M | $8.63M | $6.22M | $6.23M |
| Accounts Receivable | $25.6M | $13.69M | $25.52M | $19.11M | $21.56M | $16.81M | $24.2M | $18.53M | $10.66M | $12.11M | $7.95M |
| Inventory | $2.83M | $4.68M | $16M | $19.38M | $24.28M | $12.08M | $7.88M | $7.31M | $4.72M | $3.24M | $3.32M |
| Other Current Assets | $0 | $19.66M | $4.36M | $34.68M | $7.43M | $9.57M | $3.29M | $1.92M | -$561K | $1.38M | $843K |
| Total Current Assets | $44.2M | $53.91M | $59.55M | $82.62M | $74.6M | $65.31M | $53.93M | $48.41M | $24.91M | $22.95M | $18.34M |
| Long-Term Assets | |||||||||||
| Property, Plant & Equipment Net | $7.53M | $64.54M | $104.07M | $95.1M | $64.21M | $18.26M | $11.78M | $7.69M | $2.08M | $1.7M | $2.38M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $366K | $621K | $746K | $826K | $118K | $192K | $260K | $243K | $222K | $258K | $0 |
| Long-Term Investments | $0 | $0 | $138K | $176K | $0 | $0 | $11.95M | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $186K | $427K | $567K | $474K | $35K | $209K | $89K | $75K | $163K | $178K | $324K |
| Other Long-Term Assets | $163K | $7.68M | $8.69M | -$474K | -$35K | -$209K | -$12.04M | $68K | $60K | $50K | $59K |
| Total Long-Term Assets | $8.24M | $72.84M | $113.64M | $96.1M | $64.33M | $18.46M | $12.04M | $8.07M | $2.52M | $2.18M | $2.76M |
| Other Assets | $0 | $0 | $0 | $5.34M | $2.24M | $2.58M | $690K | $0 | $0 | $0 | $0 |
| Total Assets | $52.45M | $126.75M | $173.19M | $184.06M | $141.17M | $86.35M | $66.67M | $56.48M | $27.43M | $25.14M | $21.11M |
| Liabilities | |||||||||||
| Current Liabilities | |||||||||||
| Accounts Payable | $12.68M | $9.26M | $12.77M | $15.52M | $26.41M | $29.46M | $19.12M | $16.14M | $8.34M | $7.98M | $4.96M |
| Short-Term Debt | $23.45M | $30.7M | $70.77M | $33.45M | $20.87M | $870K | $2.46M | $330K | $750K | $1.85M | $3.09M |
| Current Income Tax Payable | $1.71M | $0 | $1.57M | $1.18M | $1.97M | $1.22M | $2.01M | $1.16M | $725K | $1.34M | $935K |
| Current Unearned Revenue | $0 | $0 | $0 | $2.9M | $6.76M | $4.98M | $2.33M | $1.16M | $1.73M | $252K | $935K |
| Other Current Liabilities | $12.38M | $20.07M | $14.52M | $28.68M | $5.15M | $5.06M | $1.89M | $3.52M | $1.17M | $5.18M | $6.33M |
| Total Current Liabilities | $73.17M | $78.16M | $110.44M | $93.37M | $66.26M | $44.01M | $30.97M | $25.1M | $14.48M | $18.35M | $17.63M |
| Long-Term Liabilities | |||||||||||
| Long-Term Debt | $6.41M | $9.33M | $7.65M | $25.14M | $9.52M | $3.14M | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $502K | $974K | $1.35M | $1.83M | $1.5M | $1.65M | $193K | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $123K | $123K | $119K | $614K | $198K | $0 | -$193K | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $3.33M | $4.55M | $3.34M | $1.26M | $1.7M | $0 | $193K | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $18.76M | $28.16M | $32.26M | $53.82M | $16.19M | $4.8M | $282K | $0 | $0 | $0 | $0 |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $91.93M | $106.32M | $142.69M | $147.19M | $82.45M | $48.81M | $31.25M | $25.1M | $14.48M | $18.35M | $17.63M |
| Stockholders' Equity | |||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $811K | $673K | $413K | $404K | $404K | $393K | $393K | $393K | $0 | $0 | $0 |
| Retained Earnings | -$123.96M | -$73.7M | -$44M | -$12.34M | $10.8M | $18.76M | $16.16M | $11.05M | $9.29M | $5.01M | $1.7M |
| Comprehensive Income & Other | $0 | $19.26M | $20.8M | $3.15M | $1.85M | $1.76M | $2.24M | $3.33M | $1.84M | $1.78M | $1.78M |
| Other Stockholders' Equity | $109.6M | $99.25M | $69.73M | $48.81M | $47.52M | $18.38M | $18.87M | $19.95M | $3.67M | $1.78M | $1.78M |
| Total Equity | -$13.54M | $26.22M | $26.14M | $36.87M | $58.72M | $37.54M | $35.42M | $31.39M | $12.95M | $6.79M | $3.48M |
| Minority Interest | -$25.94M | -$5.79M | $4.36M | -$150 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $78.38M | $132.54M | $168.84M | $184.06M | $141.17M | $86.35M | $66.67M | $56.48M | $27.43M | $25.14M | $21.11M |
| Supplementary Data | |||||||||||
| Total Debt | $54.61M | $64.93M | $103.71M | $88.71M | $36.58M | $4.9M | $4.06M | $1.97M | $750K | $1.85M | $3.09M |
| Net Debt | $49.56M | $60.62M | $93.18M | $82.49M | $22.87M | -$21.93M | -$12.12M | -$18.67M | -$7.22M | -$1.34M | -$1.24M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 |
| Operating Activities | |||||||||||
| Net Income | -$69.23M | -$29.69M | -$34M | -$23.14M | -$7.96M | $2.6M | $3.82M | $3.8M | $5.06M | $4M | $2.79M |
| Depreciation & Amortization | $13.02M | $11.33M | $10.36M | $6.92M | $2.52M | $1.93M | $1.5M | $451K | $405K | $739K | $1.32M |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $2.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | |||||||||||
| Accounts Receivable | -$3.7M | $6.12M | -$4.73M | -$303K | -$11.22M | $6.51M | -$5.84M | -$7.72M | $1.42M | -$4.13M | $2.07M |
| Inventory | $879K | $4.36M | $4.87M | $2.68M | -$11.93M | -$4.17M | -$521K | -$2.87M | -$1.63M | -$56K | -$3.2M |
| Accounts Payable | $0 | $0 | $0 | -$1.42M | -$1.68M | $6.03M | $1.5M | $7.72M | $0 | $0 | $0 |
| Other Working Capital | $2.9M | -$5.67M | $2.11M | $1.42M | $1.68M | -$6.03M | -$1.5M | $1.17M | -$835K | -$605K | $258K |
| Total Working Capital Change | $75K | $4.81M | $2.25M | $2.38M | -$23.15M | $2.34M | -$6.36M | -$1.69M | -$1.05M | -$4.79M | -$868K |
| Other Non-Cash Items | $52.16M | $9.97M | -$639K | -$105K | $2.06M | $7.15M | $2.51M | -$208K | -$39K | $3.28M | $2.32M |
| Net Cash from Operating | -$3.97M | -$3.57M | -$19.93M | -$13.95M | -$26.52M | $14.02M | $1.47M | $2.35M | $4.37M | $3.23M | $5.56M |
| Investing Activities | |||||||||||
| Capital Expenditures | -$2.21M | -$1.43M | -$28.49M | -$29.18M | -$38.59M | -$6.37M | -$706K | -$6.06M | -$781K | -$354K | -$335K |
| Acquisitions | $2.74M | $0 | $0 | $285K | $0 | $0 | $0 | $0 | -$18K | -$264K | $0 |
| Purchases of Investments | -$11.92M | $0 | $0 | -$1.27M | $0 | $0 | -$1.37M | $0 | -$9.42M | -$16.9M | -$8.05M |
| Sales of Investments | $11.6M | $0 | $0 | $990K | $0 | $1.37M | $0 | $0 | $12.47M | $15.74M | $6.2M |
| Other Investing Activities | $665K | $4.98M | $10.43M | $84K | -$2.44M | $1.66M | -$3.92M | $172K | $187K | $335K | $7K |
| Net Cash from Investing | $873K | $3.55M | -$18.06M | -$29.09M | -$41.03M | -$3.34M | -$6M | -$5.89M | $2.43M | -$1.45M | -$2.18M |
| Financing Activities | |||||||||||
| Debt Repaid | -$870K | $10.5M | -$5.27M | -$17.23M | $3.29M | -$233K | -$1.16M | -$1.68M | -$1.85M | $1.25M | -$519K |
| Common Stock Issuance | $8.95M | $29.29M | $3.08M | $0 | $29.18M | $0 | $0 | $17.19M | $1.82M | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$1.17M | -$25.85M | $14.42M | $17.68M | -$1.45M | $238K | -$1.28M | -$2.79M | -$5.6M | -$1.7M | -$2.15M |
| Net Cash from Financing | $3.49M | -$7.06M | $41.99M | $34.91M | $54.32M | $472K | -$121K | $16.07M | -$1.93M | -$2.95M | -$1.63M |
| Forex Effect | $352K | $855K | $308K | $702K | $116K | -$494K | $171K | $150K | -$101K | $17K | $108K |
| Net Change in Cash | $745K | -$6.22M | $4.31M | -$7.49M | -$13.12M | $10.65M | -$4.47M | $12.68M | $4.78M | -$1.15M | $1.85M |
| Supplementary Data | |||||||||||
| Operating Cash Flow | -$3.97M | -$3.57M | -$19.93M | -$13.95M | -$26.52M | $14.02M | $1.47M | $2.35M | $4.37M | $3.23M | $5.56M |
| Capital Expenditure | -$2.21M | -$1.43M | -$28.54M | -$29.18M | -$38.59M | -$6.37M | -$706K | -$6.06M | -$781K | -$354K | -$335K |
| Free Cash Flow | -$6.18M | -$5M | -$48.47M | -$43.13M | -$65.11M | $7.65M | $768K | -$3.71M | $3.59M | $2.87M | $5.22M |
| Cash at Beginning | $4.31M | $10.53M | $6.22M | $13.71M | $26.83M | $16.17M | $20.65M | $7.97M | $3.19M | $4.33M | $2.48M |
| Cash at End | $5.05M | $4.31M | $10.53M | $6.22M | $13.71M | $26.83M | $16.17M | $20.65M | $7.97M | $3.19M | $4.33M |