J-Star Applauds the Cooperation of Nasdaq and Ho Chi Minh City to Develop an International Financial Center in Vietnam

TAICHUNG CITY, Taiwan, Oct. 20, 2025 (GLOBE NEWSWIRE) -- J-Star Holding Co., Ltd. (Nasdaq: YMAT) (“J-Star” or the “Company”), a leading provider of innovative carbon fiber and composite solutions across a wide range of applications including personal sports equipment, healthcare products, automobile parts, resin systems, and research and development services, welcomes the Memorandum of Understanding (MoU) between Nasdaq and the Ho Chi Minh City leadership. The landmark agreement is aimed at jointly developing a Vietnam International Financial Center (IFC) in Ho Chi Minh City, a strategic collaboration that aligns with J-Star’s long-term growth plans in the region.

Commented Sam Van, CEO of J-Star, who was instrumental in this strategic partnership and who attended the signing ceremony, “We applaud the vision and cooperation demonstrated by Nasdaq and Ho Chi Minh City. This strategic collaboration marks an important milestone in expanding the economic cooperation between companies in the United States, Vietnam and adjacent regions. We believe Vietnam’s promising growth trajectory in advanced materials and sustainable technologies makes it a natural fit for J-Star’s expansion, particularly to support the fast-growing sport of pickleball.”

Vietnam: A Strategic Market for Carbon Fiber Innovation

J-Star views Vietnam as a high-potential market for its proprietary carbon fiber material science, especially in sectors demanding lightweight, high-strength, and performance-oriented composites. Currently, Vietnam is undergoing a rapid modernization of infrastructure, manufacturing, and clean technology, and presents a productive environment for J-Star’s R&D, production, and partnerships.

The establishment of a robust International Financial Center in Vietnam is expected to accelerate capital flows, international investment, and technology transfer — factors that further enhance Vietnam’s appeal as a hub for advanced materials, green technologies, and high-value manufacturing.

Pickleball’s Growing Popularity as a Cultural Lever

Vietnam has been enjoying rapidly growing participation in pickleball, a paddle sport that relies heavily on lightweight, high-strength composite paddles. Local media reports estimate that tens of thousands of Vietnamese have taken up the sport in recent years, particularly in major cities like Ho Chi Minh City and Hanoi, with introductory events and court adoption growing rapidly. In fact, Vietnam has been recognized as a leading country in Asia for pickleball development. In competitive circuits, Vietnam recently held its first major DUPR-rated tournament and first PPA Tour Asia (MB Vietnam Open), signaling growing maturity in the sport’s infrastructure.

As pickleball spreads across Vietnam, from clubs in Ho Chi Minh City to recreational courts in suburbs, demand for premium composite paddles is expected to rise.

The trend underscores local demand for advanced materials like carbon fiber in sporting goods. J-Star is uniquely positioned to support that growth by providing advanced paddle materials and next-gen composite designs tailored to transitional tennis players and competitive athletes alike.

Details of the Nasdaq — Ho Chi Minh City MoU

The MoU marks a joint commitment to building Vietnam’s IFC in Ho Chi Minh City, leveraging Nasdaq’s expertise in financial technology, global capital markets, investor networks, and credibility. Under terms of the agreement, Nasdaq will assist in training human resources, technology transfer in fintech, capacity building in capital markets, and supporting global investment flows into Vietnam. Ho Chi Minh City is preparing legal frameworks and urban planning for the IFC, including designating land in newly developed districts and areas such as Thu Thiem.

J-Star (through its YMA subsidiary) has manufactured racquets for several leading global brands and recently launched its first company owned pickleball paddle, Horizon. Visit ymapaddles.com for more information about J-Star and its pickleball products.

About J-Star Holding Co., Ltd.

J-Star (NASDAQ: YMAT) is a holding company with operations conducted through subsidiaries in Taiwan, Hong Kong, and Samoa with its headquarters in Taiwan. J-Star’s predecessor group was established in 1970, and has accumulated over 50 years of know-how in material composites industry. J-Star develops and commercializes the technology on carbon reinforcement and resin systems. With decades of experience and knowledge in composites and materials, J-Star is able to apply its expertise and technology to design and manufacture a great variety of lightweight, high-performance carbon composite products, ranging from key structural parts of electric bicycles and sports bicycles, rackets, automobile parts to healthcare products. Visit j-starholding.com and ymaunivers.com to learn more.

Forward Looking-Statements

Certain statements contained in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the final prospectus filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Any forward-looking statements contained in this press release speak only as of the date hereof, and J-Star specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Contact:
Matt Chesler, CFA
FNK IR
646-809-2183
investor@j-starholding.com

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/a78b9687-2e0b-4544-9ca5-64a2a7fd9237

https://www.globenewswire.com/NewsRoom/AttachmentNg/cde76ccd-693a-404a-8162-12a192313b49

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Chairman of the Ho Chi Minh City People’s Committee Nguyen Van Duoc and J-Star CEO Sam Van Celebrate on the Podium During Nasdaq Bell Ringing Ceremony

Chairman of the Ho Chi Minh City People’s Committee Nguyen Van Duoc Greets J-Star CEO Sam Van at Nasdaq Headquarters Overlooking Times Square

Nasdaq Marquee in Times Square, New York City, Applauding the Landmark Partnership Between Nasdaq and the Ho Chi Minh City

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