They sell enough crap (Boker Magnum and the like) that they would be ok. It wouldn't necessarily be their fault either, they are going off what a manufacturer says. I just have a real hard time believing that a company with a sketchy background is actually using real, honest to goodness CPM S35VN, rather than some sort of Chinese approximate.
If they are, that's fine. Just don't advertise it as S35VN. If they were using some sort of equivalent, I'm sure it would perform well, provided that they actually know/care how to properly process and heat treat the steel. From what I have heard from some individuals (Chinese individuals mind you), a lot of Chinese manufacturers cannot properly heat treat VG-10.
They have stated on a few forums posts and I think even on their site that they import the blade steels they use. I'm impressed that between importing the products overseas, production, and shipping overseas they still see any kind of profit at the price point we are encountering on this side of the world. I wonder how much they actually spend on materials and production...!
Heck, US manufacturers import Elmax, M390, N690, N680, Vanax, and K390 from Germany. How long do you think it'll be before we start seeing Chinese manufacturers buying from Bohler-Uddeholm? I wouldn't assume it would be very long at this rate.
As a sort of aside, it's interesting that it's not just a probability but a guarantee that any conversation about knives made by Chinese manufacturers will either involve or devolve into purely speculative criticisms from people who are just unwilling to accept that a Chinese manufacturer could produce cheap yet high quality knives. My favorite email exchange with someone involved the person bashing anything made in China, saying how it was all trash and he would never buy anything made there, and at the end of the email was the automatically-added tagline "sent from my iPhone."
People will praise the build quality of the Tenacious in one breath and state that anything made in China is garbage with the next. I hate to burst your respective xenophobic bubbles, but not all manufacturers in one country are the same. There are good and bad US manufacturers and Chinese manufacturers. Buck, for example, while made in the US, can't get consistent quality control on their Vantage lineup anywhere near, say, SanRenMu or Enlan keeps theirs on knives 1/2 to 1/4 the price.
I've started and been a part of many threads on this subject, and there might be a page or two of good discussion and feedback before it becomes somewhat racist and very xenophobic, with people discounting anything made in China out of hand without considering the possibility of exceptions. I understand that cheap Chinese manufacturing has been the go-to for many companies who want to produce poorly-made things for a quick buck, but your experience with having seen many low-quality items marked "Made in China" does not mean that is the height of every Chinese manufacturer's abilities or standards.
Anyway, I'm literally about to go to the post office to pick up my first Kizer that just arrived today. I'll fiddle with it for a while and see what I can tell you guys about it.