DGAP-Adhoc

Joyou AG: Insolvency application will be filed / Revocation of audit opinions for the fiscal year 2014 / Change to management board / Examination of legal actions against Jianshe Cai and Jilin Cai

Joyou AG / Key word(s): Insolvency

21.05.2015 21:02

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Joyou AG: Insolvency application will be filed / Revocation of audit
opinions for the fiscal year 2014 / Change to management board /
Examination of legal actions against Jianshe Cai and Jilin Cai

Hamburg, May 21, 2015 - The management board of Joyou AG (the "Company")
has decided today to file an application for the opening of insolvency
proceedings with the competent local court (Amtsgericht) of Hamburg
following the existing over-indebtedness of the Company. Due to the
necessity to completely write down the Company's participation in Hong Kong
Zhongyu Sanitary Technology Limited ("Joyou Hong Kong") as well as existing
guarantee obligations of the Company in the aggregate amount of USD
300.000.000 with respect to the credit facility in the amount of USD
300.000.000 granted by creditors to Joyou Hong Kong, the Company is
over-indebted.

By letter as of today, the auditors of the Company, Warth & Klein Grant
Thornton AG, have notified the Company that they have revoked

- the audit opinion as of March 6, 2015, for the Company's unconsolidated
financial statements (Jahresabschluss) for the fiscal year 2014, as
well as

- the audit opinion as of March 16, 2015, for the Company's consolidated
financial statements (Konzernabschluss) for the fiscal year 2014.

By decision of today, the supervisory board of the Company has also removed
Jianshe Cai and Jilin Cai as members of the Company's management board with
immediate effect and is considering taking comprehensive legal actions
against them.

The Management Board

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Joyou AG
Gasstrasse 18, Haus 6A
22761 Hamburg
Germany
ISIN: DE000A0WMLD8
WKN: A0WMLD

For further information, please contact:

Matthias Poth
c/o HERING SCHUPPENER
[e-mail]
[phone] (mobile)
[phone] (land line)


21.05.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: Joyou AG
Gasstraße 18, Haus 6 A
22761 Hamburg
Germany
Phone:
Fax:
E-mail: [e-mail],[e-mail]
Internet: www.joyou.de
ISIN: DE000A0WMLD8
WKN: A0WMLD
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart

End of Announcement DGAP News-Service

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