http://www.reuters.com/article/2015/05/22/idUSASM000A7F20150522
Chinese ‘Virus’ Spreads To Germany: Meet The Company That Went From Record High To Zero In 1 Week
Tyler Durden on 05/21/2015 13:30 -0400
It appears the frauds, falsehoods, and f##king fallacies are all being exposed at the same time. While we have noted three companies that have collapsed in the last week – destroying their billionaire owners’ wealth in the process – it appears the Chinese capital destruction virus has spread to Germany. Joyou AG – a Chinese affiliate of German bathroom manufacturer Grohe – has collapsed from record highs a week ago to 0, pending bankruptcy, after admitting balance sheet manipulation.
The following ‘real company’ employs over 4000 people in Nan An, China. Jianping “Dorothy” Wu is the CFO. It was a €400 Million company a week ago… And this just happened…
Bloomberg describes the company:
Joyou AG designs, produces and sells faucets and other sanitary ware products in China under its own brand as well as other international brands. The Company’s offers bathroom faucets, kitchen products, shower products as well as other bathroom products and other faucets and sanitary hardware.
Joyou AG says issues notice of loss pursuant to section 92(1) of the german stock corporation act.
Joyou says it must be assumed that a loss of more than half of registered share capital of company has occurred.
Management to convene meeting of shareholders.
Joyou says management board examining whether to file an application for opening of insolvency proceedings.
Joyou says to postpone publication of financial report Q1.
Loss due to extraordinary writedown on shareholding in Hong Kong Zhongyu Sanitary Technology Ltd
* * *
The Chinese ‘truth’ is leaking out to the rest of the world…
For those with questions, here is Ulf Von Lengerich – a European analyst who has a €21 target for the company…
Last but not least, have fun recovering anything in this particular bankruptcy process.
Fri May 22, 2015 1:54am EDT
Related: BANKRUPTCY
BRIEF-Joyou says insolvency application to be filed
May 22 Joyou AG :
* Said on Thursday management board decided to file an application for the opening of insolvency proceedings with the competent local court of Hamburg following the existing over-indebtedness of the company
* Said auditors have notified the company that they have revoked the audit opinion for unconsolidated financial statements for FY 2014, as well consolidated financial statements for FY 2014
* Supervisory board has also removed Jianshe Cai and Jilin Cai as members of the Company’s management board with immediate effect
AsianExtractor: Unearthing Accounting Fraud in Asia 