Joyou

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Joyou AG

logo
legal form Corporation
founding 1988
Seat Hamburg , Germany
management Marc Odebrecht,
insolvency administrator
Number of employees 4,083 (2014)
sales 398.12 million euros (2014)
Branch Sanitary
Website www.joyou.com

Joyou is a German-Chinese manufacturer of fittings for the bathroom and kitchen as well as shower systems and other products for domestic sanitary requirements. The Joyou Group designs, produces and sells private label products mainly in China for the Chinese market. It is also a manufacturer for international plumbing companies and wholesalers.

The companies of the Joyou Group are 100% owned by Joyou AG, a stock corporation under German law with headquarters in Hamburg . The operative business is controlled from Nan'an in the Chinese province of Fujian. The Joyou Group is more than 72% owned by the German sanitary fittings manufacturer Grohe , whose products Joyou sells under license in China. In early 2013, sales in China (including Grohe products) accounted for 87% of Joyou's sales, while international sales increased sharply. In 2011 Joyou had a market share of 14.4% in the Chinese faucet segment. At the end of 2014, Joyou operated 4,180 sales outlets.

history

The first predecessor company of today's Joyou Group was founded in 1988 under the name "Fujian Nan'an Fuxin Water-Warmth Appliances & Material Factory". The Joyou brand was introduced in 1995. At the beginning of the 2000s, the company shifted its focus from producing for Chinese wholesalers to selling its own brand and established a sales network in the domestic market. In the second half of the 2000s, growth was rapid: in 2008 Joyou saw sales increase by over 200% and was one of the sponsors of the Beijing Olympic Games . In 2010, Joyou was the first Chinese manufacturer of sanitary fittings to go public on the Frankfurt Stock Exchange. The IPO brought the company 105 million euros.

In spring 2011, Grohe AG, which at the time already held 32.58% of Joyou shares, made a successful takeover offer for Joyou AG. In 2013, the main shareholder Grohe increased its stake to 72.3% as part of a share swap.

On April 27, 2015, Joyou was suspected of tampering with his balance sheets. The share then lost more than 80 percent of its value. A special investigation revealed that Joyou had consumed more than half of the share capital. On May 21, 2015, Joyou filed for insolvency proceedings with the Hamburg District Court . This was justified with a write-off on the investment in a Hong Kong company. The share then sank another 86%. The bankruptcy proceedings were opened on July 16, 2015. At the same time, an application was made to change the listing from the Prime Standard to the General Standard .

Web links

Individual evidence

  1. ↑ a b c http://www.joyou-ir.com/ir/2014fy/DE_Joyou%20AG_GB%202014.pdf  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.@1@ 2Template: Dead Link / www.joyou-ir.com  
  2. ↑ Joyou: Corporate structure ( Memento of the original from April 16, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.joyou.de
  3. ↑ Joyou: Interim Report Q1 / 2013  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. (PDF; 462 kB)@1@ 2Template: Dead Link / www.joyou.de  
  4. ↑ Joyou: Annual Report 2012  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. (PDF; 2.6 MB)@1@ 2Template: Dead Link / www.joyou.de  
  5. ↑ No way sweet and sour: Joyou's sparkling stock market debut . In: n-tv online , March 30, 2010. Accessed June 16, 2013.
  6. ↑ Joyou takeover: How Grohe wants to attack the Asian competition . In: Handelsblatt , May 16, 2011. Retrieved June 16, 2013.
  7. ↑ Grohe is examining stock market options: No specific plans for financial investors to exit . In: FAZ , May 4, 2013. Retrieved June 16, 2013.
  8. ↑ http://www.handelsblatt.com/unternehmen/industrie/sonderuntersbeispiel-bei-joyou-grohe-t Nahrungsmittel-im-visier-der-buchpruefer/ 11694446.html
  9. ↑ Archive link ( Memento of the original from July 21, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.joyou.de
  10. ↑ Grohe subsidiary - bathroom fittings manufacturer Joyou files for bankruptcy. Handelsblatt , May 21, 2015, accessed on May 22, 2015 .
  11. ↑ Archive link ( Memento of the original from July 28, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.finanztreff.de