Ashurst has advised Joyou AG on securing a USD100 million (approx. €77 million) syndicated loan facility for its wholly-owned subsidiary Hong Kong Zhongyu Sanitary Technology Limited. The coordinating arranger for the loan is Nomura International (Hong Kong) Limited. The purpose of the loan is to repay short-term borrowings and thereby to align Joyou's financing structure with the company's asset structure. In addition, the loan will be used for ongoing investments of the Joyou group, particularly for the expansion of its production facilities.

The Ashurst team comprised lawyers from Frankfurt and Hong Kong. The German team was led by partner Matthias von Oppen and counsel Peter Holst and supported by associate Julius Heusgen and Chinese lawyer Jieyi Xiang (all corporate finance). Partner Matthias Schemuth and the associates Nikki Chong and Tiffany Or from Hong Kong advised on aspects of Hong Kong law. The same Ashurst team had supported Joyou at the end of 2012 on securing a RMB300 million (approx. €37 million) loan from Standard Chartered Bank (Hong Kong) Limited.

Joyou AG is a leading bathroom solutions provider in China. Joyou designs, produces and sells products mainly in China under its brand name "Joyou" and is also engaged as provider for international brands, wholesalers and trading companies in the US, Europe and in several emerging countries. Joyou AG is listed in the regulated market (Prime Standard) of the Frankfurt Stock Exchange. Joyou AG's main shareholder is the Grohe group owning 72,3 per cent. of the company's shares. The remaining shares are free float.

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