SINGAPORE, May 05, 2022 (GLOBE NEWSWIRE) — JOYY Inc. (NASDAQ: YY) (“JOY“or the”Company”, formerly known as YY Inc.), a global video-based social media company, today provides an update on its status under the Foreign Company Liability Act (the “HFCAAs”).
On May 4, 2022, as planned as part of its implementation of the HFCAA, the United States Securities and Exchange Commission (the “SECOND”) has provisionally identified the Company as a Commission Identified Issuer, following the Company’s filing of its Annual Report on Form 20-F for the fiscal year ended December 31, 2021 (the “Form 20-F 2021”) with the SEC on April 29, 2022. The Company anticipates that other U.S.-listed companies in a similar position, with lead auditors headquartered in jurisdictions where the Public Company Accounting Oversight Board (States States) (the “PCAOB”) was unable to conduct inspections, will be added to the Commission’s list of identified issuers after they file their annual reports with the SEC.
Identification is in accordance with the HFCAA, which states that if the SEC determines that a company has filed audit reports issued by a registered public accounting firm that has not been subject to PCAOB inspection for three consecutive years from 2021, the shares or American Depositary Shares (the “ads”) will be prohibited from trading on any national stock exchange or over-the-counter market in the United States. In addition, legislation is being considered in the United States to reduce the number of years without an inspection from three to two years. The company previously disclosed that the independent registered public accounting firm that issued the audit report included in its 2021 Form 20-F is not currently subject to PCAOB inspection.
Since the company began implementing its globalization strategy in 2019, the company’s global operations have grown significantly into a global enterprise operating in a number of markets around the world, including North America. North, Europe, the Middle East, Southeast Asia, and PRC. The Company is currently actively evaluating all available options, to the extent permitted and consistent with all applicable laws, rules and regulations, to protect the interests of its stakeholders.
The Company will continue to closely monitor developments, comply with applicable laws and regulations, and strive to maintain its Nasdaq-listed status.
About JOYY Inc.
JOYY is a leading global social media company that enables users to interact with each other in real time through online live media. With the aim of connecting people and enriching their lives through video, JOYY currently operates several social products, including Bigo Live for live streaming, Likee for short videos, Hago for multiplayer social networks and a product of instant messaging, among others. The company has created a very engaging and vibrant user community for users around the world. JOYY was listed on NASDAQ in November 2012.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” , “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Among other things, JOYY’s strategic and operating plans may contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. . Statements that are not historical facts, including statements about JOYY’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in the forward-looking statements. Further information regarding these and other risks is included in JOYY’s filings with the SEC. All information provided in this press release is as of the date of this press release, and JOYY undertakes no obligation to update any forward-looking statements except as required by applicable law.
Jane Xie/Maggie Yan
Email: [email protected]
Email: [email protected]