January 27, 2020

Wu Changjiang was "forced the palace" out of the NVC lighting encounter capital "suspension drama"

There is no reality in the drama. The capital "suspension drama" that happened on NVC Lighting can fully confirm this point. Although Wu Changjiang, the former chairman of the announcement, “has resigned for personal reasons” for a month and a half, the follow-up effect caused by this incident is like rolling snowballs.

Just yesterday, Wu Changjiang’s Weibo overthrew his past remarks, acknowledging that his resignation was forced by the board of directors; NVC’s employee representatives’ closed-door meeting and dealer operation conference were even more fierce quarrels; even eight Liu Qiangdong, chairman of the board of directors of Jingdong Mall, who couldn’t beat the scorpion, also jumped out to express his views and pointed to the investors behind NVC.

Twists and turns in resignation
The incident of the introduction of NVC lighting founder Wu Changjiang to the cusp of the storm was derived from the sudden resignation announcement on May 25. On the same day, NVC Lighting announced that Wu Changjiang had resigned as chairman, executive director and chief executive officer, and all committee committees for personal reasons. The first two positions were succeeded by Zhang Kaipeng, a foreign investor from Safran Asia and Yan Kai and Schneider Electric.

According to the disclosure information of the Hong Kong Stock Exchange, Wu Changjiang’s resignation on the same day, with an average price per share of 1.789 Hong Kong dollars and 1.707 Hong Kong dollars, has reduced NVC lighting 4 million shares and 44.26 million shares, cashing nearly 83 million Hong Kong dollars, the shareholding ratio is 19.97% Dropped to 18.45%. NVC Lighting's share price fell more than 13% on the day. On June 19, Wu Changjiang was absent from the shareholders' meeting held in Hong Kong. The NVC Lighting Board issued a notice to make a clear assessment of the rumors of Wu Changjiang's investigation by the relevant departments and the possible impact on the company.

At this time, the "resignation" incident also ended with Wu Changjiang's personal problems. NVC's current chairman and Safran Asia partner sighed on Weibo. "Why is China's private enterprises not doing much, and it has a great relationship with the institutionalization and transparent management of the company. NVC's development in recent years has been downwind. Shun Shui, this experience should be the pain of growth. After the storm, NVC should be more mature and more competitive. I believe that Mr. Wu will also learn the lesson and complete the modern enterprise manager from the grasshopper hero to mature and self-disciplined. Change. We are all looking forward to and firmly believe."

However, the exposure of an anonymous email to the media soon made the matter addictive. The anonymous e-mail said that it was forced to retreat from the founder of NVC Lighting, Wu Changjiang. "This creates a dangerous and dangerous "upper" precedent in the industry, that is, after the company goes public, the former still can’t stand the stack, and the latter take the initiative to grab the position. ."

Equity change becomes "fire"

The reason why NVC Lighting will be found that the founder has been forced to "force the palace" by investors, in fact, it is not unrelated to the change in the shareholding structure of the company.

According to public information, at the end of 1998, Wu Changjiang invested 450,000 yuan, and Du Gang and Hu Yonghong each invested 275,000 yuan to create NVC lighting. In 2006, Safran Asia invested $22 million in NVC lighting, accounting for 35.71%, close to Wu's 41.8%. After a series of equity changes, Wu’s status as the largest shareholder. In July 2011, Schneider Electric obtained a 9.2% stake in the company from NVC's six shareholders and became the third largest shareholder. At the end of 2011, Safran Asia, Wu Changjiang, Schneider Electric and Goldman Sachs held approximately 18.3%, 15.9%, 9.1% and 5.6%, respectively.

In the equity investment community, the reputation of Yan is not small. He recently proposed three conditions for Wu Changjiang's return to NVC: First, it must explain the investigations to shareholders and the board of directors; second, deal with all related transactions that are not allowed under the supervision rules of listed companies; third, strictly abide by Board Resolution. He explained that Wu Changjiang accepted the assistance of the relevant departments and was very surprised by him and other board members. According to the relevant rules of listed companies in Hong Kong, the lawyer suggested that Wu Changjiang should resign immediately.

In this regard, Wu Changjiang said in Weibo yesterday that he must not accept the "three guilts listed" for himself. "There were many media reports in these two days reprinting the three conditions that Mr. Yu allowed me to return to NVC. In fact, everyone with a discerning eye knows that he is criticizing me and attacking me. First, I said that I have concealed the truth from the board of directors; second, I said that I have improper connected transactions; third, that I do not respect the board of directors. These three crimes are big enough, but I decided "Not at the same time." At the same time, Wu also acknowledged the conflict with the board of directors for the first time on Weibo. "As for the differences in management with the board of directors, this is my fault. I should not agree too much about the industry and have no experience. The person who enters the board of directors will have problems with the layman."

At present, the truth of this incident has yet to be seen, but the stock price of NVC, which is listed on the Hong Kong Stock Exchange, has been falling continuously. It closed at 1.41 Hong Kong dollars with a 6% drop yesterday.

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