[Text / high-tech LED Xu Chaopeng] NVC lighting (02222.HK), which has been suspended for more than a year, fell 34.66% after the resumption of trading on October 26, down 0.61 Hong Kong dollars to close at 1.15 Hong Kong dollars. The stock was suspended on August 8 last year and plunged after the resumption of trading. The biggest decline was once 40%.
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In the case of the shareholder control battle and the founder Wu Changjiang suspected of misappropriating the company's funds, the NVC lighting announcement stated that all resumption conditions were reached. Unsurprisingly, the company's share price plummeted 35% after the resumption of trading, and fell by as much as 43%.
Investors in the secondary market become losers. NVC Lighting has been on the market for five years, and its share price has fallen by nearly 40% compared with the previous offer price of HK$2.1. Except for the short-term honeymoon period that was introduced in the first half of the year and the introduction of Dehao Runda at the end of 2012, more are slowly bears. The way, the stock price is sluggish.
In the announcement of NVC Lighting's "Resumption and Resumption of All Resumption Conditions" disclosed on October 23, the name of NVC's founder Wu Changjiang was mentioned again.
The announcement pointed out that Wu Changjiang allegedly entered into a pledge and guarantee agreement and the so-called licensing agreement, as well as the funds freeze and withdrawals under the so-called agreement, collectively referred to as "violation", while NVC took a number of measures to deal with the violation, among which the company Wu Changjiang was dismissed from various positions in the NVC Group and no longer held any duties. He also filed legal proceedings against Wu Changjiang and communicated with the other parties in the so-called 20-year license agreement.
Of course, these treatments for Wu Changjiang can only be counted as old things, and these are not the main purpose of this announcement. The focus of the announcement is “14 pledges and guarantee agreements concluded by Mr. Wu on behalf of NVC Lighting (China) Co., Ltd. (NVC China) and “2.85 due to these 14 pledges and guarantee agreements†100 million yuan provision."
It is understood that NVC China has established 14 so-called pledge and guarantee agreements. Due to the default of related loans, a total of 550 million yuan has been withdrawn from several banks. In the end, a total of 265 million yuan of non-existence (Chongqing Promise Real Estate Development Limited) The company's outstanding receivables are considered recoverable, so a provision of RMB 285 million is made for irrecoverable amounts.
“In terms of potential maximum credit risk, NVC Lighting has provided a total of 285 million RMB for 14 so-called pledges and guarantee agreements in 2014, and the potential losses include if you cannot recover any money from Wu Changjiang and Wuji. A loss of about 265 million yuan, in addition, China Construction Bank's claim against NVC China may result in an interest loss of about 60 million yuan," said a person familiar with the matter.
"Dust to the dust, soil to the soil", after the curtain of the NVC squad, a chicken feather, in the battle for control of the comparable drama, there is no winner, but the murder of the founder Wu The Yangtze River became the ultimate loser.
Some insiders joked that he became the only entrepreneur in the history of China's industrial history who was driven out by the capital party three times. Wang Donglei, who took over the hot potato of NVC, is at least a winner at the moment. After the shareholder battle Reconstruction after the disaster is a long way to go...
Attached to Wu Changjiang's "three out" NVC's magical experience:
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Sad Heroes - Wu Changjiang
First time to leave:
In 1998, Wu Changjiang and his two students founded NVC Lighting, which invested 450,000 yuan, accounting for 45% of the shares; the other two founding shareholders Du Gang and Hu Yonghong contributed 275,000 yuan respectively, accounting for 55% of the total.
In 2005, due to business differences, Wu Changjiang was forced to give up all the shares and took 80 million yuan to leave NVC lighting.
The ending: Under the support of the dealers, Wu Changjiang regained the NVC lighting. The first storm returned to Wu Changjiang, and Du Gang and Hu Yonghong each took 80 million yuan to leave NVC.
Second departure:
In May 2010, NVC Lighting was listed in Hong Kong. In the meantime, in order to pay off the 160 million yuan equity transfer payment within six months, Wu Changjiang introduced financial investors such as Softbank Safari and Goldman Sachs and Schneider Electric. By 2011, Wu Changjiang’s stake in NVC was only 15.33%. Saifu, who is in charge of the company, holds 18.48% of the shares.
On May 25, 2012, two years after the listing of NVC Lighting, Wu Changjiang once again encountered a forced palace: NVC's announcement caused an uproar, and the company's founder Wu Changjiang resigned from the company's chairman and all other positions for personal reasons. The chairman of the board of directors was the chief partner of NVC, the chief shareholder of the company, and the chief partner of the investor, Safran Investment Fund.
Ending: Since then, Wu Changjiang has “declared war†to the board of directors of the company with a “resigned resignation†Weibo, requesting to return to NVC. On July 12, NVC dealers staged a strong drama to force Wu Changjiang; on July 13, NVC lighting staff stopped working and protested nationwide; on July 27, NVC operators held a mobilization meeting to start another stove and many other incidents.
Until September 4, NVC Lighting announced that the board of directors decided to set up a temporary operation committee. The board of directors appointed Wu Changjiang as the head of the company's temporary operation committee. The operation committee manages the daily operation of the company, and the NVC lighting storm has come to an end.
In the end, the "NVC storm" ended in reconciliation, but in this infighting for nearly half a year, the founders and investors have a tit-for-tat relationship with the corporate management philosophy. The market value of NVC has shrunk by more than half, and the business performance of NVC has been affected. A great blow, such a result, both for the founder and the investor, ushered in a "double lose" situation.
The third time left:
After Wu Changjiang returned to the management of NVC, in order to regain control, Wu found Wang Donglei, chairman of Dehao Runda, and signed a "secret agreement" to form an alliance. Subsequently, Wang Donglei became a shareholder of NVC and assisted Wu Changjiang to return to the board of directors as CEO.阎焱 is another stalker.
After becoming the largest shareholder of NVC, Wang Donglei has deepened the financial and business integration of Dehao and NVC, including the transfer of NVC's core business T8 support into DHL Runda, which contributes 20% of the company each year. Income.
The ending: A series of incidents caused Wu Changjiang's great dissatisfaction. For the company's management rights, the two sides began to fight in the dark until the final fight. In this battle, Wu Changjiang finally lost his rivers and lakes. On October 28, 2014, the police intervened in NVC lighting, Wu Changjiang was suspected of misappropriating funds and was investigated. On January 12, 2015, Wu Changjiang was formally arrested by the Huizhou Municipal Public Security Bureau.
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