"The NVC storm has passed." At the media meeting held in Zhuhai on November 5, Wang Donglei, the chairman of the two companies, Dehao Runda (002005.SZ) and NVC Lighting (02222.HK) Say. The previous day, NVC Lighting's major shareholder Dehao Runda has issued an announcement saying that the NVC Lighting Board has taken over the Chongqing Wanzhou base.
Wang Donglei also said that this will be the beginning of the next step of deep integration. The other side of NVC, NVC lighting founder Wu Changjiang said publicly, "It is too early to say that he (Wang Donglei) controls NVC."
Listed companies compete for the end
At the same time that the board of directors took over the Wanzhou base, NVC Lighting also adjusted the management personnel of the Wanzhou base, eliminating the former Zhang Yongyu, the former general manager of Chongqing NVC Lighting Co., Ltd. (Wanzhou Base), and the former production director of the Wanzhou factory, Ou Guomei. Management positions, a new management team is appointed by the board of directors.
In the previous week, NVC Lighting has issued an announcement stating that the board of directors has obtained actual control of the Chongqing office of NVC Lighting (China) Co., Ltd. (the Chongqing headquarters) on October 22. Prior to this, the legal representative of NVC Lighting (China) Co., Ltd. has been changed from Wu Changjiang to Wang Donglei.
The board of directors took over the Chongqing headquarters and the Wanzhou base, which means that the assets of NVC Lighting that Wu Changjiang originally controlled have been completely taken over by the NVC lighting board led by Wang Donglei. Since the removal of Wu Changjiang from the NVC lighting announcement on August 8, the three-month NVC lighting control battle has finally come to fruition.
At the same time, Wu Changjiang is troubled.
On October 28, the official Weibo of NVC Lighting disclosed that Wu Changjiang had been investigated by the Huizhou police in Guangdong for alleged misappropriation of funds. According to Wang Donglei, Wu Changjiang was suspected of violating the regulations, involving funds of 173 million yuan. Huizhou police filed a case for investigation by Wu Changjiang. If the allegations are established, Wu Changjiang is likely to face criminal responsibility, plus civil claims for NVC lighting.
In addition, Wang Donglei also revealed that Wu Changjiang was suspected of misappropriating the funds of the Chongqing company. After taking over the Chongqing company, the board of directors checked the bank and found that there were still a lot of funds flowing out of the company's accounts. The specific amount may be disclosed in the near future. At that time, the police will also initiate investigations on the matter.
Prior to this, Wu Changjiang’s personal financial problems, all of its 130 million shares held by Dehao Runda, have been frozen by the Zhuhai Court and the Chongqing Court. It is reported that Wu Changjiang’s shares are already in the judicial auction process. If Wu Changjiang cannot raise funds to redeem the shares as soon as possible, the identity of the second largest shareholder of Dehao Runda will cease to exist.
Therefore, at the media meeting on November 5, Wang Donglei announced victory at the opening: "We have completely controlled NVC's Chongqing Wanzhou headquarters, and Wu Changjiang has been investigated by criminal investigation. It can be said that the NVC storm has passed. "When Wu Changjiang may raise the counterattack, Wang Donglei does not agree." He said that the five dealers who supported Wu Changjiang had already switched to the board of directors, and there should be no institutional investors willing to "pay for a gambler."
In vitro resource integration begins
"This battle is a bad thing for NVC in the short term; but in the long run, it is a good thing for NVC's standard operation. In the future, NVC and Dehao Runda will usher in all-round cooperation." Wang Donglei said that the board of directors is comprehensive. When controlling NVC lighting, it is also the beginning of integration of related resources.
The resource integration mentioned by Wang Donglei includes two aspects, one is to bring the external business of NVC to the body, and the other is to achieve the integration of the upstream and downstream industry chain.
"We are sorting out the assets of NVC and returning the proceeds to the listed company." Wang Donglei said that as the board of directors implements full control over the NVC system, it will then use e-commerce channels, home lighting, Outdoor lighting and other businesses outside the listed company are included in the NVC lighting system, which will be a new business growth point for NVC.
The value of these assets is not yet clear. According to historical data on the development of these in vitro businesses, Wang Donglei estimates that these “in vitro assets†will bring about 800 million new sales to listed companies.
For the integration of upstream and downstream industrial chains, Wang Donglei repeatedly emphasized the "synergy effect." "This is very good for both Dehao and NVC. Dehao's chips can be used in a large number of NVC products. NVC's channels can fully cover the sales of Dehao's products. Similarly, Dehao The advanced LED manufacturing experience will be promoted in NVC, which will reduce the cost of NVC LED products on a large scale."
Wang Donglei said that the gross profit margin of NVC lighting products is only 15%, while the industry average can reach 25%. Therefore, the deep cooperation with Dehao Runda will greatly enhance the gross profit margin of NVC Lighting, and at the same time, it will greatly increase the sales scale of Dehao Runda.
For the proportion of CZ Lighting's chip purchases in Dehao Runda, Wang Donglei has always been worried. In 2013, Dehao Runda chips accounted for only 6% of NVC's total purchases. Wang Donglei pointed his finger at Wu Changjiang when he analyzed the reasons. He believed that Wu Changjiang’s younger brother was always responsible for purchasing the chips from DHL Runda when he was responsible for purchasing and purchasing kickbacks from other sources.
After taking over the control of NVC lighting, Wang Donglei said that more than 95% of NVC lighting chips will be purchased from Dehao Runda next year, which will reduce the procurement cost of NVC lighting on the one hand, and enhance DHL Runda on the other hand. Chip sales. "The integration effect of the two companies will be fully reflected next year."
For the future, Wang Donglei once again emphasized the positioning of NVC Lighting and Dehao Runda in the upstream and downstream dislocation competition in the industry. However, he also said that depending on the business integration of the two companies, the possibility of privatizing NVC lighting will not be ruled out in the future. Of course, the premise of all these future visions is to “restore the NVC brand and restore the confidence of consumers and customers†through timely delivery and new product development.
Channel control challenges
Although he lost control of the Chongqing headquarters and the Wanzhou base, Wu Changjiang still did not admit defeat. On November 3, just after the board of directors of NVC Lighting took over the Wanzhou base, Wu Changjiang appeared in Guangzhou. In addition to responding to the investigation of the Huizhou police by "I am not good now," he still insisted: "Now say him (Wang Donglei) It is too early to control NVC."
As early as October 26, Wu Changjiang held a WeChat conference in a WeChat group mainly composed of NVC lighting secondary dealers, announcing that it was preparing to build an O2O platform for building materials e-commerce in a similar crowdfunding manner, and called for NVC. The secondary dealer of lighting joins his e-commerce program.
On November 3, Wu Changjiang introduced his plan again. He said that as early as more than a year ago, he was planning this matter, and his vision was to innovate the current NVC marketing operation system. The O2O platform envisaged will integrate domestic lighting, flooring, painting and other building materials industry products, relying on the physical stores of secondary dealers around the world to form an online and offline interaction pattern.
Wu Changjiang convened the move of NVC lighting secondary dealers, so that the first-class dealers of NVC lighting were greatly shaken. On October 30, NVC Lighting held an operator conference in Huizhou, and 36 first-level dealers jointly condemned Wu Changjiang, and paralleled the name to Wu Changjiang, claiming that Wu Changjiang had borrowed money from the first-tier operator. The dealers failed to claim Wu Changjiang and hoped that the NVC Lighting Board would assist them. At the same time, 36 first-class dealers also issued an open letter to the Chongqing municipal government, calling on the government to urge Wu Changjiang to return to the Wanzhou base as soon as possible.
"The channel has always been the focus of Wu Changjiang's painstaking efforts, so he can make the first-level dealers who are no longer following him anxiously jumped when he makes a move." An industry insider told reporters that the current lighting channel faces two major changes. Impact, one is the transformation from traditional lighting to LED lighting, and the second is e-commerce.
The rapid development of LED lighting has broken the market pattern of the traditional lighting era. As LED brands have joined the competition for lighting channels, the secondary dealers of NVC Lighting are facing the temptation of various new brands. The dealer's control is weakening. In the context of the booming e-commerce, channel flattening is the trend of the times, and many secondary dealers also hope to take this opportunity to get rid of the dependence on the first-tier dealers.
"The two trends merge, the secondary dealers themselves are already unsettled, Wu Changjiang jumps out again and collects, can the first-level dealers be in a hurry?" However, in the eyes of the above-mentioned industry, NVC lighting board and level The counterattack of the dealers is also in place: "When Wu Changjiang is looking for a dealer to borrow money and the debts are not returned, the second-tier dealers can't help but worry. This is not another Wu Changjiang's trick of circling money. It is directly broken. Wu Changjiang's possibility of raising money through crowdfunding."
In fact, Wang Donglei is also appeasing the secondary dealers. He said that O2O NVC had a complete plan during the Spring Festival this year and wrote a 28-page plan for US investors. "NVC's operator system, more than 3,000 stores retail system, in the wave of mobile Internet to do some improvements and evolution, this is a certain, but also within the plan."
A number of industry insiders analyzed that Wang Donglei was able to win the battle with Wu Changjiang this time, which was inseparable from the support of many first-tier dealers. Next, how to coordinate the interests of first-tier dealers and many second-tier dealers in the face of new development trends in lighting channels will be another major challenge for Wang Donglei.
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