A few days ago, NVC Lighting (02222.HK), which has been suspended for about one month, issued a statement saying that because Wu Changjiang’s violation of corporate governance has not been fully clarified, “the Board of Directors believes that Mr. Wu (Wu Changjiang) will be re-appointed as a director of the Company. Long and directors are not appropriate." After the resumption of trading on August 15, NVC shares closed down 28.37%.
The suspension of work, the collective resignation of the management, the suspension of supply and sales by the supply and sales companies, under the pressure of the layers, the investors still refused to return to the company by NVC, the founder of NVC, and did not hesitate to make a concession to the authority of the board of directors. The founding partner of Safran Asia, the current "father of the investment community", and the current chairman of NVC, once again showed the iron hand.
At this point, there is almost no room for compromise. The next step will be the final tragedy. Wu Changjiang said that he would apply for the NVC Extraordinary General Meeting, "I will exercise my rights."
An insider of NVC revealed that according to the exact news, he has invested 5 million yuan to hire Junjun Entrepreneurship Consulting Co., Ltd. to plan countermeasures, and will hold a press conference today.
The source said that he has planned a series of "post-tricks" against Wu Changjiang.
The count of Wu Changjiang
From the meeting of the board of directors and the management team in Chongqing on July 12, NVC experienced several twists and turns, such as factory shutdown, supplier suspension, dealers to stop placing orders, etc. The purpose of management and suppliers and distributors is to hope. The spiritual leader" Wu Changjiang returned. However, their wish has been lost.
NVC Lighting stated that it is not appropriate to re-appoint Wu Changjiang as the company's chairman and directors in violation of the company's code of conduct.
The announcement pointed out several "crimes" of Wu Changjiang. One is the bundle of benefits. At NVC Lighting's first IPO, Wu Changjiang assisted some employees and dealers in purchasing large amounts of stock, and employees and dealers remitted money into his private account. In addition, Wu Changjiang once obtained personal loans from dealers, and Wu said that these loans are the rewards he introduced to the dealers for a certain business opportunity.
The second is land private interest. As NVC Lighting set up a production base in Wanzhou, Chongqing, it has obtained a preferential opportunity to develop real estate in Wanzhou. Wu Changjiang transferred this opportunity to NVC Real Estate without knowing the board of directors. Wu Changjiang’s wife was previously a shareholder of the company. Wu Changjiang said that his wife has recently transferred all interests in NVC real estate.
The third is that the headquarters moved to “Duâ€. The board of directors previously only approved the relocation of a sales company of NVC Lighting to Chongqing. Wu Changjiang, without the approval of the board of directors, will have NVC Lighting “partial headquarters†(including CEO office, part of human resources, law, domestic sales and marketing, procurement , R&D, and finance department moved from Huizhou, Guangdong Province to Chongqing, and signed relevant contract documents with the local government. In this regard, Wu Changjiang argued that the signing of the letter of intent with the government does not have any substantive legal obligations.
The fourth is related party transactions. Previously, NVC Lighting had a related transaction with the four companies of Shengdi Ai, Chongqing Enlin, Shandong NVC and Chongqing Enweixi. As of August 7, 2012, about 24.4 million yuan of Sandi Ai, Chongqing Enlin and Shandong NVC had not paid the NVC lighting in time. In addition, as of June 30, 2012, Chongqing Enwei West had about 25 million yuan outstanding for NVC lighting. Wu Changjiang has promised to urge the payment of the remaining amount as soon as possible.
Temporary takeover of the trio
Schneider’s withdrawal from management is also the voice of NVC. In response, NVC Lighting announced that two executives from Schneider, Li Rui and Li Xinyu, have resigned. However, the announcement did not explain whether the NVC CEO Zhang Kaipeng from Schneider stayed.
NVC Lighting said that on July 27, the company has established an interim management committee composed of executive director and vice president Mu Yu as the president, vice president Wang Minghua and vice president and chief financial officer Tan Ying, to ensure the company's continuity and stability. Operating.
In response to the requirements of the shutdown staff, NVC Lighting stated that the increase in the salary of any employee will be reviewed by the human resources department according to the company's salary level; the company will not take any accountability measures for the employees participating in the strike.
On August 10, due to the lack of timely response from the board of directors, NVC's suppliers stopped supplying to NVC again. NVC Lighting said that there are 50 core raw material suppliers in the Wanzhou and Huizhou factories, and only 25 said they will no longer supply NVC in the future. The existing inventory of the plant is expected to be sufficient for a period of production, and if it cannot be resolved, the company will look for a suitable alternative supplier.
Then, how do you handle the 36 operations centers of NVC, which are closely related to Wu Changjiang? NVC Lighting said that 36 first-level dealers had temporarily stopped placing orders with NVC, but from July 28, all dealers resumed placing orders with NVC. If 36 operations centers do not cooperate, NVC will look for another level 1 distributor or work directly with the secondary dealer.
The suspension of work, the collective resignation of the management, the suspension of supply and sales by the supply and sales companies, under the pressure of the layers, the investors still refused to return to the company by NVC, the founder of NVC, and did not hesitate to make a concession to the authority of the board of directors. The founding partner of Safran Asia, the current "father of the investment community", and the current chairman of NVC, once again showed the iron hand.
At this point, there is almost no room for compromise. The next step will be the final tragedy. Wu Changjiang said that he would apply for the NVC Extraordinary General Meeting, "I will exercise my rights."
An insider of NVC revealed that according to the exact news, he has invested 5 million yuan to hire Junjun Entrepreneurship Consulting Co., Ltd. to plan countermeasures, and will hold a press conference today.
The source said that he has planned a series of "post-tricks" against Wu Changjiang.
The count of Wu Changjiang
From the meeting of the board of directors and the management team in Chongqing on July 12, NVC experienced several twists and turns, such as factory shutdown, supplier suspension, dealers to stop placing orders, etc. The purpose of management and suppliers and distributors is to hope. The spiritual leader" Wu Changjiang returned. However, their wish has been lost.
NVC Lighting stated that it is not appropriate to re-appoint Wu Changjiang as the company's chairman and directors in violation of the company's code of conduct.
The announcement pointed out several "crimes" of Wu Changjiang. One is the bundle of benefits. At NVC Lighting's first IPO, Wu Changjiang assisted some employees and dealers in purchasing large amounts of stock, and employees and dealers remitted money into his private account. In addition, Wu Changjiang once obtained personal loans from dealers, and Wu said that these loans are the rewards he introduced to the dealers for a certain business opportunity.
The second is land private interest. As NVC Lighting set up a production base in Wanzhou, Chongqing, it has obtained a preferential opportunity to develop real estate in Wanzhou. Wu Changjiang transferred this opportunity to NVC Real Estate without knowing the board of directors. Wu Changjiang’s wife was previously a shareholder of the company. Wu Changjiang said that his wife has recently transferred all interests in NVC real estate.
The third is that the headquarters moved to “Duâ€. The board of directors previously only approved the relocation of a sales company of NVC Lighting to Chongqing. Wu Changjiang, without the approval of the board of directors, will have NVC Lighting “partial headquarters†(including CEO office, part of human resources, law, domestic sales and marketing, procurement , R&D, and finance department moved from Huizhou, Guangdong Province to Chongqing, and signed relevant contract documents with the local government. In this regard, Wu Changjiang argued that the signing of the letter of intent with the government does not have any substantive legal obligations.
The fourth is related party transactions. Previously, NVC Lighting had a related transaction with the four companies of Shengdi Ai, Chongqing Enlin, Shandong NVC and Chongqing Enweixi. As of August 7, 2012, about 24.4 million yuan of Sandi Ai, Chongqing Enlin and Shandong NVC had not paid the NVC lighting in time. In addition, as of June 30, 2012, Chongqing Enwei West had about 25 million yuan outstanding for NVC lighting. Wu Changjiang has promised to urge the payment of the remaining amount as soon as possible.
Temporary takeover of the trio
Schneider’s withdrawal from management is also the voice of NVC. In response, NVC Lighting announced that two executives from Schneider, Li Rui and Li Xinyu, have resigned. However, the announcement did not explain whether the NVC CEO Zhang Kaipeng from Schneider stayed.
NVC Lighting said that on July 27, the company has established an interim management committee composed of executive director and vice president Mu Yu as the president, vice president Wang Minghua and vice president and chief financial officer Tan Ying, to ensure the company's continuity and stability. Operating.
In response to the requirements of the shutdown staff, NVC Lighting stated that the increase in the salary of any employee will be reviewed by the human resources department according to the company's salary level; the company will not take any accountability measures for the employees participating in the strike.
On August 10, due to the lack of timely response from the board of directors, NVC's suppliers stopped supplying to NVC again. NVC Lighting said that there are 50 core raw material suppliers in the Wanzhou and Huizhou factories, and only 25 said they will no longer supply NVC in the future. The existing inventory of the plant is expected to be sufficient for a period of production, and if it cannot be resolved, the company will look for a suitable alternative supplier.
Then, how do you handle the 36 operations centers of NVC, which are closely related to Wu Changjiang? NVC Lighting said that 36 first-level dealers had temporarily stopped placing orders with NVC, but from July 28, all dealers resumed placing orders with NVC. If 36 operations centers do not cooperate, NVC will look for another level 1 distributor or work directly with the secondary dealer.
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