Out of the shareholders' meeting, Wu Changjiang initiated four lawsuits at home and abroad

NVC Lighting’s shareholders’ meeting was seen as a head-to-head confrontation between founder Wu Changjiang and chairman Wang Donglei, but Wu Changjiang was ultimately absent from the shareholders’ meeting. Although no one was present at the scene, Wu Changjiang appointed an attorney to distribute a "lawyer's statement" at the scene. The fight between the two started at the shareholders' meeting in an unexpected way. But more than 90% of shareholders chose to let Wu Changjiang out. On August 29, NVC Lighting held an extraordinary general meeting of shareholders. The topic of the meeting was to remove Wu Changjiang from his position as director and his position in any committee of the board of directors. According to Weibo news, the extraordinary general meeting of shareholders initially agreed to remove Wu Changjiang from NVC Lighting's director and other related positions at a rate of at least 95%, and further announcements and confirmations will be made next. However, regarding whether Wu Changjiang's decision to remove Wu Changjiang from all positions in NVC Lighting at today's interim board of directors conflicts with overseas judicial procedures, lawyer Wang Zhibin of Jesse Law Firm pointed out that the reason for removal is used to persuade shareholders to vote. Replacing directors falls within the scope of corporate governance autonomy. Whether the removal is legal depends on whether the convening procedures of the shareholders' meeting and the voting procedures are legal and effective, not whether the reasons for removal are established or whether the dispute still exists. If it turns out that the reasons for removal are not valid and most shareholders are willing to re-elect Wu Changjiang as a company executive, then through the shareholders' meeting, Wu Changjiang can still serve as a company executive again. As early as August 8, an announcement from NVC Lighting brought this "infighting" into the public eye. Board of DirectorsIt was decided to remove Wu Changjiang as CEO and Wang Donglei as interim CEO. The announcement stated that the board of directors recently learned that Wu Changjiang signed a license agreement on behalf of Huizhou NVC Optoelectronics Technology Co., Ltd., a subsidiary of NVC Lighting, and its three affiliated companies (Shandong NVC Lighting Development Co., Ltd., Chongqing Envisi Industrial Co., Ltd. and Zhongshan Shengdi Aisi Co., Ltd.) in 2012, granting the three companies the right to use the NVC brand for a period of 20 years. Subsequently, the two parties held press conferences in Chongqing and Beijing respectively, revealing their two-year entanglement. Both parties accused each other of transferring interests to each other and attempted to hollow out NVC Lighting, but the dispute has been fruitless. The shareholders' meeting on August 29 was considered a head-to-head confrontation between the two parties. It was learned on the spot that Wu Changjiang did not attend the shareholders' meeting, but instead entrusted a lawyer to distribute a "lawyer's statement" at the shareholders' meeting. The lawyer’s statement pointed out that Wang Donglei misled relevant shareholders, directors and the public of NVC Lighting. It is subjective assumption that the trademark licenses of Shandong NVC Lighting Development Co., Ltd., Chongqing Enweixi Industrial Co., Ltd. and Zhongshan Shengdi Aisi Lighting Co., Ltd. constitute related transactions. Lawyers revealed that Wu Changjiang had filed a lawsuit with the "Cayman Islands Grand Court" on August 20, 2014 in accordance with the laws of the Cayman Islands, where NVC Lighting was registered. At the same time, lawsuits were filed with the People's Court of Nan'an District, Chongqing City, the People's Court of Wanzhou District, and the People's Court of Huicheng District, Huizhou City, Guangdong Province.