Wang Donglei: No one can absolutely control NVC

NVC Lighting issued an announcement the night before yesterday that Wu Changjiang, the founder of NVC Lighting, would withdraw from the directorship of 10 subsidiaries of NVC Lighting. Among them, Huizhou NVC Optoelectronics and NVC Lighting (China) were replaced by Wang Donglei, chairman of NVC Lighting Group, as the new chairman. NVC Lighting Board Secretary Tan Ying emphasized that the main purpose of this adjustment is to strengthen the management of the NVC Lighting board of directors and will not have much impact on daily operations. 

"Wu Changjiang himself also agrees with the adjustment plan." Wang Donglei told Nandu reporters that this adjustment reflects the balance of shareholders' interests and also complies with the governance requirements of listed companies.

 There is no doubt that as NVC's subsidiaries "change doors," Wu Changjiang's own control over NVC Lighting has been further weakened. Open and transparent management of listed companies is not a bad thing. "Wu Changjiang himself agrees to the adjustment" The announcement shows that Wu Changjiang withdrew from the list of directors of Huizhou NVC Optoelectronics, NVC Lighting (China), WorldCom Investment, Hong Kong NVC and other NVC lighting subsidiaries, and Wang Donglei took over as the chairman or director of the above-mentioned companies. In addition, Wu Changjiang no longer serves as a director of Zhejiang Jiangshan Sanyou Electronics, Jiangshan Phipps Lighting, Shanghai Akade Electronics, and Chongqing NVC.

Xiao Yu serves as the chairman of the board - Xiao Yu is the senior vice president of Dehao Runda. A careful study of the announcement reveals that all the members of the original Wu Changjiang family have been adjusted, and the directorships of subordinate companies reflect the multi-faceted strength of NVC Lighting’s board of directors: in addition to Dehao Runda, there is Wang DongIn addition to representatives such as Lei and Xiao Yu joining the board of directors of the subsidiary company, Schneider China President Zhu Hai and SoftBank SAIF partner Lin Heping also joined the subsidiary company as board representatives and served as directors. "This adjustment is to strengthen the management of the NVC Lighting board of directors and enable subsidiaries to better implement the resolutions of the upper-level board of directors." Tan Ying, secretary of the board of directors of NVC Lighting, said that the NVC Lighting board of directors made relevant adjustments after full deliberations. 

Why would Wu Changjiang, who regards NVC as "life", withdraw from all director seats in subsidiaries and "wave his sleeves without taking away a single cloud"? Tan Ying emphasized that Wu Changjiang is also the executive director and CEO of NVC Lighting. "These adjustments have been approved by Wu Changjiang himself and will not have much impact on daily operations." .05% of the shares, becoming the largest shareholder of NVC Lighting. "Since Dehao Runda became the major shareholder of NVC, there have been rumors about my (discord) with Wu Changjiang. In fact, Mr. Wu and I are doing business together, NVC, Dehao Runda, Mr. Wu holds nearly 10% of Dehao Runda's shares, and the interests of our two companies are highly bound." Wang Donglei said that nearly 70% of the new LED chips added by NVC this year will be supplied by Dehao Runda, and Dehao Runda will also be sold through NVC.The two parties jointly brand N V C E T I light source, and this year's sales target is 800 million yuan. 

Dehao Runda’s June 13 announcement showed that Wu Changjiang holds 130 million shares of Dehao Runda, with a shareholding ratio of 9.31%. He is the second largest shareholder of tradable shares, second only to Wuhu Dehao Investment Co., Ltd.’s 24.73% shareholding. But there is no doubt that Wu Changjiang's past days of "keeping his word" at NVC are gone forever - in April this year, Wu Changjiang transferred 215 million shares to Dehao Runda, accounting for approximately 6.86% of the group's issued share capital. After the share transfer was completed, Wu Changjiang only held 79.309 million shares of NVC Lighting, accounting for 2.54% of the total share capital, while Dehao Runda held 848 million shares of NVC Lighting, accounting for 27.1% of the equity, making it the largest single shareholder of NVC Lighting. Wang Donglei said frankly that the purpose of increasing the holding is to enhance the company's influence in NVC Lighting to facilitate further integration in the later period.

 "We (Dehao Runda) entrusted Mr. Wu to operate NVC Lighting. NVC Lighting is a listed company, and everything must be done in accordance with the procedures and regulations of the listed company. No one person can absolutely control NVC." NVC senior executive Xiang Nandu stressed that he did not want to be named. The reporter’s repeated calls to Wu Changjiang’s phone showed that the phone was turned off. Wu Changjiang's latest Weibo post is about his visit to the UK with a delegation on June 20. "I was honored to witness the Prime Minister's visit to the UK, which was very successful and highlighted the status of a major country." There was no update on Weibo for nearly a month. NVC Lighting 2013 Annual ReportAccording to the performance report, the company's revenue was 3.774 billion yuan, a year-on-year increase of 6.4%, and its gross profit was 797 million yuan, a year-on-year increase of 4.7%. However, due to a significant decrease in administrative expenses and other expenses, the company's net profit increased 28 times to 245 million yuan.

 Data: Wu Changjiang sold more than 200 million shares of NVC Lighting in April. In April this year, Wu Changjiang transferred 215 million shares to Dehao Runda, accounting for approximately 6.86% of the group’s issued share capital. After the share transfer was completed, Wu Changjiang only held 79.309 million shares of NVC Lighting, accounting for 2.54% of the total share capital, while Dehao Runda held 848 million shares of NVC Lighting, accounting for 27.1% of the equity, making it the largest single shareholder of NVC Lighting.