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For this matter, Huang Pei, vice president of Hejun Ventures, who initiated the NVC lighting minority shareholder revolution, told reporters: "After the equity change, Mr. Wu is already a professional manager, as long as it is a position arranged in accordance with corporate governance rules, it is reasonable. "While Wu Changjiang can return to the position of chairman of the board, an industry insider told reporters that "just follow the company's governance rules."
NVC Lighting spokesman Shi Yongjun told reporters that Wu Changjiang is the company's president and is responsible for the company's specific affairs, while Wang Haolei of Dehao Runda as the company's chairman does not involve specific affairs management. However, for Wu Changjiang to return to the position of chairman of the board, Shi Yongjun said that it is not very good to say, the specific announcement of the company.
A senior researcher in the industry said in an interview that Wu Changjiang's return to NVC Lighting's board of directors mainly relies on two advantages: on the one hand, there are still many senior executives and board members in NVC Lighting; on the other hand, Haorunda is the largest shareholder of NVC Lighting and has a share of more than 20%. It has the right to send a director to the NVC Lighting Board. As the second largest shareholder of Dehao Runda, Wu Changjiang returns to the NVC Lighting Board. The idea of ​​helping the two to achieve integrated cooperation faster.
Equity replacement
Since May of last year, the struggles of the NVC-represented investors and the founders represented by Wu Changjiang have caused widespread concern.
At that time, some insiders predicted to reporters that Wu Changjiang must return to the end. Of course, in order to return to the NVC lighting board, Wu Changjiang has made a lot of efforts. The most striking thing is that Wu Changjiang boldly transferred some of his shares of NVC Lighting to Dehao Runda last year, and introduced the latter as a single major shareholder.
On December 27, 2012, Dehao Runda, one of the largest LED chip production enterprises in China, announced that it intends to obtain a total of 20.05% of NVC Lighting through its wholly-owned subsidiary Dehao Runda International (Hong Kong) for a total price of 1.34 billion yuan. The shares became the largest shareholder of NVC Lighting, and Wu Changjiang became the second largest shareholder of Dehao Runda through the establishment of the company.
After DHL Runda entered NVC Lighting, SAIF Asia and Schneider Electric remained the second and third largest shareholder of NVC, with a shareholding ratio of 18.48% and 9.21%, respectively. Wu Changjiang holds only 214 million shares of NVC Lighting, accounting for 6.79% of the company's issued share capital. However, the company's shareholding pattern has gradually changed. Wu Changjiang's shares in the company plus Dehao The shares held by Runda have been equal to the total number of shares of NVC Lighting held by Safran Asia and Schneider Electric.
This also paved the way for Wu Changjiang to return to the NVC board. At that time, Dehao Runda’s secretary-general Deng Fei told reporters in an interview: “Wu Changjiang is the founding shareholder and former chairman of NVC Lighting. We support Wu Changjiang’s return to NVC Lighting’s board of directors and management.â€
Since then, Wu Changjiang has re-elected as the CEO of NVC, responsible for the company's specific affairs management. In April of this year, Safran Asia 退出 quit the board of directors, replacing it with Wang Donglei, chairman of Dehao Runda. On June 4, NVC Lighting announced that it will elect Wu Changjiang and Wang Dongming as executive directors.
At present, NVC lighting board has seven people, namely Mu Yu, Lin Heping, Zhu Hai, Wang Donglei, Wang Jinxi, Yan Zijiang and Li Gangwei. It is worth mentioning that in the management of NVC Lighting, Wu Changjiang, the brother of Wu Changjiang, served as the company's vice president, debt procurement and logistics management. Lin Heping is the representative of Safran Asia in NVC Lighting, and Zhu Hai is the representative of Schneider.
Who is going to fencing NVC?
After the exit, the focus of the outside world was on Dehao Runda and Wu Changjiang.
According to industry insiders, the management concepts and business models of the two companies are different, and the internal coordination and integration of NVC Lighting's new management still takes time, and the operational synergies that may arise are still to be recognized. Others believe that the two will compete in the same industry.
In this regard, NVC lighting spokesman Shi Yongjun said that Wang Donglei will meet and communicate with the company's senior officials, but the specific affairs are handled by Wu Changjiang.
However, in this directorial change, Wang Dongming, the younger brother of Dehao Runda Chairman Wang Donglei, also entered the NVC Lighting Board. Some voices believe that this may be the way Dehao Runda has to balance the Wu Changjiang faction.
Regarding the outside world's doubts about the cooperation between the two companies, Shi Yongjun told reporters that both sides have their own advantages and will not form competition. The advantage of Dehao Runda lies in the products, and the advantage of NVC's photos lies in the channels. The two sides are complementary and will not form horizontal competition. In the future, the two companies will cooperate to develop LED development.
The above researchers also told reporters that in the process of transforming LED lighting in the future, the main advantage of NVC Lighting is in the perfect sales channel; while the main advantage of Dehao Runda lies in the upstream LED chip production technology and production capacity. In terms of business, there is a complementary relationship, so there is no horizontal competition.
Last year, NVC's lighting performance fell sharply, operating income was 3.546 billion yuan, down 6.6% year-on-year; net profit was 8.14 million yuan, down 98.5% year-on-year. Dehao Runda also had a revenue of 2.757 billion yuan last year, down 10% year-on-year. The net profit attributable to listed companies was 161 million yuan, down 58% year-on-year.
In this regard, a securities research report pointed out that the distribution of goods through the NVC channel will constitute the main growth point of the Dehao Runda's performance this year.
"If the two work closely together, they can realize the vertical integration of the LED industry chain, and the reason why Dehao Runda chooses to become a major influence shareholder of NVC Lighting and Wu Changjiang becomes the second largest shareholder of Dehao Runda. For this purpose." The above-mentioned senior researcher evaluated the cooperation between NVC Lighting and Dehao Runda.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
On June 4, NVC Lighting announced that Wu Changjiang and Wang Dongming will be elected as executive directors and Wu Ling will be elected as an independent non-executive director. This appointment will be implemented after the shareholders' meeting. The NVC lighting guilt that has been intensified since last year is finally coming to an end.