NVC has not been in the game: Wu Changjiang, the middle of the game, and then the war?

"I saw you in the morning, we talked very much; I affirmed the strategic cooperation of Dehao; I always expressed my full support for my work. I also indicated that I will do my best to make NVC a world-class company as soon as possible and return all shareholder".

Recently, Wu Changjiang, the founder of NVC Lighting (02222.HK), publicly responded for the first time in the past week. The outside world has been saying that "there is a good move of double-edged swords, and the sale of stocks is cashed away. Abandoning NVC lighting, entering is the group." Runda gave pressure to NVC lighting investors represented by 阎焱, and increased the number of chips in order to regain control of the company's voice.

However, the reporter saw that the current public opinion on Wu Changjiang's real motives for this move has not stopped. There is even more to say that "Wu Changjiang will fight again and reshape the status of a brother in the Chinese lighting industry."

Selling NVC suspects

At the end of 2012, because Wu Changjiang suddenly shot, NVC Lighting and Dehao Runda issued announcements in Hong Kong and Shenzhen: the latter was transferred to the former founder’s shareholding as the former’s largest shareholder, and the former founder became The latter is the second largest controlling shareholder and will be included in the company's board of directors. In the previous October 2012, NVC Lighting has launched the relevant process for Wu Changjiang's return to the company's board of directors.

"In order to avoid the original battle affecting the actual operation of the company, the situation of hurting the confidence of the employees of the company and losing the market share, the original settlement of the two parties is only a short-term interest compromise. Lao Wu and Yi are both personalities. Very strong people, in fact, are secretly competing, through a series of actions to prove that the original accusation is not wrong."

A person familiar with Wu Changjiang told reporters that Wu Changjiang’s move is not surprising and consistent with his consistent style. This is obviously a hope to convey new information to the industry and investors. In the field of Chinese lighting, Wu Changjiang has the ability to create a new one. NVC.

Just last October, this battle suddenly ended with a "Wu Yu public handshake" settlement, and he (Saifu Asia Fund Partner) said at the time, "I hope Wu Changjiang will return to the board as soon as possible, the return process has started, and the return to the board is not More than 3 months". In the previous September, Wu Changjiang also returned to NVC Lighting as the head of the “temporary operation committee” to preside over the daily work.

Now, Wu Changjiang suddenly made a "killer" before returning to the NVC lighting board: To Dehao Runda, a company that is in a difficult transition period from "small appliance OEM OEM business to LED lighting business" Throw out the company's controlling position and give Dehao Runda an irrevocable priority transfer right: the right to buy the remaining shares of NVC in Wu Changjiang at the agreed price at any time in the future.

The above-mentioned insiders believe that "the return to NVC is not suspenseful for Wu Changjiang. Lao Wu cares about how much his discourse power after the reunification is. This is a bargaining chip. The root of the original struggle between the two sides is the bond of strategic investors to Wu Changjiang. There are too many restrictions, so that he has no right to speak in the company he founded."

Wu Changjiang's Central Bureau
At present, for the strategic cooperation between Wu Changjiang and Dehao Runda, NVC Lighting has not issued any comments or interpretations other than the announcement of “stock price sensitive information”.

According to the 2012 semi-annual report of Dehao Runda, as of the end of June 2012, the small household appliance business mainly exported to Europe and the United States, the operating income decreased by 9.5% compared with the same period of last year, but the revenue still accounted for 67.7%. In recent years, the LED business that has been heavily invested has accounted for less than 40%.

A staff member of the China Illumination Society told reporters that "Dehao Runda is a new army in the field of lighting. In recent years, it has invested heavily in LED lighting and made a good breakthrough in related technologies. But with companies such as Europe, America and Japan. In comparison, the overall advantage of Chinese lighting companies on LED is not obvious, and it is urgent to break through the technical difficulties through strategic cooperation."

Dehao Runda and Wu Changjiang personally gave the "integration of NVC lighting brand and channel representatives in the field of lighting, and Dehao Runda's product technology advantages in the field of LED lighting, opening up the entire industry chain of LED lighting to lead the lighting industry to upgrade and transform The challenge of "opening the reasons for cooperation, obviously cannot solve the doubts from society."

The above-mentioned insiders revealed that “a series of accusations that had been smashed by Wu Changjiang’s heart have formed an insurmountable scar in the commercial relationship between the two sides. Wu Changjiang, who has already clarified the relationship with the Chongqing incident, urgently needs to be upgrading. The lighting field in the transition has reaffirmed its appeal. At the same time, it is also possible to reorganize the NVC lighting board with the help of Dehao Runda to grasp the company's initiative.

"In this layout of Wu Changjiang, the role played by Dehao Runda is very crucial, because there must be sufficient funds to take over the shares of Wu Changjiang, and at the same time support Wu Changjiang to return to NVC lighting and control the company's right to speak. Feng Hongjiang, a visiting professor at Zhejiang Wanli College, speculated that in addition to the open cooperation, Wu Changjiang and other leaders of Dehao Runda Wang Donglei also reached other consensus, so that Wu Changjiang can quickly join hands with the new army of this industry.

NVC lighting is not in the game
“It is foreseeable that once the relevant departments of the Chinese government approve the transactions between the two parties, then Dehao Runda reorganizes the NVC Lighting Board of Directors in the name of the largest shareholder, and Wu Changjiang returns to the company as a representative of the major shareholder and truly takes over the company” .

According to the information inside NVC Lighting, this move not only makes Wu Changjiang's scenery return to the initiative of NVC Lighting, but also lays out the LED lighting industry to complete the upgrade of the traditional lighting business. Strategic investors are caught off guard.

In the face of doubts, Wu Changjiang insisted that "the development and popularization of LEDs exceeds everyone's expectations, and traditional lighting companies face enormous challenges. Without transformation, they will be eliminated. I hope to use time and facts to prove my efforts and Sacrifice is correct, it is worth it! Please pay attention to the great changes in China's lighting industry in 2013 and 2014."

In this regard, Feng Hongjiang believes that "Wu Changjiang's move is obviously a stone three birds, not only to find new growth points for NVC performance, but also to push up the stock prices of the two companies in the secondary market, and complete the upstream of LED lighting Integration of technical resources."

Compared to Dehao Runda, whether it is Safran Asia or Schneider Electric, it is a strategic investor. They obviously don't get too much into the control of a single company. Industry commentator Hong Shibin believes that "interests are the ultimate goal pursued by all parties. If Wu Changjiang's transaction can promote the market expansion of the two companies in the field of LED lighting, by the way, the stock price of the two companies will rise. Obviously this is also the ending that we are happy to see, allowing strategic investors to withdraw from the high position."

After more than half a year of "NVC has not been in the game", whether it can finally become "NVC finale" after the intervention of Dehao Runda, it still needs time to verify.

(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.)

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