So, does this mean that the "Conflict between King Wu" that lasted for more than a month has calmed down slightly?
"I hold evidence of Wang Donglei's serious crime and will announce it in due course." On August 28, the day before the NVC Lighting extraordinary shareholders' meeting, Wu Changjiang said on Weibo. NVC Chairman and Interim CEO Wang Donglei responded on August 29, "As a listed company, Dehao Runda (002005)'s business is announced through financial reports. We welcome everyone to verify. We are accustomed to Wu Changjiang's methods and we are not afraid."
At present, Wang Donglei is still facing many challenges. The company has two "headquarters" in Chongqing and Huizhou, and the production and marketing system is also divided into two factions. Not only that, NVC's turmoil has also given other companies an opportunity. Many companies are poaching the NVC lighting dealer system, and some companies have formulated a "hundred cities and thousands of stores" strategy targeting NVC to seize channels.
Most investors hope to end the infighting
At about 9 a.m. on August 29, more than 40 minutes before the general meeting of shareholders, the Ritz-Carlton Hotel at No. 1 Austin Road West, Kowloon, Hong Kong has already gathered many shareholders of NVC Lighting.
"We hope that the civil strife at NVC Lighting can end as soon as possible, and that NVC Lighting can get on the right track as soon as possible. We agree that major shareholders will remove the party that harms the interests of listed companies." An investor from Shanghai told reporters.
There are still 20 minutes left before the meeting. After some discussion, many investors on the scene have already checked the "In favor of removal" column on their voting forms.
Regarding NVC’s internal struggle, most investors classify it as “one mountain cannot tolerate two tigers.” "If NVC or Wang Donglei leaves, Wu Changjiang can buy back the shares. I believe he can also do a good job in NVC. Now we are incompatible with each other. If you ask me to choose, I will choose Wang Donglei," another investor told reporters before the shareholders' meeting.
Wang Donglei, NVC Lighting CFO Tan Ying and independent non-executive director Wei Hongxiong also arrived at the scene. SoftBank Saifu and Schneider, the other two major shareholders of NVC Lighting, sent representatives.
From beginning to end, the reporter did not see Wu Changjiang at the scene.
While small and medium-sized investors were discussing the next vote, two lawyers who claimed to be Wu Changjiang entered the waiting area of the shareholders' meeting room at the same time and distributed Wu Changjiang's lawyer's statement and letter of recommendation to shareholders to the investors and media present. Subsequently, Ms. Hou, the lawyer who represented Wu Changjiang at the shareholders' meeting, was told by the on-site staff at the extraordinary shareholders' meeting that her equity registration could not be confirmed and that she needed a certificate from the relevant securities firm before she could enter the shareholders' meeting to exercise her voting rights.
"They asked us to find a brokerage firm to confirm Wu Changjiang's shareholding ratio before entering the market. It is too late in such a short time." Ms. Hou, Wu Changjiang's attorney, told reporters. She then told the media and investors at the scene that the legality of the board meeting held by Wang Donglei on August 8 needed to be verified, and said that she would sue Wang Donglei and other related behaviors in Cayman and multiple courts in the mainland.
At 10 o'clock in the morning, the shareholders' meeting was held on time. There was not much disturbance in the meeting, and the voting ended at 11 o'clock. More than 95% of the votes were in favor of removing Wu Changjiang. Wang Donglei said at a subsequent press conference that in terms of corporate governance, he is currently the interim CEO of NVC, and the company's board of directors will find a new CEO as soon as possible based on the principle of having both ability and political integrity to lead NVC on a new journey.
Wu Changjiang sued both at home and abroad
"Wu Changjiang has 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 is registered. At the same time, he filed lawsuits with the Nan'an District People's Court of Chongqing, the Wanzhou District People's Court, and the Huicheng District People's Court of Huizhou City, Guangdong Province." Wu Changjiang's attorney, Ms. Hou, said.
Wang Donglei said that the board of directors’ resolution was carried out in accordance with the legal regulations of listed companies and is legal and valid. "Mr. Wu Changjiang's prosecution is nothing more than confusing right and wrong by changing the topic. We also use legal means to respond to this. We believe that the laws of Hong Kong, China and the Cayman Islands are fair and just."
For Wu Changjiang's family business Regarding related transactions with NVC Lighting, Wu Changjiang also argued through his attorney, believing that the trademark licensing of the three companies complied with fair market conditions, and the licensing fees had been collected by "Huizhou Company", a subsidiary of NVC Lighting, which was ultimately reflected as the financial income of NVC Lighting and became the performance of the listed company. It also stated that "the trademark licenses of the three companies did not involve improper use in actual use and operation. On the contrary, they have objectively and realistically expanded the social influence of the "NVC" brand and effectively expanded the market share over the years." He believes that only by continuously strengthening the construction and management of modern enterprise systems can a company develop in a long-term and healthy manner.
Wang Donglei straightens out dealers’ existing challenges
Although Wu Changjiang has been eliminated, NVC Lighting is currently in a special state of two systems.
First are the two "headquarters". NVC Lighting's "headquarters" in Chongqing is called NVC Lighting (China) Co., Ltd., and its legal representative is Wu Changjiang. It is a wholly foreign-owned enterprise established in accordance with the law in Nan'an District, Chongqing. Wu Changjiang believes that Wu Changjiang is still the only legal representative of NVC Lighting (China) Co., Ltd., Wang Donglei is not an employee of NVC Lighting (China) Co., Ltd., Wang Donglei does not have the legal status of NVC Lighting (China) Co., Ltd. for industrial and commercial registration, and Wang Donglei has no right to engage in any external activities or sign any documents on behalf of NVC Lighting (China) Co., Ltd.
However, according to Wang Donglei’s statement, according to the certification of NVC’s board of directors, the company’s original name was Chongqing NVC Industrial Company. The board of directors directly set it up as a sales company and never agreed to establish the NVC headquarters in Chongqing. Wu Changjiang changed the company's name to NVC (China) Co., Ltd. without the approval of the board of directors and exercised the headquarters functions without authorization.
At the press conference on August 29, Tan Ying once again emphasized that the company’s board of directors has never agreed or recognized that the Chongqing company is a headquarters. In addition to the two headquarters, NVC Lighting's dealer system is also in a "split" state. Now, NVC Lighting has a total of 37 operators, and 33 operators have signed a statement supporting the NVC Board of Directors resolution. Wang Donglei said that these 33 operators account for more than 90% of NVC's total sales.
Even so, there are still 4 operators supporting Wu Changjiang. And behind every provincial operator are dozens or hundreds of smaller dealers. How Wang Donglei straightens out these dealer systems is still a challenge.
While the internal strife at NVC is raging, competitors in the industry are secretly taking advantage of the opportunity to expand their own strength. According to multiple media reports, after the "Wu Wang Controversy" became public, Qinshang Optoelectronics (002638) in Dongguan held an emergency meeting. According to leaked meeting minutes, a Qinshang executive said, "I believe that some of NVC's dealers will follow Wang Donglei, some will follow Wu Changjiang, and some will be displaced. These dealers will be a big pie in the sky for Qinshang."
Qinshang Optoelectronics is not the only one working hard on the platform. At the beginning of the year, Sanxiong Jiuguang formulated the "Hundred Cities Thousand Stores" strategy targeting NVC. As of August, 90% has been completed and 1,200 new stores have been built.
After the internal strife broke out at NVC, Sanxiong Aurora insiders told reporters, "From the second half of this year to next year, "LED home lighting" will be promoted as a focus, and a series of cost-effective products will be launched to fully meet the needs of the industry. In the first half of this year, NVC Lighting’s revenue was 1.703 billion yuan, a slight increase of 0.9% year-on-year, and its net profit was 58.04 million yuan, a decrease of 28.5%. In the first half of this year, Dehao Runda's operating income was 1.935 billion yuan, a year-on-year increase of 42.98%, and the net profit attributable to shareholders of the listed company was 38.7025 million yuan, a year-on-year decrease of 23.36%.
Regarding the "internal and external troubles" faced by NVC Lighting, Wang Donglei believes that with the strong support of operators, suppliers and employees, he believes that NVC will be on the right track soon.
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