A shareholder of NVC Lighting revealed to the Economic Observer Network that the reason for his removal from the board of directors may be due to Wu Changjiang's personal involvement in gambling and the huge debt he owed. "Recently learned of certain misconduct by Mr. Wu Changjiang, which casts doubt on his ability to continue to serve as an executive director," NVC Lighting noted.
In addition, the NVC Lighting board of directors believes that Wu Changjiang may have committed deception and is launching an investigation.
Wu Changjiang recently informed the majority of the board of directors that in 2012, he signed a license agreement with three other companies (Shandong NVC Lighting, Chongqing Envisi Industrial and Zhongshan Shengdi Aisi Lighting) on behalf of NVC Lighting subsidiary Huizhou NVC Optoelectronics. Wu Changjiang said the licensing agreements gave the three companies the right to use the NVC brand for 20 years.
"Most members of the board of directors were not aware of the existence of the so-called license agreement before, and the board of directors has not approved, authorized or ratified the signing of any such agreement." NVC Lighting stated that if the three companies misuse any brand name, trademark or other intellectual property rights of the company or its subsidiaries, the company will take all necessary legal actions to defend the interests of the company and its shareholders.
According to information from the market entity credit information disclosure system of the Shandong Provincial Administration for Industry and Commerce, Shandong NVC Lighting Development Co., Ltd. was established in March 2008 with a registered capital of 10 million yuan. The investors are Zhu Shankuan, Li Guanmin, Zeng Zhanyi, and Chen Min. The legal representative is Zeng Zhanyi. In 2009, Wu Changjiang's mother-in-law Chen Min invested 4.8 million yuan in it and became the company's largest shareholder, accounting for 48% of the shares. According to the company's official website, Shandong NVC Lighting Development Co., Ltd. is the largest production base of "NVC NVC Lighting" in the north.
According to previous reports by the Economic Observer, in 2009, Wu Changjiang decided to build a NVC Lighting Rongchang Industrial Park in Rongchang County. Local leaders promised to provide relatively large discounts to the company and allocate land to Wu Changjiang for production and construction. Wu Changjiang found two natural person shareholders and invested 30 million yuan to register Envisi with the Rongchang Industrial and Commercial Bureau. One of these two shareholders is Liu Xiang and the other is Wu Xianming. Wu Xianming is Wu Changjiang’s father-in-law and holds 49.67% of the shares of Enwexi.
On the surface, Envisi has nothing to do with Wu Changjiang, but in fact, from the date of the company’s registration, Envisi has been set up to support the industry of NVC Lighting. As reflected in NVC Lighting’s announcement, Envisi is the largest related trader of NVC Lighting and is also the supplier of the Chongqing base. The minutes of a shareholders' meeting on October 20, 2011 regarding the equity distribution of Enwexi showed that Wu Changjiang presided over the equity distribution. 40% of the equity of Enwexi went to Wu Xianming, 24% to Liu Xiang, 20% to Wang Shaoling, 6% to Ye Yong, Chen Jinlong and Yu Youqiang each received 5% of the equity, and Wu Xianming was the largest shareholder.
In July 2011, Envisi’s legal representative was changed from Liu Xiang to Chen Jinlong; in October, Envisi’s legal representative was changed to Wang Shaoling, general manager of NVC Lighting R&D System. Currently, the company’s investors are Li Guanmin, Zhu Shankuan, and Chen Min, and its legal representative is Li Guanmin. These three people can be said to be the original team of Shandong NVC. In 2012, Li Guanmin also publicly expressed his support for Wu Changjiang through the Daily Economic News. According to reports, "Li Guanmin said that as long as Wu Changjiang can come back and Schneider management withdraws, everything else will be easy to talk about." Relevant reports also show that Wang Shaoling and Wu Changjiang are classmates, and Wang Shaoling's previous company has been acquired by NVC.
Another company mentioned in the announcement, Zhongshan Shengdi Aisi Lighting Co., Ltd., was established on March 20, 2008, with a registered capital of 1 million yuan and the investor is Zhao Yanchao. On April 20, 2010, NVC Lighting signed an agreement with Zhongshan Shengdi Aisi Lighting Co., Ltd. According to the agreement, NVC Lighting granted some of its registered trademarks to Shengdi Aisi Company for use. According to reports discovered by a reporter from the "Daily Economic News", Shengdi Aisi is actually privately controlled by Wu Changjiang's mother-in-law Chen Min, who holds 40.93% of the company's equity. According to the latest industrial and commercial information, Zhu Shankuan and Li Guanmin are also shareholders of Shengdi Aisi. As a result, Wu Changjiang has an incomprehensible relationship with the three companies involved in the announcement and has been entangled to this day.
The announcement states that certain inappropriate behaviors of Mr. Wu Changjiang have raised questions about his ability to continue to perform his duties as an executive director of the Company as a fit and proper person. At the same time, the three vice presidents - Wu Changjiang's brother Wu Changyong, Mu Yu and Wang Minghua, who have followed Wu Changjiang for 12 years - are also facing the same doubts.
The announcement also indicates that the Company will issue a further announcement in due course and, after further investigation, take action to clarify the aforementioned misconduct. Trading in the Company's shares will continue to be suspended during the period. At present, the company has established an emergency affairs committee composed of Wang Donglei, Xiao Yu and Wei Hongxiong. In emergency situations, the company performs internal organizational adjustments, appoints management personnel and signs business agreements on behalf of the board of directors. Wang Donglei and Xiao Yu are the executive directors of NVC Lighting, and Wei Hongxiong is the independent non-executive director.
Before the announcement, NVC Lighting founder Wu Changjiang still served as a director and CEO of the head office, but has completely withdrawn from the board of directors of its 11 subsidiaries. The insiders interpreted this as a reflection of the continuous deepening of the integration of the majority shareholder Dehao Runda.
In the eyes of the outside world, the key for Wu Changjiang to return to NVC Lighting is to obtain the support of Dehao Runda. The two sides hope to jointly realize the transformation of NVC Lighting to the led industry. In this process, Wu Changjiang himself changed from the founder and major shareholder of the company to a professional manager. According to the data, at present, Wu Changjiang's shareholding in NVC is only 2.54%.
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In December 2012, Dehao Runda spent HK$1.65 billion to absorb Wu Changjiang’s personal shares and completed the acquisition of 20% of NVC Lighting, breaking the confrontation between Wu Changjiang and SoftBank SAIF and Schneider. In January 2013, Wu Changjiang was re-appointed as the company’s CEO. In January 2014, Dehao Runda invested another 500 million yuan to increase its shareholding ratio in NVC Lighting to 27.1%, becoming the largest single shareholder.
On the evening of August 8, 2014, the NVC Lighting Board of Directors newly appointed current non-executive director Xiao Yu as executive director and Xiong Jie as executive director. Information shows that Xiong Jie, now 48 years old, has many years of experience in product manufacturing and business management. Xiong Jie in 1988 From 1992 to 1992, he served as a salesperson of Jiangsu Province Local Industrial Supply and Marketing Company; from 1992 to 1997, he served as secretary to the general manager, section chief of the General Manager Office, and section chief of the Operations Department of Jiangsu Petroleum Corporation; from 2000 to 2006, he served as Guangdong Midea Director of the Human Resources Department of the Group's Air Conditioning Division, Director of the Operations Management Department of the Refrigeration Appliances Group, Director of the Management Department of the Commercial Air Conditioning Division, Director of the Operations Management Department of Guangzhou Hualing Group, Assistant to the General Manager and Director of the Management Department of Chongqing Midea General Refrigeration Equipment Co., Ltd.; in 2006 Since August 2016, he has served as the Director of Operations Management Department, Assistant to the President and General Manager of ACA, Vice President and General Manager of New Energy Business Department, Vice President and General Manager of Dalian Dehao Optoelectronics Technology Co., Ltd. of Guangdong Dehao Runda Electric Co., Ltd. Xiong Jie is currently the executive vice president of Guangdong Dehao Runda Electric Co., Ltd. Xiong Jie received a Master of Business Administration (MBA) from the National University of Singapore in July 1999.
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