Wu Changjiang was beaten by NVC for three times
On the evening of August 8, NVC Lighting Holdings Limited (02222.HK) issued an announcement announcing that the board of directors had passed a resolution to dismiss the CEO of Wu Changjiang and appointed the chairman of the company, Wang Donglei, as interim CEO, and was removed along with Wu Changjiang. There are also three vice presidents of the company: Mu Yu, Wang Minghua and Wu Changjiang's younger brother Wu Changyong. At the same time, NVC Lighting Board also proposed to convene an extraordinary general meeting to remove Wu Changjiang as an executive director.
Soon, there was a video of Wang Donglei’s violent clashes due to the acceptance of Wu Changjiang’s CEO. On August 11, two press conferences held in the name of NVC Lighting were held in Beijing and Chongqing. Wang Donglei and Wu Changjiang blamed each other. NVC Lighting's third infighting is fully open.
Every time he fights, Wu Changjiang is one of the protagonists. The first two times, Wu Changjiang was able to defeat him and regain his grip on NVC lighting. This time, Wu Changjiang can still save the risk and win again? How can NVC lighting's internal fighting be completely terminated?
Argument of related party transactions
According to NVC Lighting's announcement on August 8, the direct reason for the removal of Wu Changjiang is that Wu Changjiang recently informed the majority of the board members that in 2012 it represented the NVC lighting subsidiary Huizhou NVC, and Shandong NVC Lighting, Chongqing Envi West Industrial and Zhongshan Shengdi Aisi Lighting signed an agreement authorizing the three companies to use the NVC brand for 20 years.
According to the information provided by Wang Donglei afterwards, all three companies were Wu Changjiang's in-laws Wu Xianming and Chen Min as the major shareholders, and the actual controller behind them was Wu Changjiang himself. In addition, NVC Lighting’s announcement also stated that “most members of the board of directors did not know before that the so-called licensing agreement existed, and the board of directors did not approve, authorize or ratify any signing of the agreementâ€, directly referring to Wu’s behavior as a violation. transaction.
In response, Wu Changjiang responded at the press conference on August 11th, stating that the cross-linking transaction is not a benefit transfer, because the three companies pay the NVC lighting brand usage fee every year, which is paid for and has been carried out before. After the announcement, the board of directors did not know what to say.
When the reporter consulted NVC Lighting's prospectus and calendar announcements, it did find that NVC Lighting had previously mentioned the related businesses of the three companies in the announcement, but there was no content of the "20-year" brand use period. In particular, a notice in December 2012 clearly stated that the brand life of these three companies was from 2013 to 2015.
According to Wang Donglei, NVC Lighting did not have these three companies in the list of companies that legally obtained the authorization of the NVC brand (trademark) on July 25 this year, which triggered the legality of the NVC dealers on the three companies. Questioning, Wu Changjiang disclosed the agreement with the three companies for a 20-year brand license period.
In this regard, Wu Changjiang's attorney said that Huizhou NVC is an independent legal entity, Wu Changjiang as its legal representative and executive chairman, signing this agreement is within its scope of authority, and according to China's current regulations, trademark use Licensing is the company's daily business behavior and does not belong to the scope of consideration of shareholders and the board of directors. Therefore, the reason for NVC Lighting's removal of Wu Changjiang is not valid.
The head of an investment institution interviewed by the reporter did not agree with this. " NVC Lighting has previously announced a three-year brand authorization period for these three companies, and now there is a 20-year agreement. Is it because Wu Changjiang had misled the board or was he already deceiving?" The person in charge said that Wu Changjiang, as a company executive, lost trust in the board because of his misconduct, and the board had sufficient reasons to remove him.
While defending his own related transactions, Wu Changjiang also accused Wang Donglei of transferring the light source assets of NVC to the general manager of NVC Lighting controlled by Wang Donglei, Guangdong Dehao Runda through related party transactions. Electric Co., Ltd. (002005.SZ), claiming that Wang Donglei is the person who wants to hollow out NVC lighting. Wu Changjiang also said that Wang Donglei, in order to deal with Mu Yu, the company executive who opposed the related transaction, joined forces with Yu, to expel Mu Yu.阎焱 Once served as the representative of Softbank Safran as the chairman of NVC Lighting, it was the main opponent of NVC in the last time NVC lighting.
For Wu Jiangjiang’s accusation, Wei Lixia, an independent non-executive director of NVC Lighting, stated that any transaction between NVC Lighting and DHL Runda is a connected transaction, and when it involves a related party transaction, whether it is a vote at the board of directors or a general meeting of shareholders, The parties are not entitled to vote. Therefore, when the board of directors voted at that time, the relevant representatives of Wang Donglei and Dehao Runda did not have the right to vote, and the representatives with voting rights, including Wu Changjiang himself, voted in favor of the vote at the time. Runda’s problem with NVC lighting infringement.
As for Wang Donglei’s statement, the person in charge of the above-mentioned investment institution believes that Wu’s logic is contradictory. Although he and Wu Changjiang used to be opponents, Wu Changjiang was the second largest shareholder of Dehao Runda and was an ally with Wang Donglei, while Softbank Saifu had no shares in Dehao Runda. "If the related transaction is a transfer of interests, would you be stupid enough to join Wang Donglei to do something that would harm Wu Changjiang's interests?"
Fighting outside the rivers and lakes
Although Wang Donglei originally designed a "golden handcuffs" for Wu Changjiang to bind the interests of the two people in depth, with a view to promoting the integration of NVC Lighting and Dehao Runda, but now the facts are in front of them, Wang Donglei still can't escape Wu. The problems that the two previous partners of the Yangtze River have faced: the ultimate turn of enmity. What are the key reasons for this?
In 2005, Wu Changjiang fell out with two students who had started their business together. At that time, the two joined forces and voted with a majority share of 55%. Wu Changjiang, who holds 45% of the shares, left with 80 million yuan. But soon, NVC's dealers jointly "reversed" and asked Wu Changjiang to regain the position of NVC, and let the two shareholders each take 80 million yuan to withdraw.
The two partners withdrew and took away a lot of money, so that NVC and Wu Changjiang suddenly fell into financial difficulties. In order to solve this problem, Wu Changjiang began to introduce capital. Through several rounds of financing, Wu Changjiang’s stake in NVC was diluted, and Softbank Safran and Schneider became the major shareholders of NVC Lighting.
In 2012, it was the large shareholders of Softbank Saifu and Schneider who joined forces to expel Wu Changjiang from NVC twice. This time, NVC's dealers stood up again and joined forces with NVC to boycott the acquisition of NVC by Softbank Safran and Schneider. At the same time, NVC employees also stopped working to support Wu Changjiang.
Although this time, NVC's dealers, suppliers and employees did not want Wu Changjiang to return to NVC lighting, but also gave great pressure to shareholders such as Softbank Safran and Schneider, so in the relationship with Dehao After Runda's alliance, Wu Changjiang, with the support of Dehao Runda, was able to return to NVC Lighting again and become the CEO.
From the previous two experience, dealers are an important bargaining chip for Wu Changjiang to win in NVC. This is the system that Wu Changjiang is most proud of. This system is controlled by Wu Changjiang but has been separated from the listed company NVC Lighting. This is why several major shareholders, despite controlling the NVC lighting board, have not been able to really bind Wu Changjiang's key reasons.
"Overview of NVC's three infighting, Wu Changjiang will introduce new partners each time to dilute the influence and control of the opponent, but soon become a new partner with the new partner. If Wu Changjiang can win this time, consider By the time he is in his financial situation, he is expected to introduce new partners again. At that time, who can guarantee that he will not fall out with his new partners?" The head of the investment institution said, "To end the NVC infighting There is only one way to improve the governance mechanism, so that the NVC dealers truly become the partners of NVC Lighting, not Wu Changjiang’s personal rivers and lakes pier."
Wu Changjiang, who likes to be the "big boss", relies on the "buddy loyalty" to cross the rivers and lakes. Wu Changjiang claimed at the press conference on August 11 that NVC’s channel has at least 8 billion to 10 billion yuan in sales and a profit of at least 560 million yuan, far higher than listed companies. The core of this channel is the 36 provincial-level operation centers that are composed of NVC lighting distributors and distributed throughout the country. These large distributors have been supported by Wu Changjiang.
"Wu Changjiang's rivers and lakes may be able to stop the scholars of this investment bank, but it is difficult to stop Wang Donglei who started the same business." In the eyes of the aforementioned industry, Wang Donglei took people to receive the first time in the resolution of the board of directors. Wu Changjiang's business license and official seal, at a crucial moment, his subordinates even resorted to force, showing that Wang Donglei's experience of rivers and lakes is no worse than Wu Changjiang.
Although Wang Donglei sent people to take over the NVC lighting base in Chongqing, Wu Changjiang sent people to regain control of the base. However, they are very clear that the key to determining their victory or defeat is not who can control the two production bases in Huizhou and Wanzhou by force, but who can seize the dealer.
After Wang Donglei and Wu Changjiang's showdown, Wu Changjiang even negotiated with some dealers to integrate the channels into the listed company and form a “Largeâ€, which would ensure Wu Changjiang regained the absolute control of the entire NVC system. right.
However, this time, Wu Changjiang encountered serious challenges to the control of the channel. After learning that Wu Changjiang wanted to integrate the channel into the listed company's plan, Wang Donglei took decisive measures to stop the supply of several dealers who followed Wu Changjiang, and Wu Changjiang's plan failed to materialize. Then, Wang Donglei convened the dealer of NVC in the name of the chairman of the board of directors to meet in Guangzhou. According to Wang Donglei's own statement, 80% of the dealers on the spot expressed their support for the board of directors.
The latest news is that on August 12, Wang Donglei convened a dealership in Beijing as the interim CEO of NVC Lighting. The 19 provincial distributors signed a joint statement expressing support for NVC on August 8. The board of directors announced the lighting resolution and is willing to continue to cooperate fully with NVC Lighting led by Wang Donglei. Of the 36 provincial distributors of NVC Lighting, 19 have accounted for the majority. According to Wang Donglei, the 19 dealers include dealers with sales in Beijing, Guangzhou, Shenzhen, Shandong and Fujian, and their total sales account for more than 80% of NVC.
In this regard, Wu Changjiang claimed that these dealers were under the coercion of Wang Donglei. This statement is difficult to distinguish between true and false, but what is certain is that this time, NVC dealers have been divided, no longer stand on the side of Wu Changjiang. The split of the dealer camp is tantamount to taking away Wu Changjiang’s card, can Wu Changjiang be defeated again?
The time of fighting
The publicity of this infighting of NVC Lighting started in mid-March.
On July 14, NVC Lighting issued an announcement announcing the exchange of blood on its board of directors. Wu Changjiang completely withdrew from the board of directors of each subsidiary. The chairman of these companies was replaced by Wang Donglei, Xiao Yu and Wang Dongming, representatives of the board of directors from Dehao Runda. At the same time, NVC executives Wu Changyong, Mu Yu, Jin Jinhua, Yang Wenqi and others also fully withdrew from the board of directors of these companies, and replaced the candidates, in addition to representatives of Dehao Runda, Schneider's representative Zhu Hai and Softbank Saifu On behalf of Lin Heping.
At that time, I had reported on this and pointed out that this is the integration of Dehao Runda in the direct execution of NVC lighting. With the explosion of the LED lighting market, major LED companies are accelerating the integration of the industry, in order to seize the commanding heights in this round of industry explosion. Dehao Runda's acquisition of NVC Lighting is precisely because of such a strategic consideration.
In December 2012, Dehao Runda spent HK$1.65 billion to acquire approximately 20% of NVC Lighting's shares by absorbing Wu Changjiang's individual shares. In April this year, Dehao Runda once again invested RMB 500 million to acquire 6.86% of the shares of NVC, and its shareholding ratio increased to 27.1%, becoming the largest single shareholder of NVC.
The acquisition of NVC Lighting, Dehao Runda is most valued is the brand and channel that NVC Lighting directly targets the end market, if this advantage of NVC Lighting is combined with the product and scale advantage of Dehao Runda in the upstream of LED industry It will be able to string a high-quality LED industry chain from upstream chip production to consumer terminals. However, for the upstream and downstream of the industry chain, this is not a mechanism for balancing interests and risks. According to industry insiders, relatively large investments and high risks in the upstream area of ​​LEDs are also the key reasons why traditional lighting giants including OSRAM have not been determined to make large-scale investments in the LED field.
In order to realize the integrated integration of LED upstream and downstream, Dehao Runda has invested a large amount of funds in investment and acquisition in recent years. In addition to spending about 1.9 billion yuan to acquire NVC, Dehao Runda is further expanding its production capacity. Following the Dalian and Wuhu bases, Dehao Runda is currently accelerating the construction of the Yanzhou and Yangzhou bases, of which only the bases of the company, Dehao Runda's capital contribution amounted to 1 billion yuan.
Large-scale acquisitions and investments have resulted in higher financial costs, resulting in a decline in the performance of Dehao Runda and even losses. According to the financial report, in 2013, Dehao Runda's sales revenue was 3.13 billion yuan, but the net profit was only 8.826 million yuan. In the first quarter of this year, Dehao Runda's sales revenue was 765 million yuan, an increase of 8.56% year-on-year, while the net profit was a loss of 35.66 million yuan.
In contrast, NVC lighting, the intervention of Dehao Runda, not only allows Wu Changjiang to return to NVC lighting, but also allows NVC lighting to develop LED lighting business in a logical way. According to the data provided by NVC Lighting Performance Report, the company's sales of LED lighting products in 2013 was nearly 1 billion yuan, and the proportion has increased from less than 5% in 2012 to about 20%. This year, it is claimed to sell LED products. The proportion is over 50%. Compared with Foshan Lighting and other traditional lighting companies that are still lost on the road of transformation, NVC lighting can be said to be a blessing in disguise, and seize the opportunity of LED lighting.
The risk of Dehao Runda is not only reflected in the financial aspects, but also in the terminal brands and channels. Since the brand and channel of NVC Lighting is not directly controlled by Dehao Runda, once NVC Lighting can not meet the capacity expansion needs of Dehao Runda in the procurement and terminal channels of LED upstream products, Dehao Runda may appear at any time. The crisis of overcapacity.
In the opinion of the industry, it is precisely because of this that Wang Donglei designed a mechanism for Wu Changjiang to share the benefits with Dehao Runda: Through cross-share swap, Wu Changjiang holds 9.31% of the shares of Dehao Runda and becomes the successor. The second largest shareholder after Wang Donglei, and Wu Changjiang’s shares in NVC Lighting has fallen to 2.54%.
"Bundling the interests of Wu Changjiang and Dehao Runda, the original purpose of this mechanism design should be to give full play to Wu Changjiang's special advantage as the founder of NVC, and motivate him to actively cooperate with Dehao Runda and NVC Lighting. The integration of the integration." The industry said that from the original intention of the design of this mechanism, Wang Donglei is very eager to join forces with Wu Changjiang, not to start to open him.
"When Wang Donglei thought about crossing the river, he had to wait for the river to say it again. The river had not broken the bridge in half, and Wang Donglei would fall into the water. Will he be so stupid?" In the opinion of the industry, if it is not a last resort Wang Donglei will not choose to face Wu Changjiang in the critical period of this integration. The biggest possibility is that Wu Changjiang not only did not cooperate with the integration, but became the key resistance for this matter.
Wang Donglei once publicly complained that NVC lighting engineers were once reluctant to adopt the chip of Dehao Runda. Although this problem was finally solved, it delayed a lot of time. According to previous industry rumors, the key resistance behind this is from Wu Changjiang's management team. According to another data, in the context of NVC Lighting's sales of LED products reached nearly 1 billion yuan in 2013, Dehao Runda sold LEDs through NVC Lighting Channel for only about 260 million yuan. 
Soon, there was a video of Wang Donglei’s violent clashes due to the acceptance of Wu Changjiang’s CEO. On August 11, two press conferences held in the name of NVC Lighting were held in Beijing and Chongqing. Wang Donglei and Wu Changjiang blamed each other. NVC Lighting's third infighting is fully open.
Every time he fights, Wu Changjiang is one of the protagonists. The first two times, Wu Changjiang was able to defeat him and regain his grip on NVC lighting. This time, Wu Changjiang can still save the risk and win again? How can NVC lighting's internal fighting be completely terminated?
Argument of related party transactions
According to NVC Lighting's announcement on August 8, the direct reason for the removal of Wu Changjiang is that Wu Changjiang recently informed the majority of the board members that in 2012 it represented the NVC lighting subsidiary Huizhou NVC, and Shandong NVC Lighting, Chongqing Envi West Industrial and Zhongshan Shengdi Aisi Lighting signed an agreement authorizing the three companies to use the NVC brand for 20 years.
According to the information provided by Wang Donglei afterwards, all three companies were Wu Changjiang's in-laws Wu Xianming and Chen Min as the major shareholders, and the actual controller behind them was Wu Changjiang himself. In addition, NVC Lighting’s announcement also stated that “most members of the board of directors did not know before that the so-called licensing agreement existed, and the board of directors did not approve, authorize or ratify any signing of the agreementâ€, directly referring to Wu’s behavior as a violation. transaction.
In response, Wu Changjiang responded at the press conference on August 11th, stating that the cross-linking transaction is not a benefit transfer, because the three companies pay the NVC lighting brand usage fee every year, which is paid for and has been carried out before. After the announcement, the board of directors did not know what to say.
When the reporter consulted NVC Lighting's prospectus and calendar announcements, it did find that NVC Lighting had previously mentioned the related businesses of the three companies in the announcement, but there was no content of the "20-year" brand use period. In particular, a notice in December 2012 clearly stated that the brand life of these three companies was from 2013 to 2015.
According to Wang Donglei, NVC Lighting did not have these three companies in the list of companies that legally obtained the authorization of the NVC brand (trademark) on July 25 this year, which triggered the legality of the NVC dealers on the three companies. Questioning, Wu Changjiang disclosed the agreement with the three companies for a 20-year brand license period.
In this regard, Wu Changjiang's attorney said that Huizhou NVC is an independent legal entity, Wu Changjiang as its legal representative and executive chairman, signing this agreement is within its scope of authority, and according to China's current regulations, trademark use Licensing is the company's daily business behavior and does not belong to the scope of consideration of shareholders and the board of directors. Therefore, the reason for NVC Lighting's removal of Wu Changjiang is not valid.
The head of an investment institution interviewed by the reporter did not agree with this. " NVC Lighting has previously announced a three-year brand authorization period for these three companies, and now there is a 20-year agreement. Is it because Wu Changjiang had misled the board or was he already deceiving?" The person in charge said that Wu Changjiang, as a company executive, lost trust in the board because of his misconduct, and the board had sufficient reasons to remove him.
While defending his own related transactions, Wu Changjiang also accused Wang Donglei of transferring the light source assets of NVC to the general manager of NVC Lighting controlled by Wang Donglei, Guangdong Dehao Runda through related party transactions.
For Wu Jiangjiang’s accusation, Wei Lixia, an independent non-executive director of NVC Lighting, stated that any transaction between NVC Lighting and DHL Runda is a connected transaction, and when it involves a related party transaction, whether it is a vote at the board of directors or a general meeting of shareholders, The parties are not entitled to vote. Therefore, when the board of directors voted at that time, the relevant representatives of Wang Donglei and Dehao Runda did not have the right to vote, and the representatives with voting rights, including Wu Changjiang himself, voted in favor of the vote at the time. Runda’s problem with NVC lighting infringement.
As for Wang Donglei’s statement, the person in charge of the above-mentioned investment institution believes that Wu’s logic is contradictory. Although he and Wu Changjiang used to be opponents, Wu Changjiang was the second largest shareholder of Dehao Runda and was an ally with Wang Donglei, while Softbank Saifu had no shares in Dehao Runda. "If the related transaction is a transfer of interests, would you be stupid enough to join Wang Donglei to do something that would harm Wu Changjiang's interests?"
Fighting outside the rivers and lakes
Although Wang Donglei originally designed a "golden handcuffs" for Wu Changjiang to bind the interests of the two people in depth, with a view to promoting the integration of NVC Lighting and Dehao Runda, but now the facts are in front of them, Wang Donglei still can't escape Wu. The problems that the two previous partners of the Yangtze River have faced: the ultimate turn of enmity. What are the key reasons for this?
In 2005, Wu Changjiang fell out with two students who had started their business together. At that time, the two joined forces and voted with a majority share of 55%. Wu Changjiang, who holds 45% of the shares, left with 80 million yuan. But soon, NVC's dealers jointly "reversed" and asked Wu Changjiang to regain the position of NVC, and let the two shareholders each take 80 million yuan to withdraw.
The two partners withdrew and took away a lot of money, so that NVC and Wu Changjiang suddenly fell into financial difficulties. In order to solve this problem, Wu Changjiang began to introduce capital. Through several rounds of financing, Wu Changjiang’s stake in NVC was diluted, and Softbank Safran and Schneider became the major shareholders of NVC Lighting.
In 2012, it was the large shareholders of Softbank Saifu and Schneider who joined forces to expel Wu Changjiang from NVC twice. This time, NVC's dealers stood up again and joined forces with NVC to boycott the acquisition of NVC by Softbank Safran and Schneider. At the same time, NVC employees also stopped working to support Wu Changjiang.
Although this time, NVC's dealers, suppliers and employees did not want Wu Changjiang to return to NVC lighting, but also gave great pressure to shareholders such as Softbank Safran and Schneider, so in the relationship with Dehao After Runda's alliance, Wu Changjiang, with the support of Dehao Runda, was able to return to NVC Lighting again and become the CEO.
From the previous two experience, dealers are an important bargaining chip for Wu Changjiang to win in NVC. This is the system that Wu Changjiang is most proud of. This system is controlled by Wu Changjiang but has been separated from the listed company NVC Lighting. This is why several major shareholders, despite controlling the NVC lighting board, have not been able to really bind Wu Changjiang's key reasons.
"Overview of NVC's three infighting, Wu Changjiang will introduce new partners each time to dilute the influence and control of the opponent, but soon become a new partner with the new partner. If Wu Changjiang can win this time, consider By the time he is in his financial situation, he is expected to introduce new partners again. At that time, who can guarantee that he will not fall out with his new partners?" The head of the investment institution said, "To end the NVC infighting There is only one way to improve the governance mechanism, so that the NVC dealers truly become the partners of NVC Lighting, not Wu Changjiang’s personal rivers and lakes pier."
Wu Changjiang, who likes to be the "big boss", relies on the "buddy loyalty" to cross the rivers and lakes. Wu Changjiang claimed at the press conference on August 11 that NVC’s channel has at least 8 billion to 10 billion yuan in sales and a profit of at least 560 million yuan, far higher than listed companies. The core of this channel is the 36 provincial-level operation centers that are composed of NVC lighting distributors and distributed throughout the country. These large distributors have been supported by Wu Changjiang.
"Wu Changjiang's rivers and lakes may be able to stop the scholars of this investment bank, but it is difficult to stop Wang Donglei who started the same business." In the eyes of the aforementioned industry, Wang Donglei took people to receive the first time in the resolution of the board of directors. Wu Changjiang's business license and official seal, at a crucial moment, his subordinates even resorted to force, showing that Wang Donglei's experience of rivers and lakes is no worse than Wu Changjiang.
Although Wang Donglei sent people to take over the NVC lighting base in Chongqing, Wu Changjiang sent people to regain control of the base. However, they are very clear that the key to determining their victory or defeat is not who can control the two production bases in Huizhou and Wanzhou by force, but who can seize the dealer.
After Wang Donglei and Wu Changjiang's showdown, Wu Changjiang even negotiated with some dealers to integrate the channels into the listed company and form a “Largeâ€, which would ensure Wu Changjiang regained the absolute control of the entire NVC system. right.
However, this time, Wu Changjiang encountered serious challenges to the control of the channel. After learning that Wu Changjiang wanted to integrate the channel into the listed company's plan, Wang Donglei took decisive measures to stop the supply of several dealers who followed Wu Changjiang, and Wu Changjiang's plan failed to materialize. Then, Wang Donglei convened the dealer of NVC in the name of the chairman of the board of directors to meet in Guangzhou. According to Wang Donglei's own statement, 80% of the dealers on the spot expressed their support for the board of directors.
The latest news is that on August 12, Wang Donglei convened a dealership in Beijing as the interim CEO of NVC Lighting. The 19 provincial distributors signed a joint statement expressing support for NVC on August 8. The board of directors announced the lighting resolution and is willing to continue to cooperate fully with NVC Lighting led by Wang Donglei. Of the 36 provincial distributors of NVC Lighting, 19 have accounted for the majority. According to Wang Donglei, the 19 dealers include dealers with sales in Beijing, Guangzhou, Shenzhen, Shandong and Fujian, and their total sales account for more than 80% of NVC.
In this regard, Wu Changjiang claimed that these dealers were under the coercion of Wang Donglei. This statement is difficult to distinguish between true and false, but what is certain is that this time, NVC dealers have been divided, no longer stand on the side of Wu Changjiang. The split of the dealer camp is tantamount to taking away Wu Changjiang’s card, can Wu Changjiang be defeated again?
The time of fighting
The publicity of this infighting of NVC Lighting started in mid-March.
On July 14, NVC Lighting issued an announcement announcing the exchange of blood on its board of directors. Wu Changjiang completely withdrew from the board of directors of each subsidiary. The chairman of these companies was replaced by Wang Donglei, Xiao Yu and Wang Dongming, representatives of the board of directors from Dehao Runda. At the same time, NVC executives Wu Changyong, Mu Yu, Jin Jinhua, Yang Wenqi and others also fully withdrew from the board of directors of these companies, and replaced the candidates, in addition to representatives of Dehao Runda, Schneider's representative Zhu Hai and Softbank Saifu On behalf of Lin Heping.
At that time, I had reported on this and pointed out that this is the integration of Dehao Runda in the direct execution of NVC lighting. With the explosion of the LED lighting market, major LED companies are accelerating the integration of the industry, in order to seize the commanding heights in this round of industry explosion. Dehao Runda's acquisition of NVC Lighting is precisely because of such a strategic consideration.
In December 2012, Dehao Runda spent HK$1.65 billion to acquire approximately 20% of NVC Lighting's shares by absorbing Wu Changjiang's individual shares. In April this year, Dehao Runda once again invested RMB 500 million to acquire 6.86% of the shares of NVC, and its shareholding ratio increased to 27.1%, becoming the largest single shareholder of NVC.
The acquisition of NVC Lighting, Dehao Runda is most valued is the brand and channel that NVC Lighting directly targets the end market, if this advantage of NVC Lighting is combined with the product and scale advantage of Dehao Runda in the upstream of LED industry It will be able to string a high-quality LED industry chain from upstream chip production to consumer terminals. However, for the upstream and downstream of the industry chain, this is not a mechanism for balancing interests and risks. According to industry insiders, relatively large investments and high risks in the upstream area of ​​LEDs are also the key reasons why traditional lighting giants including OSRAM have not been determined to make large-scale investments in the LED field.
In order to realize the integrated integration of LED upstream and downstream, Dehao Runda has invested a large amount of funds in investment and acquisition in recent years. In addition to spending about 1.9 billion yuan to acquire NVC, Dehao Runda is further expanding its production capacity. Following the Dalian and Wuhu bases, Dehao Runda is currently accelerating the construction of the Yanzhou and Yangzhou bases, of which only the bases of the company, Dehao Runda's capital contribution amounted to 1 billion yuan.
Large-scale acquisitions and investments have resulted in higher financial costs, resulting in a decline in the performance of Dehao Runda and even losses. According to the financial report, in 2013, Dehao Runda's sales revenue was 3.13 billion yuan, but the net profit was only 8.826 million yuan. In the first quarter of this year, Dehao Runda's sales revenue was 765 million yuan, an increase of 8.56% year-on-year, while the net profit was a loss of 35.66 million yuan.
In contrast, NVC lighting, the intervention of Dehao Runda, not only allows Wu Changjiang to return to NVC lighting, but also allows NVC lighting to develop LED lighting business in a logical way. According to the data provided by NVC Lighting Performance Report, the company's sales of LED lighting products in 2013 was nearly 1 billion yuan, and the proportion has increased from less than 5% in 2012 to about 20%. This year, it is claimed to sell LED products. The proportion is over 50%. Compared with Foshan Lighting and other traditional lighting companies that are still lost on the road of transformation, NVC lighting can be said to be a blessing in disguise, and seize the opportunity of LED lighting.
The risk of Dehao Runda is not only reflected in the financial aspects, but also in the terminal brands and channels. Since the brand and channel of NVC Lighting is not directly controlled by Dehao Runda, once NVC Lighting can not meet the capacity expansion needs of Dehao Runda in the procurement and terminal channels of LED upstream products, Dehao Runda may appear at any time. The crisis of overcapacity.
In the opinion of the industry, it is precisely because of this that Wang Donglei designed a mechanism for Wu Changjiang to share the benefits with Dehao Runda: Through cross-share swap, Wu Changjiang holds 9.31% of the shares of Dehao Runda and becomes the successor. The second largest shareholder after Wang Donglei, and Wu Changjiang’s shares in NVC Lighting has fallen to 2.54%.
"Bundling the interests of Wu Changjiang and Dehao Runda, the original purpose of this mechanism design should be to give full play to Wu Changjiang's special advantage as the founder of NVC, and motivate him to actively cooperate with Dehao Runda and NVC Lighting. The integration of the integration." The industry said that from the original intention of the design of this mechanism, Wang Donglei is very eager to join forces with Wu Changjiang, not to start to open him.
"When Wang Donglei thought about crossing the river, he had to wait for the river to say it again. The river had not broken the bridge in half, and Wang Donglei would fall into the water. Will he be so stupid?" In the opinion of the industry, if it is not a last resort Wang Donglei will not choose to face Wu Changjiang in the critical period of this integration. The biggest possibility is that Wu Changjiang not only did not cooperate with the integration, but became the key resistance for this matter.
Wang Donglei once publicly complained that NVC lighting engineers were once reluctant to adopt the chip of Dehao Runda. Although this problem was finally solved, it delayed a lot of time. According to previous industry rumors, the key resistance behind this is from Wu Changjiang's management team. According to another data, in the context of NVC Lighting's sales of LED products reached nearly 1 billion yuan in 2013, Dehao Runda sold LEDs through NVC Lighting Channel for only about 260 million yuan.
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Mini Gaming PC comes with higher level processors, like intel i3, i5, i7 10th, 11th or 12th; bigger memory and storage, like 16GB or 32GB ram, 512gb up to 1tb. Of course, rich slots support linking with two or more monitors or devices.
Except mini pc windows 11, there are also All In One PC , Student Laptop, Gaming Laptop , Android Tablet, Yoga Laptop , etc.
Mini PC Windows 11,High Performance Mini PC,Mini PC DDR4,PC Mini Intel
Henan Shuyi Electronics Co., Ltd. , https://www.shuyiminipc.com