NVC Lighting (02222.HK) control dispute, the tug of war continues.
The middle floor of a NVC Huizhou plant yesterday (18th) revealed that the company’s founder Wu Changjiang, Softbank Safran’s chief partner, and Schneider’s three parties negotiated in Shanghai on July 14 and have recently moved to Hong Kong.
"The three parties reached a preliminary agreement, but the final result has not yet come out," the person said. "NVC lighting was scheduled to resume trading at 1 o'clock yesterday afternoon. As a result, it was suspended yesterday afternoon. It is estimated that some details have not been finalized."
回应 Yesterday’s response was, “I can’t say anything now.â€
Wu Changjiang holds the supply chain
NVC Lighting announced yesterday that the board of directors is actively discussing with Wu Changjiang to find an effective solution to the satisfaction of all parties.
The announcement also revealed the company's board of directors meeting with management, some distributors and suppliers on July 12. The latter made four requests to the board of directors: Wu Changjiang was re-elected as chairman and executive director of the company; the board of directors appointed representatives of management and distributors as additional directors of the company; the board of directors granted management and core personnel options; Some members of the management team should be replaced.
Since the board of directors did not immediately agree to these requirements, from July 13th, employees of two factories in NVC and Chongqing office have been suspended, and some distributors have suspended their orders with NVC. According to the announcement, this is “an action that is unfavourable to the company's interests.†The board is considering the above requirements and how to deal with the current situation.
The reporter learned that the NVC Huizhou plant continued to stop working as of yesterday. The above-mentioned middle layer of the plant revealed that on the morning of the 19th, NVC suppliers from all over the country would also come to Huizhou factory to support Wu Changjiang.
A lighting industry veteran revealed that the Wu Changjiang family's affiliates are one of the major suppliers of NVC, accounting for about a quarter of NVC's upstream component supply.
The dealer and Wu Changjiang are also "feeling deep." NVC has always been paying to distributors for a long period of time. The middle-level of the above-mentioned NVC Huizhou factory admitted that after Wu Changjiang resigned on May 25 and Zhang Kaipeng from Schneider took over as the president of NVC, the company's credit to dealers decreased, causing dissatisfaction with dealers.
The management of the factory is also on the front of Wu Changjiang. The middle-level said that in March last year, with more than 10 years of savings, he bought a lot of NVC stocks at a price of 4 Hong Kong dollars per share. Now he has only 1 Hong Kong dollar per share. "When Wu returns, the stock price will rise. More critically, these managers are concerned that Schneider will replace the existing management.
In June of this year, the orders of the NVC factory dropped by 60%. The middle-level said that the society buys products mainly depends on quality and price. NVC has a sound sales network, and the dealers have cooperated for many years and are very loyal to NVC. "I believe that as long as Mr. Wu returns, the order will definitely go up."
Winning and losing
There are also "trump cards" in the hands of the employers. Before that, he proposed three points to Wu Changjiang: one is to explain the incidents investigated by the government; the other is to announce the related party transactions; the third is to change the arbitrary and arbitrary behavior.
The above-mentioned middle-level of the NVC Huizhou plant said that the director of the Foreign Trade and Economic Cooperation Bureau of Chongqing Nan'an District has recently clarified that the headquarters of NVC Lighting has been attracted to Chongqing. The tax incentives benefit the company. The local government did not reward Wu Changjiang with 20 million yuan.
The above-mentioned veterans also revealed that the investigation of Wu Changjiang’s investigation has ended, and the first request of the 阎焱 has been resolved. "But the related party transaction must be announced." He believes that after the listing of NVC, it has changed from a private enterprise to a public company, not to disclose related party transactions, and violates the rules of listed companies.
“Wu Changjiang did not discuss with the board of directors and decided to move the company headquarters from Huizhou to Chongqing. This is a hidden danger.â€
He also believes that even if Wu Changjiang returns to the NVC board of directors, NVC's future development will be difficult to smooth down, and the board of directors will have differences in decision-making. “Wu Changjiang can influence the decision of the board of directors by virtue of its influence on the supply chainâ€.
At present, in NVC's shareholding structure, Wu Changjiang's shares are only less than 1% more than Softbank. If Softbank Safran, Goldman Sachs and Schneider combine, they will greatly exceed Wu Changjiang's shares. Therefore, whether Wu Changjiang can be the chairman of the board, whether the company's management and distributors can win more than two director seats is still difficult to predict.
Zhang Xiaofei, dean of the High-tech LED Industry Research Institute, believes that the pace of transformation of NVC to LED lighting has lagged behind, which is related to Wu Changjiang's insufficient attention to the new industry and the deep relationship between NVC and suppliers. Suppliers of traditional lighting do not necessarily benefit from the LED industry. If NVC is still operating in the original way, it will be unfavorable to the interests of all shareholders in the long run.
The middle floor of a NVC Huizhou plant yesterday (18th) revealed that the company’s founder Wu Changjiang, Softbank Safran’s chief partner, and Schneider’s three parties negotiated in Shanghai on July 14 and have recently moved to Hong Kong.
"The three parties reached a preliminary agreement, but the final result has not yet come out," the person said. "NVC lighting was scheduled to resume trading at 1 o'clock yesterday afternoon. As a result, it was suspended yesterday afternoon. It is estimated that some details have not been finalized."
回应 Yesterday’s response was, “I can’t say anything now.â€
Wu Changjiang holds the supply chain
NVC Lighting announced yesterday that the board of directors is actively discussing with Wu Changjiang to find an effective solution to the satisfaction of all parties.
The announcement also revealed the company's board of directors meeting with management, some distributors and suppliers on July 12. The latter made four requests to the board of directors: Wu Changjiang was re-elected as chairman and executive director of the company; the board of directors appointed representatives of management and distributors as additional directors of the company; the board of directors granted management and core personnel options; Some members of the management team should be replaced.
Since the board of directors did not immediately agree to these requirements, from July 13th, employees of two factories in NVC and Chongqing office have been suspended, and some distributors have suspended their orders with NVC. According to the announcement, this is “an action that is unfavourable to the company's interests.†The board is considering the above requirements and how to deal with the current situation.
The reporter learned that the NVC Huizhou plant continued to stop working as of yesterday. The above-mentioned middle layer of the plant revealed that on the morning of the 19th, NVC suppliers from all over the country would also come to Huizhou factory to support Wu Changjiang.
A lighting industry veteran revealed that the Wu Changjiang family's affiliates are one of the major suppliers of NVC, accounting for about a quarter of NVC's upstream component supply.
The dealer and Wu Changjiang are also "feeling deep." NVC has always been paying to distributors for a long period of time. The middle-level of the above-mentioned NVC Huizhou factory admitted that after Wu Changjiang resigned on May 25 and Zhang Kaipeng from Schneider took over as the president of NVC, the company's credit to dealers decreased, causing dissatisfaction with dealers.
The management of the factory is also on the front of Wu Changjiang. The middle-level said that in March last year, with more than 10 years of savings, he bought a lot of NVC stocks at a price of 4 Hong Kong dollars per share. Now he has only 1 Hong Kong dollar per share. "When Wu returns, the stock price will rise. More critically, these managers are concerned that Schneider will replace the existing management.
In June of this year, the orders of the NVC factory dropped by 60%. The middle-level said that the society buys products mainly depends on quality and price. NVC has a sound sales network, and the dealers have cooperated for many years and are very loyal to NVC. "I believe that as long as Mr. Wu returns, the order will definitely go up."
Winning and losing
There are also "trump cards" in the hands of the employers. Before that, he proposed three points to Wu Changjiang: one is to explain the incidents investigated by the government; the other is to announce the related party transactions; the third is to change the arbitrary and arbitrary behavior.
The above-mentioned middle-level of the NVC Huizhou plant said that the director of the Foreign Trade and Economic Cooperation Bureau of Chongqing Nan'an District has recently clarified that the headquarters of NVC Lighting has been attracted to Chongqing. The tax incentives benefit the company. The local government did not reward Wu Changjiang with 20 million yuan.
The above-mentioned veterans also revealed that the investigation of Wu Changjiang’s investigation has ended, and the first request of the 阎焱 has been resolved. "But the related party transaction must be announced." He believes that after the listing of NVC, it has changed from a private enterprise to a public company, not to disclose related party transactions, and violates the rules of listed companies.
“Wu Changjiang did not discuss with the board of directors and decided to move the company headquarters from Huizhou to Chongqing. This is a hidden danger.â€
He also believes that even if Wu Changjiang returns to the NVC board of directors, NVC's future development will be difficult to smooth down, and the board of directors will have differences in decision-making. “Wu Changjiang can influence the decision of the board of directors by virtue of its influence on the supply chainâ€.
At present, in NVC's shareholding structure, Wu Changjiang's shares are only less than 1% more than Softbank. If Softbank Safran, Goldman Sachs and Schneider combine, they will greatly exceed Wu Changjiang's shares. Therefore, whether Wu Changjiang can be the chairman of the board, whether the company's management and distributors can win more than two director seats is still difficult to predict.
Zhang Xiaofei, dean of the High-tech LED Industry Research Institute, believes that the pace of transformation of NVC to LED lighting has lagged behind, which is related to Wu Changjiang's insufficient attention to the new industry and the deep relationship between NVC and suppliers. Suppliers of traditional lighting do not necessarily benefit from the LED industry. If NVC is still operating in the original way, it will be unfavorable to the interests of all shareholders in the long run.
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