"The NVC event" staged a drama?

“We met in the morning and we talked with each other very much. We affirmed the strategic cooperation of DHL. He always expressed my full support for my work. I also said that I will do my best to make NVC a world-class company and return all of them as soon as possible. shareholder".

On the afternoon of January 6th, NVC, the founder of NVC Lighting, publicly responded to the public’s response for the first time since the recent week. “For a good move that takes a single shot and a double-edged sword, we retire to sell shares to cash out NVC Lighting. "Narcom's NVC lighting investors are pressured to increase their bargaining power for the company's right to speak."

However, the current public opinion on Wu Changjiang’s speculation about the true motive of this move has not stopped. More arguments are pointed out, "Wu Changjiang will fight again and again to reshape the position of the Chinese lighting industry."

There are many doubts about the sale of NVC

At the end of 2012, as Wu Changjiang suddenly shot, NVC Lighting and BDO Runda issued simultaneous announcements in Hong Kong and Shenzhen: the latter granted shares held by the founder of the former to be the largest shareholder of the former, 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 had started the process for returning Wu Changjiang to the company's board of directors.

"In order to prevent the original struggle from affecting the actual operation of the company and the company's employees from losing confidence and losing market share, the original settlement between the two parties is only a short-term compromise of interests. Old Wu and Yao are both personalities. Very strong people, in fact, are secretly competing, to prove through a series of actions that the original accusations are not wrong."

An informed source close to Wu Changjiang stated that Wu Changjiang’s move was not surprising and consistent with his consistent style of work. This is clearly an attempt to send new information to the industry and investors. In the field of lighting in China, Wu Changjiang has the ability to create a new mine. Person.

Just in October last year, this battle suddenly ended with a “Victims Wu Shen public handshake”. At the time, Zhai (Saifu Asia Fund Partner) said, “I hope Wu Changjiang will return to the board of directors as soon as possible. The return process has already started and it will not return to the board of directors. More than 3 months." Prior to September, Wu Changjiang also returned to NVC Lighting as the "temporary operating committee" responsible person, presided over the daily work.

Today, Wu Changjiang suddenly took the “killer” before returning to NVC Lighting's board of directors: To BDO Runda, a company that is in a difficult transition period from “small home appliance OEM business to LED lighting business” Discard the company's controlling position and give BDO Runda an irrevocable preferential right of transfer: The right to buy the remaining stake in NVC Lighting at the agreed price at any time in the future.

According to the above-mentioned insider, “Return to NVC is not suspenseful for Wu Changjiang. Old Wu is concerned about how loud his right to speak after the return. This is a bargaining chip. The source of the original struggle between the two sides was the strategic investor’s bondage to Wu Changjiang. There are too many restrictions and he has no say in the company he founded."

Wu Changjiang under the Bureau Bureau

At present, for the strategic cooperation between Wujiang Changjiang and BDO Runda, NVC not only issued a “stock price sensitive information” announcement but also did not comment or interpret it.

According to Bundau Runda's 2012 semi-annual report, as of the end of June 2012, with the small home appliance business mainly for exporting to Europe and the United States, operating income fell 9.5% from the same period of last year, but its revenue accounted for 67.7%. In recent years, the proportion of LED business focused on investment has been less than 40%.

According to a staff member of the China Illuminating Engineering Society, “The Bund Runda is a new army in the field of lighting. In recent years, it has invested a lot in LED lighting and achieved a good breakthrough in related technologies. However, compared with European, American, Japanese and other companies. The overall advantage of LED lighting companies in China is not obvious, and it is urgent to break through the technical difficulties through strategic cooperation."

BDO Runda and Wu Changjiang personally provided the “integration of NVC lighting brand and channel representatives in the field of lighting, and BDO Runda products in the field of LED lighting technology advantages, open up the LED lighting industry chain led the lighting industry upgrade transformation "Challenge" the reasons for open cooperation, obviously can not solve all kinds of doubts from society.

According to the above-mentioned sources, “A series of accusations previously had hurt the heart of Wu Changjiang and formed an incombustible wound in the business relationship between the two parties. Wu Changjiang, who had already cleared up the relationship with the Chongqing incident, was in urgent need of upgrading. The lighting field in transition has reaffirmed its appeal. At the same time, it is also possible to restructure NVC Lighting's board of directors with the help of BDO Runda and master the company's initiative."

“In the layout of Wu Changjiang, BDO Runda’s role is critical because it requires sufficient funds to take over Wu Changjiang’s shares and also supports Wu Changjiang’s return to NVC Lighting and control of the company’s right to speak. “Feng Hongjiang, a visiting professor at Zhejiang Wanli University, speculated that in addition to the open cooperation, Wu Changjiang should have reached other consensus with BDO Runda Chairman Wang Donglei, allowing Wu Changjiang to join forces with the new army in this industry.

NVC Lighting Bureau

"It can be foreseen that once the relevant authorities of the Chinese government approve the transaction between the two parties, BDO Runda will restructure the board of directors of NVC Lighting under the name of the largest shareholder. Wu Changjiang will return to the company as a representative of the major shareholder and truly hold the company in power." .

The information from NVC Lighting revealed that this move not only allowed Wu Changjiang's scenery to return to NVC Lighting's initiative in mastering the company's development, but also smoothly arranged the LED lighting industry to complete the upgrade of the traditional lighting business, and also gave it to others. Strategic investors are caught off guard.

In the face of doubts, Wu Changjiang insisted that "the development and popularity of LED exceed everyone's expectations, so that traditional lighting companies face enormous challenges, and no transition will be eliminated. I hope to use time and facts to prove what I have done and how The sacrifice is correct and worthwhile! Please pay attention to the dramatic changes in China's lighting industry in 2013 and 2014."

In this regard, Feng Hongjiang believes that "Wu Changjiang's move is obviously one stone and three birds, both to find new growth points for NVC performance, but also to take advantage of pushing up the price of the two companies in the secondary market, and completed the LED lighting upstream Technical resources integration."

Compared with BDO Runda, either Safari Asia or Schneider Electric is a strategic investor. Obviously, they will not fall too far into the struggle for control of a single company. Industrial commentator Hong Shibin believes that “interest is the ultimate goal pursued by all parties. If this transaction of Wu Changjiang can promote the market expansion of the two companies in the field of LED lighting, by the way, the price of the two companies will increase. Obviously, this is also the outcome we are happy to see, allowing strategic investors to withdraw from high positions."

For more than half a year, NVC has failed to make a final decision. After the intervention of BDO Runda, it will eventually become the NVC finale. It still needs time to verify.