On August 14, NVC Lighting issued an announcement to clarify the resignation of Wu Changjiang, the founder of NVC Lighting, which has been raging in recent March. The announcement explains Wu Changjiang’s reasons for resignation, the strikes of employees and dealers, etc. This is the first time NVC Lighting has responded positively with official status. In response to Wu Changjiang’s investigation by the government authorities and other allegations, NVC Lighting set up an independent investigation committee and disclosed the findings in detail in the announcement.
In addition, NVC Lighting applied to the Hong Kong Stock Exchange for the resumption of trading in the company's shares on August 15.
Wu Changjiang stepped down to the real insider
Based on the rumors that Wu Changjiang was “investigated†and “missing†before, the announcement stated that Wu Changjiang was not the target of investigation to assist in the investigation.
In the process of assisting the investigation, Wu Changjiang believes that he will not return to China for a foreseeable period in the future. Based on the circumstances and the relevant regulations of the listed company, Wu Changjiang made a decision to resign and took the initiative to resign from NVC Lighting's chairman, executive director, chief executive officer, all committees and affiliates of the board of directors. Therefore, Wu Changjiang’s resignation was not like “being forced to go to class†as he had previously claimed, but he took the initiative to resign.
Public puzzles surveyed by the Independent Investigation Commission
Bundle of interests
For the previous media reports, Wu Changjiang was bundled with the interests of some dealers and employees. The announcement confirmed this and explained in detail: Wu Changjiang told the investigation team that he assisted some of NVC’s first IPO. Employees and dealers buy large amounts of stock, and employees and dealers transfer money into his private account. In addition, Wu Changjiang also admitted that he obtained personal loans from dealers.
What is certain is that there is a substantial interest relationship between Wu Changjiang and the dealers. I think of the previous “forced palace†behavior of the dealers, whether they are considering the future of NVC lighting, or whether they are cutting between them. The chaotic interest disputes are indeed a question worthy of the public and the media.
Headquarters moved to "Du"
According to the announcement, the board of directors previously only approved the relocation of a sales company of NVC Lighting to Chongqing, and Wu Changjiang, without the approval of the board of directors, will have NVC Lighting “part of the headquarters†(including the CEO office, some human resources, legal, domestic sales and The marketing, procurement, research and development, and finance departments were moved from Huizhou, Guangdong to Chongqing, and signed relevant contract documents with the local government. In this regard, Wu Changjiang argued that the signing of the letter of intent with the government does not have any substantive legal obligations, so no board approval is required. However, the representative of Chongqing Nan'an District Government has informed the board of directors that the company has signed a “binding document with the government.†Wu Changjiang still failed to provide the board of directors and the investigation team with the original or a copy of the signed documents. .
Coincidentally, Wu Changjiang’s “action†without the authorization of the board of directors was not the first case. Before that, he was involved in the development of a company called Chongqing NVC Real Estate. The announcement revealed that NVC Lighting has established a production base in Wanzhou, Chongqing, and has obtained a preferential opportunity to develop real estate in Wanzhou. Wu Changjiang transferred the real estate development opportunity of Wanzhou to NVC Real Estate without knowing the board of directors. Wu Changjiang’s wife was previously a shareholder of the real estate company. However, according to Wu Changjiang, Mrs. Wu recently transferred all interests in NVC Real Estate.
Related party transaction
In addition, the announcement disclosed the continuing connected transactions involving Wu Changjiang. Previously, NVC Lighting had a related transaction with the four companies of Shengdi Ai, Chongqing Enlin, Shandong NVC and Chongqing Enweixi. As of August 7, 2012, about 24.4 million yuan of the three companies of Shengdi Ai, Chongqing Enlin and Shandong NVC were not paid in time to NVC Lighting. Wu Changjiang promised to the commission of inquiry to urge the payment of the remaining amount as soon as possible. In addition, as of June 30, 2012, Chongqing Enwei West had about 25 million yuan outstanding for NVC lighting.
Based on the investigation of the independent panel, the Board of Directors believes that it is not appropriate to re-appoint Wu Changjiang as the chairman and director of the company in violation of the listed company.
In addition, NVC Lighting applied to the Hong Kong Stock Exchange for the resumption of trading in the company's shares on August 15.
Wu Changjiang stepped down to the real insider
Based on the rumors that Wu Changjiang was “investigated†and “missing†before, the announcement stated that Wu Changjiang was not the target of investigation to assist in the investigation.
In the process of assisting the investigation, Wu Changjiang believes that he will not return to China for a foreseeable period in the future. Based on the circumstances and the relevant regulations of the listed company, Wu Changjiang made a decision to resign and took the initiative to resign from NVC Lighting's chairman, executive director, chief executive officer, all committees and affiliates of the board of directors. Therefore, Wu Changjiang’s resignation was not like “being forced to go to class†as he had previously claimed, but he took the initiative to resign.
Public puzzles surveyed by the Independent Investigation Commission
Bundle of interests
For the previous media reports, Wu Changjiang was bundled with the interests of some dealers and employees. The announcement confirmed this and explained in detail: Wu Changjiang told the investigation team that he assisted some of NVC’s first IPO. Employees and dealers buy large amounts of stock, and employees and dealers transfer money into his private account. In addition, Wu Changjiang also admitted that he obtained personal loans from dealers.
What is certain is that there is a substantial interest relationship between Wu Changjiang and the dealers. I think of the previous “forced palace†behavior of the dealers, whether they are considering the future of NVC lighting, or whether they are cutting between them. The chaotic interest disputes are indeed a question worthy of the public and the media.
Headquarters moved to "Du"
According to the announcement, the board of directors previously only approved the relocation of a sales company of NVC Lighting to Chongqing, and Wu Changjiang, without the approval of the board of directors, will have NVC Lighting “part of the headquarters†(including the CEO office, some human resources, legal, domestic sales and The marketing, procurement, research and development, and finance departments were moved from Huizhou, Guangdong to Chongqing, and signed relevant contract documents with the local government. In this regard, Wu Changjiang argued that the signing of the letter of intent with the government does not have any substantive legal obligations, so no board approval is required. However, the representative of Chongqing Nan'an District Government has informed the board of directors that the company has signed a “binding document with the government.†Wu Changjiang still failed to provide the board of directors and the investigation team with the original or a copy of the signed documents. .
Coincidentally, Wu Changjiang’s “action†without the authorization of the board of directors was not the first case. Before that, he was involved in the development of a company called Chongqing NVC Real Estate. The announcement revealed that NVC Lighting has established a production base in Wanzhou, Chongqing, and has obtained a preferential opportunity to develop real estate in Wanzhou. Wu Changjiang transferred the real estate development opportunity of Wanzhou to NVC Real Estate without knowing the board of directors. Wu Changjiang’s wife was previously a shareholder of the real estate company. However, according to Wu Changjiang, Mrs. Wu recently transferred all interests in NVC Real Estate.
Related party transaction
In addition, the announcement disclosed the continuing connected transactions involving Wu Changjiang. Previously, NVC Lighting had a related transaction with the four companies of Shengdi Ai, Chongqing Enlin, Shandong NVC and Chongqing Enweixi. As of August 7, 2012, about 24.4 million yuan of the three companies of Shengdi Ai, Chongqing Enlin and Shandong NVC were not paid in time to NVC Lighting. Wu Changjiang promised to the commission of inquiry to urge the payment of the remaining amount as soon as possible. In addition, as of June 30, 2012, Chongqing Enwei West had about 25 million yuan outstanding for NVC lighting.
Based on the investigation of the independent panel, the Board of Directors believes that it is not appropriate to re-appoint Wu Changjiang as the chairman and director of the company in violation of the listed company.
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