(This article is transferred from the Times Weekly, the original title: "Wu Changjiang does not plead guilty to the NVC lighting dispute"
On September 1st, the car descended from Guanghui Expressway and entered the prosperous Huizhou Avenue, eventually arriving at the Huizhou Intermediate People's Court. In a trial room on the 2nd floor of the majestic building, Wu Changjiang, the former Chinese lighting industry, is awaiting a public ruling.
After 19 months, Wu Changjiang, the founder of NVC Lighting (02222.HK), once again returned to the public's view. Compared with the past, he was sitting quietly in the dock, and he was accompanied by a serious marshal. .
It is forbidden to take pictures and videos. This is the "discipline" of the court scene. Even the official photos are also on the back of Wu Changjiang. The Times Weekly reporter observed on the spot that Wu Changjiang was wearing a gray T-shirt, black shorts and blue plastic slippers when he was brought to the trial court. The lighting singer showed his usual bald image and his face was quiet. Looking straight ahead.
According to the information obtained by the Times Weekly reporter on the trial, the indictment alleged that Wu Changjiang misappropriated funds of more than 900 million yuan and occupied 13.7 million yuan. The trial lasted for two days and was not pronounced in court until the end.
With the imprisonment of Wu Changjiang, the "Wu Wang dispute" behind NVC lighting, the victory and defeat have already been seen. The dispute between Wu Changjiang and Wang Donglei once shocked the Chinese lighting industry and was included in the catalogue of equity competition cases.
After Dehao Runda (002005.SZ) became the single largest shareholder of NVC Lighting, and Wang Donglei, the chairman of Dehao Runda, took over as chairman and CEO of NVC Lighting, NVC Lighting gradually got rid of the troubles and returned to calm.
On August 26th before the Wu Changjiang trial, NVC Lighting's interim results report for the first half of 2016 was released, and the net profit attributable to shareholders of the listed company was 82.14 million yuan, a year-on-year increase of 3.8 times.
NVC, founded by Wu Changjiang, has achieved the highest level of profitability since the "Wu Wang dispute" in recent years.
With the final judgment of Wu Changjiang in the future, what will be the future of this first Chinese lighting industry?
"NVC Building" storm eye
The South Bank of China's South Bank marble business center is one of the most dazzling financial wealth zones in the southwestern mountain city. The “NVC Building†project that Wu Changjiang once dreamed of is located here. On September 1, a paper indictment from the scene of Wu Changjiang’s trial allowed the “NVC Building†to return to public view again.
According to the indictment, NVC Lighting (China) Co., Ltd. (formerly Chongqing NVC Industrial Co., Ltd., hereinafter referred to as "NVC China") is a company approved by Chongqing on November 7, 2011 (Taiwan, Hong Kong and Macao legal person-owned) ), its sole shareholder is Hong Kong NVC Lighting Co., Ltd. (hereinafter referred to as "Hong Kong NVC"), the sole shareholder of Hong Kong NVC is WorldCom Investment Co., Ltd. (hereinafter referred to as "WorldCom Investment"), the sole shareholder of WorldCom Investment Lighting for NVC.
The indictment alleges that during August 2012-2014, NVC Lighting hired the defendant Wu Changjiang as the president of NVC, and also hired Wu Changjiang as the chairman of WorldCom Investment, the chairman of Hong Kong NVC, and the chairman of NVC China.
According to the indictment, Wu Changjiang used the NVC China Margin as a guarantee through five companies he actually controlled, and applied for a working capital loan of 901.62 million yuan to three banks.
For this reason, NVC China has issued a total guarantee deposit of RMB 923.38 million. The loan was used by the defendant Wu Changjiang and was used for the construction of the “NVC Building†project of Chongqing Promise Real Estate Development Co., Ltd. (hereinafter referred to as “The Promise Real Estateâ€). Wait.
At the court hearing on the same day, Wu Changjiang said that there is an agreement with the Chongqing municipal government. If the investment in Chongqing reaches 1 billion yuan, in addition to enjoying the regular preferential treatment of the Chongqing government, it can also obtain additional tax and executive benefits. Chongqing Municipal Construction will give priority to the use of NVC lighting products, and the government should allow the land to give NVC a good location.
However, the NVC lighting investment quota authorized by the board of directors at that time was only 200 million yuan. This is a far cry from the 1 billion investment standard that NVC Lighting enjoys the relevant preferential policies.
Therefore, Wu Changjiang wants to achieve the government's preferential policy through a method of “not violating the board of directors and meeting investment standardsâ€, that is, investing in the construction of “NVC Buildingâ€.
It is worth noting that the main body of the construction of the "NVC Building" is the Promise Real Estate. The legal representative of the Promise Real Estate is Wu Lianjiang's ex-wife Wu Lian. The ultimate control is in the hands of Wu Changjiang and has no relationship with NVC Lighting. In other words, all the benefits generated by the NVC Building have nothing to do with NVC lighting.
According to the indictment, the defendant Wu Changjiang was unable to repay the above loan, causing the three banks to forcibly deduct NVC China’s RMB 556.5 million guarantee deposit, resulting in a huge loss for NVC China.
At the same time that NVC Lighting sued Wu Changjiang and others, NVC Lighting took legal action measures on the property of Wu Changjiang and Wu Lian and other involved units, and seized the property including the land under the name of the Promise Real Estate.
A generation of heroes did not fall
Wu Changjiang was finally planted in the foundation of the founding.
The reporter of Time Weekly was informed that according to the indictment, the defendant Wu Changjiang had two occupations of 13.7 million yuan in 2014 and 2011 respectively.
"If you accuse the public prosecutor of accusation of misappropriation of funds and commit a crime of embezzlement, do you plead guilty?" the presiding judge asked. "I don't confess." Wu Changjiang's answer was clear and clear. It claims that this is a loophole in corporate management.
Wu Changjiang’s trial lasted two days. The focus of the trial was on Wu Changjiang’s two charges. As of the end of the trial on September 2, the case was not pronounced in court.
Wu Changjiang, 51, is a Tongliang person from Chongqing. The entrepreneur who went out of the mountain town has always been concerned by local people. "He is still very high in our minds." Recently, a local Chongqing person told the Times Weekly reporter after learning about Wu Changjiang's case.
Wu Changjiang’s foundation is actually in Chongqing. This can be seen from the five affiliates disclosed in the trial. The Times Weekly reporter found that Wu Changjiang, who disclosed the indictment, including the Promise Real Estate, passed five companies that he actually controlled. Both are located in Chongqing.
According to the indictment, the five companies actually controlled by Wu Changjiang are Wuji Real Estate, Chongqing Leilijie Industrial Development Co., Ltd., Chongqing Huabiao Lighting Manufacturing Co., Ltd., Chongqing Enweixi Industrial Development Co., Ltd. (hereinafter referred to as “Enweixi†Industrial") and Chongqing Jiangte Surface Treatment Co., Ltd.
According to the industrial and commercial information of the above five companies, the Times Weekly reporter found that Wu Changjiang did not hold or hold equity in the above five companies, but was accused of actually controlling these enterprises.
Such as Enweixi Industrial Company, this company was also mentioned in the trial on the same day, it was established in 2009, the registered place is located in Rongchang District, Chongqing, with a registered capital of 50.80 million yuan, the legal representative is Wu Qi, the business scope is light source. Lighting equipment such as lamps and lanterns, Wu Changjiang's father-in-law Wu is a major shareholder.
Since October 2014, as Wu Changjiang was imprisoned, the companies associated with him have fallen into the vortex of justice.
"Character determines fate." Perhaps it is this old saying. A person who has dealt with Wu Changjiang told the Times Weekly reporter that Wu’s character is hard and stubborn, and the rivers and lakes are heavy.
In the two NVC equity wars, Wu Changjiang finally met Wang Donglei, the latecomer of the NVC empire, step by step through the operation of his company, becoming the largest shareholder of NVC Lighting.
"Change the dynasty" Wang family
In the final statement of the accused in the court hearing, Wu Changjiang once again emphasized the feelings of NVC lighting. This company he founded is still active in the Chinese capital market. However, the helm has become another core figure in the "Wu Wang dispute" Wang Donglei.
According to Wang Donglei, a LED listed company in Guangdong told the Times Weekly reporter that Wang Donglei has been working in the LED field for many years, and he is quite familiar with the lighting industry.
Compared with NVC's net profit data for the past year, it was 58 million yuan in the first half of 2014 and 17 million yuan in the first half of 2015. In 2016, the net profit attributable to shareholders of listed companies was 82.14 million yuan. The profit level has reached the "Wu Wang dispute" in recent years. The highest level since.
Wang Donglei has been planning a move to "big chess". Since he entered the NVC lighting in 2013, he has led the lighting company under the rule of Wu Changjiang, and has gone through three years of progress.
Turning over the information of NVC lighting, in the sequence of the board of directors, I am afraid that Wang Donglei and Wang Dongming will be the two Wang brothers.
According to NVC Lighting, Wang Dongming, 45, joined the company in June 2013. He has more than 15 years of experience in the electrical and financial industry. He served as executive director and deputy general manager of Dehao Runda. Director and General Manager of the Lighting Division.
According to public information, as the brother of Wang Dongming, Wang Donglei, 52, joined NVC in January 2013. Prior to that, he served as director and chairman of Dehao Runda since 2001.
After years of capital operation, in 2015, NVC Lighting's operating income was 3.85 billion yuan, and Dehao Runda's operating income was about 4.5 billion yuan, which was about 8.35 billion yuan. "Wang Brothers" two, trying to build a "Great NVC."
Zhang Peng, president of NVC Group, revealed on August 9 that the "Great NVC", including NVC Lighting and other related company assets, will strengthen the integration of upstream and downstream resources this year, and strive to impact the overall operating revenue of 10 billion yuan.
In 2012-2014, Dehao Runda gradually acquired a 27.0% stake in NVC Lighting, becoming its largest shareholder and establishing a relatively complete sales channel in the LED application field.
Even as the largest shareholder of NVC Lighting, Wang Donglei is very clever in managing this company. According to a recent announcement by Dehao Runda, it did not include NVC Lighting as a holding subsidiary within the scope of the consolidated financial statements.
One of the main reasons is that Dehao Runda has not yet controlled the board of directors of NVC Lighting. As of the date of the last feedback reply, Dehao Runda has appointed 4 directors to NVC Lighting (NVC Lighting Board has a total of 11 seats) ), the company actually owns less than 50% of the NVC lighting board seats and failed to implement control.
In addition, the second, third and fourth largest shareholders of NVC Lighting hold 18.50%, 9.22% and 5.67% respectively, which exceeds the shareholding ratio of Dehao Runda. “Dehao Runda holds voting rights relative to other major investors. The share of voting rights is not large, and the company cannot control the voting results of major events of NVC Lighting."
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