Wu Changjiang, the largest single shareholder and founder of NVC Lighting, was instantly dismissed from the chairman, president, directors and all committees of the company. The incident was no less than a nuclear bomb detonation. However, NVC Lighting has given only an official announcement that is not salty or faint: "Mr. Wu Changjiang resigned for personal reasons...".
Since the announcement of NVC Lighting on May 25, all relevant personnel have refused media interviews. The company has no further explanation for this behavior as no less than a “coupâ€: Why is a company-like founder? Never leave? Is it like "physical and mental exhaustion" described on Weibo? If yes, what is the reason? If not, is it the rumored "forced palace"? No one gives a clear answer.
But one thing I can believe is that Wu Changjiang will not take the initiative to give up his 14 years of hard work, and the other major members of the board of directors apparently did not coordinate the responsibility of unity. This announcement is equivalent to the fuse that has already detonated the future crisis of NVC. Over time, people have to face more cruel truths and struggles – when the truth is over, many of the stakeholders (employees, dealers) who are kept in the dark or find time is no longer standing on their own Here.
People may have guessed at that time that NVC Lighting, the industry leader, has created a company that has quickly surpassed its rivals and is far ahead of its rivals. Will it fall into endless troubles and enter the downtrend channel?
Wu Changjiang resigned, Schneider's "conspiracy"?
Yan Yan, a venture capitalist who took over as chairman of NVC Lighting, and Ning Yan, a partner from Safran, had no reason to believe that the result of this speculation was due to his alumni at Nanjing University of Aeronautics and Astronautics and his work at Schneider. Zhang Kaopeng, an old friend of the year, took over as CEO, and Zhang Kaipeng stood behind Schneider Electric, a famous French company that was coveted by the Chinese market and NVC. The company seems ready to acquire NVC shares from SAIF and other shareholders at a high price to achieve a complete acquisition of NVC.
There are indications that the back of NVC is closely related to Schneider Electric. It is not as simple as the seemingly VC and the founder's bitter story, but more like a transnational giant crocodile "killing" a conspiracy of a good Chinese company. The reasons are as follows:
First of all, Schneider has a strong interest in NVC lighting channels and the strong complementarity between its products and Schneider itself, as evidenced by the following examples: Schneider began contact with NVC in 2010 and made a high profile on July 20, 2011. Announced a cooperation agreement, and happily announced the acquisition of a 9.2% stake in NVC Lighting (11% premium over the then share price) for HK$1,275 million and the acquisition of certain assets of Chongqing Enlin Electric Co., Ltd. (hereinafter referred to as Enlin Electric) for RMB 380 million. The agreement also allowed it to successfully enter NVC's strong distribution channels. In fact, Schneider's fancy does not seem to be the acquisition of the NVC switch, but the value of entering its channel, or the more stable behind it - the desire for M&A of the outstanding company of NVC.
Secondly, from the ownership structure, NVC is clearly the best target for Schneider's hunting: the quality of the company, the product line complements itself, the stock is seriously dispersed, and listing in Hong Kong can get rid of mainland supervision. It is quite easy to initiate a merger.
Equity dispersion is the key, and a considerable number of shares are in the hands of risky investors. This was the “strategic shareholder†introduced by Wu Changjiang during his early development. As early as 2006, Softbank Safran (softbank Safran Fund was established in 2001 and renamed Safran Asia Fund in 2008) was acquired for US$22 million. NVC Lighting has approximately 35.7% of preferred stock. Two years later, Goldman Sachs invested more than $36 million in NVC lighting, and Safran Fund invested another $10 million. As of NVC Lighting's listing in May 2010, Safran Fund and Goldman Sachs accounted for 30.73% and 9.39% of the company's shares, respectively, and Saifu shares have exceeded 29.93% of Wu Changjiang's shares and become the controlling shareholder.
Later, Wu Changjiang realized that this defect may become a worry for the company's development. Although he increased his shareholding in the company, he has not been able to regain control of the company. In July last year, NVC Lighting introduced Schneider, a new strategic investor. Although Wu Changjiang became the largest single shareholder, the equity was more dispersed and the control of the company's major decisions became increasingly weak.
Wu Changjiang, founder of NVC Lighting
Since the announcement of NVC Lighting on May 25, all relevant personnel have refused media interviews. The company has no further explanation for this behavior as no less than a “coupâ€: Why is a company-like founder? Never leave? Is it like "physical and mental exhaustion" described on Weibo? If yes, what is the reason? If not, is it the rumored "forced palace"? No one gives a clear answer.
But one thing I can believe is that Wu Changjiang will not take the initiative to give up his 14 years of hard work, and the other major members of the board of directors apparently did not coordinate the responsibility of unity. This announcement is equivalent to the fuse that has already detonated the future crisis of NVC. Over time, people have to face more cruel truths and struggles – when the truth is over, many of the stakeholders (employees, dealers) who are kept in the dark or find time is no longer standing on their own Here.
People may have guessed at that time that NVC Lighting, the industry leader, has created a company that has quickly surpassed its rivals and is far ahead of its rivals. Will it fall into endless troubles and enter the downtrend channel?
Wu Changjiang resigned, Schneider's "conspiracy"?
Yan Yan, a venture capitalist who took over as chairman of NVC Lighting, and Ning Yan, a partner from Safran, had no reason to believe that the result of this speculation was due to his alumni at Nanjing University of Aeronautics and Astronautics and his work at Schneider. Zhang Kaopeng, an old friend of the year, took over as CEO, and Zhang Kaipeng stood behind Schneider Electric, a famous French company that was coveted by the Chinese market and NVC. The company seems ready to acquire NVC shares from SAIF and other shareholders at a high price to achieve a complete acquisition of NVC.
There are indications that the back of NVC is closely related to Schneider Electric. It is not as simple as the seemingly VC and the founder's bitter story, but more like a transnational giant crocodile "killing" a conspiracy of a good Chinese company. The reasons are as follows:
First of all, Schneider has a strong interest in NVC lighting channels and the strong complementarity between its products and Schneider itself, as evidenced by the following examples: Schneider began contact with NVC in 2010 and made a high profile on July 20, 2011. Announced a cooperation agreement, and happily announced the acquisition of a 9.2% stake in NVC Lighting (11% premium over the then share price) for HK$1,275 million and the acquisition of certain assets of Chongqing Enlin Electric Co., Ltd. (hereinafter referred to as Enlin Electric) for RMB 380 million. The agreement also allowed it to successfully enter NVC's strong distribution channels. In fact, Schneider's fancy does not seem to be the acquisition of the NVC switch, but the value of entering its channel, or the more stable behind it - the desire for M&A of the outstanding company of NVC.
Secondly, from the ownership structure, NVC is clearly the best target for Schneider's hunting: the quality of the company, the product line complements itself, the stock is seriously dispersed, and listing in Hong Kong can get rid of mainland supervision. It is quite easy to initiate a merger.
Equity dispersion is the key, and a considerable number of shares are in the hands of risky investors. This was the “strategic shareholder†introduced by Wu Changjiang during his early development. As early as 2006, Softbank Safran (softbank Safran Fund was established in 2001 and renamed Safran Asia Fund in 2008) was acquired for US$22 million. NVC Lighting has approximately 35.7% of preferred stock. Two years later, Goldman Sachs invested more than $36 million in NVC lighting, and Safran Fund invested another $10 million. As of NVC Lighting's listing in May 2010, Safran Fund and Goldman Sachs accounted for 30.73% and 9.39% of the company's shares, respectively, and Saifu shares have exceeded 29.93% of Wu Changjiang's shares and become the controlling shareholder.
Later, Wu Changjiang realized that this defect may become a worry for the company's development. Although he increased his shareholding in the company, he has not been able to regain control of the company. In July last year, NVC Lighting introduced Schneider, a new strategic investor. Although Wu Changjiang became the largest single shareholder, the equity was more dispersed and the control of the company's major decisions became increasingly weak.
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