Discussing the new company today, the "Greater NVC" alliance is facing collapse
Negotiations in the board of directors are deadlocked, and NVC Lighting (02222.HK) is moving in the worst direction.
Wu Changjiang’s return to his own creation of NVC seems to have become embarrassing. The board of directors of the company met for two consecutive days to discuss his return, and there is still no result.
Losing soul figures, the NVC factory has been shut down for two weeks, and dealers can't wait. Today (July 27), they will meet in Zhongshan to discuss the establishment of a new company and start a new stove. The “Great NVC†system, including suppliers and distributors, is at risk of collapse.
The employer "drag"
On July 12, NVC management, suppliers and distributors met with the company's board of directors and proposed four conditions – Wu Changjiang was the chairman and executive director of NVC; two representatives of management and distributors joined the board of directors; Management received 15% of the options; Schneider exited management. The board of directors said it responded before August 1, but so far no results.
"We can't talk about it." Zhang Xiaofei, president of Gaogong LED Research Institute, analyzed the "First Financial Daily" as saying that the three foreign shareholders of Softbank Safari, Goldman Sachs and Schneider have stood on a boat. If you want to withdraw, the current NVC share price is so low, it is not suitable; if you do not return, then you must get the right to speak on the company's board of directors according to the shareholding ratio.
NVC's share price fell from the opening price of 2.16 Hong Kong dollars on May 25 to 1.41 Hong Kong dollars on July 13, a drop of more than 30%.
As of December 31, 2011, in NVC Lighting, Softbank Saifu held 18.33%, Wu Changjiang held about 18%, Schneider held 9.13%, and Goldman Holdings held 5.6%. Although Wu Changjiang held a share of 19.95% and returned to the largest shareholder after the increase in May this year, it is far less than the 33% stake held by the three foreign shareholders.
Zhang Xiaofei believes that the employer has the same position: Wu Changjiang can return to the board of directors, but he does not necessarily give him an executive director or chairman. The employer is dissatisfied with Wu Changjiang’s previous related transactions, worried that Wu Changjiang will regain control and there will be interest transfer; even Without interest transfer, NVC supports this "in vitro" supply and distribution system to continue to grow bigger and more uncontrollable in the future.
Moreover, in the previous transactions, Softbank Saifu, Goldman Sachs and other employers have already recovered their investment in NVC. But if they now give up control of NVC, it will set a bad example. The employer has invested a lot in China. If every company is "you come capital, you have to listen to my founder", then the employer will have difficulty in establishing a foothold in the future.
"Therefore, the employer uses the word 'tow' to deal with the 'disorders' of workers' shutdowns, suppliers' suspension of supplies, and dealers' no-orders."
Wu Changjiang advances and retreats "two dilemmas"
In this way, Wu Changjiang will advance and retreat into a "difficult". Zhang Xiaofei said that if you enter the board of directors, but you can't control it, it is no different. His previous "preferential policies" for his "children" (management, suppliers, distributors) may be restricted by the board of directors, and implementation will not continue. For example, NVC grants credit to dealers.
This "children" will support Wu Changjiang's "human feelings". If they want to cash in the future, the board will not support it.
Even if Wu Changjiang returns to the board of directors, if he has strategic differences with other directors, but can not control the situation, NVC's supply system will be unreasonable, the company is also difficult to do well. Is the dealer going to reverse the game again in the future?
"So, from the perspective of Wu Changjiang, either return to the board of directors and get control of NVC, or simply don't enter."
However, if Wu Changjiang can't return to NVC, the dealers will "start another stove" and dig the core management of NVC, so that NVC will gradually decline. Wu Changjiang is the major shareholder of NVC, and NVC is his "big child with one hand". He will feel very painful when he sees the decline of NVC. Even if a new company is established by a joint venture, Wu Changjiang is a manager, not necessarily a major shareholder.
Yesterday afternoon, an insider of NVC revealed to the newspaper that after the company’s board of directors held a telephone conference on the morning of 25th, it failed to communicate again yesterday, but there is still no news. It is estimated that there are still some details to be negotiated. When asked if Wu Changjiang came back with hope, he said, "I want to see the results of the board discussion."
Dealer set up another hill
But dealers can't wait, and today they will hold a meeting in Zhongshan, Guangdong to discuss the establishment of new trademarks and new companies. It is understood that NVC's 36 operation centers nationwide have representatives.
Last weekend, the chairman of NVC was interviewed in an interview, saying that when the employees stopped working, they said, "Well, stop," "Who care."
"If you are awkward, the dealer's heart will be broken." Li Wei, the president of the NVC Dealer Alliance and the head of the NVC China Operations Center, said yesterday that "the layman leads the bank, and the current chairman is indifferent. How does the company do well?" ?"
"We are forced to be helpless, we want to be a NVC, but we can't do it. The fate is in the hands of others, and we have to save ourselves." Li Wei said that after Schneider entered the NVC, "there is no support policy, no new products, and How to do a few dealers in one place?"
"Which brand we sell is not for sale, but it is a pity." Li Wei said that the store is opened by the operation center to help the dealers. The store is not opened by NVC, but is operated by the operation center.
Li Wei said: "Wu has founded NVC for more than ten years, understands the market and understands the industry." If Wu Changjiang returns and has decision-making power, they will no longer build new brands. "Otherwise, I will take back the goods. NVC has a stock of 1 billion yuan in the country."
Under the deadlock, the "Greater NVC" system is at risk of collapse. Li Wei said: "Why should the board of directors go its own way and go to the company? When Wu Changjiang returns, NVC can re-start it, and capital can also be distributed dividends."
If Wu Changjiang can't come back, or come back but has no substantive decision-making power, the dealer will set up a separate portal to remove the NVC trademark. Li Wei said that they would ask a lawyer to let the company take back the goods and return the money to them. “Each dealer adds up, and NVC’s inventory in the country is 1 billion yuan.â€
He said: "We have been operating NVC for many years. NVC is the first brand in the lighting industry. As long as Mr. Wu can return to the board of directors and has control, we will not make new trademarks immediately, and we will do our best to make NVC complete. heart."
Li Wei revealed that after NVC became Schneider Electric last year, Schneider pressed the goods to each operation center. "Our Yunnan operation center has pressed more than 2 million yuan of goods. Now it is in the warehouse, things are bad, It’s expensive to sell.â€
"Schneider is too hasty." He believes that Schneider took a fancy to NVC's retail channel and pressed its goods down. "If we don't buy it, (Schneider) says to find another dealer."
What makes him even more dissatisfied is that Schneider wants to change the original marketing system of NVC, increase the number of dealers in various places, reduce the dependence on the operation center, and not give the operation center a separate order. This is undoubtedly equal to "cutting."
Li Wei said that Schneider's own retail is not doing well, and he wants to turn NVC's channel into its own channel. It did not expect that NVC's channel does not belong to NVC.
NVC has always given credit to dealers. The outside world speculated that the credit letter involved Wu Changjiang's interest transmission, causing dissatisfaction with the board of directors?
Li Wei said that credit is only for delivery. "Sometimes we placed an order, just happened to meet the weekend, the funds are not in place. By credit, the goods can be sent first. The credit given to us is generally 1 million to 2 million yuan, the large operation center is tens of millions of yuan, the credit can be one. year."
"But it must be paid after the expiration, and must be repaid at the end of the year. When the task is not completed, it is necessary to pay late fees." Li Wei said, so credit has nothing to do with Wu Changjiang's interest transfer.
Wu Changjiang’s return to his own creation of NVC seems to have become embarrassing. The board of directors of the company met for two consecutive days to discuss his return, and there is still no result.
Losing soul figures, the NVC factory has been shut down for two weeks, and dealers can't wait. Today (July 27), they will meet in Zhongshan to discuss the establishment of a new company and start a new stove. The “Great NVC†system, including suppliers and distributors, is at risk of collapse.
The employer "drag"
On July 12, NVC management, suppliers and distributors met with the company's board of directors and proposed four conditions – Wu Changjiang was the chairman and executive director of NVC; two representatives of management and distributors joined the board of directors; Management received 15% of the options; Schneider exited management. The board of directors said it responded before August 1, but so far no results.
"We can't talk about it." Zhang Xiaofei, president of Gaogong LED Research Institute, analyzed the "First Financial Daily" as saying that the three foreign shareholders of Softbank Safari, Goldman Sachs and Schneider have stood on a boat. If you want to withdraw, the current NVC share price is so low, it is not suitable; if you do not return, then you must get the right to speak on the company's board of directors according to the shareholding ratio.
NVC's share price fell from the opening price of 2.16 Hong Kong dollars on May 25 to 1.41 Hong Kong dollars on July 13, a drop of more than 30%.
As of December 31, 2011, in NVC Lighting, Softbank Saifu held 18.33%, Wu Changjiang held about 18%, Schneider held 9.13%, and Goldman Holdings held 5.6%. Although Wu Changjiang held a share of 19.95% and returned to the largest shareholder after the increase in May this year, it is far less than the 33% stake held by the three foreign shareholders.
Zhang Xiaofei believes that the employer has the same position: Wu Changjiang can return to the board of directors, but he does not necessarily give him an executive director or chairman. The employer is dissatisfied with Wu Changjiang’s previous related transactions, worried that Wu Changjiang will regain control and there will be interest transfer; even Without interest transfer, NVC supports this "in vitro" supply and distribution system to continue to grow bigger and more uncontrollable in the future.
Moreover, in the previous transactions, Softbank Saifu, Goldman Sachs and other employers have already recovered their investment in NVC. But if they now give up control of NVC, it will set a bad example. The employer has invested a lot in China. If every company is "you come capital, you have to listen to my founder", then the employer will have difficulty in establishing a foothold in the future.
"Therefore, the employer uses the word 'tow' to deal with the 'disorders' of workers' shutdowns, suppliers' suspension of supplies, and dealers' no-orders."
Wu Changjiang advances and retreats "two dilemmas"
In this way, Wu Changjiang will advance and retreat into a "difficult". Zhang Xiaofei said that if you enter the board of directors, but you can't control it, it is no different. His previous "preferential policies" for his "children" (management, suppliers, distributors) may be restricted by the board of directors, and implementation will not continue. For example, NVC grants credit to dealers.
This "children" will support Wu Changjiang's "human feelings". If they want to cash in the future, the board will not support it.
Even if Wu Changjiang returns to the board of directors, if he has strategic differences with other directors, but can not control the situation, NVC's supply system will be unreasonable, the company is also difficult to do well. Is the dealer going to reverse the game again in the future?
"So, from the perspective of Wu Changjiang, either return to the board of directors and get control of NVC, or simply don't enter."
However, if Wu Changjiang can't return to NVC, the dealers will "start another stove" and dig the core management of NVC, so that NVC will gradually decline. Wu Changjiang is the major shareholder of NVC, and NVC is his "big child with one hand". He will feel very painful when he sees the decline of NVC. Even if a new company is established by a joint venture, Wu Changjiang is a manager, not necessarily a major shareholder.
Yesterday afternoon, an insider of NVC revealed to the newspaper that after the company’s board of directors held a telephone conference on the morning of 25th, it failed to communicate again yesterday, but there is still no news. It is estimated that there are still some details to be negotiated. When asked if Wu Changjiang came back with hope, he said, "I want to see the results of the board discussion."
Dealer set up another hill
But dealers can't wait, and today they will hold a meeting in Zhongshan, Guangdong to discuss the establishment of new trademarks and new companies. It is understood that NVC's 36 operation centers nationwide have representatives.
Last weekend, the chairman of NVC was interviewed in an interview, saying that when the employees stopped working, they said, "Well, stop," "Who care."
"If you are awkward, the dealer's heart will be broken." Li Wei, the president of the NVC Dealer Alliance and the head of the NVC China Operations Center, said yesterday that "the layman leads the bank, and the current chairman is indifferent. How does the company do well?" ?"
"We are forced to be helpless, we want to be a NVC, but we can't do it. The fate is in the hands of others, and we have to save ourselves." Li Wei said that after Schneider entered the NVC, "there is no support policy, no new products, and How to do a few dealers in one place?"
"Which brand we sell is not for sale, but it is a pity." Li Wei said that the store is opened by the operation center to help the dealers. The store is not opened by NVC, but is operated by the operation center.
Li Wei said: "Wu has founded NVC for more than ten years, understands the market and understands the industry." If Wu Changjiang returns and has decision-making power, they will no longer build new brands. "Otherwise, I will take back the goods. NVC has a stock of 1 billion yuan in the country."
Under the deadlock, the "Greater NVC" system is at risk of collapse. Li Wei said: "Why should the board of directors go its own way and go to the company? When Wu Changjiang returns, NVC can re-start it, and capital can also be distributed dividends."
If Wu Changjiang can't come back, or come back but has no substantive decision-making power, the dealer will set up a separate portal to remove the NVC trademark. Li Wei said that they would ask a lawyer to let the company take back the goods and return the money to them. “Each dealer adds up, and NVC’s inventory in the country is 1 billion yuan.â€
He said: "We have been operating NVC for many years. NVC is the first brand in the lighting industry. As long as Mr. Wu can return to the board of directors and has control, we will not make new trademarks immediately, and we will do our best to make NVC complete. heart."
Li Wei revealed that after NVC became Schneider Electric last year, Schneider pressed the goods to each operation center. "Our Yunnan operation center has pressed more than 2 million yuan of goods. Now it is in the warehouse, things are bad, It’s expensive to sell.â€
"Schneider is too hasty." He believes that Schneider took a fancy to NVC's retail channel and pressed its goods down. "If we don't buy it, (Schneider) says to find another dealer."
What makes him even more dissatisfied is that Schneider wants to change the original marketing system of NVC, increase the number of dealers in various places, reduce the dependence on the operation center, and not give the operation center a separate order. This is undoubtedly equal to "cutting."
Li Wei said that Schneider's own retail is not doing well, and he wants to turn NVC's channel into its own channel. It did not expect that NVC's channel does not belong to NVC.
NVC has always given credit to dealers. The outside world speculated that the credit letter involved Wu Changjiang's interest transmission, causing dissatisfaction with the board of directors?
Li Wei said that credit is only for delivery. "Sometimes we placed an order, just happened to meet the weekend, the funds are not in place. By credit, the goods can be sent first. The credit given to us is generally 1 million to 2 million yuan, the large operation center is tens of millions of yuan, the credit can be one. year."
"But it must be paid after the expiration, and must be repaid at the end of the year. When the task is not completed, it is necessary to pay late fees." Li Wei said, so credit has nothing to do with Wu Changjiang's interest transfer.
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