Wu Changjiang failed to return to NVC to face the worst possible
NVC Lighting (02222.hk) issued five announcements from the evening of August 14 to the morning of August 15 to announce the resumption of stocks and to provide detailed responses to the strikes of employees in the previous month.
In response, Schneider employees, former staff of NVC Lighting, Li Rui, Li Xinyu, etc. have left, but Wu Changjiang did not appear on the new board of directors.
After the announcement of Wu Changjiang's alleged series of connected transactions, the Board of Directors stated that the Board considered that it was not appropriate to re-appoint Mr. Wu Changjiang as the Chairman and Director of the Company.
At the same time, the Board of Directors expects that the unaudited profit of NVC in the first half of this year will be significantly lower than that in the same period of 2011. The decline is mainly due to the resignation of Wu Changjiang in May, in addition to the increase in product costs and the decrease in consumer demand and consumption.
The reporter called Shi Yongjun, the brand director of NVC Lighting, which said that the Huizhou factory had been in normal production and did not comment on the announcement.
A person in charge of the Huizhou NVC factory said: "Wu will not come back, the factory is now out of stock, so that the NVC will be on the verge of bankruptcy."
NVC Lighting opened at HK$0.8 on the morning of August 15th, down 43.26% from the closing price of 1.41 before the suspension on July 12. The lowest opening price was HK$0.71, a drop of nearly 49.65%, a new low since listing.
On the day before the announcement of the series, Wu Changjiang announced to the outside world that he would no longer wait for the board to reply. He will “return†to NVC Lighting as a major shareholder and appease the relevant employee dealers and suppliers. To this end, the reporter repeatedly called Wu Changjiang but the call was not answered.
As a result, the opposition between Wu Changjiang and the capital side has once again escalated, and the smoke is rolling, and the prospects for NVC lighting are uncertain.
Wu Changjiang failed to return to the board of directors
On the morning of August 15, the resumption of trading was announced on the Hong Kong Stock Exchange, and the stocks that were closed on July 13 were resumed at 9:00 am on August 15, 2012.
Although Schneider employees, former vice president of NVC Lighting, Li Rui, and general manager Li Xinyu have resigned from NVC Lighting, NVC Lighting's latest list of directors and their role functions did not appear Wu Changjiang's name. At present, the executive director of NVC Lighting is Mu Yu, and the non-executive directors are still Yan Yan, Lin Heping, Xu Mingyin, Zhuhai.
Schneider remains the main shareholder of NVC Lighting's 9.13% share. The previous functions of Li Rui and Li Xinyu were replaced by the management committee temporarily established by the Board of Directors on July 27, 2012. The management committee consists of Mu Yu, Wang Minghua and Tan Ying. Yu is responsible.
The Board of Directors responded to the request made by the employees on July 27th when they promised to resume production. In addition to the departure of the above-mentioned Schneider employees, the board of directors also re-elected Wu Changjiang back to the board of directors to improve employee compensation and not take any retaliatory action against the employee's actions. .
The board of directors responded to the request. Among them, the increase in employee compensation is handled by the human resources department based on the established and normal review of the salary level and approved by the management committee and the directors' compensation committee. The board of directors decided not to take any measures against the employees involved in the strike, but will be dealt with seriously if similar actions occur in the future.
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