From May 25, 2012, the "Mr. Co., Ltd.", which attracted countless eyeballs, experienced the classic bridges such as "The founder resigned, returned to the blocked, forced the board of directors, and the peace talks broke down", August 14, 2012. The NVC Lighting Board of Directors explicitly rejected the return request of the founder, the largest shareholder and former chairman Wu Changjiang through an announcement, and listed a series of allegations against Wu Changjiang.
The allegations at that time included: Wu Changjiang violated the resolution of the board of directors and moved the “part of the headquarters†of NVC to the Nan'an District of Chongqing. The private company received a government subsidy of 20 million yuan and a piece of land; The dealers receive personal loans and return in the form of “Providing benefits from NVC Lightingâ€; by setting up a production base in Wanzhou, a private company associated with it has obtained a “promotional opportunity†to develop real estate and NVC Lighting 2010. At the time of the IPO, Wu Changjiang represented employees and distributors to subscribe for listed stocks and so on.
For the reason of “rejecting Wu Changjiang’s returnâ€, NVC’s shareholder, the founding partner of Softbank Safari Asia, once said that Wu Changjiang has always failed to comply with the resolution of the board of directors, and his personal finances are in trouble. “We are worried that he will short the company when he returns. ".
"With Wu Changjiang's own words, it is 'the barefoot is not afraid to wear shoes'. When he owes so much debt, he will definitely try his best to export the company's money." He once said.
"As far as we know, he (Wu Changjiang) has mortgaged all the shares in order to seek loans. A US hedge fund found us and wanted us to buy these stocks, saying that Wu Changjiang owed them $68 million. He also said: "I heard a lot of rumors that he owed a lot of money in Macau (gambling), so our board of directors has been very worried."
"Today, Wu Changjiang owes more than $68 million in debt. In fact, he personally has already gone bankrupt," said a person close to NVC Lighting's board of directors.
There are rumors in the industry that Wu Changjiang is a "guest" of various well-known casinos in Macau and around the world. He won or lost hundreds of millions of dollars, and he owed huge domestic and foreign debts.
According to the above-mentioned person, Wu Changjiang's large number of related transactions and hidden interests are precisely the source of debt service. The person said that in order to pay off debts, in addition to a large number of related transactions to transfer funds, Wu Changjiang also borrowed money from disguised dealers and operators in the form of promised interests, and the loan was as high as 300 million yuan.
The person familiar with the matter also said that as early as 2010, NVC Lighting called for NVC staff (management and core employees to buy) NVC shares, but the company does not open a separate account for employees, employees need to directly transfer money to NVC In the Wu Changjiang account of the president, the NVC stock is purchased by Wu Changjiang's stock trading account. At that time, the stock price of NVC was the issue price of 2.1 Hong Kong dollars. In a short period of time, there were more than 40 million subscription funds directly entering Wu Changjiang's personal account. Some dealers also purchased NVC stock in the same way.
"The direct bundling of interests has made some operators, dealers, and employees become Wu Changjiang's 'life and death', and 'willingness to 'repay Wu Changjiang's debts," said the source.
An observer said that although NVC has a solid foundation, it has missed some good development opportunities, which is not unrelated to Wu Changjiang's deep control of NVC. The early so-called "disputes between the Wu and Wu" was not a dispute over personal control, but more of a contradiction between the interests of the company and the interests of the individual.
"NVC is still an excellent company. If Wu Changjiang is allowed to continue to control NVC, NVC will be decayed by internal decay." A member of the board of directors of NVC, who declined to be named, said, "The listed company is not an individual." It is all shareholders and shareholders. A company that adapts to today's business survival and maintains a sustainable competitive advantage needs a reasonable allocation of resources and benefits. It needs to pass necessary governance to optimize operations, and it also requires a constant courage and determination."
In addition, a well-informed person told reporters that not long ago, Wu Changjiang asked the board of directors to "insurance" and the board of directors did not pursue the incident and agreed to continue to serve as president of NVC.
The allegations at that time included: Wu Changjiang violated the resolution of the board of directors and moved the “part of the headquarters†of NVC to the Nan'an District of Chongqing. The private company received a government subsidy of 20 million yuan and a piece of land; The dealers receive personal loans and return in the form of “Providing benefits from NVC Lightingâ€; by setting up a production base in Wanzhou, a private company associated with it has obtained a “promotional opportunity†to develop real estate and NVC Lighting 2010. At the time of the IPO, Wu Changjiang represented employees and distributors to subscribe for listed stocks and so on.
For the reason of “rejecting Wu Changjiang’s returnâ€, NVC’s shareholder, the founding partner of Softbank Safari Asia, once said that Wu Changjiang has always failed to comply with the resolution of the board of directors, and his personal finances are in trouble. “We are worried that he will short the company when he returns. ".
"With Wu Changjiang's own words, it is 'the barefoot is not afraid to wear shoes'. When he owes so much debt, he will definitely try his best to export the company's money." He once said.
"As far as we know, he (Wu Changjiang) has mortgaged all the shares in order to seek loans. A US hedge fund found us and wanted us to buy these stocks, saying that Wu Changjiang owed them $68 million. He also said: "I heard a lot of rumors that he owed a lot of money in Macau (gambling), so our board of directors has been very worried."
"Today, Wu Changjiang owes more than $68 million in debt. In fact, he personally has already gone bankrupt," said a person close to NVC Lighting's board of directors.
There are rumors in the industry that Wu Changjiang is a "guest" of various well-known casinos in Macau and around the world. He won or lost hundreds of millions of dollars, and he owed huge domestic and foreign debts.
According to the above-mentioned person, Wu Changjiang's large number of related transactions and hidden interests are precisely the source of debt service. The person said that in order to pay off debts, in addition to a large number of related transactions to transfer funds, Wu Changjiang also borrowed money from disguised dealers and operators in the form of promised interests, and the loan was as high as 300 million yuan.
The person familiar with the matter also said that as early as 2010, NVC Lighting called for NVC staff (management and core employees to buy) NVC shares, but the company does not open a separate account for employees, employees need to directly transfer money to NVC In the Wu Changjiang account of the president, the NVC stock is purchased by Wu Changjiang's stock trading account. At that time, the stock price of NVC was the issue price of 2.1 Hong Kong dollars. In a short period of time, there were more than 40 million subscription funds directly entering Wu Changjiang's personal account. Some dealers also purchased NVC stock in the same way.
"The direct bundling of interests has made some operators, dealers, and employees become Wu Changjiang's 'life and death', and 'willingness to 'repay Wu Changjiang's debts," said the source.
An observer said that although NVC has a solid foundation, it has missed some good development opportunities, which is not unrelated to Wu Changjiang's deep control of NVC. The early so-called "disputes between the Wu and Wu" was not a dispute over personal control, but more of a contradiction between the interests of the company and the interests of the individual.
"NVC is still an excellent company. If Wu Changjiang is allowed to continue to control NVC, NVC will be decayed by internal decay." A member of the board of directors of NVC, who declined to be named, said, "The listed company is not an individual." It is all shareholders and shareholders. A company that adapts to today's business survival and maintains a sustainable competitive advantage needs a reasonable allocation of resources and benefits. It needs to pass necessary governance to optimize operations, and it also requires a constant courage and determination."
In addition, a well-informed person told reporters that not long ago, Wu Changjiang asked the board of directors to "insurance" and the board of directors did not pursue the incident and agreed to continue to serve as president of NVC.
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