A month after the strike, on August 29, NVC Lighting released a semi-annual report, indicating that its performance in the first half of the year fell sharply. One of the reasons for the decline was Wu Changjiang's departure in May.
At that time, the board of directors said: "At this stage, Wu Changjiang has not reached an agreement on the future role of NVC in any future."
To this end, after the strike resumed and the dealers' orders were normal, NVC lighting suppliers again attacked and asked Wu Changjiang to return. As of August 14, 25 of the 50 key raw material suppliers had been out of stock.
On August 20, Wu Changjiang convened a supplier conference to appeal for supply, and said that he was applying to the Hong Kong Stock Exchange for an extraordinary general meeting of shareholders, hoping to return to the conference. Subsequently, Wu Changjiang returned to expectations, and NVC Lighting's share price rose.
On the other hand, the small and medium-sized shareholders of NVC Lighting, represented by Hejun Ventures, initiated a revolution, demanding the protection of minority shareholders' rights, supporting the board of directors to regulate internal management and clean up related transactions.
Small and medium-sized shareholders have one-third of the voting rights in the board of directors of NVC, which is interpreted as the management of small and medium-sized shareholders against Yan Changjiang.
Yan Yan also said in an interview with the media that NVC Lighting is still the most growing lighting company in China, and Softbank Saifu will not withdraw at this time.
The two sides clashed, resulting in the resignation of four senior executives in August, including independent non-executive directors Alan Russell POWRIE and Karel Robert den Daas who resigned due to differences in the company's future strategic direction, plus Xu Fengyun, vice president of the company. Non-executive director, Goldman Sachs Capital Representative Xu Mingyin.
On September 4, NVC Lighting issued an announcement announcing the establishment of a temporary operation committee by the directors to manage the daily operations of the company. The operation committee consists of Wu Changjiang, Zhu Hai, Zhang Kaipeng, Mu Yu, Wang Minghua and Tan Ying.
In the “6-person groupâ€, except for Wu Changjiang, the founder is a non-executive director, Schneider represents Zhu Hai as a non-executive director of NVC Lighting, Zhang Kaipeng is the CEO, and the other three are NVC lighting executives. .
The chairman of the board of directors is still served by Yan Yan.
This means that the long-lost "Wu Changjiang return" farce will be a foregone conclusion, and both sides will take a step back and reach a compromise.
Contradictions escalate
Since the resumption of NVC Lighting on August 15, its series announcement and semi-annual report show that the contradiction between the board of directors and Wu Changjiang has not been reconciled, but has been further intensified. The board of directors has a tough attitude and gradually clarified the relationship between NVC Lighting and Wu Changjiang.
NVC's semi-annual report shows that in the first half of this year, NVC Lighting's sales revenue was 255 million US dollars, down 4.1% year-on-year, and gross profit was 57.57 million US dollars, down 18.1% year-on-year.
In terms of channel construction, although 61 new stores have been added to 3,029, the professional engineering channels and chain store customers that were mainly promoted last year are not optimistic, among which professional engineering sales are 17 million US dollars, and chain store customer sales are US$ 22.35 million, a year-on-year decline of 19%.
As early as August 14, NVC Lighting has issued a profit warning for the first half of the year. It believes that the profit for the first six months will drop significantly compared with the same period in 2011. The important reason for the decline is Wu Changjiang’s resignation in May.
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