Wu Changjiang was arrested at the home of the family, and Dehao people said that the integration barrier was removed.

The NVC lighting incident has made the latest progress. On December 16, 2014, Wu Changjiang, the founder of NVC Lighting (02222.HK), was arrested by Huizhou police for alleged misappropriation of funds. On the morning of the 17th, the head of the News Department of the Guangdong Huizhou Public Security Bureau told reporters that the above information was conclusive, but declined to give further details.

The NVC Lighting Equity War broke out on August 8 this year. On the same day, NVC Lighting issued an announcement stating that the board of directors decided to remove the CEO of Wu Changjiang and was temporarily replaced by the major shareholder and chairman Wang Donglei; the two immediately held a press conference. Mutual exclusion of each other's betrayal.

On the afternoon of October 28th, the photo of the “Notice of Filing a Case” published by the official Weibo of NVC Lighting, which said that the Huizhou Municipal Public Security Bureau had officially misappropriated NVC lighting, Wu Changjiang and others. In the case of funds, it was suspected that there was a criminal fact, and the case of misappropriation of funds was being investigated.

Although NVC Lighting was founded by Wu Changjiang, it was expelled by the board several times. NVC Lighting was listed in Hong Kong in 2010, but two years after its listing, Wu Changjiang has started a dispute with two fund shareholders, Safran Asia and Schneider Electric, until the introduction of Wang Donglei's Dehao Runda in 2013 (002005.SZ ), Wu Changjiang successfully repelled the two funds and returned to the company's board of directors in June this year. However, fate has been rewritten again.

Now, with Wu Changjiang being officially detained, the equity disputes surrounding Dehao Runda and NVC Lighting have come to an end. In response, an insider of Dehao Runda said to reporters on the same day, "It can be said that the biggest obstacle to the integration of the two companies has been removed, and the path of resource integration is expected to be much smoother in the future."

Up to now, Dehao Runda holds 84.74 million shares of NVC Lighting, accounting for 27.03% of its issued ordinary shares, and is its largest shareholder. Chongqing NVC is a 100% wholly-owned subsidiary of NVC Lighting.

Wu Changjiang fortune to be Detention was <br> <br> Although Wu Changjiang Chongqing, but it was Huizhou fortune of his career, it is also NVC original headquarters. In May 1965, Wu Changjiang was born in a remote mountain village in Tongliang County, Chongqing. In 1984, Wu Changjiang was admitted to the Northwestern Polytechnical University for aircraft manufacturing. After graduation, he was assigned to Shaanxi Hanzhong Airlines. Ten years later, Wu Changjiang went south to start a business in Guangdong. Huizhou has also become the birthplace of NVC lighting.

At the beginning of 1998, Wu Changjiang teamed up with high school students Du Gang and Hu Yonghong to start a business and set up NVC lighting. Among them, Wu Changjiang invested 450,000 yuan, Du and Hu each invested 275,000 yuan. In the initial management structure, Du Gang was the chairman; Wu Changjiang was the general manager, responsible for factory management; Hu Yonghong was in charge of sales; and his brother Wu Changyong was responsible for procurement and finance.

In the year of its establishment, the sales of NVC Lighting reached 30 million yuan. By 2002, it had exceeded 100 million yuan, and in 2005 it exceeded 700 million yuan. NVC has grown from a small factory in the Pearl River Delta to a leading company in the field of lighting in China. In 2004, Wu Changjiang was ranked as the top ten outstanding figures in the Chinese lighting industry.

However, fate once again made a joke to Wu Changjiang. After many years, when Wu Changjiang returned to Huizhou, he was no longer free.

According to the insiders of Dehao Runda, the reason why Chongqing NVC chose to report in Huizhou is mainly because Wu Changjiang is a Chongqing person, but his account has already landed in Huizhou. Therefore, the reporter can choose to register in his account. The location report. What's more, Huizhou is also the base camp for the start and development of its business. It can be said that the local authorities should know the situation best.

"And, there is no choice to report in Chongqing. It is our concern. Because Wu Changjiang himself is a local, and after the success of his career, he returned to Chongqing for investment in the early two years. To some extent, he chose to report to another place. Can suspect the judicial interference," the source said.

DeHao Runda announced on November 7 that the company’s shareholding company’s major risk matters announced that Wu Changjiang and other Chongqing NVC management illegally used Chongqing NVC’s bank deposits as Chongqing Huabiao Lighting Manufacturing Co., Ltd. and Chongqing Jiangte Surface. Four companies, including Handling Co., Ltd., Chongqing Leilijie Industrial Development Co., Ltd. and Chongqing Promise Real Estate Development Co., Ltd., provided huge guarantees for bank loans.

After investigation, Wu Lian, the legal representative of Wuji Company, is the wife of Wu Changjiang, a related company of Wu Changjiang; the relationship between Huabiao Company, Jiangte Company, Lei Lijie Company and Wu Changjiang remains to be further investigated. At present, the funds of the four companies borrowing from the bank are unclear. Chongqing NVC has been obligated by the relevant banks to perform large-sum joint guarantee obligations. Up to now, NVC Lighting has fulfilled the joint guarantee responsibility of 5.4856 trillion yuan due to Wu Changjiang's illegal guarantee.

According to the shareholding ratio of Dehao Runda, the company faces a maximum loss of approximately RMB 148.28 million, which will have a significant negative impact on the company's 2014 results.

Because Wu Changjiang and others have violated Chinese law for economic crimes, Chongqing NVC has reported to the Huizhou Municipal Public Security Bureau. The Huizhou Public Security Bureau has filed a case on October 22, 2014 to investigate Wu Changjiang and others. The criminal facts. “Wu Changjiang was criminally detained according to law, indicating that the public security department has fully grasped the evidence of his alleged crime. After the expiration of the criminal detention period, the next step will be transferred to the procuratorate to issue a formal arrest warrant.” The above-mentioned DHL Rundar insiders said.

Removing barriers to the integration of the two sides <br> <br> Earlier, the two sides due to disputes over the sharing of assets exposed to integrate BDO Runda and NVC two companies had stopped. "In mid-October of this year, the company has basically completed the audit and estimation of the underlying assets, and based on this, it has initiated negotiations with the NVC Lighting Board. The company originally planned to convene the board of directors immediately after signing the framework agreement, and announce the transaction plan. And resume trading." In this regard, the aforementioned DHL Runda insiders said. “In the meantime, during the planning of the company's major events, the company has received notification from NVC Lighting Board that Wu Changjiang has significant non-compliance guarantees in a number of banks. As a result, there are major obstacles to the company's asset integration.”

According to the original plan of DHL Runda, the company originally intended to sell all operating assets and liabilities related to LED lighting business to NVC Lighting. NVC Lighting will pay the consideration in cash. The sale of this asset will solve the problem of the competition between NVC Lighting and the company, which is conducive to the standard operation of the two listed companies. In order to ensure the integrity of the sale business and assets, the company originally planned to integrate the operational assets and liabilities into the selected two subsidiaries after the transaction plan was adopted, and finally use 100% equity of the subsidiaries as the delivery target. Realize the overall transaction of the LED lighting business.

However, until November 14, Dehao Runda announced the termination of major issues, said that due to Wu Changjiang’s major non-compliance guarantees in several banks, Chongqing NVC was forced to deduct 395 million yuan from the bank, plus the previous time in China. The bank guarantee was actually deducted by 154 million yuan, and the bank was forced to deduct 549 million yuan. In addition, according to the inspection by NVC Lighting Board, Chongqing NVC’s bank deposits of RMB 538.48 million in CCB were judicially frozen, which was also caused by Wu Changjiang’s similar violation guarantee. The above matters have reduced the book cash of NVC Lighting, which has seriously affected the ability to pay for this asset integration.

The company said that considering the production and operation of NVC Lighting is in the process of recovery, due to the impact of the non-compliance guarantees, its cash reserves have declined, and there is no time window for the issuance of stocks. Therefore, it is considered that the asset integration is not currently implemented. The right time for the matter. Taking into account the above actual situation, the company has decided to terminate the planning of this asset integration.

"Although the NVC Lighting Board of Directors has claimed its legal rights through the judicial channels to Wu Changjiang and its related parties and related banks, the company did not know how much it could recover after the court made its judgment. The negative impact on this year's performance is inevitable." In this regard, the aforementioned DHL Runda insiders bluntly.

However, Ping An Securities analyst Liu Yifeng believes that today, the NVC lighting incident has come to an end, the company's worst situation has been reflected.

Judging from the current sales situation, DHL can obtain two aspects of income through NVC's sales channel. First, direct sales of light sources. In 2012 and 2013, NVC received revenues of 1.37 billion and 1.31 billion, respectively, which accounted for about 40% of NVC's total revenue. After entering the NVC sales channel, DHL is expected to benefit from it. . The second is to provide NVC with the revenue from the chip. At present, Dehao has signed a cooperation agreement with NVC Lighting. For some of the NVC products, it adopts Dehao's chip. In the future, Dehao's products will become the standard of NVC.

“We estimate that the cooperation with NVC in 2014 has already generated 500 million revenues, accounting for about 12% of the annual revenue of Bidehao, and the net profit contribution is about 9%. It is expected to add three from the NVC channel every year. Billion revenue. Moreover, with the further cooperation between Dehao and NVC, NVC's revenue can reach 800 million and 1.1 billion respectively." Liu Yifeng said.

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