On May 20, following the Longhu Real Estate and Tan Carpenter, the third commercial company, NVC Lighting, landed in Hong Kong stocks within half a year. Since the listing, Wu Changjiang’s life has changed a lot.

"I am looking at the stock price trend no matter how busy I am every day. Today's closing price is 2 yuan." In the evening of May 27th, in the Huizhou Wuhu Nishi Industrial Park after the shower in the early summer, the founder of NVC Lighting Wu Changjiang, Chairman of the Board of Directors, told the Financial Weekly reporter: "The stock price is affected by many factors in the secondary market. NVC is going to be a company that allows shareholders to make profits for several years and ten years."

Wu Changjiang spent 11 years, making NVC from China's largest lighting product supplier from a small OEM with a registered capital of 1 million yuan. He personally directly holds 650 million shares of NVC Lighting, accounting for 22.34% of the total share capital. Based on the closing price of HK$2.13 on May 28, his net worth is 1.384 billion Hong Kong dollars, equivalent to RMB 1.215 billion.

"madman" Wu Changjiang

On October 18, 2004, at the International Lighting Fair, more than 3,000 lighting companies in China gathered together. It was Wu Changjiang’s turn to speak. He went to the stage without hesitation. He said with certainty, “Minshi last year’s 300 million yuan, this year’s 600 million yuan, and tens of billions in the next 3-5 years.”

The audience was in awe. A lighting company owner in Guangdong jumped up and said, "Wu Zong, NVC can achieve 300 million from more than 27 million in 1999. I respect you very much, but it is impossible to do dozens of billions?" Wu Changjiang The answer is, "Absolutely, you can supervise me."

On that day, most people in the lighting industry remembered the "madman" Wu Changjiang; and this scene has been widely circulated in the domestic lighting industry.

In 1965, Wu Changjiang was born in the rural area of ​​Tongliang, Chongqing. In 1985, he entered Northwestern Polytechnical University. Resigned in 1992 and came to Shenzhen.

At the beginning, he worked as a security guard at a Taiwan-funded enterprise. A few months later, he came to Panyu and went to work for a Hong Kong-owned lighting company. He summed up the "Boss Law": First, you must be able to suffer; secondly, you are courageous and risk-conscious; the third is business-conscious. And these conditions, he has.

One day after 10 months, Wu Changjiang’s passbook had 15,000 yuan. He went straight to the boss and told him that he had to resign and set up a factory. In 1994, Huizhou Minghui Electric Co., Ltd., with a total capital of 100,000 yuan and 6 shareholders, was established by Wu Changjiang as chairman.

The company’s first order made Wu Changjiang still remember. A Hong Kong customer wants 20,000 transformers and requires delivery within two weeks. Under normal circumstances, it is only one month to open the mold, but Wu Changjiang did not hesitate to pick up the order. Drawing and opening the model within one week, more than a dozen people continued to work overnight, and finally delivered on time. This business earned more than 200,000 yuan. In this year, six shareholders each divided 380,000 yuan.

At the end of 1998, Wu Changjiang and two high school students joined in 1 million yuan to set up Huizhou NVC Lighting Co., Ltd. “Create a world brand and strive for the industry first! Use 3 to 5 years to build a well-known brand in the industry.” As the helm of the company, Wu Changjiang “uttered madness” at the opening ceremony. However, with the prestige and the store marketing model, the “NVC” brand soon started.

In 2000, a batch of products worth more than 2 million yuan were found to have quality problems. Is it a recall or a bag? Wu Changjiang resolutely decided to recall all the problem products. With the net loss of more than 2 million yuan, NVC has established a product recall system that was first implemented in the lighting industry and won market credibility. In that year, the sales of “NVC” reached 70 million yuan.

It was this year that Wu Changjiang decided to implement the first store model in the industry. "NVC has just started, the product is not full of half-wall walls, what store to open?" Many people do not understand, but he is very persistent. In July 2000, the first store opened in Shenyang; a year later, it developed into more than a dozen. The dealers reported that the store with the brand was sold much better than the store without the brand. Gradually, there are dealers who are actively asking to join.

In 2003, the sales of “NVC” reached 320 million yuan, which stood out from more than 3,000 lighting companies in the Pearl River Delta. In September 2005, the “NVC NVC” logo made a strong appearance at the Beijing International Lighting Exhibition, which aroused widespread concern from all walks of life. "NVC" quickly became popular in product lines such as spotlights, downlights and light panels. At that time, the sales of “NVC” exceeded 800 million yuan, becoming the largest lighting company in China, ranking 25th in the “Top 100 Chinese Growth Enterprises” list.

Expansion road, listing

The sudden emergence of "NVC" has aroused the attention of many international capitals. “From the end of 2005 to 2006, I met with the heads of dozens of international venture capitals, including Morgan Stanley, Carlyle, Dinghui... and Softbank and Goldman Sachs who came in later.” Wu Changjiang said, “ Softbank and Goldman Sachs are mainly interested in the high growth of NVC and the recognition of NVC's development philosophy."

After several rounds of investment, Softbank Safran has become the largest shareholder of NVC Lighting, with a shareholding ratio of 30.73%, surpassing the 29.93% shareholding of NVC Lighting President Wu Changjiang; and Goldman Sachs ranked fourth with 9.39%. Major shareholder.

In 2006, NVC Lighting Holdings Limited was incorporated in the British Virgin Islands.

On August 29, 2008, NVC paid $493.14 million in cash considerations, and issued and distributed 326,930 shares of the company's common stock to Century Group. From Century Group, it acquired the three friends of WorldCom and Shitong's wholly-owned subsidiary. Jiangshan Phipps and Zhangpu Phipps.

In February 2009, NVC acquired Shanghai Akade, an electronic ballast manufacturer in Shanghai, China, from Shanghai Huihui Electronic Communications Co., Ltd. and Mr. Hu Jiancheng for a total consideration of approximately RMB 17.3 million.

Prior to the acquisition of WorldCom, NVC did not produce energy-saving lamps and became the largest occupant in the field after the acquisition.

After the acquisition of Akkad, the gross profit margin of ballasts increased from 5.1% to 16% within one year. "Mergership and acquisition are important means for NVC to grow rapidly. We are missing and filling up." Wu Changjiang said, "While listing, mainly to continue expansion, NVC's debt ratio is only 5%, no shortage of money."

Regarding the reasons for choosing to list in Hong Kong stocks rather than A-shares, NVC, the executive vice president of NVC, explained: “Listing in Hong Kong can better integrate with the international market.”

NVC Lighting issued a total of 728 million shares, 2.1 Hong Kong dollars per share, 90% for international placement, and 10% for public offering. The actual situation is that 37.65 times of over-subscription is lower than the general estimate of the organization, the amount of funds raised of 1.373 billion Hong Kong dollars has just reached the expected lower limit, and the first day of listing broke, and then continued to fall, the daily trading volume is only 2%-3 %.

Next stop, international brand

Although NVC’s export revenue is only 20%, Wu Changjiang is very firm. “The next goal of NVC is to be an internationally recognized and respected company and to become an international brand.”

According to the prospectus, approximately HK$490 million of the funds raised by NVC are used for expansion in the domestic and international markets; HK$410 million is invested in brand strategy and sales network, and plans to reach 3,000 NVC stores by the end of this year; capital expenditure Accounting for 410 million Hong Kong dollars, the annual production capacity of NVC lighting products increased by about 25%; research and development of 160 million Hong Kong dollars.

“To become an international brand, the domestic foundation is the number one.” Wu Changjiang said, “Our 80% of our revenue comes from China, and the domestic 200 billion lighting market is still growing at a rate of 20% every year. The lighting industry has Extremely dispersed features, NVC's current market share is still small."

In the domestic market, NVC has already become a strong rival of Philips, GE and Osram. Yin Hao, the current executive vice president of NVC in 2007, is a former executive of Philips China and has served for 12 years. "In the past, when I set performance indicators every year, I have to use NVC data as an important reference. I often say: Why is NVC so fast, are we so slow?"

"In the future competition, NVC products are rich, can provide customers with energy-saving lighting solutions, increase added value, is a powerful weapon." Yin Wei said, "Our sales channels will cover 2,000 counties in China. And it has penetrated into 50,000 towns and villages. Currently, the township NVC store in the developed coastal areas of the southeast coast is already in preparation."

Speaking of the continued expansion of domestic channels, there is an episode that has to be said. “At the beginning, we really wanted to enter IKEA, B&Q and other large-scale home supermarkets, but the fees are very high, and there are various requirements.” Chen Yifei, director of the NVC brand publicity department, told the financial weekly reporter, “The IKEA took the initiative to find us, please We enter, when to enter is still talking."

Mainly take the building materials market to rely on the dealers' channels, relying on the store logo to promote the brand, and rarely advertise the model, which is a lot of expenses for NVC. According to the prospectus, NVC's gross profit margin continued to grow for three consecutive years, at 23.8%, 24.5%, and 27.5%, respectively, which is quite good in the lighting industry. Foshan Lighting (000541, stocks), a well-known domestic listed lighting company, has a gross profit margin of only 26.67%, 20.11% and 20.49% in the past three years.

Yin Wei believes that the rich products and strong channels make NVC's share in the domestic market grow rapidly, and only Philips can compete with it; in the international market, the strongest opponent may also be it. In fact, NVC began to attack the international market in 2006. By the end of last year, about 50 series of products were sold to more than 40 countries around the world.

“We will adopt different expansion strategies in different markets around the world. For example, in emerging markets such as Malaysia, Vietnam, Indonesia, and the Middle East, we will adopt channels similar to those in China, because those local markets are still very basic, such as In New Delhi, sales of lighting products are based on small stores that have been handed down from generation to generation. In emerging markets, we have a market as long as we occupy the channel."

But in Europe and the United States where the market is mature, the strategy is very different. “Our largest export market in 2007 was the United Kingdom, and in 2008 and 2009 it was the United States. In the past, the trade was adopted, and the profit was very low. Later, we set up factories in the UK for almost two years. More than 40 people were mainly in the UK. Locals, channels let them expand." Yin said.

In addition to the laying of channels, Wu Changjiang believes that it is imperative to increase investment in technology research and development and attract more talents to enter NVC to improve management. At present, NVC has set up two research centers in Shanghai and Huizhou, and 10% of the fundraising for this listing, a total of about 1.2 billion yuan for the development of LED lighting products. The new round of lighting industry integration is just around the corner, we will wait and see the performance of NVC.

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