On the evening of December 26th, Dehao Runda disclosed the road map of NVC Lighting (02222.HK), the largest lighting company in China. The company claims that its wholly-owned subsidiary, Hong Kong DHL Runda and NVC Inc., one of the major shareholders of NVC Lighting, has signed a “Share Transfer Agreement†with effective conditions, and intends to transfer NVC Inc. to NVC Inc. Lighting 373 million shares of common stock (together with dividend rights), accounting for 11.81% of the total number of issued ordinary shares of NVC Lighting, the transaction price of 2.55 Hong Kong dollars / share, the transaction amount of 951 million Hong Kong dollars. Previously, Dehao Runda had lurked on the HKEx to purchase 8.24% of the total shares of NVC Lighting through on-floor trading and over-the-counter trading.
Once the company completes the transaction with NVC Inc., the largest shareholder of NVC Lighting and Wu Changjiang, the founder of NVC Lighting, Dehao Runda will replace Wu Changjiang as the largest shareholder of NVC Lighting.
Wu Changjiang, who once desperately wanted to regain control of NVC lighting, why did he introduce Dehao Runda at this time? In the face of NVC lighting that has just experienced civil strife and wounds have not healed, can DHL Runda play the role of a savior?
Dehao Runda quietly entered
DeHao Runda will become the largest shareholder of NVC Lighting through on- and off-exchange transactions and after completing the transaction with Wu Changjiang's subsidiaries, it will hold 20.05% of the shares of NVC Lighting.
“We also had a business relationship with Dehao Runda before. The introduction of Dehao Runda is also a consideration for NVC lighting strategy.†On December 27, Wu Changjiang told the China Business News: “Dehao Run The entry of Da is beneficial to the development of NVC lighting."
The NVC lighting management rights battle that began in May this year has caused a heavy blow to NVC lighting. Although at the end of September 2012, the civil strife came to an end with Wu Changjiang, the founding managing partner of Safran Fund, the current chairman of NVC Lighting, and the chairman and president of Schneider Electric (China) Co., Ltd. Zhu Hai. . However, the future of NVC lighting is not clear.
According to the public information, as early as December 11th, Dehao Runda's wholly-owned subsidiary, Hong Kong DHL Runda, has already bought NVC lighting stocks on the HKEx through on- and off-exchange transactions. In the nine trading days between December 11 and December 21, it spent 703 million Hong Kong dollars (about 565 million yuan) to purchase 260 million shares, accounting for the total number of issued common shares of NVC Lighting 3.159 billion. 8.24% of the stock. After the conversion, the average purchase price is HK$2.70 per share. According to the stock price between December 11 and December 21, the highest is only HK$2.38 on December 14.
Obviously, DeHao Runda’s price on the OTC transaction is much higher than the price of its on-market transaction. For the number and price of over-the-counter transactions, as well as the transferor, Dehao Runda did not announce it. According to the relevant published data, it can be inferred that the main transferor of OTC transactions is Wu Changjiang.
It is reported that the shares transferred by NVC Inc. owned by NVC Inc. owned by Hong Kong Dehao Runda and Wu Changjiang are 373 million shares (with dividend rights), accounting for 11.81% of the total number of issued ordinary shares of NVC Lighting. After the transfer, Wu Changjiang still holds 6.79% of the equity of NVC Lighting. On December 5, the information released by the Hong Kong Stock Exchange, Wu Changjiang spent 168 million Hong Kong dollars to increase the company's 84 million shares, holding shares rose to 22.07%. The data shows that Wu Changjiang now holds and passes the equity transfer to Dehao Runda's stock accounted for 18.6% of the total number of NVC Lighting shares.
After a simple addition and subtraction, it can be known that about 3.47% of Wu Changjiang’s stocks “disappearedâ€. Analysts believe that this part of the stock may be traded to Dehao Runda at a price higher than 2.70 Hong Kong dollars through over-the-counter trading.
According to sources, Dehao Runda will hold 20.05% of the shares of NVC Lighting through on- and off-exchange transactions and after completing the transaction with Wu Changjiang's subsidiaries, thus becoming the largest shareholder of NVC Lighting. At the same time, Wu Changjiang also promised that the remaining shares held by him would be transferred at a price of 2.95 Hong Kong dollars when DHL Runda considered it appropriate.
Wu Changjiang's strength is getting stronger
After the transaction is completed, Dehao Runda and Wu Changjiang will own nearly 27% of the shares of NVC, which is close to the shares held by Safran Investment and Schneider.
Wu Changjiang seems to have handed over the status of NVC Lighting's largest controlling shareholder, but in fact, through the transaction with Dehao Runda, he has continued to control the NVC lighting.
On December 26th, Dehao Runda also issued an announcement regarding the signing of an effective conditional share subscription agreement with a specific object. According to the announcement, Dehao Runda also intends to issue no more than 230 million shares to Wu Changjiang, the controlling shareholder Wuhu Dehao Investment Co., Ltd. and the proposed strategic investor, at a price of 5.86 yuan/share, with a total fundraising of no more than 1.348 billion. yuan. Among them, controlling shareholder Wuhu Dehao Investment Co., Ltd. subscribed for 100 million shares and Wu Changjiang subscribed for 130 million shares.
Through this time, Wu Changjiang changed the situation of NVC lighting. Previously, Wu Changjiang was the largest shareholder in NVC Lighting (22.07% held on December 5), and Safran Investment and Schneider held 18.48% and 9.21% respectively. With the shares held by Saifu Investment and Schneider higher than Wu Changjiang, the NVC Lighting Board was firmly in control this year. Wu Changjiang has been fighting for the return of the board with Safran Investment and Schneider for several months. Although he has returned to NVC Lighting with the support of suppliers and distributors, he still has not returned. Board of Directors.
After a painful lesson, Wu Changjiang began to look for a breakthrough to better consolidate his position. After the completion of the transaction, Dehao Runda successfully became the largest shareholder of NVC Lighting. Together with Wu Changjiang's continued holdings, Dehao Runda and Wu Changjiang will own nearly 27% of the shares, which is close to the shares held by Safran Investment and Schneider. At the same time, as the founder of NVC Lighting, Wu Changjiang, has certain control over NVC lighting management and employees as well as suppliers and distributors, the future of Sifford Investment and Schneider’s space will be squeezed. Pressure.
At present, Wu Changjiang continues to be the responsible person of NVC Lighting Temporary Operation Committee, responsible for the actual operation of NVC Lighting. A month ago, NVC lighting CEO Zhang Kaipeng has resigned. This resignation was paved the way by the industry as Wu Changjiang returned to the board of directors and re-appointed as CEO. Now, Wu Changjiang has added a winning chip for himself.
After this equity change, whether it will affect the management of NVC lighting, Wu Changjiang is not willing to talk deeply, he just said: "It will not bring too much turmoil to management."
NVC, Dehao Runda teamed up with LED
In the past few years, Dehao Runda has raised billions of dollars into the LED industry. Now it is time to use NVC lighting to open up product sales and achieve performance improvement.
The emergence of Dehao Runda may have injected a booster into NVC lighting after the civil strife.
However, there are also people in the industry who are worried about the prospects of cooperation between the two sides.
The aforementioned lighting industry person who asked not to be named said: "The channel of NVC Lighting mainly sells products with low added value, and has an advantage in price wars. However, it is not good at selling high value-added products. Perhaps it is not the reason for Dehao Runda to enter the country. Dehao Runda and Wu Changjiang are for the purpose of considering it. It is true that only the talents in their game know it." He also said: "NVC lighting has experienced After this year's civil strife, how to adjust internal relations and how to eliminate the gap between shareholders is a problem that will be faced by the new forces after the entry of Dehao Runda."
After the explosive expansion of the domestic LED industry in the past few years, the production capacity is seriously over-extended, and the days of Dehao Runda are also not good.
Judging from the situation of listed companies, as of the third quarter of this year, nearly 70% of LED companies experienced a decline in net profit. Dehao Runda's performance is also not ideal. Its 2012 third quarter report shows that from January to September, Dehao Runda's total operating income was 1.945 billion yuan, down 5.49% year-on-year; net profit was 115 million yuan, down 57.41 year-on-year. %. At the time of the decline in performance, Dehao Runda is still investing heavily in the LED industry. However, from the actual effect, huge investment is not ideal.
According to the data, from January 19 to March 29 this year, Dehao Runda disclosed five “Daily Operation Major Contractsâ€, and the above five contracts totaled approximately RMB 1.075 billion. In the first three quarters of this year, only 5,906.85 was honored. Ten thousand yuan.
"The LED industry is too chaotic!" Liu Feng, an analyst at Southwest Securities, said that the LED industry, like the photovoltaic industry, has left a lot of problems after a swarm of investment. Aside from Wu Changjiang’s personal purpose, NVC Lighting and Dehao Runda's cooperation is also the inevitable result of industry integration.
The LED product sales market is also quite confusing. Liu Feng said: "Local purchase orders tend to be local enterprises, which is not conducive to the overall orderly development of the industry." In the face of strong local protection, large factories and small factories can only choose to survive. Bloody price war.
A person in the lighting industry who asked not to be named said: "Derhao Runda has raised billions of dollars into the LED industry in recent years. Now it is time to use NVC lighting to open up product sales and achieve performance improvement." It was in the embarrassing situation that Dehao Runda began to look for alliances. The relevant person of Dehao Runda also admitted that the company became its single largest shareholder through the acquisition of equity of NVC Lighting and will enter its board of directors. We will actively seek in-depth cooperation with NVC Lighting in the promotion of LED lighting products, in order to use its perfect sales pipeline and strong dealer network to sell the company's LED lighting products.
It is reported that as of the end of June 2012, NVC Lighting has 3,029 stores, distributed in more than 2,000 cities.
While Dehao Runda is watching NVC lighting sales channels, NVC Lighting is also facing transformation needs. In recent years, Wu Changjiang has also begun to gradually lay out LED lighting products. However, due to risk considerations, NVC Lighting has not focused on LED products. The 2011 annual report shows that LED lighting products only account for 2% of NVC lighting.
In cooperation with Dehao Runda on LED lighting to expand the market, it may also be a realistic need to improve the performance of NVC after the civil strife. According to the 2012 semi-annual report, NVC Lighting's sales revenue was US$2.5593 billion, a decrease of 4.1% compared with the same period. The profit before tax was US$11.176 billion, a decrease of 75.1% compared with the same period last year.
On the one hand, Dehao Runda is deeply trapped in the LED quagmire and is struggling to find the secret path; on the other hand, the performance of NVC Lighting has plummeted, and the equity chaos cannot be cracked. The two suddenly hold hands, can 1+1 be greater than 2?
The secondary market responded quickly, and once the news was announced, both NVC Lighting and Dehao Runda's share price plummeted.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
Once the company completes the transaction with NVC Inc., the largest shareholder of NVC Lighting and Wu Changjiang, the founder of NVC Lighting, Dehao Runda will replace Wu Changjiang as the largest shareholder of NVC Lighting.
Wu Changjiang, who once desperately wanted to regain control of NVC lighting, why did he introduce Dehao Runda at this time? In the face of NVC lighting that has just experienced civil strife and wounds have not healed, can DHL Runda play the role of a savior?
Dehao Runda quietly entered
DeHao Runda will become the largest shareholder of NVC Lighting through on- and off-exchange transactions and after completing the transaction with Wu Changjiang's subsidiaries, it will hold 20.05% of the shares of NVC Lighting.
“We also had a business relationship with Dehao Runda before. The introduction of Dehao Runda is also a consideration for NVC lighting strategy.†On December 27, Wu Changjiang told the China Business News: “Dehao Run The entry of Da is beneficial to the development of NVC lighting."
The NVC lighting management rights battle that began in May this year has caused a heavy blow to NVC lighting. Although at the end of September 2012, the civil strife came to an end with Wu Changjiang, the founding managing partner of Safran Fund, the current chairman of NVC Lighting, and the chairman and president of Schneider Electric (China) Co., Ltd. Zhu Hai. . However, the future of NVC lighting is not clear.
According to the public information, as early as December 11th, Dehao Runda's wholly-owned subsidiary, Hong Kong DHL Runda, has already bought NVC lighting stocks on the HKEx through on- and off-exchange transactions. In the nine trading days between December 11 and December 21, it spent 703 million Hong Kong dollars (about 565 million yuan) to purchase 260 million shares, accounting for the total number of issued common shares of NVC Lighting 3.159 billion. 8.24% of the stock. After the conversion, the average purchase price is HK$2.70 per share. According to the stock price between December 11 and December 21, the highest is only HK$2.38 on December 14.
Obviously, DeHao Runda’s price on the OTC transaction is much higher than the price of its on-market transaction. For the number and price of over-the-counter transactions, as well as the transferor, Dehao Runda did not announce it. According to the relevant published data, it can be inferred that the main transferor of OTC transactions is Wu Changjiang.
It is reported that the shares transferred by NVC Inc. owned by NVC Inc. owned by Hong Kong Dehao Runda and Wu Changjiang are 373 million shares (with dividend rights), accounting for 11.81% of the total number of issued ordinary shares of NVC Lighting. After the transfer, Wu Changjiang still holds 6.79% of the equity of NVC Lighting. On December 5, the information released by the Hong Kong Stock Exchange, Wu Changjiang spent 168 million Hong Kong dollars to increase the company's 84 million shares, holding shares rose to 22.07%. The data shows that Wu Changjiang now holds and passes the equity transfer to Dehao Runda's stock accounted for 18.6% of the total number of NVC Lighting shares.
After a simple addition and subtraction, it can be known that about 3.47% of Wu Changjiang’s stocks “disappearedâ€. Analysts believe that this part of the stock may be traded to Dehao Runda at a price higher than 2.70 Hong Kong dollars through over-the-counter trading.
According to sources, Dehao Runda will hold 20.05% of the shares of NVC Lighting through on- and off-exchange transactions and after completing the transaction with Wu Changjiang's subsidiaries, thus becoming the largest shareholder of NVC Lighting. At the same time, Wu Changjiang also promised that the remaining shares held by him would be transferred at a price of 2.95 Hong Kong dollars when DHL Runda considered it appropriate.
Wu Changjiang's strength is getting stronger
After the transaction is completed, Dehao Runda and Wu Changjiang will own nearly 27% of the shares of NVC, which is close to the shares held by Safran Investment and Schneider.
Wu Changjiang seems to have handed over the status of NVC Lighting's largest controlling shareholder, but in fact, through the transaction with Dehao Runda, he has continued to control the NVC lighting.
On December 26th, Dehao Runda also issued an announcement regarding the signing of an effective conditional share subscription agreement with a specific object. According to the announcement, Dehao Runda also intends to issue no more than 230 million shares to Wu Changjiang, the controlling shareholder Wuhu Dehao Investment Co., Ltd. and the proposed strategic investor, at a price of 5.86 yuan/share, with a total fundraising of no more than 1.348 billion. yuan. Among them, controlling shareholder Wuhu Dehao Investment Co., Ltd. subscribed for 100 million shares and Wu Changjiang subscribed for 130 million shares.
Through this time, Wu Changjiang changed the situation of NVC lighting. Previously, Wu Changjiang was the largest shareholder in NVC Lighting (22.07% held on December 5), and Safran Investment and Schneider held 18.48% and 9.21% respectively. With the shares held by Saifu Investment and Schneider higher than Wu Changjiang, the NVC Lighting Board was firmly in control this year. Wu Changjiang has been fighting for the return of the board with Safran Investment and Schneider for several months. Although he has returned to NVC Lighting with the support of suppliers and distributors, he still has not returned. Board of Directors.
After a painful lesson, Wu Changjiang began to look for a breakthrough to better consolidate his position. After the completion of the transaction, Dehao Runda successfully became the largest shareholder of NVC Lighting. Together with Wu Changjiang's continued holdings, Dehao Runda and Wu Changjiang will own nearly 27% of the shares, which is close to the shares held by Safran Investment and Schneider. At the same time, as the founder of NVC Lighting, Wu Changjiang, has certain control over NVC lighting management and employees as well as suppliers and distributors, the future of Sifford Investment and Schneider’s space will be squeezed. Pressure.
At present, Wu Changjiang continues to be the responsible person of NVC Lighting Temporary Operation Committee, responsible for the actual operation of NVC Lighting. A month ago, NVC lighting CEO Zhang Kaipeng has resigned. This resignation was paved the way by the industry as Wu Changjiang returned to the board of directors and re-appointed as CEO. Now, Wu Changjiang has added a winning chip for himself.
After this equity change, whether it will affect the management of NVC lighting, Wu Changjiang is not willing to talk deeply, he just said: "It will not bring too much turmoil to management."
NVC, Dehao Runda teamed up with LED
In the past few years, Dehao Runda has raised billions of dollars into the LED industry. Now it is time to use NVC lighting to open up product sales and achieve performance improvement.
The emergence of Dehao Runda may have injected a booster into NVC lighting after the civil strife.
However, there are also people in the industry who are worried about the prospects of cooperation between the two sides.
The aforementioned lighting industry person who asked not to be named said: "The channel of NVC Lighting mainly sells products with low added value, and has an advantage in price wars. However, it is not good at selling high value-added products. Perhaps it is not the reason for Dehao Runda to enter the country. Dehao Runda and Wu Changjiang are for the purpose of considering it. It is true that only the talents in their game know it." He also said: "NVC lighting has experienced After this year's civil strife, how to adjust internal relations and how to eliminate the gap between shareholders is a problem that will be faced by the new forces after the entry of Dehao Runda."
After the explosive expansion of the domestic LED industry in the past few years, the production capacity is seriously over-extended, and the days of Dehao Runda are also not good.
Judging from the situation of listed companies, as of the third quarter of this year, nearly 70% of LED companies experienced a decline in net profit. Dehao Runda's performance is also not ideal. Its 2012 third quarter report shows that from January to September, Dehao Runda's total operating income was 1.945 billion yuan, down 5.49% year-on-year; net profit was 115 million yuan, down 57.41 year-on-year. %. At the time of the decline in performance, Dehao Runda is still investing heavily in the LED industry. However, from the actual effect, huge investment is not ideal.
According to the data, from January 19 to March 29 this year, Dehao Runda disclosed five “Daily Operation Major Contractsâ€, and the above five contracts totaled approximately RMB 1.075 billion. In the first three quarters of this year, only 5,906.85 was honored. Ten thousand yuan.
"The LED industry is too chaotic!" Liu Feng, an analyst at Southwest Securities, said that the LED industry, like the photovoltaic industry, has left a lot of problems after a swarm of investment. Aside from Wu Changjiang’s personal purpose, NVC Lighting and Dehao Runda's cooperation is also the inevitable result of industry integration.
The LED product sales market is also quite confusing. Liu Feng said: "Local purchase orders tend to be local enterprises, which is not conducive to the overall orderly development of the industry." In the face of strong local protection, large factories and small factories can only choose to survive. Bloody price war.
A person in the lighting industry who asked not to be named said: "Derhao Runda has raised billions of dollars into the LED industry in recent years. Now it is time to use NVC lighting to open up product sales and achieve performance improvement." It was in the embarrassing situation that Dehao Runda began to look for alliances. The relevant person of Dehao Runda also admitted that the company became its single largest shareholder through the acquisition of equity of NVC Lighting and will enter its board of directors. We will actively seek in-depth cooperation with NVC Lighting in the promotion of LED lighting products, in order to use its perfect sales pipeline and strong dealer network to sell the company's LED lighting products.
It is reported that as of the end of June 2012, NVC Lighting has 3,029 stores, distributed in more than 2,000 cities.
While Dehao Runda is watching NVC lighting sales channels, NVC Lighting is also facing transformation needs. In recent years, Wu Changjiang has also begun to gradually lay out LED lighting products. However, due to risk considerations, NVC Lighting has not focused on LED products. The 2011 annual report shows that LED lighting products only account for 2% of NVC lighting.
In cooperation with Dehao Runda on LED lighting to expand the market, it may also be a realistic need to improve the performance of NVC after the civil strife. According to the 2012 semi-annual report, NVC Lighting's sales revenue was US$2.5593 billion, a decrease of 4.1% compared with the same period. The profit before tax was US$11.176 billion, a decrease of 75.1% compared with the same period last year.
On the one hand, Dehao Runda is deeply trapped in the LED quagmire and is struggling to find the secret path; on the other hand, the performance of NVC Lighting has plummeted, and the equity chaos cannot be cracked. The two suddenly hold hands, can 1+1 be greater than 2?
The secondary market responded quickly, and once the news was announced, both NVC Lighting and Dehao Runda's share price plummeted.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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