NVC changed the handsome suspected ques in the post Wu Changjiang said that will still come back

One thing that has been raging in the capital market recently is that NVC has changed coaches. On May 25, 2012, NVC Lighting, the largest domestic lighting company listed in Hong Kong, announced that the former chairman and CEO Wu Changjiang (microblogging) resigned from all positions for "personal reasons." At the same time, the Softbank Safran Foundation partner took over as chairman, while the CEO position came from Schneider, the third largest shareholder.

"Lighting Madman" Wu Changjiang was replaced by "VC Godfather", which was interpreted by many people as "a new case of investors taking power." The right is ok, but the venture capital will go to the front desk and it will collapse. He also said that he was helpless on Weibo. After he took over as chairman, he would be a "hands-on shopkeeper."

But the focus of the matter should never stop on the new and old chairman. A NVC lighting insider who followed Wu Changjiang for many years said that the most need to be "guarded" is actually foreign shareholder Schneider.

Take a look at this world's top 500 companies that focus on electrical and electrical products. It is one of the "French pioneers" and is over 170 years old, but it has not only become old-fashioned, but has been described by the industry as "aggressive". . Since the 1980s, Schneider has acquired world-renowned electrician brands such as TE Electric, Real Express, Merlin Gerin and Qisheng. In 2010, Schneider's global sales reached 20 billion euros.

Schneider entered China as early as 1979. Since 1994, Schneider has repeatedly submitted an acquisition plan to Chint Group, one of the country's largest low-voltage electrical appliance manufacturers, but has repeatedly refused, and the two sides immediately fell into a protracted lawsuit. However, Du Huajun, president of Schneider China, has clearly expressed his strategic path in China: acquisitions and mergers. The reason why Zhengtai Chairman Nan Cunhui throws out the refusal to be acquired is that Schneider’s crazy mergers and acquisitions will be abandoned in the future.

In 2007, Schneider transferred a joint venture with Chint's “hard enemy” and Delixi Group in Wenzhou, Zhejiang. Until 2009, Schneider reached a settlement with Chint. At this point, it has basically completed the layout of the low-voltage electrical industry, has a building electrical control products company, and set their sights on lighting products. NVC is its first choice in China.

Before the listing of NVC in 2010, Softbank Saifu held 36.5% of the shares, which was the largest shareholder. The founder Wu Changjiang's shares were diluted to 34.4%, ranking second. However, Wu Changjiang claimed that "it is not afraid to lose control, because I will make money for investment institutions."

In July 2011, Schneider bought a 9.2% share of the total share capital from six shareholders, including Softbank Saifu, at a price higher than the market price of 11%, and became the second only shareholder of Softbank Safari (holding 18.48). When the third largest shareholder of Wu Changjiang (18.41%), Wu Changjiang said that he hoped to achieve a "win-win" with Schneider, he began to have a "defense heart", and started a month later with HSBC. The bank's options are for gambling.

Wu Changjiang, who has always been called a "gambler", felt that HSBC's plan was great because it could increase its holdings by leverage at a small price. If the gambling loses only pays more than 30 million Hong Kong dollars, and the win is equal to spending 185 million yuan to buy 50 million NVC stocks, and thus its shareholding ratio can be increased to nearly 20%. If the shareholding ratio of Softbank Safran remains unchanged, Wu Changjiang will become the largest shareholder.

However, people are not as good as days. NVC's share price did not rise as expected, but fell. This means that Wu Changjiang not only "gambled" more than 30 million Hong Kong dollars, but also the desire to increase its shareholdings fell through.

Compared to gambling, direct buying is even more simple, or Wu Changjiang actually decided to "grab both hands" from the beginning. From September 2011 to May 2012, which took effect from the gambling agreement, he bought NVC shares through the secondary market for 35 times, that is, he increased his own stocks four times a month, and the number of shares purchased each time. Tens of thousands of shares go up to tens of millions of shares, and the more they fall, the more they buy. As of May 15, its shareholding ratio reached 19.97%.

In other words, despite the failure of the gambling with HSBC, Wu Changjiang also re-emerged as the largest shareholder of NVC through a series of holdings.

The shares of Softbank Safran and Schneider add up to more than 27.5%. The possibility of joining forces is not small. The nature of capital is profit-seeking. In the future, if the latter takes over more or all of the shares from the former at a high premium, it may be "all happy" for them, one realizes the purpose of acquiring NVC, one earns More money is coming.

No matter how big the possibility is, Yan Yan (microblogging) is not willing to go to the front of the stage to start the chairman of the lighting company. Sure enough, å°´å°¬ appeared soon. A strong sales network has long been regarded as a weapon that NVC is king in the industry. "This is the most valuable place for NVC." When NVC went public in 2010, Wu Changjiang also said this. However, after Wu Changjiang left office, at the analyst meeting held by NVC, Yan Yan and Wu Changjiang had the opposite view: "NVC's competitiveness is by no means a marketing channel."

Yan Yan cited to analysts as an example. NVC's energy-saving lamps are the only ones in the world that are fully automated, even GE is semi-automatic. The quality of the company's energy-saving lamps is better, and it is difficult to find the same level in China. “If analysts just see the channel, it means that they don’t know enough about the company.”

This statement made the securities analysts, the second monk, puzzled. Is it the chairman of the "do not know how to do it", do you have any deep meaning?

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