Recently, Dehao Runda (002005.SZ), one of the largest LE D chip capacity companies in China, issued an announcement saying that it will spend HK$1.65 billion to acquire about 20% of the shares of NVC Lighting (02222.HK), China's largest lighting company. Become the largest shareholder of NVC Lighting. The shareholding of NVC held by founder Wu Changjiang fell from 18.6% to 6.79%.
Wu Changjiang explained that â€œDerhao Runda has an advantage in the LE D chip field, and the cooperation between the two parties can make NVC lighting make a difference in LE D in the future.â€
It is speculated that Wu Changjiang wants to cash out of NVC, but he does not know that he should take a step back in three steps: to introduce Dehao, and to use "Wu De Alliance" to fight against "é˜Ž (NVC Lighting Chairman é˜Žç„±) Shi (NVC's three shareholders Schneider )alliance". According to sources, NVC Lighting will soon reorganize its board of directors. The capital market expressed its position on the stock price yesterday and is not optimistic about the trade between Wu Changjiang and Dehao Runda. NVC Lighting closed down 9.3%, and Dehao Runda closed down nearly 4%.
Wu Changjiang transferred equity
The Dehao Runda announcement shows that the company has purchased through the wholly-owned subsidiary Dehao Runda International (Hong Kong) Co., Ltd. in Hong Kong on December 11 to December 21 for on-market and off-exchange transactions. NVC Lighting's common stock of 260 million shares, accounting for 8.24% of its total issued ordinary shares, the transaction amount of 703 million Hong Kong dollars.
At the same time, the founder Wu Changjiang transferred about 11.8% of the shares of NVC Lighting to DHL Runda at a transaction price of HK$2.55 per share, with a transaction amount of HK$951 million.
If the transaction is completed, Hong Kong DeHao Runda will hold 633 million shares of NVC Lighting, accounting for 20.05% of its total issued ordinary shares, which will become the largest shareholder of NVC Lighting.
The company's Safran Asia and Schneider Electric are the second and third largest shareholders of NVC, respectively, holding 18.48% and 9.21%. Wu Changjiang has about 6.79% of NVC stocks after he has transferred about 11.8% of the shares.
Not for cashing
â€œDehao Runda is the upstream of the lighting industry, LED chips are doing very well, and it is very helpful for NVC lighting in the future of LED transformation. I always hope that NVC Lighting will make a difference in LED.â€ Wu Changjiang explained Why introduce new shareholders.
According to the data, Dehao Runda is a leading enterprise in the LED industry in China with its technology and scale. It has a full industrial chain from LE D epitaxial wafers, chip-package-applications (lamps, displays), and has strong LED lighting product development and Manufacturing capacity.
Dehao Runda said that it will actively seek in-depth cooperation with NVC Lighting in the promotion of LED lighting products, in order to use its perfect sales channels and strong dealer network to sell LE D lighting products. â€œThe acquisition of NVC Lightingâ€™s equity is to seek strategic cooperation with NVC Lighting and to leverage the advantages of both parties to expand and strengthen the LE D lighting industry. It is not a securities investment behavior that captures the difference in the secondary market.â€
In Defei Runda's Dongshou Deng Fei, the cooperation and integration between large enterprises is the only way for the LE D industry to be scattered to the norm. DeHao Runda and NVC Lighting complement each other, and this capital cooperation is the beginning of industry integration.
Regarding the allegation that Wu Changjiangâ€™s transfer of equity was cashed out, Wu Changjiang asked, â€œDo you believe it? I will be the shareholder of Dehao Rundaâ€.
According to the announcement of Dehao Runda, the company plans to issue non-public offerings of no more than 230 million shares at a price of 5.86 yuan per share. The issue targets are Wuhu Dehao Investment Co., Ltd. and Wu Changjiang, the controlling shareholder of the company. Among them, Wuhu Dehao Investment Co., Ltd., the controlling shareholder, subscribed for 100 million shares, and Wu Changjiang subscribed 130 million shares. According to this calculation, Wu Changjiang will invest a total of 761.8 million yuan, which is very close to the sale of NVC Lighting's equity of 951 million Hong Kong dollars (equivalent to 772 million yuan). After the implementation of the program, Wu Changjiang will become the second largest shareholder of Dehao Runda.
Introducing foreign aid counterattack
In addition to the integration of the industrial chain for the future of the NVC, Wu Changjiang's layout is also for his own present.
According to sources, in late August, Wu Changjiang and NVC's current chairman shook hands and returned to NVC in early September to serve as the head of the "temporary operations committee." However, "Water (Wu Changjiang) fire (é˜Žç„±) fighting" did not stop, the two sides have more friction.
More importantly, on September 29 this year, Yan has publicly stated that the ideal chairman of the board of directors is Wu Changjiang. "Now that the process is going, Wu Changjiang will not return to the board for more than three months." But three With the arrival of the monthly time limit, the promise of â€œreturning Wu Changjiang to the position of chairman as soon as possibleâ€ has not been fulfilled, and the contradictions between the two sides have intensified.
Those who are familiar with the shackles use "tough" (tough) to describe the investor, and Wu Changjiang has always said that it is the best in NVC. But now, Wu Changjiang has no board seats, and the equity is less than the "existing" alliance. Under the brutal struggle, he only counterattacks and introduces new investors to seek change.
Dehao Runda holds a 20.5% stake in NVC Lighting and a 26.8% stake in Wu Changjiang, while Softbank Saifu Schneider has a 27.7% stake. Dehao Runda revealed that the possibility of further increasing the shareholding of NVC Lighting is not ruled out.
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