NVC lighting bases strike a total of 36 operations center to stop the purchase

NVC Lighting Holdings (02222.HK, hereinafter referred to as NVC Lighting) has a comprehensive escalation of control rights. Following the meeting of NVC lighting employees, distributors, suppliers and board members yesterday, this morning, NVC Lighting Chongqing headquarters and Chongqing Wanzhou production base, Huizhou headquarters and factories went on strike, and 36 operation centers stopped buying goods today.

On the morning of July 13, the reporter saw in Huizhou NVC Lighting that the 8:00 factory held a strike mobilization meeting. A staff member of the warehouse department told the reporter that the mobilization meeting was mainly to request a strike. "When Wu does not come back, he will not return to work, so that everyone will obey the arrangement."

On the scene, the reporter saw four banners hanging on both sides of the Huizhou NVC Lighting Building, which read “Wu Zong, the stock price plunged and the business was bleak, Schneider went out” “Wu is always the spiritual leader of our NVC, we can’t leave Wu "" Wu always does not come back, and resolutely does not return to work" "Schneider rolled out of NVC."

At 9 o'clock, the departments began to gather in front of the office building, and the strike workers began to march around the factory. The broadcast broadcast on the field said that NVC had reached the moment of survival. Wu Changjiang was forced to leave, orders fell, wages were reduced, and business was chaotic. For this reason, Wu was asked to return.

According to employees, Wu Changjiang’s orders were reduced by two-thirds. However, the reporter saw on the scene that the strike workers had a relaxed expression. The entire park was organized in an orderly manner. The broadcast continued to broadcast the national anthem or "Unity is power", and there were managers on the scene.

The reporter learned in Chongqing that the Chongqing Wanzhou factory also went on strike today. The staff of NVC held the sign "We want orders, we have to go to work, we want Wu to come back". When the reporter was on the phone with a local executive of NVC Lighting, the phone rumored that "Schneider rolled out of NVC".

On the evening of July 12, NVC Lighting's Chongqing headquarters staff and some dealers met at the Le Méridien Wanda, Nan'an District, Chongqing. It was decided to stop work at the headquarters of Sheraton Chongqing Hotel at 10 o'clock today. But at 10 o'clock today, the reporter did not see any signs of stoppage at the scene. It is understood that the strikers raised the banner at the headquarters downstairs at around 9:40 in the morning and left after a few minutes.

The financial reporter asked Zhang Kaipeng, the new CEO, about the strike and the removal of Schneider. Zhang Kaipeng replied to the message: "I am sorry that I can't answer the call. Employees can express their appeal through legal channels. The investor's business needs the investor to decide."

NVC lighting insiders confirmed to Caixin reporter that the company's 36 operating centers began to stop purchasing goods today. Currently, the heads of 36 operations centers are meeting in Chongqing and Wu Changjiang. The person said: "The dealers are now chatting with Wu, they are talking and laughing."

Huizhou NVC lighting management told reporters that on July 12, NVC lighting staff made several requests in the materials submitted to the board of directors. First, I asked Wu Changjiang to come back. The management said: Wu Changjiang will use NVC to achieve a market value of 15 billion yuan from a small company. After Wu Changjiang left, the market value is only 5 billion yuan, and employees can't accept it. In addition, the management believes that the board of directors and Schneider colluded to force Wu.

The second requirement is that the board of directors is re-elected and employees and distributors can enter the board of directors. The third requirement is to implement a management incentive plan that allows employees to receive 15% of option incentives. The management said that many of NVC’s employees purchased NVC stocks. “At the time, it was 4 yuan to buy NVC’s stock. Now there are more than one stock, and it’s already lost.”

The management revealed that when NVC Lighting went public, they were very confident in the company, bought stocks, and used stocks as collateral to renew their shares through Guotai Junan. Now that the stock has plummeted, Guotai Junan has asked these managers to pay back the money. "Our management has invested more than 10 million, some have invested millions, and many front-line employees buy stocks in the secondary market. The stock price is not enough at all."

The staff also asked Schneider to leave NVC lighting, not only the executives left, but also the equity.

The above management told reporters that Wu Changjiang had never been seen since March this year. When Schneider first entered, they also had a supportive attitude, thinking that as long as they can manage (the company) everyone is the same. However, the performance and behavior of Schneider’s new officials also dissatisfied them.

He said that Schneider's commitment to the top level has not changed, but has broken the company's original process, and has also directly contacted suppliers with former NVC lighting executives who have left their competitors. The new CEO sent a working group to the front-line staff to visit and formed a report. The content of the report has not been notified to management. Management began to worry that they were being emptied.

He pointed out that the head of the new overseas sales department of Schneider has not been able to obtain a big order for nine months. Zhang Kaipeng has only been to the Huizhou factory once since he took office, and he lives in a five-star hotel. The leaders of Schneider's side are all "official style" and the style of Wu Changjiang's "big brother" is very different.

The economic crisis and the decline in performance made them completely lose confidence in Schneider. According to the management, Huizhou NVC has 3,000 lighting employees and 200 to 300 management personnel. Currently, the middle level loses 30% and the employees lose 50%. The annual salary increase plan cannot be fulfilled.

NVC Lighting issued an announcement on the Hong Kong Stock Exchange at 8:58 today to suspend trading of shares and to issue a stock price sensitivity announcement. Before the suspension, the company's share price was HK$1.41, down about 50% from the beginning of the year, and the market value was about HK$4.45 billion.

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