NVC Officially Appoints Wang Donglei as CEO

On January 21, NVC Lighting (02222.HK) announced that the board of directors of the company has appointed Wang Donglei as its CEO. Prior to this, Wang Donglei was the interim CEO of the company. NVC Lighting also stated that the Hong Kong Stock Exchange has proposed a series of conditions for the company to resume trading.

The announcement shows that the Hong Kong Stock Exchange recently told NVC that the company’s resumption of trading must meet the following conditions: deal with non-compliance, and inform the market of its impact on the company’s financial and operating conditions; indicate that the company has established appropriate financial reporting procedures and internal control system To comply with its obligations under the Listing Rules; to disclose the results of legal and internal regulatory review and to deal with the issues identified; to inform the market of all relevant information.

In addition, NVC Lighting stated that the company must comply with the Listing Rules, as well as all applicable laws and regulations in Hong Kong and its registered location in order to resume trading.

On August 8, 2014, NVC Lighting lifted Wu Changjiang’s CEO position and Wang Donglei served as the interim CEO. The announcement stated that in 2012, Wu Changjiang arbitrarily authorized the use of its rights to its three affiliates for a period of 20 years. On August 11, 2014, NVC Lighting stopped trading.

Afterwards, Wu Changjiang and Wang Donglei frequently used the media to fight against each other and took advantage of each other's interests to try to empty the company.

On August 29, 2014, NVC Lighting held an extraordinary general meeting in Hong Kong to vote for the removal of Wu Changjiang’s directorship and its position in any of the board committees. At the meeting, more than 95% of the shareholders voted in favor to remove Wu Changjiang. Maybe in the expectation of the results, Wu Changjiang did not appear at the shareholders' meeting on the same day, but instead his attorney distributed a “lawyer’s statement” outside the venue.

This is the third time that Wu Changjiang left his own NVC lighting. As of January 21, 2015, NVC Lighting's board of directors includes: Executive Directors Wang Dongming, Wang Donglei, Xiao Yu, Xiong Jie; Non-executive Directors Lin Heping, Zhu Hai, Li Wei; Du Dongji Wang Jintao, Li Gangwei, Wu Ling, Wang Xuexian and Wei Hongxiong.

On January 12, Wu Changjiang was arrested on the afternoon of January 12 by the People’s Procuratorate of Huizhou City, Guangdong Province for the crime of misappropriation of funds (involving a total amount of more than RMB 100 million). In accordance with relevant legal procedures, the Procuratorate will conduct investigations on Wu Changjiang, and the investigation time may be several months. After the investigation is completed, if the evidence is sufficient, the criminal suspect will be transferred to the public prosecution department for examination and prosecution.

At this point, Wu Changjiang has been in prison for a month and a half. In early December 2014, the Huizhou City Public Security Bureau investigated Wu Changjiang on charges of misappropriation of funds and went to Beijing on December 6, 2014 to take it away and handed it over to the detention house of the Huizhou City Detention Center.