Wu Changjiang is in Hong Kong today (June 19) but hadn’tappeared in shareholders’ meetings, which disappointed NVC staff who looked forward to his show-up. NVC announcednoon yesterday it would investigate possible impact on the company raised by the issue that Wu Changjiang rumored to beinvestigated by Chinese government agencies, its making the matter even more suspicions.
Read more at Yicai.com in Chinese or you can read the google translation below: (Warning! Intrepretation maybe not so accurate)In Island Shangri-La Hotel this afternoon, more than 20 journalists were blocked outside the AGM. There were a number of investors for failing to early registration were refused admission. But the popularity of the venue is not busy, participanting shareholders were even less than the reporters, “They are institutional investors, (big) shareholders speak loud,” said one individual investorl. NVC founder and major shareholder Wu Changjiang’s absencewas not quite surprising. HKEx data showed, Wu Changjiangon June 11 and 12 for two consecutive days to spend HK $ 12.27 million to increase his stake, Wu Changjiang’s percentagehas increased to 19.19%, to regain the status of the largest shareholder, the two corporate strategies shareholders SAIF and Schneider Electric, respectively hold 18.48% and 9.21%. The Supremacy was covered but no cover to the right’s in and out. In addition to Wu Changjiang’s absence today, partner ofSAIF and NVC Chairman Yan Yan also did not attend. SAIF partner, Lam Heping, who’s Executive Director of NVC peaceful sat on the chairperson’s seat; NVC CEO Zhang Kaipeng, who’s from Schneider sat on his left side, on the rostrum there are two foreign independent non-executive directors and representative from auditor. Mu Yu, current executive director, who’s following after Wu Changjiang for years and vice president and chief financial officer Tan Eaglesat in the audience. The main agenda of the shareholders’ meeting is the rotation of the Directors. SAIF’s Yan Yan and Lam Heping, NVC vice president Mu Yu and Schneider China’s Zhu Hai all seekd forsucceeding. Wu Changjiang wrote in his previously microblog,he will recommend his younger brother Wu Changyong as director, but this matter dis not appear on the agend. “So far, we have not received official document recommending WuChangyong into the board of directors,” said Zhang Kaipeng. On May 24, after Wu Changjiang has been removed from allposts in NVC, a NVC middle-level manager told the reporterthat Schneider expressed the intention to acquire NVC. Wu Changjiang’s departure is accelerating this process, “Schneider’sovert conspiracy theory”. Zhang Kaipeng said to “First Financial Daily” today, these talksare completely rumors. He took the two or three weeks to haveput all energy to learn about the internal personnel management,to understand the company, company business, factories and distributors, “all his brain think of how to boost the performance.“ he said. Zhangkai Peng stressed that production operations and strategy does not change since he took the CEO role, as for whether Wu Changjiang will return to the Board and his continuing holdingmore shares, he would not make comments. The reporter learned that Wu Changjiang is currently in Hong Kong. On June 18, he initiated to invite Hong Kong medias to make face-to-face interview, but ultimately it was a telephone interview. Wu Changjiang denied all under investigation and shareholder substandard rumors, again clarified he’s only in poor health and need to rest, and over time may also go toSingapore for a rest. He also said that Yan Yan welcomed hiswillingness to return back after the adjustment periodBut the development of the matter went on the opposite said of what Wu said. About 2 hours before the shareholders’ meeting, Yan Yan, as the board chairman on order of the Board issued a voluntary announcement, saying learned that some of the media reported rumors that the former chairman and CEO Wu Changjiang are under Chinese government agency’sinvestigation, the Board is researching on its impact on the company. Why issued voluntary announcement at this time? Zhang Kaipeng pass the ball to Tan Ying. “We had contacted Wu Changjiang, Wu zong has denied all rumors, then we have no further action, but things are in continuous development, the Company believes it is necessary to do a formal investigation,” Tan Ying told reporters after the AGM.
The announcement by the company did not deny the rumor ofWu Changjiang being investigated. NVC shares fell 6.47 percent to HK $ 1.59 today, down nearly 13 percent comparing to Wu Changjiang on June 12’s holding price of HK $ 1.824.