BDO NVC integration or failure due to touch Yan interests

November 14th Elec-Tech a paper notice, terminate the sale of all business related to the LED lighting business assets and liabilities to NVC. And two days ago, Elec-Tech and NVC chairman Wang Donglei has stated publicly: Elec-Tech LED business will be incorporated into NVC. The attitude of the 180 degree turn, promote the integration plan Wang Donglei high-profile moment abortion, the reason is really intriguing. Industry analysts said, in the palace fighting drama, the media and the public seems to have overlooked an important role: Saif partner Yan Yan, he did not publicly support which side, his attitude is very important.

NVC's 2014 semi annual report shows that by the NVC international BDO Runda shareholding ratio of 27.03%, as the first major shareholder; Saif investment fund 18.50% stake, NVC is the second largest shareholder. In the Wu Wangzhi dispute, the Asia Pacific partner Yan Yan rarely sound, but did not publicly support which party.

The well-known financial commentator, financial columnist Ye Tan had said in an interview with reporters in 2012, Wu Changjiang was forced to leave the NVC board of directors, "is with the capitalist struggle", Yan Yan is a pure capital investor, and he invested in NVC belongs to the consumer goods market, in this market, and the marketing team has the absolute influence. This is the year Wu Changjiang can return to the bottom line.

NVC's marketing team under the leadership of Wu Changjiang, its development prospects have also been optimistic about Yan Yan, while Yan Yan was in 2012 after the storm remained in NVC, a big reason is NVC future prospects. The "Emperor Wu dispute" allows the entire marketing team and NVC turn the world upside down changes, coupled with the integration of the entire LED Elec-Tech business, the need for reorganization of capital and talent, and now the new NVC team, does not seem to have.

"NVC has a very good platform for Hongkong's capital, I believe the two listed companies in Chinese and global capital market and the lighting industry in the next big chess. "Wang Donglei describes the future plan. For such a many times by the Shenzhen Stock Exchange Regulatory letter, has repeatedly been questioned "play the game" of the capital of the enterprise, NVC in the tie, to kidnap employees and shareholders' equity cost, development prospect is worrying.

These are difficult to keep as the second largest shareholder Saif Yan future risk alert.

On the other hand, Elec-Tech to achieve asset injection and business integration must achieve absolute control of NVC's goal, the shareholding ratio of more than 51% at least. In three months of fighting in the process, Saif Yan did not sound support or oppose the so-called "clean" Wang Donglei on the original Elec-Tech NVC team launched, as the second largest shareholder of the Yan can be said to stand, which is reminiscent of "two dogs fight, play off".

However, the final result is that Yan Elec-Tech exit, BDO dongmi Dunfee said to the media, "Elec-Tech with Saif fund is expected to reach a structured protocol, priority over its holdings of NVC stock". If Yan Yanzhen's withdrawal, NVC will become the real de Ho Runda in the LED business "puppet", "I believe that at least 90% of the chip NVC is BDO" next year, Wang Donglei had confidently said.

Was once the largest shareholder of the Asia Pacific, during the storm in 2012, has been criticized for many years, and even this year, Wu Yi fight has repeatedly been placed on the desktop. Now de Ho Runda in the long-awaited "annexation of NVC" strategy in the "remove" Saif, and Saif will withdraw from NVC so friendly, is a mystery.

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