NVC: Yan renewed turmoil for the first time to respond to the NVC storm.

Hong Kong listed company NVC Holdings Limited (02222.HK, hereinafter referred to as NVC) since January, before suddenly issued founder Wu Changjiang resignation, has become the focus of attention of the media and the investment community.

Last week, Wu Changjiang accepted the media interview about its "don't want to get out (leave the company), but was forced to disembark.". Subsequently, the media also disclosed an anonymous e-mail directed at the successor chairman, fund shareholders Yan Yan,

Said it deliberately forced to go to the shareholders of the founder and then become a bad precedent for the investment community". Affected by this, the company's share price continued to fall.

The media has been silent on the Asia Pacific Investment Fund founding managing partner Yan Yan, in an interview with reporters recently, in response to a number of doubts in the storm.

Yan Yan said, Wu Changjiang accepted the relevant departments Chinese government to assist in the investigation of things, for he and other members of the board are very surprised, given that Wu Changjiang may be stranded overseas in the expected time, unable to perform the duties of the chairman and President of the company in China, can not foresee the consequences of the events under investigation, in accordance with the relevant rules of Hong Kong listed companies the lawyer, suggested that Wu Changjiang should immediately quit all positions.

Therefore, in May 25th Wu Changjiang signed documents to resign overseas, put all the duties as NVC, the company conducted a timely announcement.

On the same day, NVC shares fell more than 20%. NVC second market doctrine unexpected announcement released on June 19th afternoon, "said the board of directors of the company is aware of some recent media on the company's former chairman and chief executive officer Wu Changjiang Chinese government investigation made to report rumors.

The board is investigating the rumors". Yan Yan explains the background, the stock exchange to see media reports, the company officially issued a letter, asked the company to disclose, and require the company to conduct an internal investigation and related law. "According to the Listing Rules of Hongkong, we must disclose and take action on such a large scale. Yan Yan said.

The resignation of Wu Changjiang and the disclosure of information by the official investigation, the NVC stock price plunged. July 9th closing price of HK $1.5, from the opening price of HK $2.16 in May 25th, just more than and 40 days has fallen nearly 30%.

For the stability of the company situation and market volatility, May 27th NVC announced a stock repurchase plan, that can be taken from the stock exchange repurchase does not exceed 10% of the total share capital of the shares (310 million shares), the amount of the repurchase of up to HK $388 million.

The repurchase of shares authorized at the end of the annual general meeting in June 19th. Yan Yan told reporters that the repurchase plan by the board of directors is synchronous announced during the execution of the repurchase rarely, and the two stage market repurchase operation is determined by the company's three independent directors, what he did not know when the sale of personal. According to the notification mechanism bargain buying company stock in private rumors, Yan Yan said, "any transaction may involve criminal crime.

I do fund for 20 years, never give any securities (stock) played the phone. I can't do such a stupid thing. "Yan told reporters that the NVC board did not shut the door on Wu Changjiang", he can come back, as long as meet three conditions: first, must be with the shareholders and the board of directors to explain the events under investigation; second, handle all related transactions of listed companies under the supervision rules is not allowed; third must be strictly to comply with the resolutions of the board of directors.

Yan Yan also explained that the June 19th annual general meeting was not approved by the board of directors of the younger brother of Wu Changyong, the reason is that there is no time for the nomination of the HKEx within the time specified by the. "We agreed that his brother would go to the board of directors. "The NVC board has nine seats, executive director of management representatives of two (Wu Changjiang and Mu Yu, vice president of NVC) now after the resignation of Wu Changjiang, to nominate a substitute; non executive director is Saif Yan Yan, Lin Heping (SAIF partners), Goldman Sachs (Asia) direct investment director Xu Mingyin Zhu Hai, President of Schneider electric China District, and three independent non-executive directors.

Yan Yan did not make more personal evaluation of Wu Changjiang, he said, we do not want to talk too much about individuals, just want to do things according to the rules, which is very important. NVC Wu Changjiang because of the surprise resignation of stock prices, our shareholders also have a great loss, but we did not blame him, but to make concerted efforts to stabilize the company. For another strategic shareholder Schneider (SchneiderElectric), Yan Yan's evaluation is very positive.

He believes that Wu Changjiang had introduced the international strategic investors, Schneider, is indeed a win-win move.

Schneider in the field of business with NVC no overlap, competition, and are of great help to the company management and business development and etc.. The group led the emergency management team led Zhu Hai, but also want to use Schneider's management experience. Currently, the emergency management team has completed the task and disbanded, the company entered the normal operation. Yan Yan told reporters that, in fact, before the official investigation in Wu Changjiang, including Wu Changjiang, a member of the board of directors have decided to reach a consensus, Wu Changjiang served as chairman of the company, and the president to recruit occupation manager market.

Now president Zhang Kaipeng stepped in, is Yan know in this round of VP in the interview, the candidates in the highest score. Zhang Kaipeng before joining NVC, is a low-voltage terminal operations director Schneider Chinese district. Yan Yan said, Zhang Kaipeng took over as president of NVC, has no relationship with Schneider.

Yan Yan said that he is very optimistic about the energy industry, China share has about 70% in the world in the field of lighting, he hoped that NVC not only do Chinese industry first, to become the world's largest. "This industry is a potential, if the company does not have the normal effects of the outside world to go on, it is very promising. Yan Yan said, "this is the Saif firm hold NVC shares of reason.

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