NVC's board of directors said that the return of employee IPO subscription money is Wu Changjiang's personal behavior

On the 25th, NVC Lighting issued an announcement on the return of the employee IPO share subscription, acknowledging that it did, but said that the fund did not involve the company's funds and did not report to the board of directors. Previously, NVC chief executive Wu Changjiang told reporters that it is not his personal behavior to return the employee IPO share subscription.

At the beginning of this year, Wu Changjiang, who returned to NVC as CEO, was exposed to the NVC employee’s earlier IPO share subscription, which was interpreted as a “commitment” after the recapture of NVC. On January 17, Wu Changjiang told the media about the matter, returning the employee stock subscription is a company arrangement and denying that this is his personal behavior.

In response to the report, the NVC board of directors announced on the 25th that "according to the company's board of directors, it has recently paid money to certain employees, and the payment is based on the basis of 3.93 yuan per share." This is consistent with the previous report. But it is worth noting that the NVC share price at the time of the initial exposure was only HK$2.08.

Different from Wu Changjiang’s “company arrangement”, NVC emphasized in the announcement that “the funds that were used by the company were not used when making such payments to employees, and the board of directors was not declared when paying such payments. These payments are payments that are not approved by the board of directors."

At the same time, NVC said that the company employees participating in this IPO subscription plan and any related purchase or sale of company shares is purely personal and does not involve any funds belonging to the company.

The NVC board of directors stated that the company did not approve the IPO subscription plan during the initial public offering of the company and did not discuss it.

In July 2012, the NVC storm was at its peak, and NVC staff did not hesitate to strike to support Wu Changjiang's return to NVC. However, insiders of NVC revealed that some of the interests of NVC employees were directly tied to Wu Changjiang. These employees had subscribed for NVC IPO shares through Wu Changjiang and failed to withdraw their shares.

After the incident was revealed, the NVC board of directors announced in August 2012 that Wu Changjiang admitted to assisting some employees and dealers in the NVC IPO to purchase NVC stock, which remitted the money to his private bank account. It arranged for several individual investors to subscribe for shares, and the total value of the subscribed shares was HK$100 million.

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