Wu Changjiang's 780 million yuan equity stream originated from high interest loans involving NVC disputes

At 10 o'clock on the morning of February 13, Wu Changjiang held a 130 million shares of Dehao Runda on the judicial auction platform for idle fish. The total starting price was 780 million yuan, and the unit price was 6 yuan/share. At 10:00 on February 14th, the above-mentioned stock auction ended, due to unregistered, resulting in a stream. However, the judicial auction triggered 4.6 million onlookers, and nearly 1,000 people set a reminder that Wu Changjiang, the founder of NVC Lighting, was sentenced to 14 years in prison for misappropriating funds and embezzlement in December last year. The huge debt owed by Wu Changjiang requires the auction to hold the shares of Dehao Runda. At 10 o'clock on the morning of February 13, Wu Changjiang held a 130 million shares of Dehao Runda on the judicial auction platform for idle fish. The total starting price was 780 million yuan, and the unit price was 6 yuan/share. At 10:00 on February 14th, the above-mentioned stock auction ended, due to unregistered, resulting in a stream. However, the judicial auction triggered 4.6 million onlookers, and nearly 1,000 people set reminders. At the time of the auction, the reporter had called Dehao Runda to inquire about the situation. The relevant staff said that the entire auction process was operated by the court. Now no one has paid the deposit, and it is possible to pat the auction. After all, the price of the secondary market is still Below the auction price. As for the company's actual controller and chairman Wang Donglei will take over this part of the shares, the above-mentioned staff said that the company has not received any information in this regard. The clerk of the Zhuhai Intermediate People's Court, who is in charge of the auction consultation, said that it is not clear after the auction that the time for the second auction is necessary because the price adjustment needs to be negotiated. Judge Tang, who is more familiar with the matter, told the reporter of the Securities Times e Company that he still needs to make a decision after the study, and will generally auction again. Comparing the previous cases, it can be found that the stock auction auction of listed companies is a normal situation, but the follow-up will lower the starting price and auction again. For example, at the end of September and early October of last year, Guangzhou Borong held a new 31 million shares of judicial auction on the idle fish platform. After two auctions, it was finally 8.3 million in the third auction by the actual controller. Yuan Jingde, the starting price of three auctions has been reduced, respectively, to 1 billion yuan, 733 million yuan, and 640 million yuan. Wu Changjiang, who originated from the high interest loan, was cut into two underlying shares, and the proceeds from the auction were used to repay the owed to Tibet Linzhi Huifu Investment Co., Ltd. (hereinafter referred to as Huifu Investment), New World. The debt of Strategy (Beijing) Investment Consulting Co., Ltd. (hereinafter referred to as New World Strategy). On May 22, 2014, Wu Changjiang pledges 72,222,200 shares and 5,777,78 shares of Dehao Runda respectively, and borrows 250 million yuan and 200 million yuan from Huifu Investment and New World Strategy, with an annual interest rate of 20%. The expiration date is August 29 of the same year. However, on August 22 of that year, Huifu Investment and New World Strategy decided to withdraw the loan in advance, with the debt principal amounting to 450 million yuan and interest 23 million, on the grounds that Wu Changjiang had concealed the facts of major lawsuits and was in danger of jeopardizing the security of creditor's rights. yuan. As of the expiration of the debt period, Wu Changjiang still has not repaid the interest. In September of the same year, Huifu Investment and New World Strategy filed a lawsuit against the Zhuhai Intermediate People's Court. In the first instance, Huifu Investment and New World Strategy agreed to adjust the interest rate (20% per annum) and liquidated damages to four times the benchmark interest rate for the same period announced by the People's Bank of China; Proactively give up execution. The Zhuhai Intermediate People's Court therefore believes that in the event that the creditor's rights exist and the creditor has explicitly waived more than four times of interest and liquidated damages, the remaining other claims and interest losses should be protected. Wu Changjiang once objected to the jurisdiction of Zhuhai Intermediate People's Court and the judicial auction of restricted shares, and submitted a reconsideration to the Guangdong Provincial High Court. On May 20, 2015, the Guangdong Provincial High Court rejected Wu Changjiang’s application for reconsideration and maintained the enforcement ruling of the Zhuhai Intermediate People’s Court. On January 6, 2016, Dehao Runda announced that Zhuhai Intermediate People's Court had implemented the Huifu Investment and New World Strategy in the process of enforcing Wu Changjiang's loan dispute. Determined the obligation, Zhuhai decided to use 722.222 million shares and 57.778 million shares as an auction target, and conduct a public auction on the idle fish judicial auction platform to repay the debt owed by the executed person. It is worth noting that after Dehao Runda announced the matter, the company's share price went out of the V shape. At the time of the announcement, Dehao Runda's share price was about 6 yuan/share, which was the same as the auction price, but it went down all the way, up to 5.21 yuan/share. Since January 17th, Dehao Runda has slowly filled the stock price and climbed to around RMB 6/share. Involving the disputes of NVC The shares held by Wu Changjiang are all derived from the growth of Dehao Runda. At the end of 2012, Dehao Runda disclosed the plan for the increase. The company intends to invest in the controlling shareholder Dehao Investment and intends to introduce the strategic investor Wu Changjiang. The number of non-public offerings is not more than 230 million shares, and the raised funds are not more than 1.348 billion yuan. All used to supplement working capital. The issue price is 5.86 yuan / share, Wu Changjiang subscribed 130 million shares, the lock-up period is three years. Regarding the purpose of this increase, Dehao Runda admits in the plan that it is necessary to further supplement the liquidity to acquire more shares of NVC Lighting. At that time, Dehao Runda had purchased a 8.24% stake in NVC Lighting through a wholly-owned subsidiary, Hong Kong DHL Runda, at a cost of HK$700 million. On the day before the disclosure of the plan, Hong Kong Dehao Runda also signed a share transfer agreement with Wu Changjiang, intending to acquire 11.81% of the shares of NVC Lighting, with a transaction amount of 950 million Hong Kong dollars. At that time, there was an important background for the increase. Wu Changjiang intended to win the support of Dehao Runda Real Controller and Chairman Wang Donglei, and regain control of NVC Lighting from Softbank. As of April 2014, Hong Kong Dehao Runda has acquired a 27.03% stake in NVC Lighting and has become its largest shareholder and has remained so far. However, shortly afterwards, Wang Donglei and Wu Changjiang broke open in public, and Wu Changjiang was also detained by Huizhou police in 2014 for alleged misappropriation of funds. DeHao Runda's above-mentioned fixed plan was not approved by the China Securities Regulatory Commission until the end of 2013. On June 17, 2014, the newly added shares were officially listed. It can be seen that Wu Changjiang’s official lifting of the 130 million shares of Dehao Runda should be June 17, 2017. Since it was Saturday, it was postponed to June 19. It can also be seen from the fixed-income plan that Wu Changjiang spent 762 million yuan to obtain this part of the shares, which is slightly lower than the starting price of the first judicial auction. The shares under the judicial auction accounted for 9.31% of the headquarters of Dehao Runda. If the same investor (non-Wang Donglei) wins two bids, it will replace Wu Changjiang as the second largest shareholder of Dehao Runda; if Wang Donglei ( Or related parties) to bid for the equity, the shares will reach 30.25%, hitting the tender offer red line. As of press time, Dehao Runda closed down 0.67%, quoted 5.95 yuan / share.

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