NVC Lighting Appoints Wang Donglei as CEO

News Source: 
Tencent

NVC Lighting, which has suspended trade on the Chinese bourse, recently appointed Wang Donglei as the company’s official CEO, according to a report by Chinese media Tencent.

The Hong Kong stock exchange has attached a series of conditions that NVC Lighting must meet before resuming trade on the bourse. Conditions include handling any financial regulation violations, and informing the market about the company’s financial situation and operations. Establishing a financial report procedure, and ensuring the company management obliges to listed company market guidelines. NVC Lighting also has to publish all findings from China’s legal organizations and internal monitoring, and publicize all related information.

Moreover, NVC Lighting must follow listed company market rules, and all Hong Kong regulations or according to norms of the place of company registration. Only by meeting these conditions can NVC Lighting resume trade on the bourse.

NVC Lighting board removed former CEO Wu Changjiang from post on Aug. 8, 2014, and appointed Wang Donglei as interim CEO. Wu had authorized the right to use NVC Lighting brand to three related companies for a period of 20 years in 2012. NVC Lighting was suspended from trading on the bourse three days later.

Several weeks later, NVC Lighting board unanimously approved the removal of Wu from chairman position, and banned him from any other related positions on Aug. 29, 2014. More than 95% shareholders voted in approval of removing Wu.

Wu has since been detained by Guangdong Province police over suspected misappropriating RMB 100 million company funds on Jan. 12, 2015.

Related article:

Police File for Former NVC Lighting Chairman’s Detainment

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