Founder of SAIF-backed NVC Lighting sells a 12% stake
Wu Changjiang, founder and former chairman of NVC Lighting Technology Corp, a Hong Kong-listed lighting company backed by SAIF Partners, has agreed to sell close to two-thirds of his stake to Elec-Tech International (HK), another China-based lighting manufacturer. The move follows a dispute between Wu and NVC’s board and investors, which saw him resign from the company last year.
According to a statement filed with the Hong Kong Stock Exchange, Wu will transfer 372.9 million of his 587.4 million shares to Elec-Tech at HK$2.55 apiece. He will be left witha 6.79% stake in the company....
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