雷士照明之创投之争

Since its founding, NVC Lighting Technology Corporation (NVC) had attracted many investors, including Legend Holdings, Ascend Capital Partners, SAIF Partners, and Goldman Sachs. After being listed on the Hong Kong Stock Exchange in 2010, it received an investment from Schneider Electric. Mr. Wu Changjiang, the founder of NVC, had almost lost his position as the dominant shareholder after several rounds of investment. However, compared with the investors, the entrepreneurs were at a more disadvantaged position in the board of directors. As the ownership structure became more and more complex with each round of investment, conflicts flared up between the founder and the investors. Specifically, an unprecedented dispute between Wu Changjiang and Mr. Yan Yan, the co-founder of SAIF Partners, lasted from May 2012 to January 2013. This case aims to generate discussion on the following issues: Who is the helmsman of a public company? What is the role of the founders and/or investors in corporate governance? How can the business resolve disputes between founders and investors if they hold different opinions?