Edited by Li Zedong
On the evening of December 22, Oriental Selection (HK01797, stock price of HK$28.85, market value of HK$29.28 billion) announced on the Hong Kong Stock Exchange that the company's board of directors announced that on December 22, 2023, Sun Dongxu has resigned as a non-executive director of the company, effective immediately.
Sun Dongxu's resignation was due to his mismanagement of the Company's brand and reputation in light of the recent public opinion turmoil. The Board believes that Sun Dongxu's resignation will better safeguard the interests of the shareholders of the Company.
Previously, on December 16, Dongfang Selection issued a notice on its official Douyin account stating that after the decision of the Board of Directors of Dongfang Selection, Chairman Yu Minhong concurrently served as the CEO of Dongfang Selection, and was dismissed: Sun Dongxu's position as Executive Director and CEO of Dongfang Selection, effective immediately.
Image source: Dongfang Selection Douyin official account
Sun Dongxu and the "Dong Yuhui Small Composition" incident
A few days ago, the matter of "Dong Yuhui's small composition" attracted the attention of netizens, and topics related to Dongfang Selection have been on the hot search many times.
On the evening of December 12, Sun Dongxu, CEO of Oriental Selection, responded to the recent small essay incident in the live broadcast room. He said that he wanted to criticize the editor's team, the work was emotional, and the communication method was inappropriate. He also responded to the question of "why does the company treat Yuhui badly" raised by a fan. Sun Dongxu said that the company recognizes Dong Yuhui's contributions, and there is no owe in his treatment, and his annual salary is not more than tens of millions of dollars on the Internet, which is only part of Yuhui's income. Our company has been using practical actions to express its high recognition of Yuhui.
On the evening of December 14, Sun Dongxu, CEO of Dongfang Selection, released an apology video, apologizing to netizens for his recent "aggressive" demeanor in the live broadcast, the action of putting his mobile phone on the table, and mentioning Dong Yuhui's salary, claiming to be an "unprofessional" performance.
Sun Dongxu's annual salary exceeded 18 million yuan, and he reduced his holdings and cashed out more than 200 million Hong Kong dollars during the year
According to the 2023 fiscal year results released by Dongfang Selection, as of May 31, the company had a total of 1,479 full-time employees and 486 part-time employees, with a total salary of 736 million yuan, an increase of 62.4% year-on-year, including the salary of anchors such as Dong Yuhui.
According to Wind data, in Dongfang Selection, Yu Minhong (Chairman of the Board of Directors) was paid 10.6903 million yuan, Yin Qiang (Executive Director) was 5.2738 million yuan, and Sun Dongxu (Executive Director) was 18.1373 million yuan.
According to The Paper, in the current public information, Sun Dongxu is the highest-paid employee selected by Dongfang, with an annual salary of 10 million.
It is worth noting that on April 11, Dongfang Selection issued a share "red envelope" and granted 30.459 million shares to 154 qualified participants (grantees). Based on the closing price of HK$29 on the day, the total value is about HK$883 million.
Among them, Sun Dongxu obtained a total of 3 million shares, worth about HK$87 million based on the closing price on April 11, Yu Minhong obtained 1.5 million shares, worth about HK$43.5 million, and Yin Qiang received 600,000 shares, worth about HK$17.4 million.
Intriguingly, Sun Dongxu once cashed out New Oriental shares in February this year with a high amount of money, and never explained the reason.
On February 7, Sun Dongxu sold 1.93 million shares at an average price of HK$556,115, involving HK$107 million, and the shareholding ratio decreased from 1.57% to 1.38%: On February 8, he sold 1.93 million shares at an average price of HK$569,451, involving HK$110 million, and his shareholding decreased from 1.37% to 1.18%. A total of nearly 4 million shares were sold in the two days, and HK$217 million was cashed out.
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National Business Daily