On July 25, Dongfang Selection announced the resignation of anchor Dong Yuhui. Subsequently, Yu Minhong issued an "Open Letter to Shareholders and Friends of Oriental Selection" in response: From today onwards, Dongfang Selection's wholly-owned subsidiary and Hui will be officially independent from Oriental Selection, and Dong Yuhui will personally hold 100% of its equity. In order to express my gratitude to Yuhui, in addition to the full remuneration that has been paid, I have asked the Board of Directors and the Remuneration Committee to obtain their consent to award all the net profits of the company to Yuhui.
The full text of "An Open Letter to Friends of Oriental Selection Shareholders" is as follows:
Dear Oriental Selection Shareholders and Friends, Hello everyone!
You may have seen the announcement of the Oriental Selection. Starting today, Dongfang Selection's wholly-owned subsidiary and Hui will be officially independent from Dongfang Selection, and Dong Yuhui will personally hold 100% of its equity.
I know that many shareholders have always trusted Dongfang Selection, and many shareholders have followed its development since the establishment of Dongfang Selection, happy for its success, sad for its setbacks, and have been with us to this day. As the chairman of the board of directors of the company and the current CEO of the company, I have the responsibility and obligation to explain the causes and consequences of the independence of Hui Peer from Dongfang.
As we all know, Dong Yuhui has made significant contributions to the development of Oriental Selection, and if Dong Yuhui had not detonated Oriental Selection, there would have been no rapid development of Oriental Selection. Therefore, it is my responsibility and obligation to protect Yuhui and let him develop and grow together with Dongfang Selection. I have been maintaining a good communication with Yuhui, urging the management to give Yuhui as much support as possible, and mediate possible misunderstandings and contradictions between the two parties from time to time, but the sudden outbreak of what was defined by netizens as a "small essay incident" caught people off guard and exposed many problems, Yuhui and I fell into an embarrassing situation, and the company also fell into turmoil.
Dongfang Selection is a company that has risen with live streaming, and I know the value of Yuhui to the company. Although many companies threw olive branches to Yuhui at that time, because of the frank communication and mutual trust between Yuhui and me, Yuhui finally decided to continue to stay in Dongfang Selection and work with me. In order to allow Yuhui to better exert its talents and have more autonomy, and avoid unnecessary conflicts and contradictions, we decided to establish a company with Yuhui as the director and general manager to fully control the company's business decisions.
After the discussion and approval of the board of directors of Oriental Selection, regardless of the operation of the company with Hui, Yuhui will be given an attractive guaranteed income (cash + equity) to show the affirmation of Yuhui's value. In order to ensure that Yuhui can design his future with Hui according to his own wishes, and to respect his interest in knowledge and cultural dissemination, the board and I have no requirements for the benefits of walking with Hui, and he can focus on recommending books, interviewing writers, and promoting cultural tourism. At the same time, I promise that in addition to getting all the guaranteed income, if there is income with Hui, Yuhui can continue to get half of the company's net profit. In order to ensure that Yuhui and Hui can carry out their work in a timely manner, under my coordination, we quickly completed the registration of the company with Hui, and in a few days, we vacated more than 1,000 square meters of office space for Hui, organized a mature team of about 60 people, and provided a vending system, pallet supply and a large number of equipment and facilities support.
Due to Yuhui's huge personal influence, walking with Hui was an instant hit. I am also happy for the prosperity of my peers with Hui, and at the same time strive to maintain the situation of the common development of the original business of Oriental Selection and the business of Hui's peers. Although there is a certain competitive situation between the two sides, I don't think it's a problem, and I just try to coordinate and support resources.
To complicate matters, as an Internet-based enterprise, the power of public opinion often affects the development of the company. Although there has been no obstacle to the communication between me and Yuhui so far, the complex public opinion disputes, coupled with the guidance and rumors of a few forces with ulterior motives, have directly led to the estrangement between Dongfang Selection and Hui's peers. At the same time, I myself was deeply involved in the tide of public opinion, constantly attacked and stigmatized, and Yuhui was also subjected to a lot of groundless accusations and injuries, and this situation continues to this day. This public opinion environment has led to huge uncertainty in the development of companies on both sides, stock prices fluctuate violently due to external influences, and the company's credibility and reputation have declined sharply.
Around March, Yuhui and I met many times to discuss the follow-up development plan, and felt that the complex external and internal environment we faced would not only make the company's operation difficult, but also cause harm to the long-term development of individuals and the company. In order to ensure a better development stage with Hui and avoid business conflicts and public opinion entanglements, after repeated consultations, we finally decided to ask the board of directors for approval to transfer 100% of the shares of Hui to Yuhui himself after the end of the fiscal year (May 31).
I have not stopped supporting my peers with Hui because they want to be independent in the future, including the docking of government resources and business opportunities, as always. But I have seen less in front of the camera with Hui, mainly because once I appear, there will be a dense attack; I didn't dare to appear in front of the camera of Dongfang Selection, and once I appeared, it would be an intensive attack. I was torn between a hard place, and as the founder of Oriental Selection, it became extremely difficult to support the company's development. But even so, I didn't give up. In order to shorten the construction period, they worked day and night to complete the task on schedule. Now, the team with Hui has moved into the new office, Yuhui and all the staff are very satisfied with the quality of the decoration and the environment. At the same time, I am also trying to pay attention to the business development of Dongfang Selection, design business plans, pay attention to the physical and mental health of anchors, strive to formulate the company's development strategy, maintain communication with the board of directors, and strive for the long-term development of the company.
In the past six months, many shareholders, like me, have personally experienced and faced the huge uncertainty of the company's development, which has not only brought fluctuations in the company's business and stock price, but also caused anxiety among shareholders. I have also received many messages and suggestions from shareholders, most of which are friendly and tolerant, and I would like to express my heartfelt thanks and gratitude to all shareholders. In the midst of such strong uncertainty, many shareholders have insisted on holding the shares of Oriental Selection, which is a huge encouragement, blessing and trust for us. In this process, due to information confidentiality and other reasons, I have no way to communicate and exchange with you in real time, which has led to the disappointment and anger of some shareholders towards me.
At the same time, I also want to give you a little confidence: the majority of netizens of Dongfang Selection have been accompanying and trusting us in difficulties, which is the greatest support for the development of Dongfang Selection, and I would like to express my deep gratitude to the majority of netizens here; The anchor team and management team of Dongfang Selection are a group of outstanding young people, who are united, positive and sunny, and work hard, and have experienced a lot of turbulent waves with the company, and I believe that they will shine on a bigger stage in the future; Dongfang selects its own products, which has become a phenomenal product. It is our constant purpose to select good things for the Chinese people, and we believe that our self-operated product system and membership system will get better and better; In the future, Oriental Selection and New Oriental Group will further cooperate closely to form a more perfect business cooperation model and promote faster and better development of both parties. As the major shareholder of Oriental Selection, New Oriental has an unshirkable responsibility for the healthy development of Oriental Selection. At the same time, the company will continue to enhance shareholder value through share repurchase and other means.
I believe that after experiencing all kinds of turbulent waves and uncertainties in the past, Dongfang Selection and Walking with Hui will definitely embark on the road of stable development respectively, and make our due efforts and contributions to the prosperity of the motherland, the dissemination of knowledge and the promotion of culture. We know that once we embark on the road, it will be full of hardships, but I believe that as long as we have poetry and distance in our hearts, we will definitely be able to reach the sea of stars. We will go through thick and thin. What's more, we still have the trust and encouragement of so many friends.
In order to express my gratitude to Yuhui, in addition to the full remuneration that has been paid, I have asked the Board of Directors and the Remuneration Committee to obtain their consent to reward Yuhui with all the net profits of Hui. At the same time, Yuhui holds the equity purchase money required by Huihui, and I also arrange to pay it in a manner that complies with the rules of the listed company and the articles of association. In order to ensure the normal operation of the business with Hui, Dongfang Selection has agreed with the board of directors to deliver the developed information system to Huihui for use free of charge.
Once again, I would like to express my deep gratitude to Yuhui! I miss the time when I fought side by side with Yuhui, the years when we drank wine in big bowls, ate meat in large chunks, and sang together. Despite the age gap, the two of us have always blessed each other and been honest with each other. I believe that in the future, the two of us will have a good time working together. Here, I also wish to walk with Hui, prosperous business, and Changhong all the way! Yuhui and Hui will be useful to me in the future, I will not give up!
Once again, I would like to express my deep gratitude to all shareholders and netizens who have supported us!
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