On July 25, Oriental Selection announced on the Hong Kong Stock Exchange that Dong Yuhui has decided to no longer serve as an employee of the company and the senior management of one of the company's consolidated affiliated entities, and the departure is due to Dong Yuhui's career ambitions, investment in other businesses and personal schedule, effective July 25, 2024. In addition to paying Dong Yuhui in full the promised benefits and compensation, Yu Minhong, Chairman of the Board, has sought the approval of the Board and the Remuneration Committee of the Board to distribute all the remaining undistributed profits of Walk with Hui to Dong Yuhui. In addition, in accordance with the Listing Rules and the Articles of Association of the Company, Yu Minhong has made arrangements for the settlement consideration of Dong Yuhui's acquisition of Hui Tongtong. In order to maintain the normal operation of Hui peers, the company will provide free self-developed information systems to Hui peers.
It is worth noting that, according to the announcement, from the establishment of the company on December 22, 2023 to the end of June this year, the net profit of Huihui peers exceeded 140 million yuan.
Subsequently, Dong Yuhui and Yu Minhong successively posted on social media platforms in response to the incident.
Dong Yuhui responded
Dong Yuhui said: "Considering the current actual situation and development plan, after friendly consultation and unanimous decision between the two sides, the company will start to operate independently after that." Breaking away from the protection of the port, walking with Hui will sail alone to the vast sea from today. The future is unpredictable, only to go all out".
Yu Minhong responded
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.
Yu Minhong said that he would give it to Dong Yuhui with Hui
Dong Yuhui responded
On July 25, Yu Minhong replied in the comment area of his personal Douyin account: "Yuhui holds the equity purchase money required to walk with Hui, and I will also arrange to pay it in a way that complies with the rules of the listed company and the articles of association of the company. ”
Dong Yuhui commented on Yu Minhong's Douyin account later, "Thank you Mr. Yu for your care, love, support, and blessings to me and to walk with Hui, as mentioned in my statement, the equity purchase money is also fully supported by Mr. Yu in the rules of listed companies, and in addition, Mr. Yu also supported our operating system for free." Personally, I and my fellow travellers are very grateful to Mr. Yu. I also look forward to having more opportunities to travel with Mr. Yu in the future. ”
(Source: Hong Kong Stock Exchange website, Lao Yu gossip WeChat public account, etc.)