On the evening of 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 careers and personal schedule, effective July 25, 2024.
It was mentioned in the announcement that, in addition to paying Dong Yuhui in full the promised benefits and compensation, Yu Minhong, the 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 the company to Dong Yuhui as a thank you and appreciation to Dong Yuhui and the Group for his contributions.
In addition, in accordance with the Listing Rules and the Company's Articles of Association, Yu Minhong has made arrangements for the settlement consideration of Dong Yuhui's acquisition of Hui Peer. In order to maintain the normal operation of Hui peers, the company will provide free self-developed information systems to Hui peers.
Not long after the announcement, Yu Minhong's personal WeChat public account "Lao Yu Gossip" also released an "Open Letter to Dongfang Selection Shareholders and Friends", which made some explanations for the change. He mentioned that after the well-known public opinion turmoil, in order to allow Yuhui to better exert its talents and have more autonomy, and avoid unnecessary conflicts and contradictions, it was decided to establish a company with Hui, with Yuhui as the director and general manager, and fully control the company's business decisions.
At that time, the board of directors of Oriental Selection discussed and agreed, regardless of the operation of the company with Hui, Yuhui was given an attractive guaranteed income (cash + equity) to show the affirmation of Yuhui's value. And mentioned that in order to ensure that Yuhui and Hui can carry out their work in a timely manner, under their coordination, the company was quickly registered, and it took a few days to vacate more than 1,000 square meters of office space for Hui and Hui, and a mature team of about 60 people was organized, providing a vending system, pallet supply and a large number of equipment and facilities support.
Facts have proved that Dong Yuhui has driven the live broadcast room with Hui with his personal influence to become an instant hit, and in the case of Dongfang Selection's continuous loss of fans, the new account not only has the number of fans infinitely close to Dongfang Selection, but the amount of goods has also surpassed Dongfang Selection.
Yu Minhong also mentioned in the open letter that although there have been no obstacles to the communication between himself and Yuhui, 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, he himself was deeply involved in the tide of public opinion, constantly attacked and stigmatized, and Yuhui was also subjected to a lot of unwarranted accusations and injuries, which continues to this day.
Around March, he and Yuhui met many times to discuss the follow-up development plan, and felt that the complex external and internal environment faced at this stage 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, the two finally decided to transfer 100% of the shares of Hui to Yuhui himself after the end of the fiscal year (May 31) after the end of the fiscal year (May 31).
According to another announcement issued by Dongfang Selection, the consideration for 100% equity of Hui Peer is RMB 76.5855 million.
According to Dong Yuhui's response posted on his personal account, he also said that after the establishment of Hui Peer, he and the entire team of Hui Peer Company have been well treated, and Mr. Yu has also sent bonuses that exceed expectations many times. Mr. Yu also arranged the settlement of the equity purchase in a manner that complied with the listing rules and the articles of association. We will also have the ability to maintain the company's operations and expenses such as rent, employee salaries and other expenses for a period of time in the future.
According to the company's information, as of press time, the legal representative of Youhui Peer (Beijing) Technology Co., Ltd. is Dong Yuhui, which is still 100% controlled by Beijing New Oriental Xuncheng Network Technology Co., Ltd., the legal representative of the latter is Sun Dongxu, and the ultimate beneficiary of the two companies is Yu Minhong, and the latest equity information has not been updated.
On July 21, he had just completed the relocation of his new office, moving from the New Oriental Building to the Internet Finance Center in Haidian District, and the housewarming flower baskets sent by all parties were placed directly outside the building. In the first live broadcast room after moving, Dong Yuhui also thanked Yu Minhong and said that he didn't want everyone to misunderstand him. At that time, there was speculation that Dong Yuhui might want to seek independence.
Now that the speculation has come true, Dong Yuhui is fully controlled and walks with Hui, and in the future, the sea is wide and the sky is high and the birds are flying, and what new miracles and surprises will be created according to his own intentions and guidance, which is worth looking forward to.
As for Yu Minhong, Wen Travel's previous article "Yu Minhong's Dream of Cultural Tourism is Inseparable from Dong Yuhui" mentioned that Dong Yuhui is a super "trump card" that integrates the ability to carry goods and promotion value, in case one day Dong Yuhui really wants to completely separate from Yu Minhong and New Oriental Cultural Tourism, even if it is a good gathering and dispersing, it will be an inevitable "serious injury" for Yu Minhong and his "cultural tourism dream".
But after all, Yu Minhong is a successful businessman who has experienced countless winds and waves, and I am afraid that what kind of circumstances and what kind of decisions to make in order to maximize his interests have long been engraved in his bones. Letting Dong Yuhui leave may be the best ending for him, New Oriental and Oriental Selection.
It's just that for Yu Minhong, losing Dong Yuhui, a general who is loved by cultural tourism in major places, if he wants to realize his dream of cultural tourism in the future, the difficulty of the challenge will be raised to another level. And what will happen to the "competitor" Dongfang Selection who walks with Hui? The opening price tomorrow morning will give the answer.
The picture comes from the photo.com and the screenshot of the network