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Financial Investment News reporter Chen Yuhe
At around 6 p.m. today (July 25), an announcement by Oriental Selection on the Hong Kong Stock Exchange quickly detonated a hot search, bringing the company to the forefront again. The content of the announcement is nothing else, it is Dong Yuhui, who is considered by many people to be the key figure in the selection of the "fire" Dongfang, who suddenly left office.
After the news attracted attention, the pre-market share price of New Oriental U.S. stocks also plunged significantly, once falling more than 6%, and as of press time, its pre-market stock price still fell more than 5%.
Screenshot of the announcement of Oriental Selection
1 Dong Yuhui's sudden resignationAccording to the announcement of the "Friendly Departure of the Group's Well-known Anchors" disclosed by the Hong Kong shareholder Fang Xuan on July 25, Dong Yuhui has decided to no longer serve as an employee of the Company and the senior management of one of the Company's merged affiliated entities, and the resignation is due to Dong Yuhui's professional ambitions, investment in other businesses and personal schedule, and will take effect on 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.
Not only that, according to the announcement of Oriental Selection, on July 25, Dong Yuhui (the buyer), Beijing New Oriental Xuncheng Network Technology Co., Ltd. (the seller) and Hui Tong (Beijing) Technology Co., Ltd. (the target company) entered into a sale agreement. Accordingly, the seller agreed to sell, and the buyer agreed to acquire 100% of the equity interest in the target company at a consideration of RMB76,585,500.
In other words, Youhui will be independent from Dongfang Selection, and Dong Yuhui will personally hold 100% of its equity.
Subsequently, the news attracted widespread attention and #董宇辉离职#的话题也迅速蹿上热搜第一.
According to Weibo
During this period, Dong Yuhui posted "A Letter to All Friends" on social media. Dong Yuhui said that after the establishment of the company, he and the entire team of the company have been treated very well, and Mr. Yu has also given us bonuses that exceed expectations many times. In addition, Mr. Yu also arranged the settlement of the equity purchase money required for the acquisition of Hui peers in accordance with the rules and articles of association of the listed company. 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 Dong Yuhui's Douyin account
Dong Yuhui emphasized: "We believe that fate will not end, and we also sincerely wish that Mr. Yu and Dongfang Selection will be all right in the future, and we are willing to make all efforts for this with Hui." ”
In addition, Yu Minhong issued an open letter to the shareholders of Oriental Selection (click to view) in response, some of which corroborated the announcement of Oriental Selection. It said that in order to express its gratitude to Yuhui, in addition to the full treatment that has been paid, it has implored the board of directors and the remuneration committee to obtain consent to reward Yuhui with all the net profits of its peers.
Screenshot of Yu Minhong's open letter
Yu Minhong also added: "I arranged the money for Yuhui to buy the company, and the company gave it to Yuhui. ”
Yu Minhong left a message under the open letter he posted
2. Contributed a lot of revenue to review Previously, the "small composition" turmoil in December 2023 had attracted attention to Oriental Selection. At that time, the company not only continued to lose the number of people in the live broadcast room, but also the stock price plummeted.
Subsequently, the board of directors of Oriental Selection announced that it was decided that Chairman Yu Minhong would concurrently serve as the CEO of Oriental Selection, removing Sun Dongxu from the position of executive director and CEO of Oriental Selection, and Dong Yuhui's identity also jumped from "anchor" to "Senior Partner of Oriental Selection", "Cultural Assistant to the Chairman of New Oriental Education and Technology Group" and "Vice President of New Oriental Cultural Tourism Group".
Prior to this, many institutional research reports mentioned that Dong Yuhui's personal IP influence had provided a lot of support for Dongfang Selection.
For example, an analysis by Haitong International Securities pointed out that from August to December 2022, Dong Yuhui played a significant role in the improvement of the number of views and GMV of Oriental Selection. In addition, relevant data shows that Dongfang Selection's annual report for the 2023 fiscal year (June 1, 2022 - May 31, 2023) found that the company attributed most of the reasons for turning around losses and making a profit of 971 million yuan in this year to the strong development of self-operated products and live broadcast e-commerce business. Some analysts pointed out that Dong Yuhui hosted the live broadcast room of Oriental Selection, and the time of his first appearance in the circle also began on June 9, 2022, which coincided with the significant increase in the company's financial performance.
In the first half of this year, statistics show that in the first four months of this year, the sales of the "Walking with Hui" live broadcast room managed by Dong Yuhui were 932 million yuan, 411 million yuan, 620 million yuan, and 538 million yuan respectively. In comparison, the sales of Dongfang Selection's live broadcast room in the same period were 639 million yuan, 269 million yuan, 329 million yuan, and 242 million yuan respectively. The former not only exceeds the latter, but the gap between the two is gradually widening.
In the future, Dong Yuhui, Yu Minhong, and how New Oriental and Oriental Selection will perform, the reporter of Financial Investment News will continue to pay attention.
Edited by Chen Yuhe
Calibration|Yuan Gang
Audit|Yao Yanru
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