Modern Express News (Reporter Xie Qianqian) On July 26, a reporter from Modern Express learned that Oriental Selection of Hong Kong stocks fell by more than 25% at the opening of the same day. As of the close, it closed at HK$9.50 per share, down 23.39%.
△ Oriental selection of Hong Kong stocks closed
Oriental Selection held an online shareholder communication meeting at 3 p.m. on the same day.
According to reports, Oriental Selection announced on the Hong Kong Stock Exchange on the 25th that Dong Yuhui had resigned and no longer served as an employee of the company and the senior management of a merged affiliated entity of the company. At the same time, Dongfang Selection will sell 100% of the shares of the "Walking with Hui" operating company to Dong Yuhui at a price of 76.5855 million yuan. In the future, Dong Yuhui will operate the company independently.
In response to Dongfang Selection's sale of 100% of the shares of the "Walk with Hui" operating company to Dong Yuhui at a price of 76.5855 million yuan, Yu Minhong responded: "Yuhui holds the equity purchase money required by Hui Walk, and I will also arrange to pay it in a manner that complies with the rules of the listed company and the articles of association of the company." The meaning of this sentence is that I arranged the money for Yuhui to buy the company, and the company gave it to Yuhui. ”
The reporter learned that in December last year, Dong Yuhui opened a personal account "Walking with Hui", and his fans increased by 600,000 overnight. Before Dong Yuhui left, he was already the biggest anchor in Dongfang's selection, and now after the two become competitive, they are basically "evenly matched". According to Yu Minhong, in addition to helping Dong Yuhui provide 76.59 million yuan for the acquisition of "Walking with Hui", he also left all the profits of "Walking with Hui" since its establishment to Dong Yuhui and "Walking with Hui" to support their continued development.
Previously, Dongfang Selection and Dong Yuhui had rehearsed a "breakup", and after the two sides "reconciled", Dongfang Selection's stock price did not return to its high point.
After Dongfang Selection and Dong Yuhui were officially unbound, both sides conducted live broadcasts, and Dongfang Selection lost more than 10,000 fans. In the case of a drop of more than 25% in early trading today, Oriental Selection immediately made a move, on the one hand, announcing that a shareholder conference call would be held on the afternoon of the 26th, and on the other hand, it announced a repurchase.
According to the reporter's understanding, Yu Minhong said at the communication meeting of Dongfang Selection shareholders that Dongfang Selection will not hold shares of "Walking with Hui". "It is very regrettable that the result of the 'Walking with Hui' divestiture is very regrettable, but it can be said that in the face of the reality faced by the company, this result is indeed inevitable, and even this result is beneficial to the development of the company." Yu Minhong said.
△ Oriental Selection announced a share repurchase plan
In addition, Oriental Selection announced that it would repurchase shares in accordance with the rules of the Hong Kong Stock Exchange. At the annual general meeting held on 3 November 2023, the authorization to repurchase shares in the open market with a value not exceeding RMB500 million was approved.
Oriental selection is popular for 2 years
On December 28, 2021, New Oriental released its live streaming platform Oriental Selection through its official WeChat, and the company's founder Yu Minhong conducted the first live broadcast of agricultural products, which opened the prelude to New Oriental's layout of live broadcast e-commerce.
In June 2022, Dongfang Selection became popular in English and English, and the live broadcast room of Dongfang Selection increased by more than 10 million fans in a week. In the 8 live broadcasts from June 11 to 17, 2022, the average sales of Dongfang Selection reached 29.63 million yuan.
From the second half of 2022 to January 2023, the share price of Oriental Selection rose sharply, with the highest increase of more than 1700%, and the market value of Oriental Selection once exceeded that of its parent company, New Oriental.
On January 5, 2023, Hong Kong-listed New Oriental Online announced that it intends to change the company's name from New Oriental Online Technology Holdings Co., Ltd. to Oriental Selection Holdings Co., Ltd.
On January 17, 2023, Oriental Selection announced its financial report, with total revenue of 2.08 billion yuan in the first half of fiscal year 2023 (June 1 to November 30, 2022), an increase of 262.7% from 573 million yuan in the same period of fiscal year 2022, and pre-tax profit of 760 million yuan.
On April 11, 2023, Oriental Selection announced the granting of 30.459 million share awards to 154 qualified participants (grantees). Based on the closing price of HK$29 on the day of Oriental Selection, the total value of the share award is about HK$883 million.
On October 17, 2023, Dongfang Selection launched a paid membership model on its own Dongfang Selection App, with a price of 199 yuan/year. On the morning of October 17, Oriental Selection once rose more than 6%.
On November 21, 2023, Oriental Selection announced that it will sell its education business to its parent company, New Oriental, focusing on live broadcast e-commerce.
In December 2023, the Oriental Selection "Small Composition" event will ferment. Sun Dongxu was dismissed, and Yu Minhong concurrently served as CEO and chairman of the board of directors of Oriental Selection. Dong Yuhui is the cultural assistant to the chairman of New Oriental Education and Technology Group, and also the vice president of New Oriental Cultural Tourism Group.
On December 22, 2023, Youhui (Beijing) Technology Co., Ltd. was established, and Dong Yuhui served as the executive director and general manager of the company. Since then, Dong Yuhui began to independently bring goods in the "Walking with Hui" Douyin live broadcast room.
In June 2024, Yu Minhong said in the live broadcast room that "Dongfang Selection is doing a mess", and Dongfang Selection's stock price continued to fall. In the early morning of June 7, Yu Minhong issued an apology statement on the matter through his personal Douyin account.
On July 25, 2024, Dongfang Selection announced the resignation of Dong Yuhui.