On the evening of June 29, in response to the market rumors of "Oriental Selection Requirements and Charging Pit Fees and Publicity Fees", Oriental Selection issued a solemn statement saying that the company has never asked the government for publicity fees, and also insists on not charging so-called pit fees to any enterprises and businesses.
Dongfang Selection said in a statement that the company has always operated legally and honestly. In the past year or so, Dongfang Selection has successively gone through more than 20 provinces, autonomous regions and municipalities directly under the central government to carry out local special live broadcast activities, promote local culture and cuisine, and recommend beautiful scenery and excellent products to the majority of netizens.
Dongfang Selection said that the company has never asked the government for publicity fees, and insists on not charging so-called pit fees to any enterprises and businesses. However, there have been many organized rumors and smears on the Internet recently, saying that "Dongfang Selection requires and collects pit fees and publicity fees", which touches the bottom line of Dongfang Selection.
In the statement, Dongfang Selection said that the company will report to the police as soon as possible to resolutely defend the legitimate rights and interests of Dongfang Selection by attempting to slander, slander and concoct rumors to slander Dongfang Selection through malicious slander, slander and rumors.
That night, Yu Minhong, founder of New Oriental and CEO of Oriental Selection, reprinted the above statement on his personal Douyin account and posted that "We accept criticism, but we do not accept rumors and slander!" ”
The stock price halved during the year
As of the close of trading on June 28, the share price of Oriental Selection was HK$12.62 per share. Since 2024, the cumulative decline has reached 54.6%, and the stock price has been cut in half.
Since June, many of Yu Minhong's public remarks have had a great impact on the stock price.
For example, when Yu Minhong was a guest in the live broadcast room of Zhang Wenzhong, the founder of Wumart, he said: "Dongfang Selection is doing a mess now, and there is no ability to make suggestions. At 1 a.m. on June 7, Yu Minhong issued a letter of apology, saying that his imprecise expression had caused a well-intentioned or malicious interpretation, and apologized to Dongfang Selection's customers, shareholders and investors.
Yu Minhong also mentioned that he apologized for the imprecise expression of "staying away from disputes in the future and living the life you want", which he had said 20 years ago, but this does not mean that he is no longer responsible for the operation of New Oriental and Oriental Selection. The 30-year history of New Oriental proves that New Oriental is a responsible enterprise at any key node, worthy of customers, shareholders and investors, as well as worthy of employees and managers, and will be responsible for all those who trust and support New Oriental.
In addition to the turmoil caused by the remarks of public figures, recently, the performance of Dongfang Selection has "fallen off a cliff" and "is not as good as before", and the sudden change in the style of painting in the live broadcast room, and the anchor shouted "321 link" in the live broadcast room.
Recently, Dongfang Selection released the performance of its own products. In the second half of fiscal year 2024 (December 2023 to May 2024), the GMV of Dongfang Selection's self-operated products exceeded 3.6 billion yuan, an increase of 108% year-on-year and 74% month-on-month. Up to now, the total number of self-operated products selected by Dongfang has exceeded 400.