Dong Yuhui will resign and will operate independently "Walking with Hui" Industry insiders: Oriental selection is under great pressure

Half two finances

2024-07-25 19:26Published on the official account of the Economic News Center of Beijing Youth Daily, Beijing

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01 Oriental Selection announced that Dong Yuhui had resigned and no longer served as an employee and senior management of the company, and at the same time sold 100% of the shares of his operating company to Dong Yuhui at a price of 76.5855 million yuan.

02 Dong Yuhui will independently operate "Walking with Hui", and industry insiders believe that this move will have a great impact on Dongfang Selection in the capital market.

03Due to "career aspirations" and other reasons, Dong Yuhui resigned from Oriental Selection, and Yu Minhong has sought the approval of the Board of Directors and the Remuneration Committee of the Board of Directors to distribute all the remaining undistributed profits of his peers to Dong Yuhui.

04 Dong Yuhui said that with Hui will maintain the company's operation and rent, employee wages and other expenses for a period of time in the future.

05 Industry insiders believe that Dongfang Selection needs to create a few more popular IPs to maintain popularity after Dong Yuhui leaves, but there is a lot of pressure.

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Dong Yuhui and "Walking with Hui" decided to go it alone. On July 25, Oriental Selection announced on the Hong Kong Stock Exchange that Dong Yuhui had resigned and no longer served as an employee of the company and the senior management of one of the company's consolidated affiliated entities; At the same time, Dongfang Selection will sell 100% of the shares of the operating company of "Walking with Hui" to Dong Yuhui at a price of 76.5855 million yuan. In the future, Dong Yuhui will operate the company independently. At present, Dong Yuhui's personal number of fans is very close to Dongfang Selection, and industry insiders believe that this move will have a great impact on Dongfang Selection in the capital market, in addition, Dongfang Selection needs to incubate more IP to make up for the loss of the number one anchor, but this is difficult.

Leaving a job due to "career aspirations", etc

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.

According to the announcement, in addition to paying Dong Yuhui in full the promised benefits and compensation, Yu Minhong has sought the approval of the board of directors and the remuneration committee of the board of directors to distribute all the remaining undistributed profits of his peers 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.

What to do after you leave your job?

Dong Yuhui will be at the helm alone "Walking with Hui"

Dong Yuhui will focus on the operation of "Walking with Hui" in the future. According to the announcement of Oriental Selection, 100% of the shares of Hehui were sold to Dong Yuhui at a consideration of 76.5855 million yuan.

With the departure of Dong Yuhui, Oriental Selection believes that "the brand itself is inseparable from Mr. Dong and his personal intellectual property rights and considering the risks associated with the use of intellectual property rights after leaving office, the Board believes that with the departure of Mr. Dong from the Group, the Group will not be able to continue to operate the target company". As a result, it was agreed to sell 100% of the shares of the company operated by Hui Walk.

In this regard, Fu Liang, an independent telecom analyst, told a reporter from Beiqing Daily, "I think that the follow-up will continue to be a cultural live broadcast platform, with equal emphasis on advertising revenue, delivery income, and public welfare."

After the announcement was issued, Dong Yuhui also publicly responded: "Considering the current actual situation and development plan, after friendly consultation and unanimous decision between the two parties, the company will start to operate independently with Hui." Breaking away from the protection of the port, walking with Hui will sail independently to the vast sea from today. ”

He said: "After the establishment of the company with Hui, I and the entire team with Hui 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. ”

For Yu Minhong, he said: "It should be noted that in this process, Mr. Yu respected the feelings and wishes of walking with Hui to the greatest extent, and I am very grateful to Mr. Hui for this" "Until now, I miss the days when I traveled with Mr. Yu before, laughed and talked about everything, and I also look forward to more opportunities to continue walking on the road with Mr. Yu in the future." ”

Fu Liang said: "In fact, Yu Minhong didn't really solve the problem at the beginning, and gave Dong Yuhui a certain amount of autonomy, but he put his peers with Hui under Dongfang Selection, contributed income to Dongfang Selection, and was restricted by Dongfang Selection." This is not a steady state. ”

It started with "one of the two" resignation

The disagreement between Dong Yuhui and Dongfang Selection began with the "one of the two" incident. In December 2023, Dong Yuhui released a small essay about Jilin as usual in the live broadcast warm-up video, which was praised by netizens. The editor of Dongfang Selection responded in the comment area that it was from the hands of the team, "The anchor is in front of the camera, and behind it are the friends of the copywriting team, the shooting team, and the editing team. ”

Since then, Dongfang Xiaosun, the CEO of Dongfang Selection at the time, has continued to confront Dong Yuhui, for example, he said: "Someone took a screenshot of the financial report of a listed company and said that Yuhui earns tens of millions of dollars a year, please rest assured that fans who hope Yuhui will get a fair return, that is only part of Yuhui's income." Many netizens also found that he had also "yin and yang" Dong Yuhui in the live broadcast room many times before, and netizens expressed their "distress for Dong Yuhui".

On one side is the head anchor with 20 million fans, and on the other side is a veteran executive with 16 years of CEO experience. Some analysts also believe that this is a strategy for Dongfang to select anchors to "de-head". The first annual results released by Dongfang Selection in August last year showed that the net revenue was 4.5 billion yuan, an increase of 651% year-on-year; The net profit was 971.3 million yuan, compared with a net loss of 71 million yuan in the previous fiscal year, turning losses into profits.

After suspending the live broadcast for a period of time, Sun Dongxu, CEO of Oriental Selection, was removed, and Dong Yuhui returned to the live broadcast room, and his identity changed from "anchor with goods" to "senior partner of Oriental Selection".

At that time, Liu Xingliang, president of the DCCI Internet Research Institute, analyzed to a reporter from Beiqing Daily: "Although Dong Yuhui has recently been promoted to a senior partner of Dongfang Selection, I predict that considering the diversity of enterprise development and Dong Yuhui's personal career planning, he may choose to leave Dongfang Selection in the near future." This forecast is mainly based on two considerations: first, with the in-depth layout and continuous adjustment of the management structure of Dongfang Selection in the e-commerce industry, Dong Yuhui may find that his development direction is no longer fully consistent with the company's strategic vision. Secondly, Dong Yuhui, as an anchor with a high degree of personal charm and market appeal, may seek more personal development space and new career challenges. ”

How to go about Oriental Selection? Analysis: It's stressful

On December 26 last year, Dong Yuhui opened his personal account "Walking with Hui" and gained 600,000 fans overnight. Prior to this, Dong Yuhui established "Walking with Hui" Technology Co., Ltd., but the actual controlling stake was 100% held by Dongfang Selection.

At present, Dong Yuhui is already the largest anchor of Dongfang Selection, Dongfang Selection has 29.87 million fans on Douyin, and Dong Yuhui has 26.38 million fans.

Internet observer Ge Jia told a reporter from Beiqing Daily: "Dong Yuhui's resignation first of all poses a lot of pressure on New Oriental's stocks. Dong Yuhui's resignation is definitely a big loss for New Oriental. The company's new business, live streaming, which has just picked up, has also suffered a major setback, and it looks like it will be difficult to recover. Dong Yuhui occupies the high ground at the level of public opinion, and his external performance is very humble and low-key, and New Oriental will suffer great reputational losses because of this. It is expected that a relatively large storm of public opinion will break out in the coming period. ”

Pan Helin, a well-known economist and member of the Information and Communication Economy Expert Committee of the Ministry of Industry and Information Technology, said: "Dongfang Selection needs to create a few more popular IPs after Dong Yuhui leaves to maintain the popularity of Dongfang Selection." Dongfang Selection is an e-commerce, and the scale effect of the e-commerce industry is obvious, without Dong Yuhui, there will be no large amount of traffic, so Dongfang Selection will have to incubate a few more anchor IPs if it wants to maintain traffic, but this is still a lot of pressure on Dongfang Selection. ”

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Text/Beijing Youth Daily reporter Wen Jing

Editor/Fan Hongwei

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