Oriental Selection issued an announcement:
Anchor Dong Yuhui resigned
On 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 businesses and personal schedule, effective 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.
At the same time, Oriental Selection announced on the Hong Kong Stock Exchange: 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, according to which the seller agreed to sell, and the buyer agreed to acquire 100% of the equity of the target company at a consideration of RMB 76.5855 million.
Dong Yuhui responded to the resignation:
After friendly consultation and unanimous decision between the two sides
Subsequently, Dong Yuhui posted on social platforms in response to his resignation.
He said: "Considering the current actual situation and development plan, after friendly consultation and unanimous decision between the two sides, the company will start to operate independently after that." Breaking away from the protection of the port, walking with Hui will sail alone to the vast sea from today. The future is unpredictable, only to go all out".
Yu Minhong: All the net profit of the company with Hui
Awarded to Dong Yuhui
At the same time, Yu Minhong issued an open letter on his personal social account, saying that from today onwards, Dongfang Selection's wholly-owned subsidiary and Hui will be officially independent from Dongfang Selection, and Dong Yuhui will personally hold 100% of its equity.
Yu Minhong explained the cause and effect of this incident, he said: The sudden outbreak of the "small composition incident" caught people off guard and exposed many problems, Yuhui and I fell into an embarrassing situation, and the company also fell into turmoil. In order to allow Yuhui to better exert its talents and have more autonomy, and avoid unnecessary conflicts and contradictions, we decided to establish a company with Yuhui as the director and general manager to fully control the company's business decisions.
"Around March, Yuhui and I met many times to discuss the follow-up development plan, and felt that the complex external and internal environment we faced 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, after repeated consultations, we finally decided to ask the board of directors for approval to transfer 100% of the shares of Hui to Yuhui himself after the end of the fiscal year (May 31). Yu Minhong said.
In addition, after the article was issued, Yu Minhong emphasized in the WeChat and Douyin comment areas, "Yuhui holds the equity purchase money required to walk with Hui, 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. ”
Source丨Comprehensive Oriental Selection Hong Kong Stock Exchange Announcement, Dong Yuhui's social account, Lao Yu's gossip, Shangguan News Editor丨Jiang Zhuyun