This is probably the most vigorous departure so far in 2024. Dong Yuhui, a worker, finally set up his own door after many public opinion turmoil and became the only boss with Hui. The former boss Yu Minhong not only arranged for Dong Yuhui to buy the company's 76.59 million, but also offered all the 140 million yuan of net profit on the account of Hui Tong, and gave him a ride.
On the table, both of them maintained the dignity of "guests and hosts". But the dark tide under the table has not stopped. On the afternoon of July 26, at the shareholder exchange call of Dongfang Selection, Yu Minhong reviewed Dong Yuhui's resignation in great detail, and his determination and relief could be heard in his words.
Yu Minhong said that since the selection of Dongfang exploded, the power of the Internet or public opinion has always surrounded them, making them uneasy, "If they are not separated, they may be strangled with each other in the future." He promised that he would not participate in the capital operation and investment with Hui at any time in the future.
Since Dong Yuhui became popular in 2022, Yu Minhong has been pushed to the front of the stage countless times to respond to various questions about Dong Yuhui. Obviously, in Yu Minhong's heart, he hopes that yesterday's phone call will be the last.
However, there are still many questions that need to be answered between Dong Yuhui, Yu Minhong and Dongfang Selection. We've identified 8 of them that we're most curious about and tried to give some answers.
Text | Rao Tongyu Zheng Sifang
Edit | Yang
Operations | killer whale
sky-high "break-up fee",
Who earns it? Who loses?
According to Yu Minhong's open letter, Dong Yuhui paid 76.59 million for the acquisition of Hui Tong, which was arranged by Yu Minhong, "and the company gave it to Yuhui". In addition, the net profit of 140 million yuan on the books of Hui was also allocated to Dong Yuhui.
In other words, Yu Minhong spent more than 200 million on this breakup. At first glance this is almost sky-high, but in fact it is not that expensive. For Dongfang Selection, it can be regarded as a big thing for a small amount of money.
Among them, the purchase price of 76.59 million with Hui has become the focus of controversy. In the market, the valuation of Dong Yuhui's IP was once as high as 1 billion US dollars. However, there are many ways to value a company, and this time, the valuation of its peers with Hui adopts the cost method, rather than the market method or the income method, which is a relatively conservative valuation method.
▲ Announcement of Oriental Selection Share Transaction. Photo / HKEX
As a comparison, when Luo Yonghao's live broadcast was just 7 months old, the live broadcast room of Make a Friend got a valuation of about 1.46 billion yuan.
According to the first financial report, some shareholders questioned: "The core assets of a listed company are 100% divested in a way far below the fair value of the market, does Yu Minhong dare to release the messages of small shareholders to take a look?" ”
By the morning of the 26th, when Hong Kong stocks opened, the Hang Seng Index rose 0.44%, and Oriental Selection fell 15%, and its market value once fell below 10 billion.
However, from the perspective of procedural justice alone, Yu Minhong's operation seems to be blameless – with the consent of the board of directors and the remuneration committee; The valuation is determined by a third-party appraisal firm; Looking at the numbers, this money is also not to the extent that a special resolution of the shareholders' meeting is required.
Considering the negative emotions brought by Dong Yuhui's resignation to shareholders, Dongfang Selection and Yu Minhong came up with a share repurchase plan of no more than 500 million yuan. ”
In order to dispel doubts, Yu Minhong also mentioned that the more than 70 million yuan paid for Dong Yuhui will be paid through a certain cooperative relationship between New Oriental and Dong Yuhui, "This process will comply with all the rules of New Oriental's listed companies in United States, and will not encroach on any interests of Oriental Selection." ”
Judging from the results, Yu Minhong used this "small money" to buy Dongfang Selection and his own "tranquility" in the future; Dong Yuhui didn't pay a penny, and he harvested a new company with 140 million yuan on its books. It seems that a world in which only small and medium-sized shareholders are injured has been reached.
Economist Ma Guangyuan posted on Weibo: "From the perspective of life, Lao Yu is righteous to Dong Yuhui, and he can't be better; But from the perspective of doing business, Lao Yu let Dong Yuhui leave such a cash cow is an absolute dereliction of duty, and it is a serious irresponsibility for Dongfang to select shareholders. ”
"Mother-in-law" is in the breakup
What role does it play?
"Mother-in-law" was an intimate name between Dong Yuhui and fans at first. However, in the midst of turmoil after turmoil, this title no longer represents warmth, but battle. In the hearts of all the "mothers-in-law", there is a unified "imaginary enemy" - Oriental Selection.
The most fierce "battle" is also the most out-of-the-circle "small composition incident". At that time, the "mothers-in-law" insisted that the small essays in the Oriental Selection Special Session were completely from Dong Yuhui's hands, rather than "team creation". In order to defend Dong Yuhui and publicly protest against Dongfang Selection, countless "mothers-in-law" poured into the live broadcast room of the competitor Gaotu Jiapin, so that the number of online people eventually exceeded 100,000, and in the past half a year, this number is only a dozen.
▲ In the "Small Essay Incident", Dongfang Selection said that the copywriting was created by the team. Picture/Screenshot
As the "opposite" of Dongfang Selection, in the next week, the evaporation market value will be up to about 4 billion Hong Kong dollars, the Douyin account will lose about 700,000 followers, and Dong Yuhui's personal account will add more than 10 million followers.
The result of this battle can be said to be a complete victory for the "mother-in-law". Sun Dongxu, who is believed to have "stabbed" Dong Yuhui in the incident, was removed from the positions of CEO and executive director. Dong Yuhui has gained three new titles: Senior Partner of Oriental Selection, Cultural Assistant to the Chairman of New Oriental Education and Technology Group, Vice President of New Oriental Cultural Tourism Group, and a new account - Walking with Hui.
Less than a month later, it premiered with Hui, and the "mothers-in-law" went out collectively. In just 4 hours of live broadcast, he walked with Hui and won the five first places in the popularity list, hour list, goods list, fan list, and number of likes at the same time. Fans didn't give Dong Yuhui time to talk slowly, and sometimes when he just started, the off-camera director directly told him that he was "out of stock". Douchacha data shows that the GMV of the entire live broadcast is expected to be 160 million yuan.
GMV is the most important data for the "mothers-in-law" to prove Dong Yuhui's value. In the eyes of fans, Dong Yuhui has always been at a disadvantage, and they believe that Dong Yuhui is treated much less than the contribution he has brought to the company. Dong Yuhui's after-tax income in 2023 is several million yuan, while in comparison, in 2021, Li Jiaqi's income is 1.855 billion yuan, Simba's annual income is 1.298 billion yuan, and Luo Yonghao's annual income is 245 million yuan.
After having walked with Hui, the battle between the "mothers-in-law" continued. In March this year, Walking with Hui and New Oriental Cultural Tourism both conveyed their plans to go to Henan for live broadcasts. Such an overlap in location made fans once again point the finger at Yu Minhong, thinking that he was deliberately stealing the limelight from Dong Yuhui.
Under pressure, Yu Minhong had to apologize on Douyin, saying that he "never had a plan to go to Henan for live broadcasting", and asked Henan New Oriental Cultural Tourism to completely stop live broadcasting and rectify it.
Bigger storms are still brewing. In June, Dongfang Selection anchor Ming Ming (formerly known as Shi Ming) used "broken mountains and rivers" to describe the terrain of the Yunnan-Guizhou Plateau, and the ridicule of local spiders on the anchor YoYo's Weibo was also picked out at the same time.
Dongfang Selection did not choose to respond to these two specific things, but issued a statement clarifying that he had never asked for pit fees and publicity fees, and rarely attached the full text of the rumors. In the rumor article, he only called Dong Yuhui "teacher", and called Dongfang Selection "next door", and even called Yu Minhong "old man", which seems to have a clear position.
This once again ignited a battle between fans. Yu Minhong's Douyin comment area quickly became a battlefield chosen by fans to tear each other apart. Both sides scrambled to present each other's "incriminating evidence". In the end, Yu Minhong had to close the Douyin comments.
In the face of the fight between fans, Yu Minhong tried to mediate and retreat, and also tried to ignore it. Now, when talking about the reason for Dong Yuhui's resignation, Yu Minhong mentioned public opinion more than once. At the beginning, he just saw the remarks complaining about his "iron rooster" during the live broadcast, and later evolved into a negative evaluation as long as he made an announcement, showed his face in front of any camera, and even traveled personally.
Every victory of the fans seems to be pushing Dong Yuhui farther away from the Oriental Selection. Yu Minhong described the selection of Dongfang after Dong Yuhui's departure as "a clear or relatively peaceful, future-oriented, predictable, and increasingly certain development environment." ”
After arguing for so long,
Why break up now?
Before the official announcement of the breakup, Yu Minhong and Dong Yuhui made long preparations.
In Yu Minhong's description, it all started in March this year, when Dongfang Selection's stock price was unstable, but the sales of its peers with Hui were getting better and better, and both sides began to think about making their peers independent. The end result was the start of an independent process with Hui at the end of the fiscal year, that is, on May 31.
Dong Yuhui's statement confirms this. In March, Dong Yuhui revealed in a live broadcast that they were looking for a new office location. Dong Yuhui said that for the sake of long-term development, moving is imminent, and in the future, he will rent a large flat floor, so that the live broadcast room, warehouse, etc. are on the same floor.
On July 21, Dong Yuhui's team withdrew from the Beijing New Oriental Building, where Oriental Selection is located, and moved into the 2,100-square-meter new construction area of the Internet Finance Center to start broadcasting. Judging from the media reports at the time, the new home with Hui was still found and renovated by the New Oriental Asset team, and the reason for the relocation was only "not enough workstations".
But now, moving out of the New Oriental Building should be the first step for Dong Yuhui's team to be "physically independent". There are also many signs that show the separation between the two. Since June this year, the anchors who have traveled with Hui have frequently called Dong Yuhui "boss". On social media, several employees who traveled with Hui also removed the word "Oriental" from the prefix.
▲ "Walking with Hui" live broadcast. Photo / Visual China
But the premeditation may have started much earlier.
Since the start of the broadcast, Walk with Hui has not used the self-operated products selected by Dongfang, but has chosen to bring third-party goods. Self-operated commodities have always been the bulk of Dongfang Selection's revenue. Perhaps from the very beginning, Dongfang Selection did not plan to walk with Hui into his future.
Yu Minhong has always felt that he is a person who can "cover up" for the company. He once analyzed the obstacles brought by his personality to the company - "I am weak, I am unwilling to face people hard, sometimes I look forward to doing things, and I obviously think that the decision is right, but considering the emotions of other people, I am not motivated enough, which leads to the slow change of New Oriental." ”
But this time, in the matter of breaking up with Dong Yuhui, Yu Minhong showed his determination. In the shareholder call, he said: "If you think that I am not qualified to be CEO and chairman, we can elect a new chairman and CEO." ”
What survival rules did Yu Minhong learn?
At the telephone shareholders' meeting, Yu Minhong did not forget to affirm the value of Dong Yuhui: "Without Yuhui, walking with Hui is worthless." He attributed it all to the transformation of society, "In the age of influencers and traffic, the added value is in someone. ”
After moving to a new address with Hui, Yu Minhong once went to the company to see it, but was once again shocked by the support gifts from his mother-in-law - barley and flowers everywhere, and his mother-in-law wore red sweaters to take pictures in the sea of flowers. Yu Minhong described himself as "walking for two minutes" just by walking through these ears of wheat and flowers. At these moments, Yu Minhong may have "understood" the mystery of the Internet celebrity and traffic era.
In the early days of Dong Yuhui's popularity, everyone's evaluation of Yu Minhong was that he was still in the past and couldn't understand the strategic significance of the super anchor. The most famous complaint comes from Luo Yonghao, the former famous teacher and later head anchor of New Oriental. At that time, Luo Yonghao thought that Yu Minhong didn't understand live broadcasting, and he had to compare Dong Yuhui's performance with goods through the AB test, so that Yu Minhong could know how much Dong Yuhui was worth.
But in the past two years, with every turmoil, Yu Minhong has also learned more and more survival rules in the "Internet celebrity and traffic era".
▲After the "Little Composition" incident, Dong Yuhui and Yu Minhong auditioned for a live broadcast in the East. Photo / Visual China
The anchor's money must be enough. In the past year, Dong Yuhui was promoted, raised, and became a senior partner, after hearing that Dongfang selected Dong Yuhui's high salary, Luo Yonghao had a joke that was not a compliment, "It's not easy for the iron rooster, and the changes of the times have taught him a lesson." According to the 2024 interim financial report, during the reporting period, Dongfang Selection paid 600 million yuan in salary alone, a year-on-year increase of 167.7%, and except for Dong Yuhui, the rest of the anchors also received equity incentives. In the latest recruitment announcement of Dongfang Selection, the annual salary of the anchor position has reached 600,000.
Explain it clearly enough. When the small composition incident was at its most popular, Yu Minhong once came out to broadcast live, and together with Dong Yuhui, the two looked at each other and were embarrassed. In that live broadcast, Yu Minhong was criticized as "vague" and "vague" about the follow-up results, which disappointed the expectations of the "mother-in-law". The explanation of internal employees for this is that "both parties are not communicative", and they retain a tacit silence of traditional enterprises.
But when they broke up today, Yu Minhong will clearly explain every step of the separation from Dongfang Selection with Hui in the announcement and shareholders' meeting, and answer all the questions that the public is curious about. In this regard, Yu Minhong specifically explained: "This matter is not an internal problem", in the spotlight of the Internet celebrity era, he understood one thing - he and the company are transparent.
▲ Yu Minhong's explanation of walking with Hui from the selection of the East. Diagram / Network
Will Dong Yuhui really go to teach?
No head anchor, like Dong Yuhui, shows a huge twist in front of the camera.
In 2022, when Dong Yuhui suddenly became popular, he said in an interview with Daily People that if he left Dongfang Selection, the money in his hand was enough for an ordinary life, a normal meal, and enough for his family to buy medicine, then he would go to a mountain village to teach. Since then, Dong Yuhui has mentioned his vision for the future countless times, all of which are in the hope of returning to the teaching position.
Compared with Li Jiaqi, who was born in sales, and Wei Ya, who has been a singer and actor, Dong Yuhui does not seem to enjoy the spotlight from the public. In June this year, Dong Yuhui participated in a talk show, and sincerely expressed his rejection of live broadcast work, which made him insomnia and annoyed, and some people called him "Internet celebrity", and his first reaction was "disgust".
The moment when I couldn't accept this job the most was probably selling categories I didn't like in the live broadcast room, such as underwear. That time, holding underwear and underwear in his hand, Dong Yuhui couldn't open his mouth, and bluntly said that he "really can't speak". Later, "Dong Yuhui's three refusals to explain underwear and underwear" appeared on the hot search, with more than 50 million reads. Seeing those comments saying that he "discriminated against women" and "did not do his duty", Dong Yuhui chose to log off Weibo.
From this point of view, Dong Yuhui is indeed not a "standardized" public figure. After all, almost every anchor has been criticized by the public, just like Li Jiaqi, who caused controversy last year because of his "where is it expensive" remarks, in the huge criticism, he chose to apologize on Weibo and other platforms. Regarding Dong Yuhui's willful cancellation, a person close to Dongfang Selection came out to explain that it was Dong Yuhui's "personal behavior".
Whether it is dissatisfaction with the live broadcast work or the rejection of public identity, Dong Yuhui seems to have a reason to leave the live broadcast room. It's just that today's Dong Yuhui is no longer just a big anchor, as the boss who walks with Hui, he needs to play the role of the helmsman.
Dong Yuhui needs to be responsible for his team. At the time of its premiere, the new company had only about 70 people, and just a few months later, it had expanded to 150 people. In a live broadcast, Dong Yuhui revealed management pressure - rent is a reality that cannot be ignored. After moving out of Dongfang Selection, the rent soared 5 times, and "when I opened my eyes, it was the cost of rent and other expenses." According to Yu Minhong, today, there is still a net profit of 140 million yuan in the account of Youhui's peers, which is not much money for a 100-person entrepreneurial team.
Of course, retreating into the background is almost a common destination for big anchors. Whether it is Simba, who chooses to train apprentices, or Li Jiaqi, Wei Ya and others who have many sub-broadcasts, they have reduced their appearance frequency in the later stage of the live broadcast, relying on live broadcast accounts such as "All Girls Live Room" and "Bee Surprise Club" to maintain the company's influence in the live broadcast track.
But until then, the core task of the big anchors is to use their own traffic to pave the way for the sub-broadcasters and apprentices. Just like Wei Ya, she also wants to pry up more resources for her own supply chain by participating in variety shows. Wei Ya's younger brother Huang Tao is in charge of business, and he once sighed, such as mobile phones or cars, which are cooperation opportunities that he couldn't reach before, were all brought by Wei Ya on variety shows.
It can be seen that as the role with the strongest monetization ability and the most likely to pry open resources in the company, at least for now, Dong Yuhui cannot leave the live broadcast room for the time being, let alone say goodbye to Vanity Fair.
▲ Picture / Visual China
Dong Yuhui will become
Yu Minhong's competitors?
For a long time, Dongfang Selection wants to be the next "Sam", not an MCN company like Mei ONE. At yesterday's shareholders' meeting call, in the interval of clarifying the direction of various money, Yu Minhong did not forget to advertise his own sparkling water and "Golden Pillow Durian Meat".
As early as the beginning of the establishment of Dongfang Selection, the then CEO Sun Dongxu set the strategy of self-operated brands and self-built supply chains. In meetings, he mentions Sam's learning object the most, and he looks forward to making "Sam's level products".
In fact, Oriental Selection has gradually become the "apprentice" of Sam's own products - replicating Sam's salmon pieces, steaks, chestnuts, and egg yolk crisps; Learn Sam to entrust a third-party company to process and produce, and do the so-called OEM business. Even the membership system is the same, and at the end of 2023, the Oriental Selection APP will launch a paid membership service.
▲ In 2022, Dongfang selected to participate in the China International Fair for Trade in Services. Photo / Visual China
The existence of Dong Yuhui seems to have become an obstacle to the promotion of the "product line". Sun Dongxu once said in an interview, "After it became popular, (Dong Yuhui) began to have ideas about whether to be a little idol." All I have to do is to expose him, and to expose him is to protect him. Sun Dongxu hopes that when the heat calms down, fans will transfer their good impression of the anchor to the products selected by Dongfang, which will allow the company to go further.
But more and more attention and popularity are still attracted by Dong Yuhui personally. The traffic and exposure of Dongfang Selection began to rely more on Dong Yuhui's personal rather than the brand selected by Dongfang. In the eyes of the outside world, Dong Yuhui and his peers are regarded as the most important core assets of Dongfang Selection.
According to the data of the goods list, in March this year, the live broadcast room with Hui ranked first with a GMV of more than 600 million yuan, close to the sum of the second and third places. In contrast, Dongfang Selection only has 286 million yuan, ranking fifth.
When a company and an individual's IP are strongly bound, it means that the uncontrollable risk is increasing. On February 27 this year, Dong Yuhui logged out of his Weibo because of public opinion. On the same day and the next day, the shares of Oriental Selection fell by 3.89% and 2.98%, respectively.
The relationship with celebrity IP has always been an old topic for Yu Minhong. In the New Oriental era, he once used the "chef effect" to describe the relationship between New Oriental and "star lecturers": the owner of the restaurant invested a lot of money in renting and decorating, and invited the chef to sit down. And when business is booming, the chef will ignore other factors, think that the money is all his own credit, and go to share more profits with the boss. Once the request is not met, the chef leaves.
For Yu Minhong, Dong Yuhui, the "cook", is the time to leave. "I personally feel that if we don't separate at this time, we may strangle each other in the future."
Walking with Hui, can you do it yourself?
Just a year ago, Dong Yuhui positioned himself as a "salesperson" in the introduction column, and now he has to play the role of a single pillar, and the challenges he faces are huge.
Before the outbreak of fierce contradictions within Dongfang Selection, Yu Minhong, Sun Dongxu, and Dong Yuhui originally maintained a "three-legged" state - Yu Minhong was responsible for grasping the general direction, Sun Dongxu was stubborn in the supply chain, and Dong Yuhui was the gripper of traffic.
For Dongfang Selection, any role is indispensable, especially Yu Minhong's own industry resources and political sense. According to a later report, in the early days, only Yu Minhong was determined within Dongfang Selection, "Before the platform is up, only agricultural products are allowed to be sold." The anchors were worried about sales for a while, and secretly sold cosmetics and electronic products, Yu Minhong was furious when he learned about it, and made it clear that Dongfang Selection would rather lose money than cross the strategic red line.
Later, Dongfang Selection focused on cultural tourism and also retained a good relationship with local government departments. An e-commerce industry insider once told Blue Whale News that the biggest advantage of Dongfang Selection is actually "G-end resources". Not only that, in the first few months of the broadcast with Hui, although the self-operated products selected by Dongfang were not sold, according to the management at the shareholders' meeting, the selection of products with Hui was still "decided" by the supply chain of Dongfang Selection.
Now, with Hui walking independently, how to choose products, what to sell, and how to obtain better resources have become problems that Dong Yuhui needs to consider. Yu Minhong obviously knew this, so he maintained a slight reserve - after that, he was only the chairman of Dongfang Selection, and would not participate in the management and capital operation of his peers with Hui. In private, he continued to be a "year-old friend" with Dong Yuhui, but in the business field, the two companies will have a clear "competitive relationship".
Dong Yuhui, who doesn't like the camera, still needs to learn to deal with the platform. In a live broadcast, Dong Yuhui revealed that he had just had an afternoon meeting with people from Douyin, and the other party hoped to "develop faster with Hui". In this regard, Dong Yuhui was helpless, feeling that he was fast enough, and Douyin's requirements were too high.
And any MCN company will always come to the step of building its own supply chain. This may be the biggest difficulty that Dong Yuhui will have to face in the future. Previously, the largest IP-based MCN company in the industry was Li Jiaqi's Mei ONE, and now it has also started from scratch "Mei ONE Preferred" and sold its own latex mats in the flagship store. Yuanwang Technology, which signed Jia Nailiang and other stars, did not forget to build a shoe base covering an area of more than 10,000 square meters in Wenzhou. Of course, the earlier step was taken by Dong Yuhui's old club Dongfang Selection, in January this year, it invested for the first time in a supply chain enterprise - the expansion of its own barbecued sausage factory, and this item alone cost 17.52 million.
Is there another Dong Yuhui in Dongfang Selection?
After taking the course "Dong Yuhui", Yu Minhong seems to be a good hand in the traffic industry. At the shareholders' meeting, in the face of shareholders' questions about "will there be the next Dong Yuhui", he gave a reply like a master of water:
One foot of Dongfang Selection is still traffic, so it will dig out high-quality anchors in the reserves of many famous teachers to "promote the development of Dongfang Selection's traffic". But on the other hand, will the anchors fly solo like Dong Yuhui? The answer is no, Dong Yuhui will become the last special case, just like New Oriental did not allow teachers to set up a separate studio for famous teachers.
To some extent, this answer is in line with Yu Minhong's entrepreneurial philosophy, which reassures the hearts of some shareholders.
After Dong Yuhui, Dongfang Selection is indeed more cautious in the control of traffic. In the second echelon of anchors, Dunton, who has 2 million Douyin fans, is unbeatable, and for this reason, he is in charge, and Dongfang Selection has established the "Dongfang Selection Beautiful Life" account. But the follow-up is that Dunton did not get more traffic tilt, but was arranged to a new matrix number after the account was done. This once again caused a conflict between the anchor and the company to erupt, and he complained that he decided for himself "without consulting with the anchor".
▲ Dunton once expressed his dissatisfaction in the live broadcast room. Picture / Screenshot
These details prove that Dongfang Selection will never take the initiative to create the next Dong Yuhui. This is very different from the operation mode of super anchors such as Li Jiaqi and Wei Ya. You must know that Qi Zhenbo, the founder of Mei ONE, bet on Li Jiaqi, and for this reason, he directly dismissed the company's 100 anchors and tilted all resources to Li Jiaqi. As for Wei Ya, one person has a selection team of nearly 300 people, only serving Wei Ya's live broadcast room.
It's just that the emergence of traffic is always full of surprises. In Dongfang Selection, in fact, there has been no soil for the birth of super IP, and anchors, including Dong Yuhui, are not allowed to open live broadcasts personally, cannot establish personal fan groups, and cannot use personal accounts to receive endorsements and cooperation. In order to balance the live broadcast duration of each anchor, in the dozens of hours of live broadcast, Dongfang Selection has always adopted a scheduling system, which roughly ensures that the broadcast frequency, duration, and number of exposures on social platforms of each anchor are consistent. Compared with the name of Internet celebrities, the anchors selected by Dongfang are more like looking for a stable class.
Even so, Dong Yuhui was born. Whether Dongfang Selection will have the next Dong Yuhui, I'm afraid only fate knows.
▲Dunton, Yu Minhong, Dong Yuhui. Photo / Screenshot of the live broadcast
Resources
[1] "Moving with Hui, Dong Yuhui Wants to Go Alone" E-commerce News Pro
[2] "The Origin of the Oriental Selection Conflict: Unbalanced Relationships, Different Goals", Latepost
[3] "Dong Yuhui, Flying Solo" Nanfeng Window
[4] "Yu Minhong's "voice-over", Luo Yonghao understands" Titanium Media
[5] "Wei Ya, who disappeared for a year, earns more than before" Daily Character
[6] "Sold 160 million in 4 hours, Dong Yuhui returned in a drama-style style" daily character
[7] "The Origin of the Oriental Selection Conflict: Unbalanced Relationships, Different Goals", LatePost
[8] "Oriental Selection, Why is it always "demolished" by its own people? Daily People
[9] "Yu Minhong, Grabbed the Business of China's Richest Man", City Boundary
[10] "Yu Minhong Wants a Decent Job" Tiger Sniff
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