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Text | Wenlv

On the evening of 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 senior management of a merged affiliated entity of the company. The resignation is due to Dong Yuhui's career ambitions, commitment to his other careers and personal time arrangements, and will take effect on July 25, 2024.

The announcement mentioned that in addition to paying all the promised benefits and compensation to Dong Yuhui, the chairman of the board, Yu Minhong, has sought approval from the board of directors and the board's remuneration committee to distribute all remaining undistributed profits of Hui Xing Tong to Dong Yuhui as a token of Yu Minhong and the Group's gratitude and appreciation for Dong Yuhui's contribution.

In addition, according to the listing rules and the company's articles of association, Yu Minhong has made arrangements for the settlement price of Dong Yuhui's acquisition of Yuhui Tongxing. In order to maintain the normal operation of Yuhui Tongxing, the company will provide Yuhui Tongxing with its self-developed information system free of charge.

Shortly after the announcement, Yu Minhong's personal WeChat public account "Old Yu Xianhua" also published "An Open Letter to Friends and Shareholders of Dongfang Selection", in which he explained the change. He mentioned that after the well-known public opinion storm, in order to allow Yuhui to better display his talents and have more autonomy, and avoid unnecessary conflicts and contradictions, it was decided to establish Yuhui Xingxing Company, with Yuhui as the director and general manager, with full control over the company's business decisions.

At that time, after discussion and agreement by the board of directors of Dongfang Selection, no matter how the company operated, Yuhui would be given an attractive guaranteed income (cash + equity) to show its recognition of Yuhui's value. It was also mentioned that in order to ensure that Yuhui and Yuhui could carry out their work in a timely manner, under its coordination, Yuhui was quickly registered. In just a few days, more than 1,000 square meters of office space was vacated for Yuhui, a mature team of about 60 people was reorganized, and a sales system, pallet supply and a large amount of equipment and facilities support were provided.

Facts have proved that Dong Yuhui's personal influence has driven the Yuhui Xingxing live broadcast room to become an instant hit. While Oriental Selection has been losing fans, the new account not only has a fan base that is infinitely close to Oriental Selection, but the amount of goods it brings has also surpassed Oriental Selection.

Yu Minhong also mentioned in his open letter that although there has been no communication barrier between him and Yuhui, the complicated public opinion disputes, coupled with the guidance and rumors of a few forces with ulterior motives, directly led to the estrangement between Dongfang Selection and Yuhui. At the same time, he himself was deeply caught in the tide of public opinion, constantly attacked and stigmatized, and Yuhui was also subjected to many unwarranted accusations and injuries, which has continued to this day.

Around March, he met with Yuhui several times and discussed the subsequent development plan. He felt that the complex external and internal environment faced at this stage would not only put the company's operations in trouble, but also harm the long-term development of individuals and the company. In order to ensure that Yuhui has a better development stage and avoid business conflicts and public opinion disputes, the two negotiated repeatedly and finally decided that after the end of the fiscal year (May 31), Yu Minhong would ask the board of directors for approval to transfer 100% of Yuhui's shares to Yuhui himself.

According to another announcement released by Oriental Selection, the price for 100% equity of Yuhui Tongxing was RMB 76.5855 million.

According to the response posted by Dong Yuhui on his personal account, he also said that after the establishment of Yuhuixingxing, he and the entire Yuhuixingxing team have received good treatment and improvement, and Mr. Yu has also issued bonuses beyond expectations many times. Mr. Yu also arranged the settlement of the equity purchase funds in accordance with the listing rules and articles of association. Yuhuixingxing will also be able to maintain the company's operations and rent, employee wages and other expenditure costs for a period of time in the future.

According to Qichacha information, as of the time of publication, the legal representative of Yuhui Tongxing (Beijing) Technology Co., Ltd. is Dong Yuhui, and it is still 100% controlled by Beijing New Oriental Xuncheng Network Technology Co., Ltd., whose legal representative is Sun Dongxu. The ultimate beneficiaries of both companies are Yu Minhong, and the latest equity information has not yet been updated.

On July 21, Yuhui Tongxing just completed the relocation of its new office from the New Oriental Building to the Internet Finance Center in Haidian District. The housewarming flower baskets sent by all parties were placed directly outside the building. In the first live broadcast after the move, Dong Yuhui also thanked Yu Minhong and said that he did not want people to misunderstand him. At that time, there was speculation that Dong Yuhui might want to seek independence.

Now that the speculation has come true, Dong Yuhui has full control of Huixingxing. In the future, the sea will be wide enough for fish to leap and the sky will be high enough for birds to fly. It is worth looking forward to what new miracles and surprises he will create according to his own wishes and guidance.

As for Yu Minhong, Wenlv previously mentioned in the article "Yu Minhong's cultural tourism dream cannot be separated from Dong Yuhui" that Dong Yuhui is a super "trump card" who combines the ability to bring goods and the value of promotion. If one day Dong Yuhui really wants to completely separate from Yu Minhong and New Oriental Culture and Tourism, even if it is a good separation, it will be an inevitable "serious injury" for Yu Minhong and his "cultural tourism dream".

But Yu Minhong is, after all, a successful businessman who has experienced countless ups and downs. He probably has already ingrained in his mind what kind of decision to make in what situation to maximize his own interests. Letting Dong Yuhui go may be the best outcome for him, New Oriental, and Oriental Selection.

However, for Yu Minhong, losing Dong Yuhui, a popular figure in local cultural tourism, will make the challenges he faces in realizing his cultural tourism dream even more difficult. And what about Dongfang Zhenxuan, the "competitor" of Hui? The opening stock price tomorrow morning will give the answer.

*Pictures are from Photo Network and Internet screenshots