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Text | Meng Yonghui

From the moment the "Short Composition Incident" began, it seemed certain that Dong Yuhui would leave Oriental Selection.

Although "Walking with Hui" was established with the help of Oriental Selection, and although Dong Yuhui began to do what he wanted to do, Oriental Selection seemed to have been under criticism from the outside world.

Obviously, this is very unfair.

So, when the public opinion effect caused by the "Small Composition Incident" began to dissipate little by little, we saw that Dong Yuhui and Oriental Selection began a thorough and comprehensive break.

According to the announcement released by Oriental Selection, Dong Yuhui has decided to no longer serve as an employee of the company and a 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.

In addition to paying the promised benefits and compensation in full to Dong Yuhui, the Chairman of the Board, Yu Minhong, has sought the approval of the Board and the Board's Remuneration Committee to distribute all remaining undistributed profits of Huixingxing to Dong Yuhui.

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.

At the same time, Yu Minhong issued an open letter stating that starting from July 25, Dongfang Zhenxuan's wholly-owned subsidiary Yuhui Tongxing will officially become independent from Dongfang Zhenxuan, and Dong Yuhui will personally hold 100% of its shares (valued at 76.5855 million yuan).

In response to this, Yu Minhong added: I arranged the money for Yuhui to purchase the company, and the company is a gift to Yuhui.

Dongfang Zhenxuan has not taken any of the income and profits obtained by Youhui Tongxing since its establishment, and has left all of them to Yuhui and Youhui Tongxing to support their continued development. Once again, we would like to thank Yuhui for his outstanding contribution to the development of Dongfang Zhenxuan!

The announcement shows that Yuhuixingxing has a net profit of RMB 141.414 million from its establishment on December 22, 2023 to June 30, 2024. In other words, Dong Yuhui may receive a reward of RMB 140 million.

At this point, Oriental Selection and Dong Yuhui achieved a complete break.

Oriental Selection is no longer Dong Yuhui's scapegoat, and Dong Yuhui has also started a new business and life.

01

If we simply compare Oriental Selection with the current live streaming e-commerce players, we are actually underestimating Yu Minhong's ambition to create Oriental Selection.

The reason is that, whether it is the timing of Oriental Selection's entry into the live streaming e-commerce track or the various operating methods of Oriental Selection, we can see that it is extraordinary.

After all, Yu Minhong doesn’t just want to build Oriental Selection into a live streaming e-commerce company in the strict sense.

However, the development of Oriental Selection did not go in the direction that Yu Minhong expected, and even went in the opposite direction.

In fact, everything started with Dong Yuhui’s popularity.

When Dong Yuhui became popular, Dongfang Zhenxuan began to transform from an "atypical live streaming e-commerce" company to a real live streaming e-commerce company.

When Dongfang Zhenxuan became a live streaming e-commerce company, it had actually deviated from the correct development track.

When Oriental Selection began to be increasingly driven by traffic, especially by top internet celebrities like Dong Yuhui, its development began to deviate from the correct track.

As for the "short essay incident" that we saw later, it was just a continuation of this development state.

Whether from the perspective of Oriental Selection or Dong Yuhui, letting go of each other and achieving each other seems to be the only correct option.

With the launch of "Along with Brilliance", Dong Yuhui began to achieve a "shallow separation" with Oriental Selection. The reason is that Oriental Selection is still the investor of "Along with Brilliance", and Dong Yuhui is still working for Oriental Selection.

Such an incongruous situation is actually inappropriate for both Oriental Selection and Dong Yuhui.

To change this situation, what really needs to be done is a "deep cut" between Oriental Selection and Dong Yuhui.

02

In fact, the conflict between Dong Yuhui and Oriental Selection has always been exposed, and it has been the "scapegoat" for a long time.

The same is true for Yu Minhong.

To resolve such a contradiction and problem, the most important thing is to completely sever the relationship between Dongfang Zhenxuan and Dong Yuhui.

For Dong Yuhui, he gained a respectable position and met the outside world's expectations for his solo entrepreneurship.

For "Yuhuixingxing", it can completely become a live streaming sales company in the true sense.

Whether it is for financing or commercial monetization, it is actually very suitable.

For Oriental Selection, it has gotten rid of the label of "scapegoat".

In my opinion, the more important point is that when Oriental Selection completely cuts off its relationship with Dong Yuhui, it can continue along the route set in advance by Yu Minhong and build itself into an atypical live streaming company, but a new e-commerce company that has opened up the upstream industrial chain and downstream supply chain.

One of the important reasons for this judgment is that what really impresses consumers about Oriental Selection is not the IP effect of the current mainstream internet celebrity anchors, but the high-quality products it has discovered.

For Oriental Selection, the internet anchor standing in front of the camera merely plays the role of introducing the products, merely introducing Oriental Selection's high-quality products to users and consumers, rather than being the decisive factor that prompts users and consumers to place orders.

This is the essential difference between Oriental Selection and the general live streaming e-commerce companies.

Only in this way can Oriental Selection make a breakthrough and launch a counterattack against the backdrop of profound and comprehensive changes that have taken place in the live streaming e-commerce industry.

Otherwise, there will still be a second "Dong Yuhui" in Oriental Selection, and it will still inevitably fall into the development dilemma that almost all live-streaming e-commerce players will inevitably fall into.

When we look at Oriental Selection from such a perspective, when we look at the relationship between Oriental Selection and Dong Yuhui from such a perspective, we may be able to come up with a relatively clear and comprehensive answer.

In short, when Dong Yuhui and Oriental Selection achieved a "deep cut", they both retained some dignity for each other.

03

Only when Oriental Selection and Dong Yuhui achieve "deep cutting" can we have a clearer and more comprehensive understanding of it, and have a deeper and more comprehensive understanding of what Yu Minhong wants to do.

If we look at it from this perspective, we may find that Dong Yuhui's sudden popularity is more like an accidental event for Oriental Selection.

Such an accidental incident also led Oriental Selection to a "personality" that it did not want to become.

What is certain is that in the future, there may not be a second "Dong Yuhui" on the Oriental Selection platform, and it will also return to its self-definition as a new e-commerce platform.

When Oriental Selection starts to get on the right track, perhaps it can become the self that Yu Minhong sees.

When the incident between Dongfang Zhenxuan and Dong Yuhui comes to an end, the live streaming e-commerce industry will also undergo a thorough and profound transformation.

In the past, the development model that only focused on traffic has begun to come to an end. The development model that only acted as a platform and intermediary has begun to come to an end. The development model that only relied on top internet celebrities has begun to come to an end. Live streaming with goods will truly begin to return to the essence of business.

In my opinion, the true commercial essence of live streaming sales is actually e-commerce.

However, if it only develops according to the traditional e-commerce model, it will inevitably face new difficulties and problems in the context of the development of the entire e-commerce industry falling into a deep reshuffle.

After all, all the live streaming e-commerce players still have to return to the development path of Oriental Selection.

It is no longer just about internet celebrities or traffic, but about returning more to the product itself, truly using good and high-quality products to meet users' upgraded consumption needs and satisfy users' and consumers' new pursuit of a better life.

At this point, Oriental Selection is no longer a scapegoat, no longer being carried away by internet celebrities and traffic, but can truly return to being a new company with deep industrial chain and supply chain accumulation, a complete new e-commerce system, and deep integration of online and offline.

For Oriental Selection, this is what it really wants to do and should do.

Only when Oriental Selection stops being a scapegoat can it truly become a leader in the new direction of live streaming e-commerce, rather than just a follower of others.

Conclusion

When Dong Yuhui and Oriental Selection achieved a "deep cut", the two sides completely achieved mutual achievement.

For Dong Yuhui, he gained a sense of dignity, truly became the person he was in the eyes of the outside world, and successfully achieved solo success.

For Oriental Selection, it no longer plays the role of a scapegoat, is no longer carried away by internet celebrities and traffic, but can truly return to the product and business itself.

Perhaps, Dong Yuhui will ultimately not be able to escape the "Internet celebrity" that he does not want to be, and will continue to develop in the direction that has already made him an Internet celebrity and gain traffic.

Perhaps, Oriental Selection is still known as a live streaming e-commerce player, but one thing is certain: Oriental Selection has begun to truly be itself and develop in the direction it desires.

When Dong Yuhui goes left and Dongfang Zhenxuan goes right, everything will be a new beginning.

They had met before, and perhaps this not-so-pleasant encounter was just an accident.