author | Anran
editor | Ye Jinyan
production | Shenwang·Tencent News Xiaoman Studio
Dong Yuhui's "solo flight" may seem sudden to the outside world, but it is no longer a secret within Oriental Selection .
"We have known for a long time that Dong Yuhui is going to pursue a solo career, but as a company 100% owned by Oriental Selection, we must keep it strictly confidential before the company makes an announcement." An insider told Shenzhen Net.
html On the evening of July 25th, an announcement from Oriental Selection finally made the "boots" come to fruition. According to the announcement, Dong Yuhui will acquire 100% of the shares of Youhui Peer for RMB 76.5855 million. This means that Walking with Fai will be separated from the Oriental Selection System, and Dong Yuhui will become the actual controller of Walking with Fai.According to the sale, 38.29273 million yuan of the acquisition price must be paid within 30 business days from the date of the sale agreement; the remaining 38.29273 million yuan must be paid within 10 business days from the completion date of the sale.
Before this announcement, Traveling with Hui was 100% controlled by Oriental Selection. How did Dong Yuhui raise 76.5855 million yuan in 40 business days?
Regarding this, Yu Minhong stated in his official account that Yuhui holds the equity purchase money required by Hui Peer, and I also arranged the payment in a manner that complies with the rules of listed companies and the company's articles of association. "This sentence means that I arranged the money for Yu Hui to purchase the company, and the company was given to Yu Hui.
According to the Oriental Selection announcement, from the establishment of Peer With Hui on December 22, 2023 to June 30, 2024 On that day, the company’s pre-tax profit was 188.554 million yuan and net profit was 141.414 million yuan. According to Yu Minhong’s previous commitment, Dong Yuhui can receive half of Hui Peer’s net profit. Based on this calculation, Dong Yuhui’s income is more than 70 million, which is just enough. Pay the acquisition fee for the acquisition of Peer With Hui.
However, this speculation was quickly refuted by Yu Minhong. added in his official account comment, “To dispel the misunderstanding of the majority of netizens, I would like to add the following statement: Peer with Hui has been in business since its establishment. All the income obtained, including all profits, was not taken by Oriental Selection, and all was left to Yuhui and Yuhui Peer to support their continued development. Thanks again to Yu Hui for his outstanding contribution to the development of Oriental Selection!"
Translated into the vernacular, Yu Minhong not only gave Dong Yuhui "Walking with Hui", but also gave about 140 million yuan.
A long-prepared " "Breakup"
In the view of some insiders close to New Oriental and Oriental Selection, Dong Yuhui's "solo flight" has long been known.
First, Walking with Hui has not adopted Oriental Selection since its launch on January 9, 2024 Instead of selling self-operated products, we choose to carry third-party products, and self-operated products are the bulk of Oriental Selection’s revenue. In this regard, an insider once revealed to Shenzhen Net, “It is Teacher Dong Yuhui who does not sell Oriental Selection’s self-operated products. It’s decided by final decision. "
Secondly, after and Hui Peer operated independently, some fans of Dong Yuhui were worried about "de-Huihua" and often went to the Oriental Selection live broadcast room to diss the Oriental Selection anchor. This is not only a worry for Yu Minhong, but also affects the Oriental Selection Fluctuations in stock prices have brought huge uncertainty to the development of Oriental Selection.
Yu Minhong also confirmed this in the public account, saying, “As an Internet-based company, the power of public opinion often affects the company’s development. Although the communication between Yu Hui and I has so far been without any obstacles, 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 Walking with Hui. At the same time, I myself was deeply involved in the tide of public opinion and was constantly attacked and stigmatized. Yu Hui also suffered a lot of unwarranted accusations and injuries, and this situation continues to this day. This public opinion environment has led to huge uncertainty in the development of both companies, stock prices have fluctuated violently due to external influences, and the company's credibility and reputation have plummeted. "
Thirdly, insiders revealed to "Shenzhen Net" that after the "Little Composition" incident, between the Internet celebrity model and the product route, Oriental Selection has more firmly chosen the latter. This means that Oriental Selection will continue Weaken the anchor’s voice and resolutely choose product routes.
All signs point to one point, Dong Yuhui’s “solo career” has already been laid.
Yu Minhong confirmed this in "An Open Letter to Friends of Oriental Selection Shareholders".
"About March, Yuhui and I met many times and discussed the follow-up development plan together. We felt that the complex external and internal environment we faced would not only put the company's operations into trouble, but also affect the personal and company life. In order to ensure a better development stage for Hui Peer and avoid business conflicts and public disputes, the two of us had repeated discussions and finally decided to ask the board of directors for approval after the end of the fiscal year (May 31). Transfer 100% of Hehui Peer’s shares to Yuhui himself.”
Yu Minhong also stated in the open letter that he will continue to support Hehui Peer in the future, including connecting government resources and business opportunities.
In this regard, Dong Yuhui did not forget to express his gratitude to Yu Minhong, saying that the operating system of Hui Peer was supported by Teacher Yu for free.
Did Yu Minhong suffer?
Yu Minhong was in a dilemma for a long time during the Oriental Screening "Small Essay" incident. Luo Yonghao, who once worked as a teacher at New Oriental, even commented on Yu Minhong's live broadcast that "whatever ambition he has, it's all fake" and said, "It is relatively fair that Dong Yuhui takes at least half of the income from Oriental Selection."
From this time Judging from Yu Minhong's attitude and openness in giving Yu Hui Peer Company and 141.414 million yuan in profits to Dong Yuhui, it is undoubtedly a slap in the face of those who complained that Yu Minhong was an "iron rooster".
However, just looking at the market value of Oriental Selection, Yu Minhong did not suffer a loss, because Dong Yuhui once made the market value of Oriental Selection reach more than 70 billion Hong Kong dollars.
Before Dong Yuhui left the circle, on June 8, 2022, the total market value of New Oriental Online (later renamed Oriental Selection) was HK$4.4 billion. At its peak in early 2023, the total market value of Oriental Selection was nearly HK$70 billion, and its market value doubled within half a year. About 16 times.
Dong Yuhui once saved Oriental Selection’s market value from the fire. This is only one of the reasons why Oriental Selection does not suffer losses. More importantly, Dong Yuhui’s personal IP brought commercial value to Oriental Selection.
The founder of a well-known mcn organization told "Deep Web": In general, the industry is (gmv sales - cost) * 12 months * 100 months, which is roughly equal to the valuation. The current valuation of Dong Yuhui’s IP on the market is approximately US$1 billion.
Ji Wei, founder of Huaying Capital, told "Shenzhen Net": "Personal IP cannot be valued. Investment institutions value the institutions behind them, and the institutions also look at their commercial value."
"My personal point of view Top influencers are hard to find and cannot be copied in batches. If the company wants them to stay, it should strengthen its ties with them in terms of equity and internal services.” Ji Wei said.
mcn company wants to strengthen the binding of top influencers, which is exactly contrary to Oriental Selection’s insistence on product line.
Now, Yu Minhong has given Walking with Fai to Dong Yuhui, which not only fulfills his original promise, but also eliminates the dilemma of competing with each other and Oriental Selection.
At present, for Dongfang Selection, which has a sluggish stock price and is consolidating its self-operated business, this result may not be a bad thing.
