Fengkou Financial Reporter Guan Yanan
Although the employee resigned, the boss paid for the employee to open a new company. Who would have thought that this story, which sounds like a fantasy, would actually be the final chapter of the dispute between Dong Yuhui and Oriental Selection .
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 the senior management of a consolidated affiliated entity of the company, effective on that day. Talking about the reason for leaving the company, the announcement stated that it was due to Dong Yuhui’s career ambitions, investment in other careers and personal time arrangements.
This means that starting from July 25, 2024, Dongfang Selection's wholly-owned subsidiary "Honghui Peer" will officially become independent from Dongfang Selection, with Dong Yuhui personally holding 100% of its equity. In addition, according to the announcement, Youhui Peer will be sold to Dong Yuhui at a price of approximately 76.5855 million yuan. As for the source of the money, Yu Minhong also answered on his personal Douyin account: "I arranged the money for Yu Hui to purchase the company, and the company gave it to Yu Hui. In addition, Yu Minhong also left a value for Dong Yuhui The company's net profit is 141 million yuan, and the total "breakup fee" is as high as 217 million yuan.
has changed from a "senior worker" to the company's decision-maker. Dong Yuhui's change in identity has undoubtedly opened up new opportunities for the delicate partners of MNC and anchors. However, many e-commerce practitioners told reporters that this "decent" distinction has little reference and replicability, and adapting to traffic rules is the norm in this industry. The underlying logic of
's "breakup" is to maintain preservation. Entrepreneur Personal ip
html On the evening of July 25, news about Dong Yuhui’s resignation quickly occupied the hot search lists on major social media. At around 7 o’clock in the evening, the number of followers of Hui’s Douyin account was 21.495 million; by 11 p.m.: 50, the number of fans of "Walking with Hui" has reached 21.596 million, with an increase of more than 100,000 fans that night. Compared with the same period, the number of fans of Oriental Selection has dropped by about 10,000.'s sales performance has set new records again and again. Dong Yuhui is a well-deserved winner of Oriental Selection. "Golden Signboard", the appeal of personal traffic can almost surpass that of the company. According to data from the third-party platform Cicada Mama, the total number of fans in the Oriental Selection live broadcast room was 30.411 million on May 30, and as of July 25. A decrease of 542,000. The latest data on July 25 shows that the number of fans of Oriental Selection is 29.869 million, and the number of fans of Walking with Fai is 21.508 million. The gap between the two is 8.36 million, so "mother-in-laws" are worried. It’s not unreasonable for Dong Yuhui to be successful because of his great achievements.
Regarding Dong Yuhui’s solo career, Chen Li, the person in charge of Yumi e-commerce, said that the underlying logic of this matter is to preserve the personal IPs of Yu Minhong and Dong Yuhui. “In this era of IP platforms. , it is actually difficult to come up with pure platform logic. Just like when people think of live streaming, the first thing they think of is a certain anchor instead of shopping platforms like , NetEase, Yanxuan, etc. The popularity of Oriental Screening is also due to Dong Yuhui’s IP, but from a management perspective, most companies are not willing to have super anchors like Dong Yuhui. Most of the results of a dominant company are that the anchor starts a new business with personal traffic. But if you want to keep the anchor company, you need to "cut off the flesh" in the form of options or shares, either of which will constrain the company's development. Therefore, IP must be independent and must participate in decision-making. If not, the company will easily fall apart. "
Before leaving Oriental Selection, Dong Yuhui was not only a super anchor but also a barometer affecting the company's stock market. Every time "Mother-in-law" puts Dong Yuhui on a hot search, the direction of public opinion directly determines the price trend of Oriental Selection. When personal behavior affects At the end of the day, dignity and respect are needed whether you stay or go. This is the general trend.
But now, Yu Hongmin and Dong Yuhui have officially separated. Although the two "influential figures" in their own houses compete with each other, they rely on their own strength. The appeal can be differentiated. "Although Dong Yuhui's resignation New Oriental will have short-term turmoil, as long as the IP of Yu Minhong is still there, New Oriental will still be moving forward, and Dong Yuhui can also choose the way he prefers, which is better than both sides. The live broadcast room was scolded and internally dissatisfied every day. "Chen Li said.
adapts to traffic rules, is it difficult for super anchors to be reborn?
In this dispute, the reason why IP is important is because it carries the key traffic of GMV. Since e-commerce live streaming is a business that is dominated by traffic, its development logic must also adapt to traffic rules.
On the evening of July 26th, the live broadcast room with Hui was ranked first in the total list of goods delivery
"Dong Yuhui established his own live broadcast team, which is more in line with the platform's traffic development rules than consuming personal IP. Now the operating logic of the platform is to 'let every ordinary person There are opportunities to make money. The traffic will tend to be inclined to amateurs who have just started live broadcasting. Correspondingly, the personal traffic of big anchors will gradually tighten. If you want to continue to obtain high traffic, you need to spend a lot of money to buy streams. After all, neither the platform nor the enterprise will Money is only allowed to flow to one destination, so the platform will also intentionally support the emergence of the next phenomenon-level traffic," Chen Li analyzed. Yu Minhong also stated at the Oriental Selection shareholder conference call on July 26 that there will no longer be an anchor establishing an independent platform in Oriental Selection. In the future, Oriental Selection anchors will develop and prosper together.
"Helping big anchors establish independent platforms is a fantasy for most ordinary anchors." Bai Xue, who has been a sales anchor in Beijing for four years, told reporters that the current situation of most anchors is that their salaries have been cut in half. Performance pressure but no voice, hard work but no credit. “When the industry was at its peak, a mature anchor’s hourly quotation could be more than 500 yuan/hour. In addition to fixed hourly billing, brand entry fees and commissions on sales could also be added. At that time, my highest monthly salary after tax was 6 More than 10,000 yuan, but now the price quoted by mature anchors is basically 200 yuan/hour. In fact, this is to inhibit the birth of super anchors to a certain extent.”
Chen Li’s business once told her that as the halo of super giant anchors recedes, live broadcasting will become more difficult. The e-commerce industry is also returning to normal. Merchants no longer place their hopes on a single big anchor to bring goods, which explains why the traffic allocated by the platform to big anchors is becoming more and more "stingy".
"Starting from 2023, many businesses will prefer live broadcasts with official accounts of merchant stores and expert teams. The main reason why they no longer favor super anchors is profit distribution. Generally speaking, the sales share of ordinary live broadcast teams is 20%, but super anchors require At 30%-35%, merchants would rather choose the former in order to ensure profit margins," Chen Li added.
The price of "decent" and "freedom"
Yu Minhong gained dignity and Dong Yuhui gained freedom. This is the evaluation of most netizens on this incident. But for ordinary "wage earners" like Chen Li and Bai Xue in the industry, such dignity and freedom undoubtedly come at a huge price.
Yu Minhong revealed on his personal public account that in order to express his gratitude to Dong Yuhui, in addition to paying all the promised benefits, he has sincerely requested the board of directors and the remuneration committee and obtained approval to reward Dong Yuhui with all the net profits of Peer with Hui. According to the announcement produced by the company, Hehui Peer's pre-tax profit from December 22, 2023 to June 30, 2024 was 189 million yuan, and its net profit was 141 million yuan. This also means that the reward mentioned by Yu Minhong may be as high as 140 million yuan.
"Dongfang Selection became a super company because of Dong Yuhui. Without him, it would still be a good company, but it would no longer be a super company. Its pressure is that it urgently needs to cultivate more powerful anchors to replace the traffic loss after Dong Yuhui left. And in After the news was reported, in the merchant communication group, the most discussed method of cooperation with Hui Peer was no longer Dongfang Selection," Chen Li said.
From a performance perspective, on the Douyin platform, the data of Dongfang Selection’s live broadcast room has almost always been crushed by its peers. According to data provided by third-party data platform Cicada Mama, during this year’s Douyin 618, YoHui Peer ranked third in sales on the entire platform, far surpassing Oriental Selection, which ranked 15th, and this was the first time YoHui Peer had it since its establishment. Big sale of the year.
But on the other hand, how far Dong Yuhui, who has transformed from a "cultural man" to a "manager", can go has also become the focus of attention.Bai Xue further analyzed: "Dong Yuhui seems to have received a 'breakup fee' of nearly 200 million yuan, but according to the operating logic of listed companies, there must be unknown transactions or bets hidden behind it. In addition, personal leadership Having strong cargo capabilities does not mean that he is still handy in company management and operations. For Dong Yuhui, a series of issues such as stable supply chain, accurate product selection mechanism, how to use welfare mechanisms to extend users' online time, control the rhythm of live broadcasts, and improve conversion rates are all It needs to be implemented quickly, which is much more difficult than writing a short essay. "
