Sending Dong Yuhui away must be one of the most correct decisions made by Yu Minhong in his life. Although this decision was made 7 months late.
On July 26, Yu Minhong said at the Oriental Selection shareholder communication meeting: "In the past three months, my image has suffered huge losses due to Internet violence. There has been an endless stream of comments about me on the Internet such as conspiracy, attacks, and abuse of employees. , as if I have become the most vicious capitalist and boss in the world."
As the boss of the company, Yu Minhong no longer dares to appear in his company’s live broadcast room. If he appears in Walking with You Hui, he will be scolded for taking advantage of Dong Yuhui’s traffic and steals Dong Yuhui’s limelight. If he appears in Oriental Selection’s live broadcast room, he will be scolded for not supporting Yu Hui. Peers, partial to Eastern Selection. As the founder of Oriental Selection, it has become extremely difficult for Yu Minhong to support the company's development.
After the farce between Dong Yuhui and Sun Dongxu at the end of last year, Yu Minhong chose Dong Yuhui. He thought he would do better than Sun Dongxu. Obviously, he was very wrong. In the eyes of Dong Yuhui's fans, everyone else is the villain who prevents Dong Yuhui from becoming the center of the universe and must make way for Dong Yuhui.
Dong Yuhui left Oriental Selection. This is a good thing for both parties. For Oriental Screening and Yu Minhong, a large company cannot completely rely on one anchor. Firstly, Internet celebrities will overturn sooner or later, and secondly, the internal interests of the company cannot be balanced. For Dong Yuhui, it is difficult for individual Internet celebrities to last long, and it is also a wise choice to maximize their own interests as much as possible while fighting back the popularity.
Walking with Fai will follow Dong Yuhui's departure. It is said that when Walking with Hui was established, the shares were basically owned by Yu Minhong and Dongfang Zhen. It was a studio of the company and could allow Dong Yuhui to take away and go out independently. Yu Minhong and Dongfang Zhen naturally gave up. Huge benefits. Yu Minhong also gave all undistributed profits of Travel with Hui to Dong Yuhui. After
completely left Oriental Selection and Yu Minhong, Dong Yuhui also encountered new challenges. In the past, he only had to be a good anchor, but in the future he would be in charge of a company, and he would not have the strength and network support of Yu Minhong and New Oriental . However, Walking with Fai has already accumulated a large number of fans, so the live broadcast should not be affected much in the short term.
Super personal IP is incompatible with company interests
At the end of last year, Yu Minhong gave up his beloved disciple Sun Dongxu and chose to side with Dong Yuhui. He gave Dong Yuhui shares and senior partner status, vice president of New Oriental Cultural Tourism, and established an alliance with Dong Yuhui. Fai walks with you. He thought that this way he could retain Dong Yuhui, satisfy Dong Yuhui's fans, and also allow Dongfang Selection and Youhui to compete internally and develop together.
But now Yu Minhong also admits that his idea at the time was too naive. Oriental Selection and the fans who are traveling with Hui have become incompatible with each other. Although Yu Minhong desperately tried to please fans on both sides, not only was the bowl of water not level, the fire even burned on his own head. "What kind of iron cock, mistreating employees, it seems that I have become the most vicious capitalist in the history of the world. When this kind of fighting situation occurs internally, if we don't separate, we may strangle each other in the future."
Yu Minhong said about Oriental Selection and Walking with Hui Fans are at odds with each other, which is actually seriously exaggerated. Eastern Selection has supporters, but there are no real "fans". Everyone is casually browsing on the Internet or watching the Oriental Selection live broadcast room. There are comments everywhere from Dong Yuhui's fans insulting and cursing Yu Minhong, the host of Oriental Selection, and making fun of Oriental Selection.
When the fan-protection behavior in the entertainment industry extended to the commercial field, the normal operation of Oriental Selection as a company suffered huge interference and impact. Therefore, anchors of Oriental Selection constantly resign or leave because they cannot stand this kind of abuse.
was suspended for three months from Tianquan's mutual hostility to blackmailing fans, to Shi Ming's live broadcast describing Guizhou as "breaking mountains and rivers" and forcing an apology. During Dundun's live broadcast, he yelled and hawked, and Yoyo made the three-two-one gesture and was bullied by the Internet. Dongfang Dong Yuhui’s fans use a magnifying glass to find fault with the selected anchors every day. The slightest problem will be magnified and exposed online. Yu Minhong and Oriental Selection also failed to protect their anchors.It wasn't until anchor Jingwen resigned that Yu Minhong learned from the painful experience and parted ways with Dong Yuhui.
Yu Minhong broke up with Dong Yuhui 7 months late. During these seven months, the market value of Oriental Selection fell by more than 20 billion. The sales and profits of Youhui Peer Live Broadcast Room have grown from scratch, leaving Oriental Selection Live Broadcast Room far behind. Yu Minhong channeled all resources into Walking with Fai, turning the Oriental Selection Live Broadcast Room into an outcast. Even so, the hostility of Dong Yuhui fans towards Yu Minhong and Oriental Selection has never weakened. If
continues to be delayed, Oriental Selection as a parent company will be completely ignored by its subsidiary Hehui Peer, and the Oriental Selection live broadcast room will be completely dead. At that time, even if Yu Minhong gives Dong Yuhui the listed company of Oriental Selection completely, he will still be scolded for taking advantage of Dong Yuhui, and he will still be said to be an iron rooster. Business benefits can be calculated, but people's hearts are bottomless and their desires are hard to fill.
Perhaps super personal IP and company interests are inherently incompatible.
In June 2022, Dong Yuhui stood out from New Oriental's live broadcast room. After , "Dong Yuhui" is actually a "personality product" created by Oriental Selection with a huge investment of funds and manpower. From traffic infusion, script compilation, topic creation, celebrity interaction to product selection momentum. Among them, there is not only Dong Yuhui’s personal talent and charm, but also the injection of all the resources of Oriental Selection Company, as well as the character and praise accumulated by Yu Minhong and New Oriental over decades.
However, after the "little composition" incident in December last year, the civil strife at Oriental Selection has not subsided. The stock price of Oriental Selection is also like a "frightened bird". It will fluctuate greatly at the slightest sign of trouble.
Letting Dong Yuhui leave will actually do great harm to Oriental Selection Company.
First of all, compared with the end of last year, the Oriental Selection live broadcast room has been marginalized. With Hui Peer, it has become the core asset of the Oriental Selection company. After leaving, the revenue and profits of the Oriental Selection listed company will inevitably decline significantly, and it will be difficult to make up for it in the short term. . You must know that in the past three months of GMV, the live broadcast room of "Walking with Hui" has been twice the size of the Oriental Selection live broadcast room.
Secondly, the morale of Dongfang Selection’s employees will plummet. In a sense, "Dong Yuhui" is a product they have jointly created in the past two years. In the past 7 months, setting up his own business has become the focus of the company, and Dong Yuhui has almost turned Dongfang Employees of the selection company have all been selected, and the employees who failed to get in were already demoralized and now they are even more depressed.
Finally, there are the investors of Oriental Selections and the shareholders who hold its stocks. A live broadcast delivery company needs to invest a lot to cultivate a super traffic star, and it is reasonable to have a non-competition agreement. But Dong Yuhui left with Yu Hui, not only took away the company's main assets and employees, but also became the company's direct competitor. .
Yu Minhong was scolded by Dong Yuhui's fans until he had a nervous breakdown. Now he just wants to clear the relationship with Dong Yuhui as soon as possible and let Dong leave. But this is also a very bad start. Yu Minhong is so generous that he might as well give the company directly to Dong Yuhui. Who among other live streaming companies will dare to cultivate traffic stars and super personal IPs in the future? In this sense, Dong Yuhui is likely to be the last super internet celebrity on the Chinese Internet that a large company devotes all its efforts to becoming popular. Dong Yuhui also cut off other internet celebrities from being cultivated within the company.
Yu Minhong is indeed generous, but he is also suspected of infringing on the interests of investors
Dong Yuhui left the Oriental Selection listed company with Yu Hui. In fact, both Dong Yuhui and Yu Minhong are suspected of infringing on the interests of investors. Before
officially announced the breakup, the market value of Dongfang Selection's listed companies was more than 10 billion, of which Hehui Peer may account for more than half, which means that Hehui Peer's actual value is as high as several billion. Going forward, Oriental Selection's market value peaked at HK$74.21 billion on January 20, 2023. When Dong Yuhui and Sun Dongxu fell out at the end of December 2022, Oriental Selection's market value was more than HK$30 billion.
Oriental Selection Company's financial report shows that from January 2024 to June 30, the transaction volume of "Walking with Hui" was about 3.5 billion yuan. According to the 13% commission rate, the revenue contribution was about 410 million yuan, the net profit was 140 million yuan, and the profit The rate is 33%. It should be noted that the profit of here is 140 million, because when Yonghui Peer was established, 50% of the profit rights were directly given to Dong Yuhui, and the remaining 50% belonged to Oriental Selection Listed Company. In other words, as an independent company, Hehui Peer had a net profit of 280 million in the first half of the year.
Now Yu Minhong is very upright and has given 76.58 million Yuhui Peering Company to Dong Yuhui out of his own pocket. He has also given the remaining profit of 140 million Yuhui Peering's book to Dong Yuhui. This does not include the 140 million that has been paid to Dong Yuhui before, and Dong Yuhui. Half a year's salary. However, Hehui Peer is valued at RMB 280 million in half-year net profit, and the value cannot be less than RMB 5 billion no matter how discounted it is.
If Oriental Selection is an unlisted company and 100% of the equity belongs to Yu Minhong, then he can do whatever he wants, including giving Oriental Selection to Dong Yuhui. However, Oriental Selection is a listed company, and more than 50% of its shares have been bought by retail investors. In this case, Yu Minhong's generosity will seriously damage the interests of Oriental Selection shareholders.
On Friday, the stock price of Oriental Selection fell by 23.39%, which means it dropped nearly 3 billion Hong Kong dollars in one day. Yu Minhong didn't care if he had money, but retail investors were in tears. If you bought a company's stock and the chairman of the company suddenly gave away the company's main assets to others, would you be willing? From the relevant laws and regulations of listed companies and joint-stock companies, this is not legal, right?
believes that many fans of Dong Yuhui also bought Oriental Select stocks because of their support for Dong Yuhui, and they also suffered huge losses of personal property. But fans can generate electricity for love and sacrifice themselves to illuminate their idols, while the losses of ordinary investors are completely unreasonable disasters.
Let’s go back to the short essay incident in December last year. If Yu Minhong had cut off his strength and stood firmly on Sun Dongxu’s side, even if Dong Yuhui was given billions of breakup fees, Yu Minhong and Oriental Selection would not have to make Dong Yuhui’s wedding dress. , it has become like this, and the losses have been so great.
