Dong Yuhui's announcement of his resignation caused a shock in the industry. "Walk with Hui" is Dong Yuhui's company.
Judging from the announcement, Yu Minhong is really good to Dong Yuhui. In addition to fully paying the promised benefits and compensation to Dong Yuhui, it will also distribute all remaining undistributed profits to Dong Yuhui. In order to maintain the normal operation of Hehui Peer, Oriental Selection will also provide self-developed information systems to Hehui Peer for free.
After receiving the news of Dong Yuhui's resignation, New Oriental stocks fell sharply, with a drop of more than 8%. Why did Dong Yuhui's resignation cause New Oriental's stocks to plummet?
Because judging from the announcement, small shareholders felt very uncomfortable. Yu Minhong said a few points. First, Yu Minhong urged the board of directors to release 100% of the shares. Not only did he not leave any shares to participate in sharing the profits, but he only received The friendly bargain price of 76 million; 2. It was Yu Minhong who pushed to give away all the net profits of Youhui; 3. It was Yu Minhong who "arranged" Dong Yuhui to give Dong Yuhui the remaining money that was not enough to buy shares in accordance with the "compliance" process. of.
Hehui Peer was established in December 2023 with a registered capital of 10 million yuan. The company has Dong Yuhui as its legal representative, executive director and manager, its supervisor is Yu Minhong, and it is wholly owned by Beijing New Oriental Xuncheng Network Technology Co., Ltd. According to Jimu News, on the evening of July 25, 2 hours after the news of Dong Yuhui’s resignation was announced, the number of people online and entering the live broadcast room of “Walking with Hui” Douyin soared. The number of people online in the live broadcast room exceeded 120,000, and the number of people entering the live broadcast room of reached 120,000. 200,000.
According to reports, 76.5855 million yuan is the net assets of Hehui Peer as of June 30. From its establishment on December 22, 2023 to June 30, 2024, Hehui Peer's net profit was as high as 140 million yuan, and sales The price corresponds to a price-to-earnings ratio of only 0.5 times, which is an extremely low selling price for . This means that Dong Yuhui will receive a reward of 140 million for his solo career. In order to ensure that Dong Yuhui can design the future of Peer Hui according to his own wishes, the company's board of directors has not made any requirements for the income of Peer Hui. Yu Minhong also promised that in addition to receiving all the guaranteed income, if there is any profit from going with Hui, Dong Yuhui can continue to receive half of the company's net profit.
The core assets of a listed company were 100% divested for a price of 76 million yuan, far below the fair market value. The money for Dong Yuhui's purchase of the company was arranged by Yu Minhong, and the company gave it to Yu Hui. This is very uncomfortable for the company's small shareholders.
A revenue of more than 70 million yuan eventually caused the company's market value to lose 700 million yuan. How can this be a good deal?
"Money is given, and the information system is provided free of charge. In the end, Walking with Hui is really Dong Yuhui's personal property, but the interests of small and medium-sized shareholders (including shareholders of Oriental Selection and New Oriental) have been completely stabbed in the back. "Some insiders in the Snowball industry said: core employee resignations, important subsidiary transfers, salary incentives, financial support, each of them only requires authorization from the board of directors, and each of them complies with the relevant regulations of listed companies, but in the end it is the small shareholders who foot the bill and suffer the most. , what is damaged is the core interests of listed companies.
"There are many mcn companies that are overly dependent on super anchors. Oriental Selection is the first one to provide 100% nude refunds and free fees."
But for Yu Minhong, it is also very helpless, from the perspective of Dong Yuhui's value. Luo Yonghao once said that Dong Yuhui, the best anchor in China now, ranks fourth. In 2023, Dong Yuhui will earn 500 million from goods. Although there is a big gap between him and the top 3, Dong Yuhui's growth ability may be the strongest among them. Just as some people think that Dong Yuhui cannot be raised in a pond, and the Eastern Selection really restricts him a bit.
"Think about it, when social resources, influence, and public attention are all focused on a certain employee, how can the boss retain him if he doesn't have more energy?" Some people in the industry said: "Walk with Hui. "After its establishment, Dong Yuhui dealt with various provincial departments of culture and tourism every day. Characters such as Hong Kong Fok Qigang and Huawei's Yu Chengdong have become symbolic public figures. It is difficult for such a public figure to belong to a certain company."
In summary, Yu Minhong is a rare good person among businessmen. He and Dong Yuhui get together easily and have gained a lot of popularity. Now it is time for the company to transform and find another Dong Yuhui.
For Oriental Selection, it is a loss Dong Yuhui's performance may be greatly affected. As an iconic figure of Oriental Selection, Dong Yuhui's personal IP is deeply tied to the company. His departure will inevitably weaken the brand influence and market appeal of Oriental Selection.
From the data. Judging from the above, "Walking with Hui" has brought in more than 700 million yuan in goods in the past month, while during the same period, the sales of Dongfang Selection's Douyin main account were about 100 million yuan, a difference of nearly 7 times; and the average sales per game were only 250- 5 million yuan, and lost nearly 247,000 fans in 30 days.
This number illustrates two points: Dong Yuhui is the core asset of Oriental Selection, and where Dong Yuhui is, his performance will be there. Secondly, from the data point of view, Yuhui Peer is a company. The market potential of such a company exceeds that of Oriental Selection, but for such a company, was given to Dong Yuhui. After Dong Yuhui established his own team, there was a completely homogeneous internal competition for Oriental Selection.
We calculated based on 20% commission. Dong Yuhui. The commission income last year was more than 100 million. This does not include the income of other anchors with Hui. The income of
alone is far more than the acquisition price of New Oriental. Therefore, New Oriental’s transaction is definitely not a one-year deal. A simple transaction.
Dong Yuhui not only redeemed himself at such a cheap and even completely unreasonable price, but also acquired the entire company. This is most likely a strategic consideration of New Oriental or the boss Yu Minhong.
Dong Yuhui. Behind the scenes, Yu Minhong’s implicit strategic considerations
Dong Yuhui played an important role in the rise of Dongfang Selection. Dong Yuhui’s live broadcast is full of poetry and rich cultural heritage. He allows consumers to appreciate culture and culture while shopping. Poetic beauty. It has brought a different consumer experience to the live streaming industry. It is precisely because of Dong Yuhui that many consumers have fallen in love with live streaming shopping, and more merchants have entered the blue ocean track of live streaming.
us. As you know, the differences between Dong Yuhui and Dongfang Selection began in December 2023. In the live broadcast pre-heating video, Dong Yuhui posted a short essay about Jilin, which was praised by netizens. The editor responded in the comment area that it was the work of a team, "The anchor is in front of the camera, and behind the scenes are the friends from the copywriting team, the filming team, and the editing team. Everyone collaborates to create a special composition. "
The editor's statement at the time triggered widespread public criticism, which also made more people realize that in the anchor industry, the most influential person is not the company behind the anchor, but the anchor himself. When the anchor grows to a certain height, The company is becoming more and more dependent on anchors. How to retain anchors and the long-term benefits brought by retaining anchors has become a matter that needs careful consideration.
And Yu Minhong himself spent money to let Dong Yuhui fly solo. This may be behind it.
For Yu Minhong, if Dong Yuhui is selected by Dongfang, his assets and income actually belong to all shareholders, and the boss only pays dividends according to the share ratio.
In New Oriental Group, Yu Minhong is the largest shareholder, but it is only 11%. In the share structure of Oriental Selection, New Oriental holds 54.95% of the shares, and Yu Minhong only holds 2.68% of the shares. This means that if Dong Yuhui is in the New Oriental system, no matter what he does, he will not do anything. Well, 89% of the profits are distributed to shareholders.
earns 100 million a year, of which Yu Minhong can only get less than 10 million, and the other 80 million is taken away by other shareholders. Now only more than 7,000 are taken away. Wan, the benefits of letting this cash cow be separated from the joint-stock company are obvious, because after being separated from the listed company, Hehui Peer is already a purely private unlisted company, and it does not need to publish any financial statements. You also have no right to know the shareholders’ equity.Therefore, if we look at it from this perspective, outsiders have no way of knowing how much shares Yu Minhong holds behind such full support.
What has supported Dong Yuhui to this day is his talent and eloquence recognized by people. This is very stressful for Dong Yuhui, because no matter how talented a person is, after experiencing the change of identity, he has changed from a scholar to a businessman. , whether Dong Yuhui can create a new top phenomenon, there must be an excellent and suitable team to support Dong Yuhui's continuous output of content. Dong Yuhui will soon experience the role of Boss Yu. Whether we can return to the original state and maintain the original live broadcast level is uncertain.
From Yu Minhong’s letter, we may also see that the general environment has changed now, and the letter is full of appeals for a low profile. technology self-media Lan Xi pointed out: "In fact, Dong Yuhui's economic value and risk of overturning are now on par. Yu Minhong is betting on one-handed cutting, and still hopes to return to the point where he makes money silently. Many big anchors this year are following this strategy. During 618, the media I’m so shocked by the data that the top anchors can’t carry the goods. In fact, a large part of it is intentional. They would rather give up the show to praise their apprentices than be the first to control the degree of being prominent. . This may be a new problem that Dong Yuhui faces after leaving the platform. After leaving the platform, Dong Yuhui may become low-key and avoid standing out, but whether he can achieve greater glory again is actually facing great uncertainty.
Author: Wang Xinxi tmt senior commentator Reprinting of this article without permission is prohibited
