[Source: China News Weekly]
html On July 25, Oriental Selection issued an announcement on the Hong Kong Stock Exchange, Dong Yuhui (buyer), Beijing New Oriental Xuncheng Network Technology Co., Ltd. (seller) and Youhui Peer (Beijing) Technology Co., Ltd. (Target Company) entered into a sale agreement, pursuant to which the seller agreed to sell and the buyer agreed to acquire 100% of the shares of the target company for a consideration of RMB 76.5855 million.At the same time, Yu Minhong published an open letter on his personal social account, saying that starting from today, Dongfang Selection’s wholly-owned subsidiary Hehui Peer will officially become independent from Oriental Selection, with Dong Yuhui personally holding 100% of its shares.
Yu Minhong explained the causes and consequences of the incident. He said: The sudden outbreak of the "little composition incident" caught people off guard and exposed many problems. Yuhui and I were in an embarrassing situation, and the company was also in turmoil. In order to allow Yuhui to better utilize his talents and have more autonomy, and avoid unnecessary conflicts and contradictions, we decided to establish Yuhui Peer Company, with Yuhui as the director and general manager, with full control over the company's business decisions.
"Around 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 the shares of Yuhui Peer to Yuhui himself," Yu Minhong said.
Screenshot of Yu Minhong's personal social media article
At the same time, Dong Yuhui also responded to the resignation with a long article on his personal social account, saying: "As if relatives and friends in Luoyang ask each other, a heart of ice is in a jade pot."
"In order not to cause subsequent misunderstandings, what I want to explain here is that after the establishment of Hehui Peer Company, I personally and the entire Hehui Peer Company team have received very good treatment. Teacher Yu has also given many We paid a bonus that exceeded our expectations." Dong Yuhui explained that Yu Minhong arranged the settlement of the equity purchase required for the acquisition of Hehui Peer in a manner that complied with the rules and articles of association of listed companies.
Source: Chang’an Street Governor
-
-
-
-
-
-
-
-
-
-