East Buy's Top Influencer Dong Yuhui Quits, Acquires Venture for Free
Dong Yuhui, the prominent Chinese influencer and key figure behind East Buy’s livestreaming success, has officially departed from the e-commerce platform, a subsidiary of New Oriental. According to a regulatory filing by the Hong Kong-listed company, Dong’s exit is driven by his career aspirations, commitment to other endeavors, and personal arrangements. This development underscores the significant challenges livestreaming enterprises face in managing relationships with top-tier talent. As part of the separation agreement, East Buy sold Dong’s independent venture, 'Time with Yuhui,' to him for RMB 76.58 million (approximately $10.56 million). However, Michael Yu, the current CEO of East Buy, clarified in a public letter that he would personally cover the transaction cost, effectively transferring the venture to Dong for free. The 'Time with Yuhui' brand was established last December amid internal turmoil following the dismissal of former CEO Sun Dongxu, a move prompted by intense backlash from Dong’s fanbase regarding management practices. This high-profile departure marks a pivotal moment for East Buy as it navigates the complexities of influencer dependency and corporate governance in the competitive Chinese livestreaming market.
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East Buy's Top Influencer Dong Yuhui Quits, Acquires Venture for Free
Dong Yuhui, the prominent Chinese influencer and key figure behind East Buy’s livestreaming success, has officially departed from the e-commerce platform, a subsidiary of New Oriental. According to a regulatory filing by the Hong Kong-listed company, Dong’s exit is driven by his career aspirations, commitment to other endeavors, and personal arrangements. This development underscores the significant challenges livestreaming enterprises face in managing relationships with top-tier talent. As part of the separation agreement, East Buy sold Dong’s independent venture, 'Time with Yuhui,' to him for RMB 76.58 million (approximately $10.56 million). However, Michael Yu, the current CEO of East Buy, clarified in a public letter that he would personally cover the transaction cost, effectively transferring the venture to Dong for free. The 'Time with Yuhui' brand was established last December amid internal turmoil following the dismissal of former CEO Sun Dongxu, a move prompted by intense backlash from Dong’s fanbase regarding management practices. This high-profile departure marks a pivotal moment for East Buy as it navigates the complexities of influencer dependency and corporate governance in the competitive Chinese livestreaming market.
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