Popular livestreamer quits firm to buy affiliate
Print Edition
A TOP livestreamer at New Oriental’s e-commerce livestreaming unit is leaving to take ownership of an independent company.
Dong Yuhui, who was made a senior partner at East Buy Holding late last year, will purchase the firm’s affiliate entity “Time with Yuhui” for 76.58 million yuan (US$10.58 million), according to a stock exchange filing yesterday.
“Time with Yuhui” was established as a wholly owned unit of East Buy at the end of 2023, with Dong being its director and general manager, allowing his personal potential to be fully unleashed to focus on cultural and tourism-related offerings and relevant publications.
It has staged a number of livestreaming sessions at famous tourism spots, such as Hubei and Shanxi provinces and Chongqing, to introduce local cultural legacies and promote specialty products.
In a social media post yesterday, Dong said his firm will have to face uncertainties and challenges without the shelter from the parent company. “I’m grateful for (East Buy Chairman) Yu Minhong’s understanding and respect for us and I’ll try and do my best,” he noted.
East Buy said that it needs to focus on and reallocate more of its resources to the development and upgrading of healthy and high-quality products, and to maintain a positive image.
Tutor-turned-livestreamers were under the spotlight since 2022 after New Original reinvented itself as an farm marketing firm, promoting fresh food and daily groceries for online shoppers.
Controversy emerged last December over whether the entire editorial team or Dong alone should take credit for many acclaimed promotional materials and phrasing. It then further escalated to whether East Buy was giving fair recognition to Dong and giving him enough room to fully leverage his potential.
Former Chief Executive Sun Dongxu was later ousted.
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