On June 17, East Buy (01797.HK) declined 5.18% in regular trading, trading at HK$20.5/share, with turnover of HK$118 million. The decline was triggered by deepening management instability concerns following CEO Sun Jin's resignation from key subsidiary positions.
According to recent business registration changes, Sun Jin stepped down from critical roles at two New Oriental Group subsidiaries within two days — including legal representative and director of Guangzhou New Oriental Culture and Arts Development Co., Ltd., and head of the Guangdong branch of Beijing New Oriental Wokaidu International Education Travel Co., Ltd. — with Wang Wei taking over both positions. The market interprets this as a sign that internal turbulence has forced management to consolidate focus amid an escalating crisis.
The management shakeup compounds an ongoing anchor departure wave. Since April, four core live-streaming hosts announced their resignations, with some publicly criticizing the new leadership. Founder Yu Minhong acknowledged in a live broadcast that management methods had deviated following leadership restructuring. Investors are concerned that persistent personnel turmoil and organizational adjustments will further undermine the stability of the company's live-streaming e-commerce operations and its fan base.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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