On June 16, East Buy (01797.HK) fell 5.25% in regular trading, trading at HKD 21.68/share, with turnover of HKD 130 million. The decline was driven by escalating concerns over management instability following CEO Sun Jin's removal from key positions at two New Oriental Group subsidiaries.
According to business registration records, Sun Jin formally stepped down as the head of the Guangdong branch of Beijing New Oriental Wokaide International Education Travel Co. and as legal representative and director of Guangzhou New Oriental Culture and Arts Development Co., with both roles transferred to Wang Wei. The company has not publicly commented on the changes. Market participants interpret the moves as a sign that Sun Jin is being forced to narrow his focus amid intensifying internal turmoil triggered by a string of anchor departures since he assumed office six months ago.
The personnel crisis traces back to April, when four core anchors resigned citing dissatisfaction with the new management style, followed by anchor Zhisheng's departure on June 10. Although founder Yu Minhong publicly praised Sun Jin's performance and the company announced equity incentive plans, investor confidence remains fragile amid recurring talent losses that threaten the firm's live-streaming e-commerce fan base and GMV trajectory.
(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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