New Oriental Education & Technology soared nearly 9% in morning trading.
East Buy, a subsidiary of private tutoring giant New Oriental that successfully transitioned to a livestreaming firm, said on Saturday that Sun Dongxu was discharged from his position as the company's CEO while New Oriental's founder Yu Minhong will concurrently serve as the chief executive.
The appointment came after a dispute involving the company's influential livestreamer Dong Yuhui intensified this week.
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