A significant personnel upheaval has occurred at EAST BUY (1797.HK), as four veteran anchors, Mingming, Tianquan, Zhongcan, and Linlin, who had each been with the company for an average of three years, collectively resigned on the same day.
Following the resignations on April 25, EAST BUY's human resources department stated that Yu Minhong had engaged in sincere communication and attempts to retain them, ultimately respecting their decision. When questioned about the departures and future talent retention strategies, the company declined to comment, citing intense external scrutiny.
Jiang Han, a senior researcher at the Pangoal Institution, commented that the collective exit of these core "EAST BUY F4" members will likely have a short-term negative impact on the company. He noted that the four were key figures embodying the platform's "knowledge-driven commerce" branding, and their departure may lead to a loss of fans loyal to their personal brands, potentially causing a short-term decline in Gross Merchandise Volume (GMV) and user engagement.
Jiang further analyzed that this event represents a concentrated stress test for the company's ongoing "de-headlining" strategy. While it exposes the challenges of this transition, it is unlikely to derail the fundamental shift towards an "online Sam's Club" operational model. EAST BUY's recent efforts to build its own product system and supply chain capabilities are precisely aimed at mitigating risks associated with the loss of individual talent. This incident underscores the broader industry trend of moving from personality-driven operations towards supply-chain-driven, institutionalized management. The company's ability to transform this shock into organizational resilience and validate its platform-based model will be crucial for its competitive position in the next phase of the industry.
As of the market close on April 27, EAST BUY's stock price fell 2.26% to HKD 26.86 per share, with a total market capitalization of HKD 28.461 billion.
The departing anchors cited significant cultural shifts under new management as a primary reason for their exit. Anchor Mingming stated in a public letter that the company's live-streaming model and operational style had completely changed after the arrival of new leadership, creating a culture he found difficult to accept. He expressed feeling "unfriendly" treatment from the new management, leading to severe anxiety. After 1,571 days with the company, he felt "quietly isolated" and ultimately chose to leave.
Anchor Tianquan remarked that despite staying committed through highs and lows, the company's philosophy and office atmosphere had changed over the past four months, making his idealism seem out of place. Linlin mentioned that since 2026, the work environment had become a source of excessive anxiety, with medical advice suggesting he distance himself from the source of trauma—implying the company itself. Zhongcan similarly stated that he could no longer "burn himself out in a place that is no longer suitable," emphasizing his need for trust, a sense of value, and security.
Analysis by Bai Wenxi, Deputy Chairman of the China Enterprise Capital Alliance, suggests the departures are more likely a result of escalating internal contradictions rather than a proactive corporate cleansing. The anchors' emphasis on a lack of overt conflict points to a rational choice made after prolonged strain. This outcome, however, objectively aligns with EAST BUY's strategic intent to "de-personalize" its operations, as Yu Minhong has explicitly stated his opposition to individual anchors establishing independent platforms. The company's new direction focuses on weakening anchor personal IP, strengthening in-house brands and the supply chain, expanding beyond Douyin to its own app and membership system, and replacing relational management with institutionalized operations.
The collective resignation of these early core team members represents a substantial loss for EAST BUY. Bai Wenxi noted that anchors are core assets in live-stream e-commerce, and their departure directly impacts user loyalty and the traffic base. The company is transitioning from the Yu Minhong era's "knowledge-driven commerce" and "humanistic broadcasting" towards a more "militarized" management style under new leadership.
On April 25, Yu Minhong publicly apologized for management missteps, acknowledging that after management adjustments, there was an overemphasis on institutional control at the expense of team care, which led to internal issues. He stated that the company would review its internal management and optimize its model to balance institutional operation with humanistic关怀. He assured that the departures would not affect daily operations, product supply chains, or user services.
Bai Wenxi believes the root cause of the failure to retain talent lies in a structural conflict. The original team was united by idealism and shared values, but the new management's focus on refined KPIs and commercial metrics eroded that foundation. There is also a fundamental contradiction between the value of a主播's personal IP and the company's platformization strategy. Furthermore, the complete departure of Sun Dongxu, a founding figure, in November 2025 and his replacement by Sun Jin led to a reallocation of resources, marginalizing veteran employees.
This event is not isolated but part of ongoing internal turmoil and strategic adjustments at EAST BUY over the past two years. A major precursor was the gradual exit of former core executive Sun Dongxu. Sun championed a "product-first" or "platform-first" strategy, focusing on building a controllable supply chain and in-house products to reduce reliance on individual anchors. This contrasted sharply with the IP-centric approach exemplified by the immense popularity of anchor Dong Yuhui.
Following the "small essay" controversy in December 2023, Yu Minhong chose to protect the IP, removing Sun Dongxu as CEO to appease Dong Yuhui and fans. Subsequently, Dong Yuhui was spun off into an independent studio, "Yu Hui Tong Xing," in July 2024. The success of "Yu Hui Tong Xing," which has surpassed the main EAST BUY account in粉丝数, demonstrates the continued power of the IP model. In contrast, EAST BUY's first full fiscal year after Dong's departure saw key metrics plummet: GMV fell 39.2% to 8.7 billion yuan, and total orders nearly halved.
Economist Pan Helin pointedly commented that EAST BUY has yet to overcome the impact of Dong Yuhui's departure, with its core problem being a lack of strong traffic appeal. In response, the company is doubling down on its product-focused strategy by heavily investing in in-house products, strengthening its supply chain, and building its private domain through its app.
The departure of Sun Dongxu represents the peak of a "talent crisis" at EAST BUY. Following Dong Yuhui's spin-off, the subsequent loss of other key knowledge-based anchors, like Dundun, reveals a systemic issue. The company's de-IP strategy, which limits anchors' external exposure to prevent their personal brands from growing too large, can act as a ceiling for ambitious talent, leading to inevitable attrition.
Yu Minhong now faces a dual vacuum in both "strategy" and "execution." He has retained Sun Dongxu's product-focused strategy but lost the executor himself. With the departure of both the superstar IP and the chief strategist, the question remains whether EAST BUY, a commercial miracle born from "knowledge + IP," can successfully transform into a pure product company without either.
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