**: Sino-Singapore Jingwei.
1 minute early, at 7:59 pm on the 18th, Dong Yuhui and Yu Minhong, who had just had a large number of new titles, appeared in the Dongfang Selection live broadcast room.
After the new identity of "senior partner" attracted the attention of the whole network, Dong Yuhui, the "anchor" selected by Dongfang, then had a new position. In the afternoon of the same day, Yu Minhong announced on his personal Douyin account that Dong Yuhui was appointed as the cultural assistant to the chairman of New Oriental Education and Technology Group and the vice president of New Oriental Cultural Tourism Group.
From an English teacher to a "salesperson", now that he has more re-identity blessings, what can Dong Yuhui get?
At about 11 o'clock in the evening of the 17th, Oriental Selection released a live broadcast preview poster, announcing that Dong Yuhui will conduct a live broadcast with Yu Minhong, the founder of New Oriental, at 20:00 on December 18. The poster shows that Dong Yuhui's identity has changed from "anchor with goods" to "senior partner of Oriental Selection". On the afternoon of the 18th, Yu Minhong announced two new positions for Dong Yuhui.
*: Yu Minhong's personal Douyin account At present, there is not much public information about the specific work content of the cultural assistant to the chairman of New Oriental Education and Technology Group and the vice president of New Oriental Cultural Tourism Group. Tianyancha shows that Beijing New Oriental Cultural Tourism was established in July this year with a registered capital of 1 billion yuan and is 100% controlled by New Oriental Education and Technology Group.
Relatively speaking, among the three new titles obtained by Dong Yuhui, senior partner is relatively rare in listed companies.
Generally, the title of a partner is more common in accounting firms and law firms such as PricewaterhouseCoopers. Taking the "Big Four" as an example, it is understood that employees can be roughly divided into the levels of ordinary employees, partners, and managing partners, and each level can be subdivided, for example, the managing partner should be divided according to business and line.
Everyone who enters the 'Big Four' dreams of becoming a partner. "But this road is not easy, according to an international accounting firm to China-Singapore Jingwei, not every partner can be a supervisor or senior partner, and some partners may not be able to become a partner after retirement. In general, it takes at least 10 years from graduation to becoming a general partner.
Today, 30-year-old Dong Yuhui has become a senior partner of Oriental Selection, in this regard, Gao Minghua, director of the Corporate Governance and Enterprise Development Research Center of Beijing Normal University and executive director and secretary general of the Academic Committee of the China Corporate Governance 50 Forum, told Sino-Singapore Jingwei that Dong Yuhui's status as a senior partner is not the same as that of partners in partnerships such as law firms and accounting firms, and it is more precisely an incentive system.
According to Gao Minghua, more and more enterprises are now beginning to adopt incentive systems such as partners, which are generally oriented to the backbone of the company, but there will be differences in the implementation of specific rights and interests. For example, Vanke's partnership system is hierarchical, with lower-level partners likely to only have a small portion of equity and other rewards, while higher-ranking partners can not only enjoy higher equity rewards, but even have the right to speak.
Zheng Zhigang, a professor of finance at the School of Finance of Renmin University of Chinese, told Zhongxin Jingwei that Dongfang's selection of Dong Yuhui's status as a senior partner is more of an institutional innovation to attract and retain important core backbones, similar to an employee stock ownership plan. He said that different from the partnership enterprises protected by law, Dongfang's selection of such partners belongs to the internal management system, which can turn the short-term employment of "wage earners" into long-term cooperative relations, which is the logic of the innovation of the system.
Zheng Zhigang also mentioned that Buffett's management style fully practiced the spirit of partnership, and won the great trust of shareholders by treating shareholders with a partner attitude. The same is true of Alibaba, through the partnership system endorsed by the equity agreement of major shareholders and the articles of association, it has formed a structure of "different rights of the same shares" in which the voting rights and allocation weights are tilted towards the entrepreneurial team.
According to public information, in 2014, Alibaba announced 27 "partners" of Alibaba for the first time. According to the FY2023 annual report, Alibaba Group currently has a total of 28 partners. According to the financial report, after determining the total amount of the annual cash bonus pool, the company's remuneration committee approved the proportion of the total bonuses distributed and paid to management during the year, and approved the cash bonuses paid to senior management, directors and members of the partnership committee. The remainder of the annual cash bonus pool belongs to the partners and will be paid deferred upon approval by the Remuneration Committee, and the deferred portion will be used as determined by the Partnership Committee. Members of management who are Alibaba partners receive post-retirement payments from the deferred portion of the annual cash bonus pool allocated to Alibaba Partners.
After becoming a senior partner, what can Dong Yuhui get?
Dong Yuhui has now become a senior partner, which has aroused many netizens to discuss, is the senior partner a real job or a virtual position? Dong Yuhui: Is this considered a high promotion?
On the 18th, Sino-Singapore Jingwei checked the official website of Oriental Selection and previous announcements, and did not find any documents or other relevant explanatory content related to the senior partner's position. On the same day, Zhongxin Jingwei contacted the company's public relations department to inquire about Dong Yuhui's appointment as a senior partner, but did not receive a response.
However, before Dong Yuhui's new identity was announced, on the evening of December 16, in the live broadcast of Yu Minhong and Dong Yuhui's "combination", Yu Minhong said that Dong Yuhui will definitely have the right to speak in the future regarding the company's right to speak. At the same time, Yu Minhong also hopes that the ousted Sun Dongxu can make suggestions, "I will also listen to his opinions", "What Dong Yuhui wants to do in the future, as long as I feel reasonable, I will definitely mobilize resources to help him achieve it."
Zheng Zhigang analyzed that it is certain that after the change of identity, Dongfang Selection will first give Dong Yuhui full equity incentives, and also increase his voice in the company.
Gao Minghua mentioned that at present, Dongfang Selection has not given a specific description of the relevant rights and interests of senior partners, but from the perspective of the partnership system of most non-partnership companies, senior partners are not considered executives, but more to enjoy some rights and interests, in addition to putting forward their own suggestions for the company's decision-making, which can also be regarded as enjoying some rights owned by executives. In addition, the appointment is a matter of the company's operation, not a change in directors, supervisors and senior management, and Dongfang Selection, as a listed company, does not need to be announced.
Gao Minghua also mentioned that generally speaking, the business backbone who has contributed to the development of the company is motivated in the form of partners, which also means that once the individual does not contribute so much to the company's business development in the later stage, the identity will also be lost.
Yang Baoquan, a senior partner of Beijing ZhongYin Law Firm, told Zhongxin Jingwei that from the perspective of company law, the general corporate structure is divided into directors, supervisors and senior positions such as CEO, director, and executive director, but it is difficult to find the corresponding legal basis for senior partners.
In his opinion, after a series of turmoil, Dongfang selected to give Dong Yuhui the status of senior partner, in addition to the adjustment of the annual salary, more from the identity, to give him a courtesy that is different from ordinary employees. "It makes the average person sound like a senior, like an executive, but it's not actually an executive. Yang Baoquan said that generally speaking, the relationship between employees and the company is a labor relationship, but after the status of a senior partner, in addition to the labor relationship, it is equivalent to a "quasi-shareholder" identity, in addition to managing and being managed, the two sides can play an equal relationship to play their advantages, and after cooperating to make the cake bigger and stronger, they can pay more dividends than ordinary employees.
It is worth mentioning that, according to ** reports, on the 17th, during Luo Yonghao's live broadcast, he said that "Dong Yuhui selected senior partners for Dongfang" that this is all false. If a listed company has a large enough share grant, it will theoretically make an announcement, and only need to care about (whether there is) this. The senior partner is not important, the business department does not care, these are not important, the most important thing is how much is given.
There is news on the Internet that Dong Yuhui has been selected by the East 0A 5% stake is worth up to 1200 million RMB. On the 18th, Sino-Singapore Jingwei contacted the public relations department of Oriental Selection, and the other party said that there is no official response at present.
Is Dong Yuhui the partner Yu Minhong wants?
"Chinese Partner", which was released in 2013, is considered to be a realistic reflection of the fact that Yu Minhong, Wang Qiang, Xu Xiaoping and others jointly founded New Oriental, the predecessor of Oriental Selection. In 2019, Yu Minhong also mentioned in his personal gossip about the development history of New Oriental that the company's development was a loose partner structure at the beginning, and later after equity reform, partners became shareholders and then professional managers.
In an interview in 2015, Yu Minhong also shared how to find a partner. At that time, Yu Minhong said that the partner was not looking for it, but touching it. New Oriental's model is to do it for a few years and then find a partner, but the current Internet speed no longer allows such a rhythm. In an interview at the time, Yu Minhong said that it was more difficult to find a partner, and that it was possible to find someone with a single ability, but now it is necessary to find someone with expertise in technology, marketing, and marketing. Nowadays, entrepreneurs are very young and have little experience in handling human relations, so it is easy for partners to break up, and there are many such cases.
Now, the initial "Three Musketeers" of New Oriental left Yu Minhong alone, Wang Qiang and Xu Xiaoping left to found Zhenge**, New Oriental also has Oriental selection, Dong Yuhui, as the newly appointed senior partner, is Yu Minhong wanting?
Judging from his resume, Dong Yuhui was born in Tongguan County, Weinan City, Shaanxi Province in 1993, joined Xi'an New Oriental in 2016 and was elected as the youngest English teaching and research director at that time (New Oriental); In 2019, he joined New Oriental** and is a famous teacher of English in the third year of high school and became the head of the English discipline in the third year of high school. New Oriental will transform into an e-commerce live broadcast in 2021, and with its bilingual live broadcast and frequent golden sentences, Dong Yuhui, known as "Zhongguancun Jay Chou", will become popular in 2022. Fans call themselves "mothers-in-law".
According to the new Douyin data, in June 2022, the sales volume of Dongfang Selection's Douyin live broadcast room was 68.1 billion yuan, which is the only one on the Douyin platform to break 600 million yuan in June. With the fire of Dong Yuhui, the road of New Oriental's transformation has seen the light of day. On January 12, 2023, New Oriental ** announced that it would change the company name "New Oriental ** Technology Holdings*** to "Oriental Selection Holdings***".
According to the annual results of the 2023 fiscal year from June 1 last year to May 31 this year, the net revenue was 4.5 billion yuan, an increase of 651% year-on-year; Net profit was 971.3 billion yuan, with a net loss of 71 million yuan in the last fiscal year, to achieve a turnaround. The results of Dongfang selection are inseparable from Dong Yuhui's contributions. According to the statistics of Haitong International**, from August to December 2022, Dong Yuhui has played a significant role in the number of times of Dongfang selection and the improvement of GMV. Based on the data from December 1 to 31, 2022, the average GMV of Dong Yuhui's live broadcast increased by 555%。As of March this year, Dong Yuhui's average daily number of live broadcasts was 9.5 million, an increase of 316%, the average GMV is 17.45 million, and the growth rate is 358%, which is significantly higher than Dong Yuhui's GMV on the day of the live broadcast.
Comparison of the number of fans of Dongfang Selection's official Douyin account and Dong Yuhui's Douyin account **Douyin screenshot However, since the end of 2022, there has been a lot of discussion about Dongfang Selection's continuous "de-Dong Yuhui", and at present, in addition to Dong Yuhui, Dongfang Selection has cultivated Shi Ming, Dunton, Yoyo, Xiaoqi and other out-of-the-circle anchors. In February this year, because Dong Yuhui was on a long vacation, fans also questioned Dong Yuhui's "resignation".
The recent "small composition" turmoil is also a friction between Dong Yuhui's fans and Dongfang Selection. Now, Sun Dongxu's position as CEO of Dongfang Selection has been removed, and Yu Minhong is concurrently; Dong Yuhui also has a new position, but the specific content of the position has yet to be disclosed.
Gao Minghua believes that for enterprises like Dongfang Selection, binding the Internet celebrity anchor to the company through the partnership system is beneficial in the short term, but it is not conducive to the development of the enterprise in the long run.
Now everyone regards Dong Yuhui as a star, there are many fans to praise him, and consumers are basically fans. If you lose this person, everyone will stop consuming, and the performance will decline, which will damage the shareholders' equity, so everyone doesn't want to lose him. Gao Minghua believes that although it is someone else who walks in the foreground, behind it is the silent dedication of many people, and their interests cannot be ignored. If you tout a person too much, ignore the rights and interests of the employees behind it and the hard work they have made, if these backstage service personnel do not cooperate and do not do it, then the stars of the front desk will not be able to go on, which is not conducive to the development of the enterprise in the long run.
In Gao Minghua's view, ignoring the contribution of the team is disrespectful to the facts, and should be considered from the perspective of the long-term development of the enterprise, and the contribution of everyone in the team should be respected.
In terms of stock price, Wind shows that the share price of Oriental Selection closed at 32 on the 18thHK$00 per share, stock price**2190%。
Text: Ma Jing, Li Ziman