EAST BUY (01797.HK) -2.900 (-23.387%) Short selling $235.13M; Ratio 26.327% announced yesterday the departure of star anchor Dong Yuhui, to whom it will sell the company containing his live streaming brand “Time with Yuhui" for more than RMB76 million. EAST BUY also announced a share buyback programme of up to RMB500 million.
Yu Minhong, chairman of the board of directors at EAST BUY, said during a shareholders' exchange call that he felt very sorry for the separation of Time with Yuhui from the company, but emphasised that it was unavoidable, as the two platforms would otherwise be strangled by each other in the future. Dong also wanted to have more room for development, so after communicating with his core management, it was finally decided to let Time with Yuhui become independent.
Yu added that after the separation, EAST BUY will be able to make reforms for its development without having to worry about the huge pressure and pain caused by the imbalance between the two sides, the involvement of external forces and public opinion.
Yu mentioned that EAST BUY will not hold any shares of Time with Yuhui in the future, and he will not participate in any capital operation, investment or development of Time with Yuhui down the line. He hoped that the two companies would compete in a friendly manner in the future.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-26 16:25.)
