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Traded Value$EAST BUY(01797.HK)$New Oriental EDU & Tech(EDU.US) The CEO of New Oriental Group, Zhou Chenggang (long-time partner of Yu Minhong), is suspected of embezzling the interests of the listed company through related-party transactions and has been investigated by regulatory authorities. This news has not been officially announced but has triggered panic selling among investors. As of 15:08, the company has not issued a clarification announcement.
Regulatory risks in the live-streaming business: The Cyberspace Administration of China issued the "Compliance Guidelines for Live-streaming Sales (Draft for Comments)" this morning, proposing to limit the "high-commission model." while East Buy's commission rate has long exceeded 30%. If the policy is implemented, it will directly affect its core profit model.
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