Dong Yuhui Receives Whopping 358 Million Yuan Severance Package from Oriental Selection

Dong's departure from Oriental Selection was announced in July, with the company stating that he would be leaving to focus on his own business ventures. As part of his exit agreement, Dong was entitled to receive 50% of the net profits of his former company, With Bright Future (北京) Technology Co., Ltd., which was valued at 141 million yuan. However, Oriental Selection's CEO, Yu Minhong, had previously stated that the remaining 141 million yuan would also be paid out to Dong, bringing the total severance package to 358 million yuan.

The news has sparked a heated debate on social media, with some users praising Dong's entrepreneurial spirit and others criticizing the fairness of the deal. One user commented, "This is what happens when you're a key player in a company's success. 30 million to 700 million in just a few years is an incredible achievement!" Another user wrote, "This just goes to show that live streaming and e-commerce are the keys to success in today's business world."

However, not everyone was pleased with the news. One user commented, "I don't like Dong Yuhui's style of speaking, which is full of clichés and quotes. It's only appealing to people who don't have much education or culture." Another user wrote, "358 million yuan is a staggering amount of money. I hope Dong uses it to create more value for society, rather than just accumulating wealth."

The news has also sparked a wider discussion about the nature of wealth and success. As one user quoted Yang Jiang, a famous Chinese writer, "A simple life is the greatest luxury." This quote has been shared widely on social media, with many users reflecting on the true meaning of wealth and success in today's fast-paced world.

According to Dongfang Zhixuan's financial report for the fiscal year ended May 31, 2024, the company has fulfilled its obligation to pay Dong Yuhui, its former senior partner, a total of 358 million yuan (approximately $50 million USD) in severance pay. This payment was part of the agreement reached between Dongfang Zhixuan and Dong Yuhui when he left the company in July.

As previously disclosed, Dong Yuhui's departure was accompanied by the transfer of 100% ownership of Yuexing同行, a subsidiary of Dongfang Zhixuan, to Dong Yuhui personally. The transfer was valued at 76.585 million yuan. In a shareholder communication meeting, Dongfang Zhixuan's CEO Yu Minhong revealed that Dong Yuhui would receive 50% of the profits from Yuexing同行, which would be deducted from the company's accounts. After the deduction, Yuexing同行 still had 141 million yuan remaining, which would also be allocated to Dong Yuhui.

Yu Minhong, Chairman and CEO of Dongfang Selection, explained the reasonableness of the separation fee paid to Dong Yuhui in an interview with the New York Times. "We have always been committed to creating a fair and equitable environment for our employees," Yu said. "When Dong Yuhui decided to leave the company, we wanted to ensure that he was adequately compensated for his contributions to our success." Yu pointed out that the separation fee was not only a token of appreciation for Dong's hard work but also a reflection of the company's commitment to creating a positive and supportive work environment.

Industry insiders believe that the massive payout will have a significant impact on Yuexiang Tonghang's future development. With the injection of fresh capital, the company is expected to expand its business operations and solidify its market position. Dong Yuhui's departure from Dongfang Xuan and the subsequent acquisition of Yuexiang Tonghang's shares have also raised expectations about the company's potential for growth and innovation.

The online reaction to Dong Yuhui's severance package reflects a broader societal debate about wealth, privilege, and the values that underpin success in modern China. While some have praised Dong's entrepreneurial spirit and negotiating skills, others have questioned the fairness of the deal and the impact on Dongfang Xuan's financials. Ultimately, only time will tell how Dong Yuhui and Yuexiang Tonghang will navigate the challenges and opportunities ahead.