China's East Buy Sheds Followers After Streamers Lash Out
Lv Qian
DATE:  Jun 28 2024
/ SOURCE:  Yicai
China's East Buy Sheds Followers After Streamers Lash Out China's East Buy Sheds Followers After Streamers Lash Out

(Yicai) June 28 -- East Buy Holding has lost followers after some anchors complained about their work at the livestream e-commerce unit of China's New Oriental Education and Technology Group.

East Buy's following fell by 308,000 to 30.1 million over the past month, according to figures from data agency Chanmama.

East Buy's streamer Dundun recently complained about the firm during a livestream, provoking widespread public debate and leading to the company suspending livestreams yesterday.

Dong Yuhui, hit streamer and senior partner of East Buy, also complained about his work at the company earlier this month, resulting in the firm's shares [HKG: 1797] tumbling 9.3 percent on June 11.

East Buy is transitioning from a livestream platform mainly staffed by popular intellectual properties and influencers to a sales platform marketing its products, according to a research report by Topsperity Securities. However, there is room for improvement in refining the transition and its management.

Dong's account on Douyin, the Chinese version of TikTok, ranked third by number of livestream views during the short video platform's mid-year sales promotion, while East Buy was 15th, Chanmama data showed.

East Buy has been increasing efforts to build self-operated products and channels. The gross merchandise volume of the firm's self-operated products exceeded CNY3.6 billion (USD496.1 million) in the six months ended May 31, up 108 percent from a year ago and 74 percent from the previous half, according to the company.

Beijing-based East Buy will open over 10 new livesteam accounts on Douyin this year, noted Dong Zheng, a spokesperson of the firm.

Shares of East Buy [HKG: 1797] ended 1.3 percent lower at HKD12.62 (USD1.62) apiece in Hong Kong today.

Editor: Martin Kadiev

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Keywords:   East Buy