Group 1 - The stock price of Dongfang Zhenxuan (01797.HK) experienced significant volatility, initially rising over 23% before closing down 20.89% due to rumors regarding CEO Zhou Chenggang's involvement in related party transactions and high commission rates [1] - Dongfang Zhenxuan's actual average commission rate is reported to be below 20%, contrary to claims of it being over 30%, and the company has initiated legal actions against the spread of misinformation [1] - Despite a projected revenue decline of nearly 30% year-on-year for Q4 of FY2025, the company has shown signs of improving profitability, with a non-GAAP operating profit of approximately 79 million RMB and a profit margin increase of about 3% [1] Group 2 - The company has seen a significant stock price increase of 502% from a low of 8.92 HKD on December 31, 2024, to 53.7 HKD, attributed to a recovery in operations and alignment with new consumer trends [2] - Although the stock price surged, short-selling activity increased, peaking at 5.82 million shares on August 7, before dropping to 1.37 million shares, indicating a potential profit-taking by short-term investors [4] - Dongfang Zhenxuan's revenue from its core business segments has declined by 9.3% year-on-year, and the company is facing challenges in transitioning from a host-driven to a product-driven model, particularly due to the departure of key hosts [4]

8月19日恒生指数下跌0.21%，南向资金全天合计成交金额为1689.97亿港元，其中，买入成交937.85亿 港元，卖出成交752.12亿港元，合计净买入金额185.73亿港元。具体来看，港股通（深）累计成交金额 657.95亿港元，买入成交377.29亿港元，卖出成交280.67亿港元，合计净买入金额96.62亿港元；港股通 （沪）累计成交金额1032.02亿港元，买入成交560.56亿港元，卖出成交471.45亿港元，合计净买入金额 89.11亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是东方甄选，合计成交额103.37亿港元， 盈富基金、腾讯控股成交额紧随其后，分别成交71.27亿港元、52.39亿港元。以净买卖金额统计，净买 入的个股共有10只，盈富基金净买入额为70.71亿港元，净买入金额居首，该股收盘股价下跌0.16%，恒 生中国企业净买入额为22.15亿港元，南方恒生科技净买入额为14.12亿港元。净卖出金额最多的是东方 甄选，净卖出5.13亿港元，该股收盘股价下跌20.89%，中芯国际、华虹半导体遭净卖出4.87亿港元、 1.49亿港元。 今日上榜个股中，盈富基金、腾讯控 ...

Market Overview - On August 19, the Hang Seng Index fell by 0.21%, closing at 25,122.90 points, while southbound funds through the Stock Connect recorded a net inflow of HKD 18.573 billion [1][3] - The total trading volume for the Stock Connect on August 19 was HKD 168.997 billion, with a net buy of HKD 18.573 billion [1][3] Trading Activity - In the Shanghai Stock Connect, the trading volume was HKD 103.202 billion, with a net buy of HKD 8.911 billion; in the Shenzhen Stock Connect, the trading volume was HKD 65.795 billion, with a net buy of HKD 9.662 billion [1][3] - The most actively traded stock in the Shanghai Stock Connect was Dongfang Zhenxuan, with a trading volume of HKD 7.043 billion, followed by the Tracker Fund of Hong Kong and Tencent Holdings, with trading volumes of HKD 5.106 billion and HKD 3.221 billion, respectively [1][2] Net Buy and Sell Analysis - The Tracker Fund of Hong Kong had the highest net buy amount of HKD 5.089 billion, despite a closing price drop of 0.16% [1][2] - The stock with the highest net sell amount was Hua Hong Semiconductor, with a net sell of HKD 149 million and a closing price drop of 3.12% [1][2] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, Dongfang Zhenxuan also led in trading volume with HKD 3.294 billion, followed by Hang Seng China Enterprises and the Tracker Fund of Hong Kong, with trading volumes of HKD 2.215 billion and HKD 2.021 billion, respectively [2] - The stock with the highest net buy in the Shenzhen Stock Connect was Hang Seng China Enterprises, with a net buy of HKD 2.215 billion, despite a closing price drop of 0.37% [2]

Core Viewpoint - The stock price of Oriental Selection dropped significantly by 20.89% to HKD 34.32 per share amid rumors regarding CEO Zhou Chenggang's alleged misconduct and high commission rates [1] Group 1: Company Response - Oriental Selection officially denied rumors about CEO Zhou Chenggang being investigated for misappropriating company interests through related party transactions, labeling them as false [1] - The company clarified that claims regarding a long-term commission rate exceeding 30% are severely inaccurate, stating that the actual average commission rate is below 20% [1] - In response to the rumors, the company has initiated legal actions and will pursue those responsible for spreading false information [1] Group 2: Industry Context - New Oriental also issued a strong statement refuting the rumors about Zhou Chenggang, asserting that they will hold accountable those who maliciously spread false information [3] - Founder Yu Minhong described the rumors as completely unfounded, emphasizing the company's commitment to transparency [6] - Oriental Selection is scheduled to release its full-year results for the fiscal year ending May 31, 2025, on August 22 [6]

近日，有传闻称新东方集团CEO周成刚（俞敏洪长期搭档）涉嫌通过关联交易侵占上市公司利益，已被监管部门立案调查。 新东方创始人俞敏洪此前回应媒体称：彻底的谣言。 19日，港股东方甄选尾盘高位跳水，收盘报34.32港元/股，跌超20%，此前一度涨23%。 东方甄选(1797) < W 闭市 08-19 16:08:12 通 34.320 额 93.85亿 股本 10.46亿 市盈 24.1 万得 盘口 市净 6.70 市值1 359亿 -9.060 -20.89% 换 21.48% 分时 五日 周K 电影 EK (0) 盘口 成交 叠加 均价:41.763 | 53.700 23.79% 卖10 34.500 23.90万(33) 卖9 34.480 8000(6) 卖8 34.460 5500(3) 卖7 34.440 3500(3) 卖6 34.420 2500(2) 卖5 34.400 4500(3) 00% 3.380 卖4 34.380 1500(3) 卖3 34.360 2.10万(3) 卖2 34.340 -- (0) 卖1 34.320 4.00万(5) 买1 34.300 9.60万(27) 买 ...

8月19日，一则涉及新东方教育科技集团CEO周成刚相关传言让东方甄选股价尾盘跳水。截至8月19日港股收盘，东方甄选股报收34.32港元，跌20.89%， 此前一度上探至近两年高位53.7港元，涨幅超23.5%。 新东方集团CEO周成刚(俞敏洪长期搭档) 涉嫌通过关联交易侵占上市公司利益,已被 监管部门立案调查。此消息尚未被正式公 : 2 : 08 告,但引发投资者恐慌性监管 公司尚未发布澄清 直播业务监管风险 手发布 《直播带货合规指引 (征求意见稿)》,拟 限制"高佣金抽成模式",而东方甄选佣金率 长期超30%,若政策落地将直接影响其核心 盈利模式。 我方辟谣声明: 关于周成刚老师的传闻纯属谣言,关于" 东方甄选佣金率长期超30%"的说法严重失 实,东方甄选售卖产品确保高品质和高性价 比,实际平均佣金率不到20%。 针对上述谣言,我司已启动报警和司法流 程,对于这样的不法行为,我们将一追到底。 随后，东方甄选发布辟谣声明：针对谣言，公司已启动报警和司法流程。 东方甄选 辟谣声明 2025年8月19日 今天，有人造谣如下: 88108 ...

今日东方甄选股价上演"天地板"，早盘一度暴涨逾23%，午后高台跳水，盘后跌20.89%。有消息称新东 方CEO周成刚或涉关联交易被监管部门立案调查。东方甄选方面向记者回应称：纯属谣言。 8月19日，东方甄选发声：针对谣言，我司已启动报警和司法流程，对于这样的不法行为，我们将一追 到底。 综合｜ @东方甄选 第一财经 来源：江苏新闻 ...

Group 1 - The stock price of Dongfang Zhenxuan experienced significant volatility, dropping over 20% after a peak increase of more than 23% during the trading session, with a closing price of 34.32 HKD and a market capitalization of 359.1 billion HKD [1] - The sharp decline in stock price is linked to rumors regarding the CEO of New Oriental Group being investigated for alleged misappropriation of company interests through related party transactions, and potential regulatory restrictions on high commission models in the live streaming business [1] - Prior to the stock price drop, Dongfang Zhenxuan had seen a cumulative increase of 190% since July, reaching a two-year high of 53.7 HKD [1] Group 2 - Dongfang Zhenxuan's self-operated products include over 600 items across various categories such as agricultural products, household goods, snacks, and sanitary products, with a projected GMV of 350 million RMB by June 2025, reflecting a 15% year-on-year growth [2] - The sales of self-operated products have a 60% share from shelf channels, including platforms like Douyin, indicating a strong market presence [2] - The latest earnings forecast suggests that Dongfang Zhenxuan's revenue for the second half of the 2025 fiscal year will be approximately 2.16 billion RMB, with an operating profit of around 44.71 million RMB, resulting in an operating profit margin of about 7% [2]

Core Viewpoint - The stock price of Dongfang Zhenxuan experienced significant volatility, initially rising by 23.56% before closing down over 20% at 34.32 HKD per share, with a market capitalization of approximately 35.9 billion HKD [1] Group 1: Stock Performance - Since July, Dongfang Zhenxuan's stock price has been on the rise, particularly after the departure of Dong Yuhui [1] - The stock price fluctuations may be influenced by rumors regarding the CEO of New Oriental Group, Zhou Chenggang, being investigated for alleged misconduct, which the company has denied [5] Group 2: Business Strategy - Following the departures of key figures, Dongfang Zhenxuan has shifted back to a product-centric strategy, moving away from reliance on influencer marketing [3] - The company has launched over 400 self-operated products since April 2022, achieving cumulative sales of over 210 million units and a customer base of 30.86 million [3] - By 2024, self-operated products accounted for 46% of total sales, indicating a transition to a more stable revenue model [3] Group 3: Market Positioning - Dongfang Zhenxuan aims to position itself as an "online Sam's Club," focusing on high-quality, cost-effective products to drive customer loyalty and repeat purchases [4] - The company has introduced a paid membership service priced at 199 RMB per year, with 228,300 subscribers as of November 2024 [5] Group 4: Future Goals - The company plans to evolve into a product technology company centered around self-operated products and a membership-based one-stop shopping platform [3]

Core Insights - On August 19, 2025, Oriental Selection (01797), Tracker Fund of Hong Kong (02800), and Tencent Holdings (00700) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 7.043 billion, 5.106 billion, and 3.221 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Oriental Selection (01797), Hang Seng China Enterprises Index ETF (02828), and Tracker Fund of Hong Kong (02800) were the top three stocks, with trading amounts of 3.294 billion, 2.215 billion, and 2.021 billion respectively [1] Southbound Stock Connect - Top Active Companies - Oriental Selection (01797) had a trading amount of 7.043 billion with a net buy of -48.8231 million [2] - Tracker Fund of Hong Kong (02800) recorded a trading amount of 5.106 billion with a net buy of 5.089 billion [2] - Tencent Holdings (00700) had a trading amount of 3.221 billion with a net buy of 979 million [2] - Alibaba Group (09988) had a trading amount of 2.547 billion with a net buy of -7.2321 million [2] - SMIC (00981) recorded a trading amount of 2.084 billion with a net buy of 160.3 million [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Oriental Selection (01797) had a trading amount of 3.294 billion with a net buy of -464 million [2] - Hang Seng China Enterprises Index ETF (02828) recorded a trading amount of 2.215 billion with a net buy of 2.215 billion [2] - Tracker Fund of Hong Kong (02800) had a trading amount of 2.021 billion with a net buy of 1.982 billion [2] - Tencent Holdings (00700) recorded a trading amount of 2.018 billion with a net buy of 46.322 million [2] - Alibaba Group (09988) had a trading amount of 1.984 billion with a net buy of 268 million [2]