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New Oriental transformed to live commerce platform, becoming a hit: stock price soars

2022/6/12 19:57:44   source:Global Times

Recently, the live commerce platform Oriental Selection, owned by the New Oriental Education and Technology Group, has gained popularity due to its bilingual broadcasting of the hosts, with more than 1.3 million fans in three days.

Dong Yuhui, one of the teachers of the New Oriental, became a big hit on Douyin, the Chinese version of TikTok. In the studio, the anchors introduce products in both Chinese and English. For example, Dong may sell peaches, introduce the English word peach, its usage in a phrase and its derivative “peachy.”

Using this method, Dong sold more than 6,700 peaches in just a few minutes.

After the studio became a hit on Douyin, Yu Minhong, the company's founder, also appeared in the studio, selling products with the teacher or hosts. So far, the studio has about 2.5 million followers.

Talking about selling products in two languages, Yu said that this is a very important transformation for the New Oriental. “They have changed from being teachers to being live-streaming hosts, which has attracted everyone's attention and partial recognition. I want to thank everyone for their tolerance and support,” Yu said.

Driven by the popularity of the studio, many topics quickly hit the hot search list. “I never thought I could learn English through a live broadcast studio” soon became the top of the search list of Douyin. “New Oriental master becomes a popular anchor” and “New Oriental anchor” and other topics went viral on Sina Weibo, China’s Twitter-like social media platform.

“It's really a good deal to pay for knowledge and be rewarded with shrimps,” a netizen joked.

“It’s really great for New Oriental teachers to have the opportunity to go live streaming,” commented another. “It has provided a new route for live streaming anchors that consumers are welcoming.”

While the studio has attracted wide attention, sales have also skyrocketed. From Thursday to Friday, the number of viewers in the live broadcast of Oriental Selection increased from 650,000 to 7.6 million, and the total sales volume in a single day went from 980,000 yuan ($146,075) to more than 10 million yuan ($1,490,557).

Affected by the news, shares of New Oriental Online once rose 45 percent, up 39.37 percent to close at HK$6.23 on Friday. Shares of New Oriental Online have already doubled since May 12 and gained more than 107 percent during that time.

Under the implementation of the double reduction policy, New Oriental has chosen to walk in two lines. Yu said that the US-listed New Oriental will stick to its main business of education, while Hong Kong-listed New Oriental Online opened a new business of live broadcasting.

At the beginning of its establishment, Oriental Selection live broadcasting was in a slump. Yu often personally took care of the goods, and the number of viewers stagnated around a few hundred for a long time.

Dong and his colleague YoYo once said that for a long time, there were only a few people in the live broadcast studio, and it was their parents who had bought most of the products.

In response to the question whether the company would stop doing educational-related business, New Oriental said that it will continue to make efforts in the field of education.

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