On August 19th， according to Kuaitech， in response to widespread online rumors of an investigation， New Oriental CEO Sun Youhai made a statement on social media: “I was on a flight back to Beijing from Hong Kong all afternoon. As soon as we landed， I saw this absurd situation and found it unbelievable. The company has reported this to the police. Thank you all for your concern!”
Earlier， the New Oriental Group issued a statement refuting the online claim that CEO Sun Youhai “is suspected of embezzling listed company interests through related party transactions and has been placed under investigation by regulatory authorities，” stating that the news was entirely fabricated.
New Oriental stated that this false information has severely infringed upon the legitimate rights and interests of Mr. Sun Youhai and New Oriental. The company reserves the right to pursue legal responsibility against those who maliciously spread false information.
Dongfang Zhenxuan also issued an official Weibo statement， expressing that in response to the rumors， the company has initiated reporting to the police and legal proceedings， and will pursue legal action against such illicit behavior to the end.
At the end of trading today， Dongfang Zhenxuan shares experienced a rapid decline， falling by 20%， after having previously surged by 23%. The market fluctuation was attributed to the online rumors regarding the investigation of New Oriental Group CEO Sun Youhai.
In response to the situation， New Oriental founder Yu Minhong stated that the rumors are completely false.
