New Oriental Education Tech (EDU) has released an update.
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New Oriental Education & Technology Group Inc. has announced the departure of Mr. Yuhui Dong from its majority-owned subsidiary, East Buy Holding Limited, due to personal pursuits and without any disputes. Concurrently, a deal was struck for Mr. Dong to acquire a subsidiary of East Buy, which will result in the subsidiary no longer being part of East Buy’s consolidated financial statements after the transaction is completed within the next six months.
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