On August 20, Yu Minhong, Chairman of New Oriental Group, posted on Weibo stating that Zhou Chenggang's trip to explore Australian prestigious schools is about to begin, stay tuned!

This appears to be another refutation of rumors related to Zhou Chenggang.

Previously, market rumors claimed that Zhou Chenggang, CEO of New Oriental Group and Yu Minhong's long-term partner, was allegedly involved in misappropriating listed company benefits through related transactions and had been placed under investigation by regulatory authorities.

These rumors caused EAST BUY's stock price to plummet at the close. As of August 19 Hong Kong stock market close, EAST BUY (1797.HK) closed at HK$34.32, down 20.89%. The stock had previously reached a near two-year high of HK$53.7, with gains exceeding 23.5%.

In response, on August 19, Zhou Chenggang, Yu Minhong, EAST BUY, and New Oriental Group all issued statements refuting the rumors.

New Oriental Group CEO Zhou Chenggang posted a video on social media platforms in the evening, stating: "I was on a business trip this afternoon, just on a flight from Hong Kong back to Beijing. As soon as I got off the plane, I saw many absurd messages. The company has already refuted them - they are all rumors. I'm recording this short video to greet everyone again."

EAST BUY also issued an official Weibo statement: "Regarding the rumors, our company has initiated police reports and judicial procedures. We will pursue such illegal activities to the end."

New Oriental Group issued a statement: "The online rumors that CEO Zhou Chenggang 'is suspected of misappropriating listed company benefits through related transactions and has been placed under investigation by regulatory authorities' are pure fabrication."

New Oriental founder Yu Minhong responded that these are "complete rumors."