AsianFin -- Hong Kong-listed East Buy on Wednesday briefly jumped more than 14% before settling up 8% at HK$37.2 per share.

The stock saw dramatic swings the previous day, initially soaring over 23% in morning trading before plunging in the afternoon and closing down 20.89%. Market chatter suggested that New Oriental CEO Zhou Chenggang might be under investigation for potential related-party transactions.

After the market close, Dongfang Zhenxuan issued a statement denying the rumors. The company said claims involving Zhou Chenggang were “purely false” and that reports of a “long-term commission rate above 30%” were seriously inaccurate. The firm emphasized that its products maintain high quality and value, with an actual average commission rate below 20%. The company also confirmed it has initiated legal and law enforcement actions to address the spread of such false information.