Puyi Announces Signing of First Supplementary Agreement to the Strategic Framework Agreement with White Group and Changes to Its Board and Management
2024年2月20日 - 9:23PM
Puyi Inc. (NASDAQ: PUYI) (“Puyi” or the “Company”), a leading
third-party wealth management services provider in China, today
announces the signing of first supplementary agreement (the
“Agreement”) with Singapore White Group Pte. Ltd. (“White Group”)
to the framework strategic agreement previously disclosed on
February 2, 2024. Pursuant to the Agreement, both parties agree to
the following matters:
- White
Group intends to inject assets into Puyi aimed at assisting Puyi in
driving its artificial intelligence development and international
expansion by setting up new offices in Singapore, Vietnam, Europe,
the United States and Hong Kong, allowing Puyi to initiate a new
phase of strong growth and achieve the “Highest Performances”.
- White
Group and its partnerships will invest up to US$500 million in Puyi
through new share subscriptions.
- The
main objective of both parties is to explore investments in various
high-quality assets that can help Puyi drive its efforts in
artificial intelligence development and better serve its clients,
including:
- An AI
Humanoid hardware manufacturer with multiple development facilities
throughout the world, including China, Japan, the United States,
and Europe. It has world-leading, medical-grade AI Humanoid robots
that can be applied in various fields such as medical research,
home care, and elderly care.
- A
sports entertainment investment company that holds partnerships
with major international sports events in China and globally, and
ownership in intellectual properties of several prestigious
international sport events in China.
In addition, the directors of the board of Puyi
(the “Board”) welcomes Mr. Peh Chin Hua in joining the Board and
being appointed as the Chairman of the Board with immediate effect.
Mr. Yinan Hu has also been appointed to serve as Vice Chairman and
Chief Executive Officer of Puyi. Mr. Ren Yong and Mr. Kong Youjie
have resigned from the Board as Chairman and Co-Chairman
respectively but will continue to serve as Directors on the Board.
Mr. Ren has stepped down from the position of Chief Executive
Officer of Puyi with other appointments to follow.
Mr. Peh Chin Hua, born in 1947, is a Singaporean
entrepreneur and former Member of Parliament for 13 years. With 29
years of active contributions to Singapore’s social and political
service, he received the National Day Public Service Medal. After
retiring from politics in 2001, Mr. Peh earned an Executive MBA
from NUS. He was formerly Managing Director of Shinglee Book
Holdings, the founder and Executive Chairman of Dragonland Group, a
listed company in Singapore, and the Vice Chairman of TFC Bank
Holdings in the United States and Chairman of NTUC Seacare Holding
Ltd.
As the founder and Executive Chairman of
Singapore White Group, Mr. Peh has led numerous large-scale
projects in major Chinese cities, focusing on real estate. His
ventures aim to create affordable housing, develop ecological
cities, and contribute to economic growth in China. Additionally,
White Group has been investing in artificial intelligence
technology projects with international companies across the USA,
China, Europe and Asia Pacific.
Mr. Peh Chin Hua, Chairman of Puyi, commented,
“Puyi has shown great growth potential as it initiates a new phase
of development. Puyi intends to explore future capital markets
opportunities to increase its exposure to a broad investor base and
accelerate its global expansion.”
Commenting on the strategic cooperation, Mr.
Yinan Hu, Vice Chairman and Chief Executive Officer of Puyi, said,
“I am very pleased to reach this agreement with White Group. The
cooperation will accelerate our artificial intelligence
development, enabling us to solidify and expand the depth and
breadth of our services with the power of AI technology. Meanwhile,
the engagement in prestigious international sports events will also
contribute to elevating our brand recognition both domestically and
globally, attracting a diverse and affluent audience, and fostering
valuable connections for Puyi as a trusted wealth management
service provider.”
“We are very honored to have Mr. Peh Chin Hua
join us as the Chairman of Puyi. Mr. Peh’s joining marks a new
phase for the Company,” Mr. Yinan Hu said. “With his decades of
rich entrepreneurship and investment experience and strategic
vision, we are confident that under his leadership, he will bring
Highest Performances to Puyi.
“I am also deeply honored to serve as Vice
Chairman and Chief Executive Officer. The long-term strategic
visions of Puyi and FANHUA are highly aligned. I will spare no
effort in driving the integration of both companies to realize our
shared dream of building an internationally leading intelligent
financial services platform. At the same time, I am very thankful
to Mr. Ren for his immense contributions to Puyi’s development over
the past few years, and I look forward to continuing to work with
him in making Puyi a global leader in its new business
partnership.”
About Puyi
Established in 2010 and listed on Nasdaq in
2019, Puyi is a comprehensive financial technology service group
based on family financial asset allocation. It focuses on providing
personalized wealth management services for emerging middle-class
and affluent families, comprehensive support services for financial
planners, and diversified financial services for institutional
clients.
Puyi Fund Sales Co., Ltd., a PRC entity
contractually controlled by Puyi, holds licenses for both
securities and futures business and fund distribution. Puyi has
developed an industry-leading digital technology platform, which
supports end-to-end transactions for over 9000 fund products
offered by over 110 fund companies nationwide, as well as
proprietary portfolios of publicly raised fund products on a
dollar-cost averaging basis. Additionally, Puyi offers a
comprehensive service ecosystem tailored for high-net-worth
clients, including insurance brokerage services, trust consulting
services, tax services, legal advisory services, as well as
overseas asset allocation and education consulting services.
Forward-looking Statements
This press release contains forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, and future events,
acquisitions or performance, and underlying assumptions and other
statements that are other than statements of historical facts. When
Puyi uses words such as “may,” “will,” “intend,” “should,”
“believe,” “expect,” “anticipate,” “project,” “estimate” or similar
expressions that do not relate solely to historical matters, it is
making forward-looking statements. Forward-looking statements are
not guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from Puyi’s expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: Puyi’s goals and strategies; Puyi’s future business
development; product and service demand and acceptance; changes in
technology; economic conditions; the growth of the third-party
wealth management industry in China; reputation and brand; the
impact of competition and pricing; government regulations;
fluctuations in general economic and business conditions in China
and the international markets Puyi serves and assumptions
underlying or related to any of the foregoing and other risks
contained in reports filed by Puyi with the Securities and Exchange
Commission. For these reasons, among others, investors are
cautioned not to place undue reliance upon any forward-looking
statements in this press release. Additional factors are discussed
in Puyi’s filings with the U.S. Securities and Exchange Commission,
which are available for review at www.sec.gov. Puyi undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
For more information, please contact:
Puyi Inc.
Tel: +86-20-28866499
Email: ir@puyiwm.com
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