Puyi Announces Share Exchange Transactions with Certain Shareholders of Fanhua

GUANGZHOU, China, Dec. 27, 2023 (GLOBE NEWSWIRE) -- Puyi Inc. (NASDAQ: PUYI) (“Puyi”), a leading third-party wealth management services provider in China, today announced that it has entered into certain share exchange agreements with certain shareholders of Fanhua Inc. (“Fanhua,” NASDAQ: FANH), including Mr. Yinan Hu, co-chairman and CEO of FANHUA, certain executive officers of Fanhua, certain employees of Fanhua and certain other shareholders (collectively “Fanhua’s Participating Shareholders”). The transaction is expected to close on December 29, 2023, subject to customary closing conditions.

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