Fanhua to exchange its 4.5% stake in puyi for 15.4% stake in puyi's wholly-owned fund sales company

Guangzhou, china, dec. 22, 2023 (globe newswire) -- fanhua inc. (nasdaq: fanh) (“fanhua,” or the “company”), a leading independent financial services provider in china, today announced that it entered into a share repurchase agreement with puyi inc. (nasdaq: puyi) (“puyi”) on december 22, 2023, pursuant to which fanhua agreed to transfer all of its 4.46% equity interests in puyi, or 4,033,600 ordinary shares of puyi, back to puyi. concurrently, a wholly-owned subsidiary of fanhua entered into a share transfer agreement with puyi to acquire 15.41% equity interests in fanhua puyi fund sales co., ltd. (“puyi fund”), a wholly-owned subsidiary of puyi, in exchange of the aforementioned 4,033,600 ordinary shares of puyi acquired by puyi and an additional cash consideration of approximately rmb10.5 million. the transactions are expected to be completed before december 31, 2023, subject to customary closing conditions.
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