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Hywin Holdings Ltd. (NASDAQ: HYW) is a leading wealth management service provider based in China. The company specializes in offering comprehensive wealth management services, including asset management, insurance brokerage, and other related financial services. Hywin Holdings Ltd. is dedicated to helping clients manage their financial futures through a variety of sophisticated investment products and services tailored to meet their unique needs.
The company has made significant strides in recent years, expanding its portfolio and enhancing its service offerings to meet the evolving demands of the market. Hywin's core business revolves around providing high-quality wealth management solutions that aim to optimize financial performance and deliver superior value to its clients.
In addition to its wealth management services, Hywin Holdings Ltd. also offers insurance brokerage services, helping clients navigate the complex landscape of insurance products and select the best options for their individual situations. Furthermore, the company provides asset management services, leveraging its expertise to manage and grow clients' assets efficiently.
Hywin Holdings Ltd. has established several key partnerships and collaborations, which have been instrumental in driving its growth and expanding its market reach. The company's strong financial condition, strategic initiatives, and commitment to client satisfaction have positioned it as a trusted and reliable partner in the wealth management industry.
Recent achievements include notable appearances and recognitions at industry events. For example, Ms. Shuming Zhu recently spoke at a high-profile ceremony, highlighting the ongoing success and influence of Hywin Holdings Ltd. in the financial sector. Various photos from these events are available, shedding light on the company's active engagement with the community and stakeholders.
Hywin Holdings (NASDAQ: HYW) has announced an extraordinary general meeting (EGM) scheduled for July 17, 2024, at 10:00 a.m. Hong Kong Time, or 10:00 p.m. on July 16, 2024, New York Time.
The EGM will take place at Meeting Room 15B, Level 15, AIA Central, No.1 Connaught Road Central, Central, Hong Kong.
Shareholders will discuss and vote on various resolutions. Only those holding ordinary shares or American Depositary Shares (ADS) as of June 20, 2024, will be eligible to vote.
Voting instructions for ADS holders must be given to Deutsche Bank Trust Company Americas.
Further details, including the notice of the EGM and proxy forms, are available on Hywin's investor relations website.
Hywin Holdings (NASDAQ: HYW) announced its unaudited financial results for the first half of fiscal year 2024, ending December 31, 2023. The company experienced a 23.6% decline in total revenues to RMB791.2 million (US$110.5 million), primarily due to challenges in the asset management industry, redemption issues, and a weak economic environment in China. Net loss for the period was RMB1,068.8 million (US$149.3 million), compared to a net income of RMB70.6 million in the same period of 2022. Revenues from Hywin Health increased by 83.1% to RMB70.1 million (US$9.8 million), while the company exited the asset-backed products business and plans a full exit from wealth and asset management. The board also approved a rebranding to Santech Holdings , focusing on new retail, social e-commerce, and metaverse industries.
Hywin Holdings (NASDAQ: HYW) has announced significant updates to its strategic business transformation plan. The company will exit its wealth management and asset management businesses by terminating its China VIE Agreements. Hywin Wealth Management will no longer be a consolidated entity of the company and will be independently controlled by Mr. Han Hongwei. The company plans to shift its focus towards the technology sector, exploring opportunities in new retail, social e-commerce, and the metaverse.
Additionally, Hywin Holdings intends to change its name to Santech Holdings to reflect its new business direction. The board approved this transformation plan on June 28, 2024, and an extraordinary general meeting will be held to finalize the name change. The company cautions that this transition may lead to a significant reduction in operational and revenue scales in the short term, potentially affecting its financial condition and results of operations.
Hywin Holdings (NASDAQ: HYW) announced that its annual general meeting (AGM) will be held on June 28, 2024, at 10:00 a.m. Beijing time, via conference call. No proposals will be submitted for shareholder approval. Shareholders of record as of June 6, 2024, are entitled to attend. The company's annual report for the fiscal year ended June 30, 2023, is available on its investor relations website and the U.S. SEC site. A hard copy can be requested free of charge. Details for the call and online registration can be found on Hywin's investor relations site.
On May 30, 2024, Hywin Holdings (NASDAQ: HYW) announced receipt of a Nasdaq notification regarding non-compliance with the minimum bid price requirement. The closing bid price of Hywin's American Depositary Shares (ADSs) has been below $1.00 per ADS for 30 consecutive trading days.
The notification does not affect the listing or trading of Hywin’s ADSs immediately. Hywin has 180 days, until November 25, 2024, to regain compliance by ensuring the bid price is at least $1.00 for 10 consecutive trading days. If compliance is not achieved, Hywin may be eligible for an additional 180-day period, subject to meeting other listing standards and notifying Nasdaq of its intention to cure the deficiency, potentially through a reverse stock split.
The notice does not impact Hywin's business operations or SEC reporting requirements. The company is committed to taking measures to regain compliance within the specified period.
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