PUYI Fund, a subsidiary of Puyi Inc. (NASDAQ: PUYI), and Ping An Bank Co., Ltd. Have Entered Into Strategic Cooperation Agreement To Explore A New Model of Bank-Enterprise Collaboration

Rhea-AI Summary

Puyi Inc. and Ping An Bank have entered into a strategic cooperation agreement, aiming to establish a long-term cooperative relationship and promote synergistic development. The collaboration will cover various financial services and focus on customer management, product management, channel management, and data management.

Positive

• The strategic cooperation agreement between Puyi Inc. and Ping An Bank is expected to promote synergistic development and benefit both parties.
• The collaboration will enable the integration of resources and the realization of bi-directional empowerment, which can lead to high-quality synergistic development.

Negative

• None.

GUANGZHOU, China , Oct. 17, 2023 /PRNewswire/ -- PUYI Fund, a subsidiary of Puyi Inc. ("Puyi" or the "Company") (NASDAQ: PUYI), a renowned asset management company, and Ping An Bank Co., Ltd., a leading financial institution, recently announced that they have formally entered into a strategic cooperation, marking the beginning of a new chapter of all-round, multi-disciplinary, and deep-level cooperation between the two parties, which is of far-reaching significance for their synergistic development.

Under the strategic cooperation framework, Ping An Bank and PUYI Fund will establish a long-term cooperative relationship. In order to safeguard the common interests and promote the common development of both parties, they will actively commit themselves to constructive business co-operation in the field of finance, give full play to their respective industrial strengths, integrate the resources of both parties, pool their synergies, realize bi-directional empowerment, and work hand in hand to push forward the high-quality synergistic development.

According to the strategic cooperation agreement, both parties will engage in business collaboration while adhering to the respective business regulations. The collaboration encompasses various financial services such as wealth management, account system services, fund investment and research services, personal pension investment accounts, personal finance planning and bank financing services. Furthermore, both parties will foster profound cooperation and innovation in customer management, product management, channel management and data management in order to deliver cutting-edge financial products and services.

Both parties will also establish a "Banking and Enterprise Strategic Cooperation Group" to enhance day-to-day communication, actively exploring a new mode of collaboration between banks and enterprises based on mutual benefit. Meanwhile, taking the signing of this strategic cooperation as an opportunity, the two parties will further expand the breadth and depth of their cooperation in the future, jointly meet the diversified financial service needs of customers, continuously improve the benefits of synergistic development, and jointly serve the new pattern of economic development.

About PUYI

Headquartered in Guangzhou, China, Puyi is a leading third-party wealth management service provider in China focusing on affluent and emerging middle class population. Puyi provides a series of comprehensive financial asset allocation services including wealth management services, asset management services, insurance consulting services, trust consulting services and ancillary services for clients.

Safe Harbor Statement

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, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company 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 the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company's goals and strategies; the Company'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 the Company serves and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company 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 the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward‐looking statements to reflect events or circumstances that arise after the date hereof.

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SOURCE PUYI

FAQ

What is the purpose of the strategic cooperation agreement between Puyi Inc. and Ping An Bank?

The purpose is to establish a long-term cooperative relationship and promote synergistic development.

What financial services will be covered by the collaboration?

The collaboration will cover wealth management, account system services, fund investment and research services, personal pension investment accounts, personal finance planning, and bank financing services.

What areas will the cooperation focus on?

The cooperation will focus on customer management, product management, channel management, and data management.

What are the expected benefits of the collaboration?

The collaboration is expected to lead to high-quality synergistic development, integration of resources, and bi-directional empowerment.