Puyi Fund of Highest Performances Holdings Inc.(NASDAQ: HPH) Wins "2024 Outstanding Wealth Management Award"

GUANGZHOU, China, July 30, 2024 /PRNewswire/ -- The 13th CFS Finance Summit and Amazing 2024 Innovative Entrepreneur Festival concluded successfully in Beijing. Fanhua Puyi Fund Distribution Co., Ltd., ("Puyi Fund" or the "Company"), a subsidiary of Highest Performances Holdings Inc.(NASDAQ: HPH) ("HPH"), stood out among numerous participating institutions, winning the "2024 Outstanding Wealth Management Award" for its excellent wealth management capabilities and innovative service model. This honor not only acknowledges Puyi Fund's exceptional achievements in account service innovation over the past year but also signifies high expectations for its continued growth and positive contributions in the industry.

The 13th CFS Finance Summit, themed "Exploring New Dynamics in the Chinese Economy," brought together business leaders, leading economists, and financial elites from home and abroad to discuss new opportunities and challenges in China's economy. During the summit, attendees engaged in high-level dialogues, in-depth sharing, and project roadshows, focusing on hot topics such as technological innovation, digital economy, and green finance, sparking intense intellectual collisions and exchanges of wisdom.

As a leading figure in the wealth management sector, Puyi Fund received high recognition from the judging panel for its outstanding performance in asset allocation, risk management, and customer service. In particular, its innovative comprehensive family wealth management account system and personalized service solutions effectively met the diversified needs of investors, helping to fortify risk defenses during volatile markets conditions and significantly enhancing investor experience and confidence.

Puyi Fund announced that in the first half of 2024, which presented a highly challenging market environment, the company's flagship Jinniu and Panshi series portfolios achieved positive returns through agile adjustments, with most exceeding their performance benchmarks, highlighting the effectiveness of their advisory services. The Jinniu Hong Kong stocks portfolio stood out in both absolute and excess returns, benefiting from a robust rebound in the Hong Kong stock market and the effective drawdown control of the barbell strategy.

Data Source: Yingmi Fund, December 29, 2023 - June 30, 2024. Market risks exist; invest cautiously. Past performance is not indicative of future results and does not constitute a guarantee of future performance.

The comprehensive family wealth management account system, meticulously designed by Puyi Fund under the service philosophy of "Long-term for Customers, For Customers Long-term," serves as a scientific tool for asset allocation. This system guides customers to distribute investment assets across flexible access accounts, steady growth accounts, and income-seeking accounts. Customers can adjust the allocation ratios among these accounts based on different market environments and cycles, aiming to achieve steady asset growth and sustainable long-term investment returns while minimizing risks.

Notably, the scale of Puyi Fund's institutional business has grown rapidly this year, particularly among large financial institutions such as banks, wealth management subsidiaries, and insurance companies. The company's intelligent off-market fund trading system, " Web-based Institution Master system," provides institutional investors with a rich product portfolio, systematic research and investment framework, and personalized trading experience, thereby enhancing service quality and efficiency for institutional clients.

As of June 30, 2024, Puyi Fund had integrated 118 public fund companies across the market, with 100% integration of the top 20 fund companies by scale, nearly 11,000 individual public funds, and over 20 customized advisory strategies. In the private fund sector, the company has selected over 30 managers across the market, with 38% managing over 10 billion yuan and 29% managing between 5 billion and 10 billion yuan, covering various mainstream strategy products to meet the diverse allocation needs of different types of investors.

As an independent third-party fund sales agency under HPH, Puyi Fund will continue to adhere to the philosophy of a buy-side advisor, dedicated to providing comprehensive family financial asset allocation services for individual investors and diversified financial services for institutional investors. The company is committed to accompanying customers over the long term, meeting personalized asset allocation needs under different scenarios, and helping more investors achieve sustainable long-term returns. As of December 31, 2023, Puyi Fund's cumulative asset allocation service scale exceeded 75.1 billion yuan, with a compound annual growth rate of 128.8% from 2015 to 2023.

About Highest Performances Holdings Inc. (NASDAQ: HPH)

HPH was founded in 2010 with the aim of becoming a top provider of smart home and enterprise services. Its mission is to improve the quality of life for families worldwide, focusing on two main driving forces: "technological intelligence" and "capital investments." HPH has a global strategic perspective and identifies high-quality enterprises with global potential for investment and operations. Its areas of focus include asset allocation, education and study tours, cultural tours, sports events, healthcare and elderly care and family governance.

HPH currently holds controlling interests in two leading financial service providers in China, namely Fanhua Inc., a technology-driven platform, and Fanhua Puyi Fund Distribution Co., Ltd., an independent wealth management service provider.

Highest Performances Holdings Inc., formerly known as Puyi Inc., was renamed on March 13, 2024 to reflect its strategic transformation.

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