Fanhua enters share repurchase agreement with Puyi

FANHUA (FANH) entered into a share repurchase agreement with 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., 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. Upon completion of the transactions, FANHUA will cease to directly hold any equity interest in Puyi. The Company anticipates that the transactions will streamline its ownership structure in Puyi.