Puyi to repurchase 4.46% stake from Fanhua

Puyi (PUYI) announced that it entered into a share repurchase agreement with Fanhua (FANH), pursuant to which Puyi intends to repurchase 4,033,600 ordinary shares of Puyi beneficially owned by Fanhua, representing 4.46% of Puyi’s share capital. Concurrently, Puyi entered into a share transfer agreement with Fanhua, pursuant to which Fanhua, through its wholly-owned subsidiary in China, will acquire 15.41% of the equity interests in Fanhua Puyi Fund Sales Co., a wholly-owned subsidiary of Puyi, for a consideration consisting of the share repurchase price and a cash consideration of approximately RMB10.5M. The Transaction is expected to be closed before December 31, 2023.