GUANGZHOU, China, June 25,
2024 /PRNewswire/ -- Highest Performances Holdings Inc. ("HPH" or
the Group, NASDAQ: HPH), announces that its Puyi Fund's assets
under advice for its asset allocation services reached RMB 24.7 billion as of June 21, 2024, reflecting a remarkable
year-on-year growth of 188%. This substantial increase in scale
showcases significant growth for the fund.
This accomplishment is primarily attributed to the Puyi Fund's
service philosophy, "long-term commitment to clients and clients'
long-term benefits," introduced in 2023, as well as the ongoing
efforts of the Company in adjusting its product strategy and
embracing digital transformation. On one hand, the Company
implemented a comprehensive family wealth management account
system, redirecting its flagship products towards fixed-income
funds and fund portfolios to enhance clients' perception of wealth
acquisition. On the other hand, the Company has elevated its
overall service standard through digital transformation, greatly
improving the client's investment experience.
Transforming Product Strategy to Maximize Client
Returns
In relation to product strategy transformation, Puyi Fund offers
investors a comprehensive solution for managing their family wealth
through a scientific approach. This solution guides investors in
allocating their investment assets across three types of accounts:
Flexible Withdrawal Accounts, Stable Appreciation Accounts, and
High-Yield Pursuit Accounts. By considering various market
conditions and cycles, investors can make informed decisions on how
to distribute their funds among these accounts through a scientific
approach for achieving risk mitigation, consistent asset growth,
and long-term sustainable investment returns.
Taking into account the prevailing market conditions in
China, Puyi Fund advises investors
to allocate 25% to 90% of their funds to Stable Appreciation
Accounts, depending on their risk tolerance. These accounts
primarily involve investing in fixed-income funds, providing
investors with consistent and reliable expected returns. By
employing the stable appreciation strategy, Puyi Fund aims to
restore investors' confidence in the market, leading to increased
trust and recognition. Consequently, Puyi Fund has experienced a
period of rapid growth and positive development.
An analysis of data from the Chinese mutual fund market
highlights the alignment of Puyi Fund's client-centric product
strategy transformation with market demands. According to Wind
data, the market value of the Chinese mutual fund market stood at
RMB 25.45 trillion at the end of
2021. By the end of May 2024, this
amount grew to RMB 29.09 trillion,
representing an increase of RMB 3.64
trillion or 14.30%. The value of equity and hybrid funds,
however, experienced a decline from RMB 8.54
trillion to RMB 6.34 trillion,
marking a decrease of RMB 2.21
trillion. In contrast, bond funds and money market funds
collectively witnessed a significant increase of RMB 5.69 trillion. These market trends suggest
that Chinese fund investors are shifting their risk preferences
towards lower-risk and higher-certainty assets. Puyi Fund's
strategic transformation is well-positioned to take advantage of
this evolving trend.
Enhancing Digital Service Innovation with a Focus on
Client Service
In its digital transformation efforts, Puyi Fund places a strong
emphasis on "client-centricity" and "service excellence". By
harnessing the power of big data, algorithm mining, and the Sensor
Intelligent System, Puyi Fund establishes personalized service
scenarios tailored to the unique needs of thousands of individuals.
Through meticulous operations that cover the full client lifecycle,
Puyi Fund offers full-scope online transactions for both public and
private fund clients, establishing a distinctive digital
competitive advantage. As of June
2024, the year-to-date client retention rate for fund
advisory services stands at 75%, significantly enhancing the
likelihood of investment profitability and returns for clients.
This success enables clients to truly appreciate the value of
advisory services and the time invested in their investments.
Furthermore, Puyi Fund has made continuous advancements in its
intelligent client service system, leveraging digital platforms to
offer investors comprehensive and efficient services. As of
June 2024, the intelligent client
service has catered to the needs of approximately 250,000
investors, providing 7*24 services, with a problem resolution rate
surpassing 90%. Moreover, Puyi Fund complements intelligent client
service with human support, resulting in a client satisfaction rate
of 99%. This approach guarantees that investors receive timely and
effective assistance whenever required.
Optimizing Trust-Based Communication Channels with
Clients
Puyi Fund's capability to swiftly establish client trust is
attributable to its distinctive offline service channels. Unlike
other third-party fund sales institutions that heavily rely on
online platforms, Puyi Fund provides face-to-face, one-on-one
services through offline channels. This approach is especially
valuable in navigating complex investment environments, effectively
calming investor emotions, enabling them to stay composed and gain
a proper understanding of products, ultimately making well-informed
investment decisions. Since 2024, Puyi Fund's research and advisory
team has released 28 specialized research reports and organized 19
online client exchanges, along with 35 offline client events, in
response to market dynamics and client needs. These initiatives
have effectively addressed investors' concerns and enhanced their
confidence.
It is worth mentioning that Puyi Fund's institutional business
has experienced remarkable growth this year, particularly in
attracting clients from prominent financial institutions including
banks, wealth management subsidiaries, and insurance companies. To
cater specifically to institutional investors, Puyi Fund has
developed an intelligent over-the-counter fund trading system
called "Web-based Institution Master system". This system provides
institutional investors with a wide range of product portfolios, a
comprehensive investment research system, and personalized trading
experiences. As a result, it comprehensively improves the service
quality and efficiency for institutional clients.
As of June 21, Puyi Fund
established partnerships with 117 mutual fund companies, including
the top 20 fund managers in terms of size, providing access to
nearly 11,000 public funds and implementing over 20 customized
advisory strategies. In the private fund sector, Puyi Fund has
selected over 30 fund managers from the entire market. Of these,
38% manage assets over RMB 10
billion, while 29% manage assets between RMB 5 billion and RMB 10
billion. This selection covers a wide range of mainstream
strategy products in the market, catering to the allocation needs
of various types of investors.
It is reported that Puyi Fund, an independent third-party fund
sales institution holding a fund sales business license issued by
the China Securities Regulatory Commission, operates as a
subsidiary of Highest Performances Holdings Inc. (NASDAQ: HPH).
Embracing the concept of buyer advisor, Puyi Fund is dedicated to
delivering comprehensive family financial asset allocation services
to individual investors and diversified financial services to
institutional investors through its financial technology service
platform. With exceptional resource integration capabilities,
professional research expertise, and high-quality client service,
Puyi Fund strives to cultivate long-term partnerships with clients,
catering to their personalized asset allocation needs in various
scenarios while assisting a broader range of investors in achieving
sustainable long-term returns. As of December 31, 2023, the accumulated assets under
Puyi Fund's allocation advisory services surpassed RMB 75.1 billion, exhibiting 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.
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