Puyi Announces Signing of First Supplementary Agreement to the Strategic Framework Agreement with White Group and Changes to Its Board and Management

GUANGZHOU, China, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Puyi Inc. (NASDAQ: PUYI) (“Puyi” or the “Company”), a leading third-party wealth management services provider in China, today announces the signing of first supplementary agreement (the “Agreement”) with Singapore White Group Pte. Ltd. (“White Group”) to the framework strategic agreement previously disclosed on February 2, 2024. Pursuant to the Agreement, both parties agree to the following matters:

1. White Group intends to inject assets into Puyi aimed at assisting Puyi in driving its artificial intelligence development and international expansion by setting up new offices in Singapore, Vietnam, Europe, the United States and Hong Kong, allowing Puyi to initiate a new phase of strong growth and achieve the “Highest Performances”.
2. White Group and its partnerships will invest up to US$500 million in Puyi through new share subscriptions.
3. The main objective of both parties is to explore investments in various high-quality assets that can help Puyi drive its efforts in artificial intelligence development and better serve its clients, including:
   1. An AI Humanoid hardware manufacturer with multiple development facilities throughout the world, including China, Japan, the United States, and Europe. It has world-leading, medical-grade AI Humanoid robots that can be applied in various fields such as medical research, home care, and elderly care.
   2. A sports entertainment investment company that holds partnerships with major international sports events in China and globally, and ownership in intellectual properties of several prestigious international sport events in China.

In addition, the directors of the board of Puyi (the “Board”) welcomes Mr. Peh Chin Hua in joining the Board and being appointed as the Chairman of the Board with immediate effect. Mr. Yinan Hu has also been appointed to serve as Vice Chairman and Chief Executive Officer of Puyi. Mr. Ren Yong and Mr. Kong Youjie have resigned from the Board as Chairman and Co-Chairman respectively but will continue to serve as Directors on the Board. Mr. Ren has stepped down from the position of Chief Executive Officer of Puyi with other appointments to follow.