Highest Performances Announces Acquisition of an AI Humanoid Robot Hardware Manufacturer

GUANGZHOU, China, March 28, 2024 (GLOBE NEWSWIRE) -- Highest Performances Holdings Inc. (NASDAQ: HPH) (“HPH” or the “Company”), a leading third-party wealth management services provider in China, today announces that, on March 27, 2024, the Company entered into a second supplementary agreement (the “Supplementary Agreement II”) to the strategic framework agreement previously entered into with Singapore White Group Pte. Ltd. (“White Group”).

Pursuant to the Supplementary Agreement II, the Company will acquire 77.5% of the equity interests in Singapore White Lingjun Pte. Ltd. (“Singapore Lingjun”), a wholly-owned subsidiary of White Group. In exchange, the Company will issue an aggregate of 20,758,929 American Depositary Shares (“ADSs”), equivalent to 31,138,394 ordinary shares of the Company, to White Group. The shares consideration paid by the Company was determined based on the price equivalent to 80% of the average closing price of its ADSs for the 20 trading days preceding the signing date. The Company expects to complete the transaction by the end of June 2024, subject to customary closing conditions. Upon completion of the transaction, the total number of outstanding ordinary shares of the Company is estimated to be 403,685,932, representing 269,123,954 ADSs. White Group is expected to be interested in approximately 7.7% of the Company’s enlarged share capital giving effect to the transaction.

Through its subsidiary, Singapore White Lingjun Pte. Ltd. has been dedicated to developing and manufacturing world-class quality, affordable artificial intelligence (“AI”) Humanoid hardware products with proprietary technology since 2014.

Singapore Lingjun’s Al Humanoid are crafted using advanced medical procedures, such as skin texture simulation technology, to provide hyper-realistic touch and feel. Utilizing high-grade medical silicone for the entire body structure and proprietary tempered materials for skeletal architecture ensures lightweight, deformation resistance, realistic muscle touch, and durability against mold and viruses. The products can be widely applied in various fields, including elderly care, medical school teaching, and assisting individuals with physical disabilities.