Highest Performances Holdings Inc. (NASDAQ

HPH) Increases Its Shareholding in Fanhua to 51.1%

GUANGZHOU, China, May 07, 2024 (GLOBE NEWSWIRE) -- Highest Performances Holdings Inc. (NASDAQ: HPH) (“HPH” or the “Company”), today announced that it has increased its shareholding in Fanhua Inc. (“Fanhua”), a leading technology-driven independent financial service provider in China, from 50.1% to 51.1% as of May 6, 2024 by acquiring 565,000 American Depositary Shares of Fanhua on Nasdaq.

Mr. Yinan Hu, Vice Chairman and CEO of HPH commented, “We are pleased to witness the solid progress that Fanhua has made in executing its various strategic initiatives, further bolstering our confidence in its growth potential. Considering that its current stock price does not fully reflect its long-term value, we will continue to increase our shareholdings in Fanhua and will continue to strongly support its development.”

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. Additionally, HPH has signed an agreement to acquire controlling interests in Singapore-based White Lingjun Pte. Ltd.

Highest Performances Holdings Inc., formerly known as Puyi Inc., was renamed on March 13, 2024 to reflect its strategic transformation.

About Fanhua (NASDAQ: FANH)
Established in Guangzhou in 1998 and listed on NASDAQ in 2007 (Nasdaq: FANH), Fanhua is a leading independent financial services provider in China with strong technology capabilities and a commitment to empowering financial advisors and fostering sustained value creation for customers.

Fanhua’s mission revolves around creating an inclusive and collaborative platform for independent financial advisors, as well as various insurance/financial sales organizations, enabling its partners to optimize their practices by offering them end-to-end business solutions spanning compliance, technology, products, services, operations, capital flow, and professional training. Leveraging advanced technology, artificial intelligence, and data-driven insights, Fanhua is at the forefront of revolutionizing financial services delivery, accelerating digital transformation, and driving industry growth.