China Hywin Wealth Missed Payments on Asset-Backed Investments, Firm Products Mainly Linked to China Property Sector, Hywin Wealth Has 1,749 Relationship Mangers Across 91 Cities in China, Asset Management Business AUM at $1.2 Billion, Hywin Holding Share Price Decreased -65% in Last 30 Days to $68 Million
20th December 2023 | Hong Kong
China independent wealth management firm Hywin Wealth had missed payments on asset-backed investments, with the firm products mainly linked to China property sector. Hywin Wealth has 1,749 relationship mangers across 91 cities in China, and the asset management business AUM is at $1.2 billion (June 2023). Hywin Holding share price decreased -65% in last 30 days to $68 million (19/12/23). Hywin Holding (14/12/23): “Hywin Holdings Ltd. (“Hywin”, or the “Company”) (NASDAQ: HYW), a leading independent wealth management service provider in China, today announced that redemption issues have been reported on certain asset-backed products previously distributed by the Company. The asset managers of these products were unable to reach an agreement with the relevant clients to defer redemption. While the Company acted only as distributor of these asset-backed products, the clients are now demanding repayment from the Company. Any failure to adequately deal with these redemption issues could materially and adversely affect our reputation, client relationship, business, financial condition and prospects. The Company has formed a special investigation committee comprised of members of senior management to oversee an internal investigation. The investigation is at a preliminary stage. Additional information concerning material developments of the investigation will be released by the Company in a timely manner.”
“ China Hywin Wealth Missed Payments on Asset-Backed Investments, Firm Products Mainly Linked to China Property sector, Hywin Wealth Has 1,749 Relationship Mangers Across 91 Cities in China, Asset Management Business AUM at $1.2 Billion, Hywin Holding Share Price Decreased -65% in Last 30 Days to $68 Million “
Hywin Holding (14/12/23): “Hywin Holdings Ltd. (“Hywin”, or the “Company”) (NASDAQ: HYW), a leading independent wealth management service provider in China, today announced that redemption issues have been reported on certain asset-backed products previously distributed by the Company. The asset managers of these products were unable to reach an agreement with the relevant clients to defer redemption. While the Company acted only as distributor of these asset-backed products, the clients are now demanding repayment from the Company. Any failure to adequately deal with these redemption issues could materially and adversely affect our reputation, client relationship, business, financial condition and prospects. The Company has formed a special investigation committee comprised of members of senior management to oversee an internal investigation. The investigation is at a preliminary stage. Additional information concerning material developments of the investigation will be released by the Company in a timely manner.”
China Hywin Wealth Missed Payments on Asset-Backed Investments
Hywin Financial Holding Group
Hywin Financial Holding Group was established in 1989, headquartered in China’s international financial center – the Lujiazui Finance and Trade Zone in Shanghai. Currently, the Group has over 5,000 staff, manages more than RMB100 billion assets and operates in the United States of America and the United Kingdom. Hywin International is a subsidiary of Hywin Financial Holdings Group Co., Ltd. established in Hong Kong and is the core operating platform for overseas businesses.
About Hywin Holdings Ltd.
Hywin (NASDAQ: HYW) is a leading independent wealth management service provider in China focusing on providing asset allocation advisory services and comprehensive financial products to high-net-worth clients. The Company’s primary services are wealth management, asset management, other comprehensive financial services, and health management services. Wealth management is currently the Company’s largest business segment, in which its onshore and offshore solution platforms serve clients across generations. The Company also offers integrated and high-end health screening and health management services to high-net-worth clients in China, and aims to become a dual-platform serving clients across market cycles and life cycles. For more information, please visit https://ir.hywinwealth.com/.
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