Highest Performances Stock Price, News & Analysis

Highest Performances Holdings Inc. (NASDAQ: HPH) announced that its Puyi Fund's assets under advice reached RMB 24.7 billion as of June 21, 2024, marking a year-on-year growth of 188%. This sharp increase is attributed to the fund's strategic transformation, including product strategy adjustments and digital innovation. Puyi Fund's asset allocation services now span across various types of accounts to balance risk and ensure consistent returns. The company also implemented a comprehensive digital transformation, improving client services and enhancing retention rates to 75% as of June 2024. The fund has attracted significant institutional investments and established partnerships with 117 mutual fund companies, providing access to nearly 11,000 public funds. These initiatives aim to align with shifting investor preferences towards lower-risk assets in the Chinese market.

Highest Performances Holdings (HPH) announced that its subsidiary, Puyi Fund, achieved a portfolio balance of RMB24.7 billion as of June 21, 2024, a year-over-year increase of 188% from June 2023. This growth is attributed to strategic adjustments, digital transformation, and a new family wealth management account system focused on fixed-income and fund portfolio products. HPH encourages a 50%-80% allocation to 'Steady Growth' accounts to minimize risks. Digital transformation efforts, including big data and intelligent systems, have enhanced customer retention and personalized services. Puyi Fund also excelled in its institutional business, partnering with 117 public and 20 private fund managers, thus covering various market strategies.

Highest Performances Holdings (NASDAQ: HPH) reported a 48% revenue decrease to RMB35.6 million (US$5.0 million) for the first half of fiscal 2024, compared to RMB68.4 million in the same period in 2023.

The net loss increased by 5.7% to RMB33.3 million (US$4.7 million). Revenue from wealth management services fell by 43.4%, driven by a decline in both publicly and privately raised fund products.

Despite reduced revenues, HPH achieved significant growth in its institutional business, with transaction value and balances rising by 129% and 456%, respectively. The company also cut management and sales expenses by 40.7%.

The acquisition of Fanhua at the end of December 2023 significantly altered HPH's financial position, though its profits are not included in this period's results.

Looking forward, HPH aims to leverage strategic partnerships for global expansion and digital transformation to drive sustainable growth.

Highest Performances Holdings (NASDAQ: HPH) announced it will release its unaudited financial results for the first half of fiscal year 2024, which ended December 31, 2023, on May 30, 2024.

Senior management will host a bilingual conference call in English and Chinese to discuss the results and business development. The call is scheduled for May 30, 2024, at 9:00 PM U.S. Eastern Time (May 31, 2024, at 9:00 AM Beijing/Hong Kong Time).

Participants are encouraged to pre-register online and join 15 minutes before the call. A live and archived webcast will be available on the company's investor relations website.

Highest Performances Holdings Inc. (NASDAQ: HPH) has increased its shareholding in Fanhua Inc. to 51.1% by acquiring 565,000 American Depositary Shares on Nasdaq. The move showcases confidence in Fanhua's growth potential, with plans to further increase shareholdings due to the stock price undervaluing its long-term value.

Highest Performances Holdings Inc. (NASDAQ: HPH) has signed a third supplementary agreement with White Group to fund Zhongxin International Sports Group Co, for bidding on intellectual property rights of sporting events. HPH will own 26.5% equity in Zhongxin with all profits attributed to HPH. The agreement includes joint investments in major sports events like F1 and International Tennis Federation events.