Zinger Key Points
- Fanhua will cease to directly hold any equity interest in Puyi.
- Get the Real Story Behind Every Major Earnings Report
Puyi Inc PUYI disclosed signing an agreement with Fanhua Inc FANH to repurchase its 4.46% stake.
Concurrently, Puyi entered into a share transfer agreement with Fanhua, as per which Fanhua's subsidiary in China will acquire 15.41% of stake in Fanhua Puyi Fund Sales Co., Ltd. for RMB10.5 million (comprising cash and share repurchase price).
The transaction is projected to close by December 31, 2023.
After deal closure, Fanhua will cease holding any equity interest in Puyi directly and projects the transactions will streamline its ownership structure in Puyi.
As of June 30, PUYI had cash and cash equivalent of $22.3 million.
Price Action: PUYI shares are down 0.51% at $3.90 on the last check Friday.
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