Core Viewpoint - The company, Hywin Holdings Ltd., is undergoing a strategic business transformation, exiting its wealth and asset management businesses, shifting focus to the technology sector, and changing its name to Santech Holdings Limited [1][4]. Group 1: Exit from Wealth and Asset Management - The company will completely exit its wealth management and asset management businesses by terminating the China VIE Agreements with Hywin Wealth Management Co., Ltd. [2] - Following the termination, Hywin Wealth Management will no longer be a consolidated entity and will be owned and controlled by Mr. Han Hongwei, who will continue to address ongoing redemption issues for affected clients [2]. Group 2: New Business Focus in Technology - The company plans to transition into a technology-focused entity, exploring innovative opportunities in sectors such as new retail, social e-commerce, and the metaverse [3]. - The company may pursue growth in the technology sector through organic development of new models or by forming strategic partnerships [3]. - There will be an assessment of remaining assets and operations in health management services, with potential alternatives being considered [3]. Group 3: Change of Company Name - To reflect its new business direction, the company intends to change its name from Hywin Holdings Ltd. to Santech Holdings Limited, with a corresponding Chinese name [4]. - An extraordinary general meeting will be convened to pass a special resolution for the name change [4]. - The board of directors approved the business transformation plan on June 28, 2024 [4].
Hywin Holdings Announces Updates on Strategic Business Transformation Plan