Highest Performances Holdings Inc
NASDAQ:MAAS
Highest Performances Holdings Inc
Highest Performances Holdings Inc is a CN-based company operating in Capital Markets industry. The company is headquartered in Guangzhou, Guangdong and currently employs 230 full-time employees. The company went IPO on 2019-03-29. Highest Performances Holdings Inc, formerly PUYI INC, is a China-based company primarily provides wealth management services. The firm provides a series of comprehensive financial asset allocation services including wealth management services, asset management services, insurance consulting services, trust consulting services and ancillary services. The firm's corporate finance service business primarily includes financing solutions for corporate borrowers. These programs include product design, funding source identification and compliance and risk management. The firm's asset management business mainly includes managing two funds (FoF) and preparing new FoF and non-performing loan (NPL) funds.
Highest Performances Holdings Inc is a CN-based company operating in Capital Markets industry. The company is headquartered in Guangzhou, Guangdong and currently employs 230 full-time employees. The company went IPO on 2019-03-29. Highest Performances Holdings Inc, formerly PUYI INC, is a China-based company primarily provides wealth management services. The firm provides a series of comprehensive financial asset allocation services including wealth management services, asset management services, insurance consulting services, trust consulting services and ancillary services. The firm's corporate finance service business primarily includes financing solutions for corporate borrowers. These programs include product design, funding source identification and compliance and risk management. The firm's asset management business mainly includes managing two funds (FoF) and preparing new FoF and non-performing loan (NPL) funds.
Revenue Drop: Net revenues fell by 32.6% year-on-year to RMB68.4 million (US$9.9 million), reflecting weak investor sentiment and a tough market environment.
Cost Control: Operating expenses were reduced by 28%, as management focused on efficiency and cost cutting.
Business Mix Shift: Insurance consulting and trust/inheritance services grew sharply, while core wealth management products saw major declines.
Market Environment: Management cited COVID-19 and capital market volatility as key headwinds, but expressed confidence in recovery as China reopens.
Strategic Focus: The company is concentrating on IT upgrades, product innovation, and expanding services for high-net-worth clients and institutional customers.
Outlook: Management expects the domestic wealth management industry to improve in 2023 as the economy rebounds and is targeting stable growth with a focus on core fund distribution and family trust services.
