Puyi Announces Investment From New Dragon

GUANGZHOU, China, Jan. 16, 2024 (GLOBE NEWSWIRE) — Puyi Inc. (NASDAQ:PUYI) (“Puyi” or the “Company”), a leading third-party wealth management services provider in China, today announced that Puyi and certain shareholders have reached share purchase agreements with New Dragon Group (Far East) Limited (“New Dragon”), an investment management company based in Hong Kong, on January 12, 2024. Pursuant to the agreements, New Dragon will invest approximately US$13 million to subscribe for 4,224,000 ordinary shares of Puyi (the “Subscribed Shares”) at an average price of approximately US$3.13 per ordinary share, or US$4.7 per ADS, equivalent to the average closing price over the 20 trading days prior to the signing date (the “Transaction”). Of the total Subscribed Shares, 2,004,000 ordinary shares will be newly issued by Puyi, and the remaining 2,220,000 ordinary shares will be existing shares from certain shareholders who are not directors or officers of the Company. Upon the completion of the Transaction, New Dragon will hold approximately 1.1% of Puyi’s enlarged outstanding ordinary shares.

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