On June 28, 2024, Hywin Holdings announced a major strategic transformation plan to completely exit its wealth management and asset management businesses by terminating its VIE agreements with Hywin Wealth Management. The company will shift its focus to the technology sector, exploring opportunities in new retail, social e-commerce, and metaverse industries through organic growth and strategic partnerships.The company will rebrand as Santech Holdings Limited, with an extraordinary general meeting planned to approve the name change. Mr. Han Hongwei will take ownership of Hywin Wealth Management and continue addressing ongoing client redemption issues.The board-approved transformation is expected to significantly reduce operational scale and revenue in the short term. The company cautions investors about potential risks and uncertainties associated with the restructuring, acknowledging it may not achieve historical profit levels during the transition period.

On June 28, 2024, Hywin Holdings announced a major strategic transformation plan to completely exit its wealth management and asset management businesses by terminating its VIE agreements with Hywin Wealth Management. The company will shift its focus to the technology sector, exploring opportunities in new retail, social e-commerce, and metaverse industries through organic growth and strategic partnerships.The company will rebrand as Santech Holdings Limited, with an extraordinary general meeting planned to approve the name change. Mr. Han Hongwei will take ownership of Hywin Wealth Management and continue addressing ongoing client redemption issues.The board-approved transformation is expected to significantly reduce operational scale and revenue in the short term. The company cautions investors about potential risks and uncertainties associated with the restructuring, acknowledging it may not achieve historical profit levels during the transition period.