GUANGZHOU - Highest Performances Holdings Inc. (NASDAQ: HPH), a wealth management service provider in China, disclosed the outcomes of its extraordinary general meeting of shareholders on Tuesday. The assembly resulted in the approval of key corporate changes, including a name change from Puyi Inc. to Highest Performances Holdings Inc., both in English and Chinese.
The shareholders sanctioned the adjustment of the company's authorized share capital structure. The new structure comprises 1,950,000,000 Ordinary Shares and 50,000,000 Preference Shares, both with a nominal value of US$0.001 each. Preference Shares will carry 20 votes per share, substantially increasing their voting power compared to Ordinary Shares.
In addition, the company will no longer be required to hold an annual general meeting, following the amendment of its Articles of Association. These changes are part of a broader strategy to streamline corporate governance and operations.
Concurrent with the name change, the company also announced the change of its ticker symbol from "PUYI" to "HPH." This rebranding aligns with its vision to enhance its market presence and recognition.
Founded in 2010 and listed on Nasdaq in 2019, Highest Performances offers a range of financial services, including wealth management for emerging middle-class and affluent families, support services for financial planners, and diversified services for institutional clients. The company boasts a digital technology platform that facilitates transactions for a vast array of fund products nationwide, as well as proprietary portfolios.
The press release also contained forward-looking statements regarding the company's strategies and market performance, subject to various risks and uncertainties. These statements were not guarantees of future performance and were based on current expectations.
Investors are advised that this information is based on a press release statement and should consider the inherent risks and uncertainties detailed in the company's filings with the U.S. Securities and Exchange Commission, available for review at www.sec.gov. Highest Performances has stated it will not update these forward-looking statements beyond the date of the press release.
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