PUYI Fund, a subsidiary of Puyi Inc. (NASDAQ: PUYI), and Ping An Bank Co., Ltd. Have Entered Into Strategic Cooperation Agreement To Explore A New Model of Bank-Enterprise Collaboration

GUANGZHOU, China, Oct. 17, 2023 /PRNewswire/ -- PUYI Fund, a subsidiary of Puyi Inc. ("Puyi" or the "Company") (NASDAQ: PUYI), a renowned asset management company, and Ping An Bank Co., Ltd., a leading financial institution, recently announced that they have formally entered into a strategic cooperation, marking the beginning of a new chapter of all-round, multi-disciplinary, and deep-level cooperation between the two parties, which is of far-reaching significance for their synergistic development.

Under the strategic cooperation framework, Ping An Bank and PUYI Fund will establish a long-term cooperative relationship. In order to safeguard the common interests and promote the common development of both parties, they will actively commit themselves to constructive business co-operation in the field of finance, give full play to their respective industrial strengths, integrate the resources of both parties, pool their synergies, realize bi-directional empowerment, and work hand in hand to push forward the high-quality synergistic development.

According to the strategic cooperation agreement, both parties will engage in business collaboration while adhering to the respective business regulations. The collaboration encompasses various financial services such as wealth management, account system services, fund investment and research services, personal pension investment accounts, personal finance planning and bank financing services. Furthermore, both parties will foster profound cooperation and innovation in customer management, product management, channel management and data management in order to deliver cutting-edge financial products and services.

Both parties will also establish a "Banking and Enterprise Strategic Cooperation Group" to enhance day-to-day communication, actively exploring a new mode of collaboration between banks and enterprises based on mutual benefit. Meanwhile, taking the signing of this strategic cooperation as an opportunity, the two parties will further expand the breadth and depth of their cooperation in the future, jointly meet the diversified financial service needs of customers, continuously improve the benefits of synergistic development, and jointly serve the new pattern of economic development.

About PUYI

Headquartered in Guangzhou, China, Puyi is a leading third-party wealth management service provider in China focusing on affluent and emerging middle class population. Puyi 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 for clients.