China's personal wealth management market is expected to reach 514 trillion yuan, and Puyi has been honored with multiple prestigious awards.

GUANGZHOU, China, Oct. 19, 2023 /PRNewswire/ -- According to the "China Asset Management Market Report (2022-2023)" jointly released by Everbright Wealth Management Company and Boston Consulting Group, the Chinese wealth management market has maintained high-speed growth trajectory over the past six years. As of the end of 2022, the financial assets of Chinese residents have reached 217 trillion yuan. In the next 10 years, the Chinese wealth management industry will remain vigorous development with an anticipated compound annual growth rate of 9%. By 2032, it's projected that the size of China's personal wealth management market will soar to reach 514 trillion yuan. The prospects for the wealth management market in China are promising.

In recent years, Puyi Group has demonstrated consistent and exceptional performance. As a financial service provider specializing in wealth management as its core business, Puyi has garnered recognition from numerous esteemed industry awards. These include four "Golden Shell - Excellent Wealth Management Company" awards, three "Excellent Financial Technology Innovation Wealth Management Institution" awards, two "Comprehensive Strength Wealth Management Institution" awards. These accolades fully demonstrate the company strength in financial technology innovation and consistent performance within a stable and compliant market.

PUYI INC. (NASDAQ: PUYI) announced that the company has achieved numerous honors along its journey. As early as 2016, Puyi Group was honored the "Private Economic Outlook - China's Most Promising Enterprise" award by Economic Observer, which served to validate Puyi Group's development prospects. In 2017, Puyi Group received the "Strict Risk Control Award for Wealth Management" from the China Decision-Makers Financial Research Institute (CFRI), acknowledging the company's exceptional risk control capabilities within the industry. In 2018, Puyi Group was recognized as the "Annual Third-Party Wealth Management Platform" at the Golden Tripod Awards ceremony by Daily Economic News. Furthermore, in 2019 and at subsequent Golden Tripod Awards ceremony hosted by Daily Economic News, Puyi Group consecutively secured accolades such as "Annual Comprehensive Strength Wealth Management Institution," further affirming its strength in wealth management. Despite facing challenges posed by the pandemic, Puyi Group continued to thrive and expand its operations while successfully receiving prestigious awards including the "Excellent Financial Technology Innovation Award" at the Hexun.com China Finance and Economics Influence List and the "Data-Driven Industry Innovation Enterprise Award" at the Sensors Data Star Awards. Additionally, in 2022, it earned recognition as an "Excellent Competitiveness Financial Technology Wealth Management Institution" by China Business News. For three consecutive years, it has been honored with titles as "Excellent Wealth Management Company" at the 21st Century Economic Report Golden Shell Awards.

Puyi Group excels in its robust customer service, resource integration capabilities, and a thriving team culture. As of December 31, 2022, Puyi Group has successfully served an impressive cumulative total of 1.54 million individual clients, with a compound annual growth rate of 63.61% from 2014 to 2022. Furthermore, the cumulative scale of asset allocation service reached 77.6 billion yuan, with a compound annual growth rate of 93.19% the same period.

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.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the third-party wealth management industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company serves and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward‐looking statements to reflect events or circumstances that arise after the date hereof.

SOURCE PUYI