Recently, the issue of the redemption of products of the third-party wealth management company Hywin Wealth has attracted attention. On the evening of December 17, Hywin Wealth officially announced that a special team had been set up to actively coordinate the relevant parties of the project to plan the disposal plan.
In the announcement, Hywin Wealth expressed its gratitude to all investors for their trust and support over the years. Recently, due to the impact of the economic downturn, the project has been delayed, which has caused inconvenience to investors, and we apologize for the inconvenienceAt present, Hywin Wealth has set up a special team to actively coordinate with the relevant parties of the project to plan the disposal plan.
At present, according to the latest regulatory policies and industry guidance, Hywin Wealth has taken the initiative to withdraw and sort out the existing business, and the relevant plans will be given to you before the end of the month, hoping that everyone will not believe or spread rumors.
Looking back on this incident, on December 14, Haiyin Holdings (HYWo) Issued an announcement admitting that some products exploded.
Hywin said there were redemption issues with certain asset-backed products previously distributed by the company. Asset managers of these products are unable to enter into deferred redemption agreements with the relevant clients. While the Company is only acting as a distributor of these asset-backed products, customers are now demanding reimbursement from the Company.
Hywin Holdings said it has set up a special investigation committee comprising members of senior management to oversee internal investigations. The investigation is still at a preliminary stage and additional information on significant developments in the investigation will be released by the Company in a timely manner. Hywin Holdings Alert Risk Alert states that any failure to adequately address these redemption issues could have a material adverse effect on our reputation, customer relationships, business, financial condition and prospects.
According to the data, in 2006, Hywin Wealth was officially established and headquartered in Shanghai. In March 2021, Hywin Wealth became the second third-party wealth management company to be listed in the United States after Noah Wealth through its Cayman Islands-registered company HYWIN Holdings Ltd (Hywin Holdings, not registered in Shanghai, "Hywin Holding Group***" IPO on NASDAQ, ** as "HYW"). The prospectus discloses that it is "the largest provider of real estate fixed income products in China".
According to the data submitted by Hywin Holdings to the US Securities and Exchange Commission in October 2023, as of the end of June 2023, Hywin Wealth had 185 wealth management centers, 1,749 financial planners and 46,627 active customers in 91 cities across the country.
According to the annual report, Hywin Holdings' revenue from July 1, 2022 to June 30, 2023 was 209.2 billion yuan, a year-on-year increase of 771% and net profit of 12 billion yuan, a year-on-year decrease of 4901%。
There was a problem with the redemption of Haiyin's wealth, and the capital market had already reacted. Before the announcement of Hywin Holdings, the company's share price has fallen continuously, from December 8 to December 15, falling for 6 consecutive days, with a total of **6436%；In particular, the decline began to expand on December 13, closing down 4261%, for the next two trading days, respectively**55%。
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