On December 17, Hywin Wealth, a third-party wealth management company, issued an announcement through its official WeChat, saying that the recent delay in the project has caused investors and apologizes. At present, Hywin Wealth has set up a special team to actively coordinate with the relevant parties of the project to plan the disposal plan. According to the latest regulatory policies and industry guidance, Hywin Wealth took the initiative to withdraw and sort out the existing business, and the relevant plan will be given before the end of the month, I hope you don't believe rumors or spread rumors.
Screenshot of Hywin Fortune's WeChat*** announcement.
It is understood that the "active withdrawal and sorting out the existing business" mentioned by Hywin Wealth refers to the benign withdrawal of non-standard fixed income business, and these non-standardized debt products have been filed on the Gold Exchange.
It is worth noting that recently, Haiyin Holdings (HYWo) Admit that some products have exploded.
On December 14, Hywin Holdings issued an announcement sayingThere 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 reminded the risk and said, ".Any failure to adequately address these redemption issues could have a material adverse effect on our reputation, customer relationships, business, financial condition and prospects
On December 15, Hywin Holdings issued a "Letter to Customers", signed by Han Hongwei, Chairman of Hywin Holdings, saying that it would "safeguard the interests of customers and employees and be resolutely responsible to the end".
According to public information, in 2006, Hywin Wealth Management was formally established and headquartered in Shanghai. In March 2021, Hywin Wealth, through its Cayman Islands-registered company Hywin Holdings Ltd (Hywin Holdings, non-Shanghai-registered "Hywin Holding Group***", IPO on NASDAQ** for "HYW", becoming the second third-party wealth management company to go public in the United States after Noah Wealth.
According to the prospectus, Hywin Wealth is "the largest provider of real estate fixed income products in China", and "the products provided invest in real estate projects of well-known large-scale developers such as Evergrande and Sunac with good credit ratings, with a term of 6-36 months." According to the prospectus, Hywin Wealth is the third largest third-party wealth management institution in China and the first in terms of growth rate among the top five third-party wealth management institutions.
In October 2023, Hywin Wealth filed a Form 20-F** with the Securities and Exchange Commission (SEC), showing that 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 FY2023 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%。
As of December 15, Hywin Holdings closed at 2$37, down 1444%, with a market capitalization of $66.36 million. Since December 1, the company's stock price has accumulated **6585%。
The A-share listed company Rock Shares (600696) associated with it has also seen a significant increase in the near future. According to the data, Han Hongwei, chairman of Haiyin Holdings, and Han Xiao, the actual controller of Rock Shares, have a father-son relationship.
According to the 2023 Hurun Report, Han Hongwei and Han Xiao's father and son have a wealth of 6 billion yuan, ranking 1008th, and are considered to be the "richest man" in Yongcheng, Henan.
Screenshot of the 2023 Hurun Report.
Shenzhen Business Daily Reading Client Reporter Li Gengguang.
Editor: Xin Jiayi, Editor-in-charge: Li Gengguang, Proofreader: Tan Lugang.
Executive Producer: Li Zhiyong.
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