Hywin Holdings (HYW) has released an update.
Hywin Holdings Ltd. reported a sharp decline in revenue for the first half of fiscal year 2024, attributing the downturn to significant challenges in China’s asset management industry and client confidence issues arising from discontinued asset-backed products. Amidst these headwinds, the company is shifting focus to the technology sector, targeting new retail, social e-commerce, and the metaverse, with a potential name change to Santech Holdings Limited pending shareholder approval. Despite this strategic pivot, Hywin anticipates continued reduced operational and revenue scales in the near term.
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