Employee ReorganizationReorganizing employees under licensed entities to reduce regulatory risks is likely to bring volatility to assets under custody, as evidenced by a modest decline in key client numbers.
Net ProfitNet profit plunged 68% year-on-year and 25% quarter-on-quarter to Rmb100mn, falling below expectations due to weaker insurance distribution.
RevenueRevenue was largely flat quarter-on-quarter but dropped 34% year-on-year, significantly impacted by lower insurance sales revenue both domestically and overseas.