Artificial Intelligence

CloudMD Announces Closing of IDYA4 Acquisition and North American roll out of Substance Use Disorder Platform to Address Growing Addiction Crisis

Published

3 years ago

March 23, 2021

The COVID-19 pandemic has resulted in a significant increase in substance use across North America
IDYA4’s Real Time Intervention Platform for Substance Use Disorder is used across 38 states in the United States
The platform shares information within the bounds of policies and laws like The Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), and the Criminal Justice Information Sharing (“CJIS Policy”) to view individual’s historical data to help them get the right treatment
Provides real time analysis on the needs of the individuals to ensure successful rehabilitation
The platform enables access to healthcare data for the successful treatment and rehabilitation in compliance with the Office of the National Coordinator for Health Information Technology’s (“ONC”) interoperability rule
CloudMD is focused on expanding the platform further across the United States and in Canada

VANCOUVER, British Columbia, March 23, 2021 (GLOBE NEWSWIRE) — CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a healthcare technology company revolutionizing the delivery of care, is pleased to announce that it has closed the acquisition of IDYA4, a leading health technology company focused on data interoperability and cybersecurity based in the United States.

Built on over 20 years of experience, the IDYA4 team has been at the forefront of the development of information sharing and interoperability solutions across all 50 states for clients including the US Department of Justice, the US Department of Homeland Security, US Health and Human Services, and National Intelligence.

IDYA4 is the technology backbone of CloudMD’s integration of its healthcare solutions providing one, digitally connected, patient-focused platform. Initial stages of the integration are well underway and IDYA4 is already integrated with Snapclarity, Livecare and iMD Health. The Company will be deploying a fully unified product offering to partners and enterprise clients within the next few months. The combined technology will also be valuable as CloudMD continues to emphasize patient engagement through connected technology, healthcare portals, telehealth applications, and wearable devices.

Real Time Intervention Platform for Substance Use Disorder

Upon closing of the acquisition, the Company can now focus on the continued expansion of IDYA4’s Real Time Intervention Platform (“RTIP”) for Substance Use Disorder (“SUD”) across North America to help and support the growing addiction crisis.

The COVID-19 pandemic has affected communities across North America and the number of Substance Use Disorders is on a rise resulting in fatal overdoses. Over 81,000 drug overdose deaths occurred in the United States in the 12 months ending in May 2020, the highest number of overdose deaths ever recorded in a 12-month period according to recent provisional data from the Centers for Disease Control and Prevention (“CDC”)¹. Canada is facing similar challenges where between April and June 2020, there were over 1,628 opioid toxicity-related deaths, resulting in a startling 54% increase from the year before. Nearly 97% of these deaths were found to be accidental².

In mid-August 2020, the CDC revealed the results of a survey conducted in late June 2020 that opens a window into just how serious the psychological and emotional impact of the Coronavirus pandemic is for Americans. The survey shows that reports of anxiety disorder symptoms were about three times those reported in the second quarter of 2019 (25.5% versus 8.1%), and depressive disorder was about four times that reported in Q2 2019 (24.3% versus 6.5%). CDC also said 13.3% of respondents reported starting or increasing substance abuse (including drugs and alcohol). In addition, more than twice as many respondents reported serious consideration of suicide in the previous 30 days than did adults in the US in 2018, referring to the previous 12 months (10.7% versus 4.3%).

The RTIP for SUD is an innovative, health data integration and security technology solution leveraging various information sharing standards and is already operational across 38 states and local agencies to address the opioids crisis. Some of these agencies include Bergen County Prosecutors Office, New Jersey, Passaic County Prosecutors Office New Jersey, and the Executive office Public Safety and Security at Commonwealth of Massachusetts.

These state level agencies have received funding from the US Department of Justice, CDC, Center for Medicaid Services (“CMS”) and the Office of the National Coordinator for Health Information Technology (“ONC”) to implement RTIP in keeping their communities healthier and safer. The Company plans on expanding and scaling the platform further across the United States and in Canada.

RTIP for SUD enables broader collaboration among behavioral health, human services, and justice professionals to share information within the bounds of policies and laws like The Health Insurance Portability and Accountability Act of 1996 (HIPAA), Criminal Justice Information Sharing and the ONC’s Interoperability Rule to enable access to patient health data and to view individual’s historical data to help them get the right treatment and services for successful rehabilitation process. The platform provides real time analysis on the needs of the individuals to ensure successful rehabilitation.

Dr. Amit Mathur, President of CloudMD, “We are very excited to close the acquisition of IDYA4 as it provides us with the technology backbone for our integrated health services platform which connects all our healthtech solutions into one seamless experience. Equally exciting is our ability to scale across North America with programs like the Substance Use Disorder platform and already established partnerships at the highest level of Government agencies. We will use the RTIP platform to provide similar solutions in Canada to assist in addressing the enormous issue of opioid and substance use made even worse as a result of the COVID-19 pandemic.”

IDYA4 generated approximately US$4.4 million in revenues with earnings before interest, taxes, depreciation and amortization (“EBITDA”) margins exceeding 31% over the 12-month period ending December 31, 2020. Since announcing the binding agreement in December 2020, IDYA4 has launched a number of national programs and closed various new contracts that will generate US$1.5 million.

From IDYA4’s currently commercialized products, the Company expects IDYA4 to achieve an annual pro forma revenue growth rate greater than 45%, calculated based on expected revenue from currently committed and high probability contracts forecasted to generate annual gross revenue greater than US$6 million and US$8.5 million in calendar years 2021 and 2022, respectively. A total of 30 per cent of the total consideration for the acquisition amounting to $4.44-million (U.S.) is based on two performance-based earnouts, 15 per cent each, that are contingent on meeting these forecasted revenue targets.

Terms of Agreement

In consideration for the purchase of 100% of the issued and outstanding IDYA4 securities, CloudMD has paid US$14.8 million as follows: (i) US$3.7 million in cash, subject to a working capital adjustment; (ii) US$6.66 million in common shares of the Company; and (iii) a performance based earnout. See press release dated December 17, 2020 for full terms.

About IDYA4

IDYA4 is a health data integration and a data security company working to transform businesses through improved data management, security and integration, as well as protection against today’s ever-changing cyber threats. IDYA4 works to achieve the best possible outcomes for its clients while striving to build safer and healthier communities worldwide. For more information visit www.IDYA4.com

About CloudMD Software & Services

CloudMD is digitizing the delivery of healthcare by providing a patient centric approach, with an emphasis on continuity of care. The Company offers SaaS-based health technology solutions to healthcare providers across North America and has developed proprietary technology that delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, educational resources and artificial intelligence (AI). CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and 8 million patient charts across North America. CloudMD’s Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers. For more information visit: www.cloudmd.ca.

ON BEHALF OF THE BOARD OF DIRECTORS

“Dr. Essam Hamza, MD”
Chief Executive Officer

FOR ADDITIONAL INFORMATION CONTACT:

Julia Becker
VP, Investor Relations
[email protected]

Forward Looking Statements

This news release contains forward-looking statements that are based on CloudMD’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to its business plans. Although CloudMD believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and CloudMD undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.

Non-GAAP and Non-IFRS Measures

This press release refers to “EBITDA” and “EBITDA margins” which are non-GAAP and non-IFRS financial measures that do not have a standardized meaning prescribed by GAAP or IFRS. The Company’s presentation of these financial measures may not be comparable to similarly titled measures used by other companies. These financial measures are intended to provide additional information to investors concerning the Company’s and IDYA4’s performance. EBITDA is defined as earnings before interest, taxes, depreciation and amortization and EBITDA margins is defined as EBITDA as a percent of total revenue. EBITDA and EBITDA margins are Non-IFRS measures the Company uses as an indicator of financial health and excludes several items which may be useful in the consideration of the financial condition of the Company and IDYA4, as applicable, including interest expense, income taxes, depreciation, and amortization.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

__________________

¹ https://www.cdc.gov/media/releases/2020/p1218-overdose-deaths-covid-19.html
² https://thefulcrum.ca/features/the-epidemic-within-a-pandemic-opioid-overdoses-continue-to-make-an-impact-during-covid-19/

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Artificial Intelligence

Asia Mobiliti Applauded by Frost & Sullivan for Powering Intelligent Urban Mobility and Offering Customer Value with Its MaaS Solutions

Published

56 mins ago

June 26, 2024

CISION (PR Newswire)

asia-mobiliti-applauded-by-frost-&-sullivan-for-powering-intelligent-urban-mobility-and-offering-customer-value-with-its-maas-solutions

Asia Mobiliti’s efficient, sustainable, and interconnected mobility solutions improve user experience, reduce congestion and environmental impact, and reshape urban spaces.
SAN ANTONIO, June 26, 2024 /PRNewswire/ — Frost & Sullivan recently researched the mobility-as-a-service (MaaS) industry and, based on its analysis, recognizes Asia Mobiliti with the 2024 Asia-Pacific (APAC) Customer Value Leadership Award. As a pioneering start-up, the company has dedicated itself to reshaping urban mobility by actively developing innovative data products. It specializes in designing, engineering, and operating a cutting-edge data platform aimed at powering intelligent urban mobility. The platform seamlessly connects fleet operators, transport providers, transit authorities, and end users through a data-driven approach. The company’s comprehensive suite of products and services include:

Internet of Things (IoT) and Machine Learning powered digital city solutionsMaaS technologiesDemand-Responsive Transit systemsMobility data servicesAsia Mobiliti’s unique mobility platform integrates IoT and telematics with journey planning, enabling it to lead transport digitalization. The company catalyzes innovative data-driven and artificial intelligence solutions for the transit and mobility ecosystem, facilitating the widespread adoption of MaaS across emerging markets. Asia Mobiliti is at the forefront of revolutionizing intelligent urban mobility, offering diverse products and services. The company’s connected vehicle systems provide real-time tracking and monitoring capabilities for vehicles and fleets. These systems have analytics tools that optimize routes, enhance fuel efficiency, and improve fleet performance. Asia Mobiliti places a significant emphasis on mobility data services, utilizing the power of data to offer valuable insights for informed decision-making processes. Over the long term, it envisions reducing congestion, reducing environmental impact, and reshaping urban spaces while replacing spaces traditionally reserved for parking and traffic with more sustainable, natural living spaces.
Ming Lih Chan, industry principal for Frost & Sullivan’s mobility practice, observed, “Asia Mobiliti disrupts the traditional transportation system model and promotes the development of public travel needs. Its MaaS integrates multiple transportation modes and combines private and public modes of transport with demand-responsive services, which sustainably meets the different needs of the public.”
Asia Mobiliti’s Trek Rides and Trek App solutions represent a paradigm shift in urban mobility. Trek Rides, an on-demand transit service, efficiently fills the first-mile/last-mile gaps by merging the convenience of ride-hailing with the dedicated supply of public transport. This reduces traffic congestion, lowers travel costs, and facilitates the shift towards net-zero emission goals. Trek’s MaaS engine employs advanced algorithms for comprehensive multimodal journey planning, ensuring the seamless integration of various transportation modes. Additionally, Trek API facilitates integration with 3rd-party systems and super apps. Asia Mobiliti’s unique selling proposition lies in its compelling price/performance value within the highly competitive mobility services landscape, granting it a distinctive competitive edge in effectively addressing a broad spectrum of client needs.
“Asia Mobiliti underlines its supremacy in the MaaS sector through its strategic commitment to collaboration and customization. The company is a pivotal partner for governments, transit authorities, and large clients, offering a user-friendly platform backed by cutting-edge technology. Asia Mobiliti earns recognition as the best-in-class provider in the dynamic MaaS landscape for its operational efficiency, consistent revenue growth, and forward-looking expansion strategy,” added Norazah Bachok, best practices research analyst at Frost & Sullivan. As a cost-effective and innovative market player, the company solidifies its position by delivering exceptional client value.
Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in implementing strategies that proactively create value for customers with a focus on improving the return on the investment that customers make in its services or products. The award recognizes the company’s unique focus on augmenting the value that its customers receive, beyond simply good customer service, leading to improved customer retention and customer base expansion.
Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact us: Start the discussion.
Contact:
Tarini SinghP: +91 9953764546E: [email protected]
About Asia MobilitiFounded in 2018 and based in Kuala Lumpur, Malaysia, Asia Mobiliti is an award-winning, Malaysia Digital status company providing a Mobility-as-a-Service (MaaS) platform and digital city solutions designed and engineered for the developing world. We adopt a technology platform approach with a core software-defined engine that is capable of spawning innovative mobility solutions that encompass Internet of Things (IoT)-enabled advanced telematics, machine learning-based mobility-as-a-service technology, as well as a wide variety of transit technologies, such as demand-responsive transit, transport service analytics, condition monitoring for rail and road and account-based ticketing and payments.
For more information, visit asiamobiliti.com or email [email protected]
Photo – https://mma.prnewswire.com/media/2447280/Frost_and_Sullivan_2024_Asia_Mobiliti_Award_.jpg

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Artificial Intelligence

More than 150,000 money laundering accounts detected in APAC

Published

5 hours ago

June 26, 2024

CISION (PR Newswire)

Region sees 108% increase in voice scams as fraudsters continue shift to mobile
MELBOURNE, Australia and MUMBAI, India, June 25, 2024 /PRNewswire/ — A new financial crime report out today details how criminal organizations in the APAC region now outsource the laundering of money stolen via scams to international syndicates specializing in this cleaning. BioCatch identified and helped APAC banks shut down more than 150,000 money mule accounts in 2023 and estimates exponentially more such accounts in use across the region.

“Where there are scams, there are mules,” BioCatch Director of Global Fraud Intelligence Tom Peacock said. “Criminal organizations use these mule accounts as intermediate stops between the victim’s bank account and the final account from which they plan to withdraw their stolen money. The mules we’ve identified almost certainly represent a tiny fraction of those actively laundering money in the region, with more cropping up every day. Financial institutions in APAC and around the world must do more to identify these mules, hamper their ability to open new accounts, and identify those legitimate accounts money launderers succeed in turning from good to bad.”
In this latest edition of its Digital Banking Fraud Trends in APAC report, BioCatch – which identifies and prevents fraud and financial crime in real time by analyzing as many as 3,000 different physical behavior patterns (mouse movements and typing speed, for example) and cognitive signals (hesitation, segmented typing, etc.) in search of anomalies – points to mobile malware as the greatest threat to banks in Southeast Asia in 2024.
“Whether through SMS-mining or illegal loan apps, we’ve seen an explosion in Android-based malware in the region,” Peacock said. “Malware developers continue to innovate, circumventing bank and Google Play Store defenses to harvest what they need from mobile devices to access digital banking accounts and then transfer away the victim’s funds to a money mule.”
There is reason for hope in fighting fraud in APAC, however. In Australia, the number of reported scam cases grew by 13% in 2023, but scam losses declined by $90 million.
“Nine out of the 10 largest Australian banks employ BioCatch solutions to protect their customers from fraud and financial crime by analyzing the behavior of the user behind every online banking session,” BioCatch APAC Vice President Richard Booth said. “Already in 2024, we see massive progress: Money lost to fraud in the country declined by 48% in the first quarter of this year compared to Q1 of 2023. It’s difficult to reach any conclusion other than that BioCatch has left Australian digital-banking customers far safer from fraud than they were before.”
Other key findings:
No desktop or laptop needed: BioCatch found as much as 70% of all reported frauds in APAC originated from mobile apps in 2023, an increase of 17% from the year before.Scams are everywhere: Across the region, the number of reported voice scams increased by 108% in 2023.Australia bucking all trends: In addition to seeing fraud losses actually decline, the nation also saw fewer fraud cases involving malware or Remote Administration Tools (RATs) in 2023 than it did in 2022.Click here to access BioCatch’s complete 2024 Digital Banking Fraud Trends in APAC report.
About BioCatch:BioCatch stands at the forefront of digital fraud detection, pioneering behavioral biometric intelligence grounded in advanced cognitive science and machine learning. BioCatch analyzes thousands of user interactions to support a digital banking environment where identity, trust, and ease coexist. Today, more than 30 of the world’s largest 100 banks and 196 total financial institutions rely on BioCatch Connect™ to combat fraud, facilitate digital transformation, and grow customer relationships. BioCatch’s Client Innovation Board – an industry-led initiative featuring American Express, Barclays, Citi Ventures, HSBC, and National Australia Bank – collaborates to pioneer creative and innovative ways to leverage customer relationships for fraud prevention. With more than a decade of data analysis, 92 registered patents, and unmatched expertise, BioCatch continues to lead innovation to address future challenges. For more information, please visit www.biocatch.com.
Media contact:Jay [email protected]
Logo – https://mma.prnewswire.com/media/1843699/biocatch_logo_rgb_2x_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/more-than-150-000-money-laundering-accounts-detected-in-apac-302181474.html

Artificial Intelligence

Puyi Fund, Managed by Highest Performances Holdings Inc., Surpasses RMB 24.0 Billion in Assets under Advice, Showing Promising Start to Strategic Transformation

Published

9 hours ago

June 25, 2024

CISION (PR Newswire)

GUANGZHOU, China, June 25, 2024 /PRNewswire/ — Highest Performances Holdings Inc. (“HPH” or the Group, NASDAQ: HPH), announces that its Puyi Fund’s assets under advice for its asset allocation services reached RMB 24.7 billion as of June 21, 2024, reflecting a remarkable year-on-year growth of 188%. This substantial increase in scale showcases significant growth for the fund.

This accomplishment is primarily attributed to the Puyi Fund’s service philosophy, “long-term commitment to clients and clients’ long-term benefits,” introduced in 2023, as well as the ongoing efforts of the Company in adjusting its product strategy and embracing digital transformation. On one hand, the Company implemented a comprehensive family wealth management account system, redirecting its flagship products towards fixed-income funds and fund portfolios to enhance clients’ perception of wealth acquisition. On the other hand, the Company has elevated its overall service standard through digital transformation, greatly improving the client’s investment experience.
Transforming Product Strategy to Maximize Client Returns
In relation to product strategy transformation, Puyi Fund offers investors a comprehensive solution for managing their family wealth through a scientific approach. This solution guides investors in allocating their investment assets across three types of accounts: Flexible Withdrawal Accounts, Stable Appreciation Accounts, and High-Yield Pursuit Accounts. By considering various market conditions and cycles, investors can make informed decisions on how to distribute their funds among these accounts through a scientific approach for achieving risk mitigation, consistent asset growth, and long-term sustainable investment returns.
Taking into account the prevailing market conditions in China, Puyi Fund advises investors to allocate 25% to 90% of their funds to Stable Appreciation Accounts, depending on their risk tolerance. These accounts primarily involve investing in fixed-income funds, providing investors with consistent and reliable expected returns. By employing the stable appreciation strategy, Puyi Fund aims to restore investors’ confidence in the market, leading to increased trust and recognition. Consequently, Puyi Fund has experienced a period of rapid growth and positive development.
An analysis of data from the Chinese mutual fund market highlights the alignment of Puyi Fund’s client-centric product strategy transformation with market demands. According to Wind data, the market value of the Chinese mutual fund market stood at RMB 25.45 trillion at the end of 2021. By the end of May 2024, this amount grew to RMB 29.09 trillion, representing an increase of RMB 3.64 trillion or 14.30%. The value of equity and hybrid funds, however, experienced a decline from RMB 8.54 trillion to RMB 6.34 trillion, marking a decrease of RMB 2.21 trillion. In contrast, bond funds and money market funds collectively witnessed a significant increase of RMB 5.69 trillion. These market trends suggest that Chinese fund investors are shifting their risk preferences towards lower-risk and higher-certainty assets. Puyi Fund’s strategic transformation is well-positioned to take advantage of this evolving trend.
Enhancing Digital Service Innovation with a Focus on Client Service
In its digital transformation efforts, Puyi Fund places a strong emphasis on “client-centricity” and “service excellence”. By harnessing the power of big data, algorithm mining, and the Sensor Intelligent System, Puyi Fund establishes personalized service scenarios tailored to the unique needs of thousands of individuals. Through meticulous operations that cover the full client lifecycle, Puyi Fund offers full-scope online transactions for both public and private fund clients, establishing a distinctive digital competitive advantage. As of June 2024, the year-to-date client retention rate for fund advisory services stands at 75%, significantly enhancing the likelihood of investment profitability and returns for clients. This success enables clients to truly appreciate the value of advisory services and the time invested in their investments.
Furthermore, Puyi Fund has made continuous advancements in its intelligent client service system, leveraging digital platforms to offer investors comprehensive and efficient services. As of June 2024, the intelligent client service has catered to the needs of approximately 250,000 investors, providing 7*24 services, with a problem resolution rate surpassing 90%. Moreover, Puyi Fund complements intelligent client service with human support, resulting in a client satisfaction rate of 99%. This approach guarantees that investors receive timely and effective assistance whenever required.
Optimizing Trust-Based Communication Channels with Clients
Puyi Fund’s capability to swiftly establish client trust is attributable to its distinctive offline service channels. Unlike other third-party fund sales institutions that heavily rely on online platforms, Puyi Fund provides face-to-face, one-on-one services through offline channels. This approach is especially valuable in navigating complex investment environments, effectively calming investor emotions, enabling them to stay composed and gain a proper understanding of products, ultimately making well-informed investment decisions. Since 2024, Puyi Fund’s research and advisory team has released 28 specialized research reports and organized 19 online client exchanges, along with 35 offline client events, in response to market dynamics and client needs. These initiatives have effectively addressed investors’ concerns and enhanced their confidence.
It is worth mentioning that Puyi Fund’s institutional business has experienced remarkable growth this year, particularly in attracting clients from prominent financial institutions including banks, wealth management subsidiaries, and insurance companies. To cater specifically to institutional investors, Puyi Fund has developed an intelligent over-the-counter fund trading system called “Web-based Institution Master system”. This system provides institutional investors with a wide range of product portfolios, a comprehensive investment research system, and personalized trading experiences. As a result, it comprehensively improves the service quality and efficiency for institutional clients.
As of June 21, Puyi Fund established partnerships with 117 mutual fund companies, including the top 20 fund managers in terms of size, providing access to nearly 11,000 public funds and implementing over 20 customized advisory strategies. In the private fund sector, Puyi Fund has selected over 30 fund managers from the entire market. Of these, 38% manage assets over RMB 10 billion, while 29% manage assets between RMB 5 billion and RMB 10 billion. This selection covers a wide range of mainstream strategy products in the market, catering to the allocation needs of various types of investors.
It is reported that Puyi Fund, an independent third-party fund sales institution holding a fund sales business license issued by the China Securities Regulatory Commission, operates as a subsidiary of Highest Performances Holdings Inc. (NASDAQ: HPH). Embracing the concept of buyer advisor, Puyi Fund is dedicated to delivering comprehensive family financial asset allocation services to individual investors and diversified financial services to institutional investors through its financial technology service platform. With exceptional resource integration capabilities, professional research expertise, and high-quality client service, Puyi Fund strives to cultivate long-term partnerships with clients, catering to their personalized asset allocation needs in various scenarios while assisting a broader range of investors in achieving sustainable long-term returns. As of December 31, 2023, the accumulated assets under Puyi Fund’s allocation advisory services surpassed RMB 75.1 billion, exhibiting a compound annual growth rate of 128.8% from 2015 to 2023.
About Highest Performances Holdings Inc. (NASDAQ: HPH)
HPH was founded in 2010 with the aim of becoming a top provider of smart home and enterprise services. Its mission is to improve the quality of life for families worldwide, focusing on two main driving forces: “technological intelligence” and “capital investments.”HPH has a global strategic perspective and identifies high-quality enterprises with global potential for investment and operations. Its areas of focus include asset allocation, education and study tours, cultural tours, sports events, healthcare and elderly care and family governance.
HPH currently holds controlling interests in two leading financial service providers in China, namely Fanhua Inc., a technology-driven platform, and Fanhua Puyi Fund Distribution Co., Ltd., an independent wealth management service provider.
Highest Performances Holdings Inc., formerly known as Puyi Inc., was renamed on March 13, 2024 to reflect its strategic transformation.

View original content:https://www.prnewswire.co.uk/news-releases/puyi-fund-managed-by-highest-performances-holdings-inc-surpasses-rmb-24-0-billion-in-assets-under-advice-showing-promising-start-to-strategic-transformation-302181854.html