Hywin Holdings Reports Growth in Wealth Clients and Revenues
Hywin Holdings, a China-based firm listed on the US Nasdaq, has announced an increase in its wealth management client numbers and revenues, reflecting its continued expansion in the financial and health management sectors.
According to the company's recent report, the number of wealth management clients has risen by 8.2% to 152,607 as of June 30 compared to the previous year. For the financial year ending on June 30, revenues also saw a significant increase of 7.7%, reaching RMB 2.091 billion ($301.3 million) year-over-year.
However, for the first six months of the year, revenues experienced a slight dip of 0.5%, totaling RMB 1.055 billion, according to the firm.
Hywin Holdings has emerged as one of China's prominent players in the wealth management sector. Notably, the company has ventured into the health management arena, recognizing the interconnectedness of financial and health aspects in clients' lives and aiming to capitalize on this synergy.
Within its Hywin Health division, the number of clients has grown by 8.2%, reaching 152,607 as of June 30, 2023, compared to 141,058 the previous year. Furthermore, the number of active clients has increased by 6.5%, totalling 46,627 for the 2023 financial year, up from 43,764 in the same period in 2022.
Last year, in a move to expand its presence in the health management sector, Hywin acquired a controlling stake in Life Infinity. This strategic decision aligns with the company's efforts to tap into the growing health management market in China.
Hywin Holdings also launched the FactSet Hywin Global Health Care Index in the previous year, signaling its commitment to exploring opportunities at the intersection of finance and healthcare.