By Ben GlickmanShares of Puyi rose Wednesday after the company announced a share exchange with shareholders of Fanhua. The Chinese wealth-management services company said early Wednesday that it had entered into a share exchange agreement with a group of Fanhua shareholders which includes Chief Executive Yinan Hu and other executive officers and employees. Under the agreement, two shares of Fanhua will be exchanged for one share of Puyi. The deal will result in Fanhua's participating shareholders owning nearly 77% of the company, while Puyi will own 50.1% of Fanhua, becoming its largest shareholder. ADRs of Fanhua, a Chinese financial services company, fell 1.2% Wednesday.

Source: Wall Street Journal December 28, 2023 02:10 UTC