GUANGZHOU, China, Nov. 22, 2024 — Highest Performances Holdings Inc. (NASDAQ: HPH) announced it received a Nasdaq notification on November 21, 2024. The notification stated that its American depositary shares (ADSs) had closed below the US$1.00 minimum bid price for 35 consecutive business days, as per Nasdaq Listing Rule 5450(a)(1). This notification doesn’t immediately affect HPH’s listing or trading on the Nasdaq Global Market.

Nasdaq Listing Rule 5810(c)(3)(A) grants HPH a 180-calendar-day compliance period, until May 20, 2025, to regain compliance. If the ADS closing bid price reaches or exceeds US$1.00 per share for ten consecutive business days within this period, Nasdaq will confirm compliance, and the matter will be concluded.

Failing to achieve compliance by May 20, 2025, HPH might qualify for an additional 180-day period, pending Nasdaq’s assessment, provided it meets market value and other initial listing requirements (excluding the minimum bid price). This would require HPH to submit a written plan to rectify the deficiency during the second period, potentially involving a reverse stock split.

The Nasdaq notification won’t impact HPH’s operations; the company will pursue all reasonable steps to regain compliance.

About HPH

Established in 2010 (formerly Puyi Inc.), HPH aims to be a leading provider of intelligent, technology-driven services for families and businesses. Its mission is to improve global family quality of life through technology and investments, concentrating on asset allocation, education, healthcare, elderly care, and family governance. HPH holds controlling stakes in two major Chinese financial service providers: AIX Inc. (a Nasdaq-listed technology-driven platform) and Puyi Fund Distribution Co., Ltd. (an independent wealth management firm). The company was renamed from Puyi Inc. on March 13, 2024, reflecting its strategic shift.

Forward-looking Statements

This release contains forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995). These statements involve plans, objectives, strategies, future events or performance, and underlying assumptions, and are not historical facts. Words like “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” and “estimate,” unless referring solely to historical matters, denote forward-looking statements. Such statements aren’t guarantees and involve risks and uncertainties that could significantly alter actual results. These uncertainties include HPH’s ability to secure Agreement proceeds; its goals and strategies; future business development; product/service demand; technological shifts; economic conditions; growth of China’s third-party wealth management sector; reputation; competition; government regulations; economic fluctuations in China and international markets; and other risks detailed in HPH’s SEC filings. Investors should not over-rely on these statements. Additional details are available in HPH’s SEC filings at www.sec.gov. HPH disclaims any obligation to update these statements.

CONTACT: For more information, please contact:

Highest Performances Holdings Inc.
Tel: +86-20-28866499
Email: ir@puyiwm.com
Highest Performances Holdings Inc.

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