Puyi Inc (NASDAQ:PUYI) Q4 2019 Earnings Conference Call - Final Transcript

Mar 26, 2020 • 09:00 pm ET

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Puyi Inc (NASDAQ:PUYI) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, welcome to Puyi's Incorporated First Half of the fiscal year 2020 Earnings Conference Call. Thank you for joining us in [Indecipherable] time. [Operator Instructions] After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] For your information, this conference call is now being broadcasted live over the Internet, please visit Puyi's IR website at ir.puyiwm.com under the webcast into that section. [Operator Instructions]

I'd like to turn the meeting over to your first speaker today Ms. Jing He, Puyi's General Manager of Financial Reporting Department. Thank you. Please go ahead.

Executive
Jing He

Thanks, operator. Good evening, welcome to our first half of the fiscal year 2020 earnings conference call. Before we continue, please note that the discussion today will contain forward-looking statements made under the Safe Harbor provision of the United Private Security Litigation Reform Act of 1995. The accuracy of this statement may be impacted by a number of business risk and uncertainties that could cause our actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but not limited too those outlined in our filings with the SEC. We do not take any obligation to update this forward-looking information except as require under applicable law.

Joining us today are; our Chairman of the Board, Mr. Haifeng Yu; Chief Executive Officer, Mr. Yong Ren; and Chief Financial Officer, Mr. Anlin Hu. Mr. Ren will walk you through our financial results of our first half of fiscal year 2020 and he together with Mr. Yu; Mr. Hu will take your questions after the prepared remarks.

Now, I will turn the call over to Mr. Ren.

Executive
Ren Yong

[Foreign Speech]

Good evening, everyone. Thank you for joining us today on today's conference call. Today is my first time hosting this conference call, I'm very grateful. And here with me, we have our Chairman of the Board, Mr. Haifeng Yu; and Chief Financial Officer, Mr. Anlin Hu.

First of all, we will begin today's call with overview of our first half of the fiscal year 2020's financial results, and our business development. And followed by a brief discussion of our business outlook for the full-year. We will have a Q&A section after this report.

[Foreign Speech]

Please note that, the amount below is in RMB unless otherwise specified. Firstly, we'll elaborate that the current wealth management market. With the full implementation of the 2018 guidelines, the focus of wealth management market in China has fully turning to standard market-oriented wealth management products and non-standard fixed income products gradually fade out of the market. At the same time, with the increase of the income of China's mass affluent and emerging middle class population, their demand for household asset allocation has become more urgent. To closely comply with this industry trend, we review the market situation and actively optimize our product portfolio and market strategies.

[Foreign Speech]

Secondly, as we review our business strategy. On the products, the price side we focus more on the distribution of standard market-oriented