Puyi Inc (NASDAQ:PUYI) Q4 2020 Earnings Conference Call - Final Transcript

Sep 28, 2020 • 09:00 pm ET


Puyi Inc (NASDAQ:PUYI) Q4 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to Puyi Inc.'s Fiscal Year 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. Following the management's prepared remarks, there will be some time for a question-and-answer session. For your information, today's conference is being recorded. This conference call is also being broadcasted live over the Internet and will be available for replay purposes on the company's website.

I'd now like to hand the meeting over to your first speaker today, Ms. Jing He, who is General Manager of Financial Reporting Department. Thank you and please go ahead.

Jing He

Thanks operator. Good evening. Welcome to our earnings conference call for the fiscal year 2020. Our Annual Report on Form 20-F has been uploaded to US Security and Exchange Commission earlier today and is also available on our IR website.

Before we continue, please note that the discussion today will contain forward-looking statements under the Safe Harbor Provision of the United States Private Security Litigation Reform Act of 1995. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause our actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but not limited to those outlined in our filings with the SEC including our 20-F. We do not undertake any obligation to update this forward-looking information except as required under applicable law.

Joining us today are our Chief Executive Officer, Mr. Yong Ren and Chief Financial Officer, Mr. Anlin Hu. Mr. Yong will walk you through our business and financial condition of the fiscal year 2020 and he together with Mr. Hu will answer your questions after the prepared remarks.

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

Ren Yong

[Foreign Speech] Good evening. Thank you for joining us today on the conference call for the fiscal year 2020. Here with me is our Chief Financial Officer, Mr. Anlin Hu. We will begin today's call with an overview of financial and operational results of the fiscal year 2020, then followed by a brief discussion of our business outlook of the fiscal year 2021. We will take your questions after the report.

[Foreign Speech] Firstly, let's take a look at our business development in fiscal year 2020. We are an innovated wealth management company with impact at our cost competitiveness as such. During the fiscal year 2020, we increased investment in upgrading our information technology platforms and achieved remarkable result, as illustrated along.

[Foreign Speech] We have cooperated with Hang Seng Electronics to create an independent business system, which will be operational by the end of 2020.

[Foreign Speech] We have strengthened the construction of online trading system and is expected that full scope of online transaction processing service for privately raised fund products will be launched by the end of 2020 which will greatly enhance the growth of our privately raised fund products sale.

[Foreign Speech] We have developed and will continue to optimize