By Chris Wack
Puyi said Friday that it and Fanhua entered into a framework agreement with Singapore White Group Pte. Ltd.
According to the framework agreement, White Group and its partners intend to invest up to $500 million in Puyi and up to $500 million in Fanhua.
Both parties will proceed with finalizing the details of the agreement “soon.”
On Jan. 16, Puyi, which has a 50.1% stake in Fanhua, said it received a $13 million investment from New Dragon, an investment management company based in Hong Kong.
Write to Chris Wack at [email protected]
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