Puhui Wealth Investment Management Co., Ltd. (the “Company”) is a third-party wealth management service provider focusing on marketing financial products to, and managing funds for, individuals and corporate clients in the People’s Republic of China.
In anticipation of higher growth of investable assets among potential high-net-worth clients in China in 2017, the Company started marketing financial products to high-net worth individuals with investable assets of between RMB 3 million and RMB 15 million (approximately US$0.44 million to $2.21 million), and small and medium enterprises with investable assets of RMB 5 million to RMB 20 million (approximately US$0.73 million to $2.93 million).
As of June 30, 2018, the Company has facilitated the sale of financial products from 20 financial institutions to its clients. These products include primarily private equity fund products, securities investment fund products and private placement bond products. Starting in June 2017, the Company launched its asset management business, acting as manager or general partner of funds in which its clients invest. As of June 30, 2018, the Company served as manager or general partner of four funds with an aggregate of over RMB 155.4 million (approximately US$23.5 million) under management.