GUANGZHOU, China, July 9, 2024
/PRNewswire/ -- Highest Performances Holdings Inc. (NASDAQ: HPH)
("HPH" or the "Company"), today announced collaboration with
Singapore White Group Pte. Ltd. ("White Group") in investing in
several top-notch international sports events, including the
following:
The Davis Cup is a premier international team event in men's
tennis. Organized by the International Tennis Federation (ITF), the
Davis Cup began in 1900, making it the longest-running
international team competition in tennis outside of the Olympic
Games. The event spans several weeks throughout the year and is
held at various locations worldwide, culminating each year in the
crowning of a Davis Cup champion.
The Billie Jean King Cup is one of the most significant global
women's national tennis team competitions. Founded in 1963 to
celebrate the 50th anniversary of the ITF, it is held annually and
is equivalent in stature to the Davis Cup for men's tennis. It is
considered the premier international women's team competition in
tennis, with the highest level of competition and global
influence.
- Formula 1 World Championship
The Formula 1 World Championship (F1) is the pinnacle of current
global motor racing competitions, organized by the Fédération
Internationale de l'Automobile (FIA). Alongside the Olympic Games
and the FIFA World Cup, it is recognized as one of the world's
three major sporting events.
As of date, White Group has secured the hosting rights for the
2024 Men's Tennis World Cup and Davis Cup Finals Group Stage (2024
Davis Cup Finals Group Stage). Additionally, it has participated in
the bidding process for hosting the 2024 Women's Tennis World Cup
and Billie Jean King Cup Finals (2024 Billie Jean King Cup Finals)
and the 2025-2029 Tennis World Cup (a combined event for Davis Cup
Finals and Billie Jean King Cup Finals). It also plans to bid for
the 2025 Formula 1 World Championship (F1).
Details of the sports events are as the following:
- The 2024 Davis Cup Finals Group Stage is scheduled to be held
in Macao-Hengqin, China from
September 10, 2024 to September 15, 2024;
- The 2024 Billie Jean King Cup Finals is proposed to be held in
Guangzhou or Shenzhen from November
13, 2024 to November 20,
2024.
- The 2025-2029 Tennis World Cup is proposed to be held in
Guangzhou, Shenzhen, Hong Kong,
Hengqin Guangdong-Macao Shenzhen Cooperation Zone, Foshan, and
other cities in China. The men's
group stage will be held for one week in mid-September each year,
and the men's finals and the women's finals will be held from early
to mid-November each year, lasting 8-10 days.
- The Formula One World Championship (F1) is proposed to be held
in Guangzhou, China in 2025.
The total investment for these international top-level tennis
tournaments and the F1 championship is approximately US$250 million which will be used in event costs
and operational expenses.
The net profits derived from the investment in
such top international sports events are expected to be:
- Approximately US$ 8 million for
the two international tennis events in 2024.
- Approximately US$ 20 million for
the international top-level men's and women's tennis championship
in 2025.
- Approximately US$ 45 million for
the World Formula 1 Championship in 2025.
- Over US$ 300 million for five
years from 2025 to 2029, for hosting rights for both the
international top-level men's and women's tennis championships and
the renowned World Formula 1 Championship for a duration of five
years.
Moving forward, both parties will continue to focus on investing
in international top-level sports events such as volleyball, table
tennis, badminton, swimming, soccer, basketball, sailing, and other
sports projects.
Mr. Yinan Hu, CEO of HPH
commented, "Participation in international top-level sports events
signifies a substantial advancement in HPH's internationalization
and intelligence development strategy. In addition to generating
significant cash flow and net profits for the Company, these
projects also enhance our international image and bring
opportunities to integrate and connect with the global
community."
About White Group
White Group was established in 2005. It is a privately-owned
boutique investment and development firm based in Singapore. It is focused on acquiring,
investing in, and managing businesses that develop solutions in
real estate, technology, healthcare and sports culture, among
others. Its primary interest is in China and Southeast
Asia. Its investments seek to create long-term economic
value for its partners. White Group, as a limited partner and
cornerstone investor in the China-Singapore International Sports
Industry Fund, is committed to collaborating with event organizers
to develop international sports event intellectual property (IP)
and associated products. These products include advertising,
broadcast rights for television and radio, social media
broadcasting rights, event memorabilia, electronic games related to
the event, sports apparel and equipment, and other event-related
products.
About Highest Performances Holdings Inc. (NASDAQ:
HPH)
HPH was founded in 2010 with the aim of becoming a top provider
of smart home and enterprise services. Its mission is to improve
the quality of life for families worldwide, focusing on two main
driving forces: "technological intelligence" and "capital
investments." HPH has a global strategic perspective and identifies
high-quality enterprises with global potential for investment and
operations. Its areas of focus include asset allocation, education
and study tours, cultural tours, sports events, healthcare and
elderly care and family governance.
HPH currently holds controlling interests in two leading
financial service providers in China, namely Fanhua Inc., a technology-driven
platform, and Fanhua Puyi Fund Distribution Co., Ltd., an
independent wealth management service provider.
Highest Performances Holdings Inc., formerly known as Puyi Inc.,
was renamed on March 13, 2024 to
reflect its strategic transformation.
Forward-looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When HPH uses words such as "may",
"will", "intend", "should", "believe", "expect", "anticipate",
"project", "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from HPH's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: HPH's ability to obtain proceeds from the Agreement;
HPH's goals and strategies; HPH's future business development;
product and service demand and acceptance; changes in technology;
economic conditions; the growth of the third-party wealth
management industry in China;
reputation and brand; the impact of competition and pricing;
government regulations; fluctuations in general economic and
business conditions in China and
the international markets HPH serves and assumptions underlying or
related to any of the foregoing and other risks contained in
reports filed by HPH with the Securities and Exchange Commission.
For these reasons, among others, investors are cautioned not to
place undue reliance upon any forward-looking statements in this
press release. Additional factors are discussed in HPH's filings
with the U.S. Securities and Exchange Commission, which are
available for review at www.sec.gov. HPH undertakes no obligation
to publicly revise these forward-looking statements to reflect
events or circumstances that arise after the date
hereof.
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SOURCE Highest Performances Holdings Inc.
