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PUYI INC . ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST HALF OF THE FISCAL YEAR 2021 GUANGZHOU , China , March 29 , 2021 ( GLOBE NEWSWIRE ) -- Puyi Inc. ( “ Puyi ” , “ we ” or the “ Company ” ) ( NASDAQ : PUYI ) , a leading third - party wealth management service provider in China focusing on affluent and emerging middle class population , today announced its unaudited financial results for the first half of its fiscal year 2021 from July 1 , 2020 to December 31 , 2020 ( " reporting period ” ) . FINANCIAL HIGHLIGHTS FOR THE FIRST HALF OF THE FISCAL YEAR 2021 • Net revenues increased by 33.9 % to RMB83.5 million ( US $ 12.8 million ) from RMB62.4 million for the same period of the fiscal year 2020 ; and • Net loss was RMB13.4 million ( US $ 2.0 million ) and net loss attributable to Puyi's shareholders was RMB13.7 million ( US $ 2.1 million ) , while Puyi recognized net loss of RMB22.6 million and net loss attributable to Puyi's shareholders of RMB22.0 million for the same period of the fiscal Mr. Yong Ren , Chief Executive Officer of Puyi , commented , year 2020 . “ In the first half of the fiscal year 2021 , despite the impact caused by the COVID - 19 pandemic , Puyi has still achieved satisfactory operation results . For the reporting period , our revenue was RMB83.5 million , an increase of 33.9 % compared with the same period of the fiscal year 2020 . Packaged fund products are Puyi's representative products , which are also one of the core competitive strength of the Company . We have cooperated with a leading public fund management company , by leveraging its strong investment and research capabilities in the field of public funds , we issued Puyi customized packaged fund products , and received positive feedback from the market . In the future , we will cooperate with more leading fund management companies in terms of products and investment and research capabilities , in order to provide our clients with products with better quality . In this reporting period , the Company's client base continued to grow rapidly . The number of clients that had investments of publicly raised fund products as of December 31 , 2020 was 315,000 , increased by 86.4 % from 169,000 as of December 31 , 2019. The total transaction value of publicly raised fund products was RMB7.0 billion , representing a 213.5 % increase from RMB2.2 billion for the same period of the last fiscal year . As of December 31 , 2020 , the ending balance of publicly raised fund products was RMB5.9 billion , representing a 216.0 % increase from RMB1.9 billion as of December 31 , 2019. The average client acquisition cost was approximately RMB190 per client , which remained relatively stable compared with the same period of the last fiscal year . We take digital operation as our core driving force . Supported by client insight and artificial intelligent algorithm , we are able to engage targeted and smart interactions with our clients , thereby enhancing clients satisfaction with us and increasing client conversion rates and repeat investment . In order to provide more professional and client - oriented services , we officially started the establishment of branches in central cities , and directly recruited professional financial advisors in the more developed regions in China in this reporting period . These newly recruited financial advisors can provide financial wealth management services to our clients with the support from our middle - and - back offices . We never forget why we started and we are always open to hear from our clients . Puyi will continue its vales of “ client - oriented , honesty , frank , sharing , equality , openness , practical and keep moving - forward ” , we will continue to create value for our clients , financial advisors and shareholders . " FINANCIAL RESULTS FOR THE FIRST HALF OF THE FISCAL YEAR 2021 Net revenues