Hywin Holdings (HYW) said Friday that it plans to exit its wealth management and asset management businesses and shift its focus to the technology sector, and change its name to Santech Holdings to reflect the new focus.

As part of the shift, Hywin said it will terminate contractual arrangements with Hywin Wealth Management and that the unit will cease to be a consolidated entity of the company.

Hywin said its board has approved the business transformation and the proposed name change remains subject to shareholder approval, which will sought at an upcoming extraordinary general meeting.

Hywin shares were down by nearly 9% in recent trading.

Price: 0.36, Change: -0.04, Percent Change: -9.56