Post on 27-Jan-2023
Disclaimer
The information in this presentation is provided to you by Jupai Holdings Limited (the “Company”) pursuant to Section 5(d) of the U.S. Securities Act of 1933, as amended (the “Securities Act”), solely forinformational purposes and is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security or instrument of the Company, or to participate in any investment activity or trading strategy, nor may itor any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever, in the United States or anywhere else. The information included herein was obtained from varioussources, including certain third parties, and has not been independently verified.
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1
Jupai was launched on March 18 in Shanghai
2010
U.S Listing
2015 2016-
2018
Overall
Development
"Asset
Transparency
System”
2019
Steady
Expansion
2011-
2014
3.0 Strategic Upgrade
2020
3 Main Goals
2021
Jupai Development History
84
96
2020 2021E
262
296
2020 2021E
Number of HNWIs Will Reach 2.96 million by 2021
Total Investable Wealth Will Reach RMB 96 trillion by 2021
Source: CMB China Private Wealth Report 2021; HNWI refers to individual who owns investable wealth more than RMB10 million.
2
The Potential of Wealth Management Market in ChinaSteady Growth Rates in the Number of HNWIs & Total Investable Wealth
RMB Trillion
Ten Thousand
Chinese HNWIs and their wealth will continue to grow
3
With respect to wealth management, Chinese HNWIs are moving from “DIY” phase to “Advisor” phase
Why is the demand booming?
−Most of HNWIs lack of professional investment knowledge
−The government encourages the transition from indirect financing to direct financing
−The asset structure of HNWIs is diversifying
−Various service needs, including overall asset allocation, medical insurance and health services, children's
education, etc.
The Potential of China’s Wealth Management Market HNWIs Now Demand More Professional Wealth Management Services
Willing to
accept more
professional
WM service
What service
we can provide
Features of third-party wealth management firms
−Provide clients with one-stop integrated service
−Provide channels for investing in STAR through PE/VC
52.1 138.9 237.7
595.0
1,127.7
1,706.2
1,321.7
785.9
388.2
83.7
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Q1
25.1 56.7 44.6
175.5243.0
454.0
13.0 -154.5 -27.84.3
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Q1
3.8 13.6142.4
260.6363.7
435.5338.6
98.024.8
2013 2014 2015 2016 2017 2018 2019 2020 2021Q1
134.6 212.3336.5
633.2
1,038.7
737.5
318.9162.2
31.2
2013 2014 2015 2016 2017 2018 2019 2020 2021Q1
Transition Phase
4Source: Company information.
(1) Jupai's non-GAAP financial measures are derived from adjusting the corresponding GAAP financial measures by excluding the effects of share-based compensation, amortization of intangible assets resulted from business acquisitions,
impairment loss of investment in affiliates and impairment loss of goodwill.
Net Revenue(RMB¥)
Net Income Attributable to Ordinary Shareholders(RMB¥mn)
The Breakdown of Net Revenue(RMB¥mn)
As of Mar. 31, 2021 AUM: ~RMB32.9billion
One-time commissions
The Main Components of Net Revenue(RMB¥mn)Net Revenue(RMB¥mn)
Non-GAAP (1) Net Income Attributable to Ordinary Shareholders(RMB¥mn)
Jupai – Revenues & Income
Recurring management fees
Start-Up Phase
Start-Up Phase Transition Phase
Start-Up Phase Transition Phase
Start-Up Phase Transition Phase
HNWIs
Selected high quality products
Diversified investment needs
We provide HNW Individuals with comprehensive WM and AM services
Jupai – Business ModelProviding HNW Individuals with WM and AM services
5
Wealth Management
Asset Management
Source: Company information.
(1) Data as of Mar. 31, 2021.
Client service team (1) :
◼ Wealth management business: 314 persons
◼ Industry recognized qualifications and 8.7 years of wealth management and related industry experience on average
Product development team(1):
◼ 119 team members with experience in fund development/management and real estate industry
◼ After merging with E-House Capital, we gain talents with expertise in PE funds
Employee training:
✓ Efficient job training: Relationship Managers serve as “mentors” to Business Development Advisors
✓Organize various staff training projects
Client Care Unit (Gardener)
Business Development Advisors (Hunter) Relationship Managers (Farmer)
◼ Perform ongoing client relationship management
◼ Conduct regular client satisfaction surveys
◼ Develop further business opportunities based on client needs
◼ Arrange one-on-one client meetings
◼ Analyze clients’ risk preference
◼ Provide customized wealth management product advisory service
◼ Recommend suitable products
◼ Serve as initial point of contact with potential clients
◼ Introduce Jupai’s wealth management products and related services
◼ Obtain a preliminary understanding of clients’ wealth management needsand targets
◼ Arrange advisory appointments
HNWIs
Dedicated and professional team A “one-stop” wealth management product platform for clients
6
Our customized client services are provided by a dedicated client relationship team with rich industry knowledge and experience
Jupai – Business ModelService Model : Hunter – Farmer – Gardener
Source: Company information and Heading-Century report. “2021 China Private Wealth Report” by China Merchants Bank and Bain & Company
Extensive network strategically targeting HNWIs:
(As of Mar. 31, 2021)
◼ 32 wealth management centers in 30 cities in China and overseas
◼ Covers Bohai Rim, Yangtze River Delta and Pearl River Delta region
◼ Over 80% of China’s HNWIs live in these three regions
◼ Wealth management business team: 314 persons
Prudent market expansion strategies:
◼ Carefully choose markets: focus on areas concentrated with HNWIs, with strong growth potential and a sufficient supply of talents in related industries
◼ Conduct in-depth due diligence and market research before entering a specific market
The number of investable assets of more than RMB10 million in 2020 >100,000
The number of investable assets of more than RMB10 million in 2020 >50,000, ≤100,000
The number of investable assets of more than RMB10 million in 2020 >30,000, ≤50,000
7
Our extensive network coverage focuses on increasing direct exposure to HNWIs in China
Jupai – Business ModelExtensive Network
Pearl River Delta
Shenzhen(1)
Xiamen(1)
Taiyuan(1)
Hangzhou(1)
Shanghai(2)
Suzhou(1)Zhangjiagang(1)
Wuhan(1)Chongqing(1)Chengdu(1)
Tianjin(1)
Beijing(1)
Yangtze River Delta
Bohai Rim
Guangzhou(1)
Qingdao(1)
Yangzhou(1)
Hongkong(1)
The number of investable assets of more than RMB10 million in 2020 >10,000, ≤30,000
8
Product Line
Strategy Upgrade
Asset Allocation
• In 2021, Jupai continues to diversity its product line, including
deepening the portfolio of real estate projects, and broadening
our equity, overseas and secondary market products, in order
to bring the best products and services to clients.
• Jupai continues to focus on secondary market, selecting
high quality partners to better meet the demand of
investors for asset allocation.
• Jupai plans to provide more asset allocation services
including mutual funds.
• Jupai proposed a new goal of “improving client
experience”in 2021.
• Reviewing products and services from the
perspective of client demand.
• Jupai requires the financial advisory team who
have direct contact with clients to change from
the study of single products to in-depth learning
to have a deeper understanding of the
underlying logic of the project, and to become
industry experts in analyzing domestic and
foreign trends.
Jupai – Three Strategic Goals
2021 Three Strategic Goals
9
Classified
Financial
Institution
Systematic
Risk
Issuer
Credit
Risk
Issuer Self-
Management
Capability
Project
Systematic
RiskProject
Collateral
Project
Default
Risk in
Extremity
Jupai – Risk Management System
Evaluation
Client Overall Asset Management
Client risk tolerance; Whether client’s risk preference is acceptable?
Does client’s risk exposure matches his/her investment target/profile?
Investor Risk Assessment (C1-C5)
Whitelist Partner System
PE funds, secondary markets, external products introduction, service institutions whitelist system
Jupai Overall Asset Management
Whether the risk structure of Jupai’s overall asset management is appropriate.
Source: Company information.
Comprehensive Risk Management System
Product Risk Assessment (R1-R5) Investor Risk Assessment (C1-C5)
Whitelist Partner System
Assets and liabilities
Investment knowledge and experience
Investment preferences
Losses expectations
Risk assessment
Laws & Regulations and Regulatory
requirements
Issuers credit and other related entities
Product types
Investment sector
Product system and leverage ratio
Product size
Product liquidity
Laws & Regulations and Regulatory
requirements
Rigorous Product Screening
10
New products need to go through three committees
Jupai – Risk Management SystemRigorous Product Screening from Three Committees
Source: Company information.
Product ManagerRisk Management Committee
of Asset Management
Risk Management Committee
of Jupai Holdings
Product Initiation
Review
Initiation
Final Review at Group
Level
Review at Asset
Management Level
Abort Product
Revise/Submit
More Data
Review
Revise/Submit
More Data
Review
Revise/Submit
More Data
Information Gathering
Research
Product Solutions
Product
Release
Initiation
Application
Abort Product Abort Product
Internal Product
Committee of Subsidiaries
Real Estate
Investment
Insurance
Secondary
MarketPrivate Funds
• Deep accumulation of real estate finance
• Deep understanding of real estate
development
• Creating high quality real estate ecosystem• 以旗舰母以旗舰母基金为核心
• 围绕科技、医疗、消费这三大产业集群
• 基金为核心• 围绕科技、医疗、消费这三大产业集群
Real Estate Finance
Accumulation Building an Industrial
Cluster Ecological Chain
Domestic and International
Insurance Products
Multi-policy
Management
12
四大投资版块
• Flagship S Fund is the core
• Focusing on medical, science and
technology, and consumption
industries
• Covering insurance and financial insurance
• Ensure the safety of customers' assets in
all aspects
• Stocks strategy
• Bonds strategy
• Macro strategy
• CTA and Arbitrage strategy
Jupai – Investment Structure
11
100+ billion
Real Estate Asset
Management Size
100+Real Estate
Company
Partnerships
Rich Real Estate Finance Product
ResourcesProducts include domestic and overseas real estate equity investment, non-
standard debt, master fund, and more
Deep Understanding of
Real Estate
DevelopmentOver ten years, we have gathered a group of
real estate industry talent with management
experience and who understand the forward-
looking thinking and management philosophy
of major real estate enterprises.
High Quality Real
Estate EcosystemWith strong resources & contacts in the
real estate industry, Jupai is creating a
real estate investment ecosystem.
Together with E-House China, a well-
known real estate industry chain service
provider in China, relying on its “CRIC
real estate big data analysis ability, we
are developing high-quality real estate
investment and financing products.
13
Scale of Real
Estate Exit
61.9 billion
版块一:房地产投资Investment Structure:Real Estate
12
10 Years
Investment
Jupai's invested enterprises successfully listed in 2020:
STAR Market 19, A-Share Market 5
Small and medium sized board 4, Second-board Market 6
Hong Kong Exchanges 4, mergers and acquisitions 2, IPO in
progress 2
Among them, “star” projects 15, project cooperation with ~45partner managers
Progress until June 2021:
Successfully listed 14, in process 2
We choose the best products based
on our Asset Transparency System,
and explore high quality investment
opportunities for investors.
In the future, the equity team will
continue to focus on our flagship S
fund and cooperate with high-quality
managers in the industry.
Focusing on industrial clusters of
science and technology, medical
and consumption, we will build an
ecological chain to take root beyond
the dimension of managers.
Technology
Medical
Consumption
Scale of Duration
Management
>23 billion
>11.2 billion
Exited Scale
>30 billion
Accumulated
Management Scale
14
板块二:私募股权投资Investment Structure:Private Equity
13
Stock strategy
Macro strategy
CTA
Relative Value strategy
Bonds strategy
Arbitrage strategy
Composite strategy
Event driven strategy
During the pre-investment, investment and post-investment phases, we work closely with
customers to improve their recognition and loyalty to us.
Our product team actively initiates customer meetings to better communicate with
clients (product strategy attribution, macro market analysis) on a quarterly basis; customers can request
as needed.
Basic disclosure services; allocation advice; open days for managers (once a month
per manager); invest in community development and operation (customer sharing, next generation internship
opportunities, and more).15
版块四:公开资本市场Investment Structure:Secondary Market
14
Our Service
Post Investment Management
15
We continue to monitor closely products after release and reserve the right to abort projects
Jupai – Risk Management SystemPost Investment Management
Source: Company information.
Sales Compliance
Information Disclosure
Licensed Operations
Product Record
Investor Rights
Policy Interpretation
Staff Compliance
16
Jupai’s Compliance Management System
17
What’s Driving Our Business – Experienced Management TeamOverview of Management Team
Source: Company information.
◼ Our management team members have over 15 years of industry experience on average; most previously worked at private banking divisions of international banks
Mr. Jianda NI
Chairman and CEO
Mr. Xin ZHOU
Director
Ms. Min LIU
CFO
As of Mar. 31, 2021.
Source: Company information, Bloomberg, www.sec.gov 18
10.9% 4.8%22.0%
What’s Driving Our Business - Support from ShareholdersOverview of Principal Shareholders
10.0%
Real Estate Fixed
Income Products ,
22.7%
Other Fixed Income
Products , 6.5%
Real Estate PE/VC
Funds , 15.5%
Other PE/VC Funds
, 48.5%
Public Market
Funds , 3.2%
Others , 3.5%
Real Estate Fixed
Income Products ,
58.0%
Real Estate PE/VC
Funds , 0.1%
Other PE/VC Funds
, 12.2%
Public Market
Funds , 27.0%
Others , 2.7%
2014年
19
Jupai offers products that satisfy clients’ asset allocation needs, including self-developed products
What’s Driving Our Business – Diversified Product CategoriesWide Range of Products with Leading Industry Partners
Source: Company information.
2021Q1– WM: RMB1.9 billion
Public Market Funds: 27%
2021.3.31 – AUM: RMB32.9 billion
PE/VC Funds: 64%
A trusted partner is an effective safety net
20
Real Estate Fixed Income PE/VC & Secondary Market
What’s Driving Our Business – Cooperation with Partners
Source: Company information.
2013年2014
21
Real estate will continue to be a powerful source of steady returns for HNWIs.
Real Estate is still the “Ballast” of China's Economy
−Demand for private residential real estate in China has grown rapidly in recent years.
−According to the National Bureau of Statistics, investment in real estate development in 2020 increased
by 7.0% on a year over year basis.
−With a high level of ongoing industry concentration, the advantages of leading real estate enterprises will
be more significant in the future.
−Emergence of more investment focusing on senior citizen community and logistics real estate.
What’s Driving Our Business – The Prospect of Real Estate Market in
China
Client Service
◼ JP Club – Jupai Premium Client Club
◼ High-Net-Worth Clients Education Program – Collaboration between
Jupai and The Wharton School of the University of Pennsylvania
Awards received
23
Repeat purchase rate increases
What’s Driving Our Business - Trust from ClientsPremium Services Strengthen Client Loyalty and Gain Market Recognition
2019 China FOF Top 100
Top 100
2019 Most GP Recognized Wealth
Management Institutions Top 5
2018 Top10 Best Performing Wealth
Management Institutions
Outstanding
2018 CSR Contribution Awards
Contribution
2018 Excellent Wealth Management
Institutions
Excellent
2019 Most Competitive Wealth
Management Institutions
2020 Top 10 China Wealth Management
Institutions
Source: Company information.
21.4% 34.4% 41.8%
52.1% 55.6% 60.9% 73.5% 75.0%
83.1%
2012 2013 2014 2015 2016 2017 2018 2019 2020
2019 Outstanding
Wealth Management Institutions
Top 10
2020 China FOF LP 100
Top 100
2020 China Independent Management
Company Top 10
Top 10
Top 10
Top 5
Top 10
Layout inside and outside
of China
Get through the financial
value chain
Mainland China
· Qualified Private Fund Manager
· Fund Distribution
·Insurance Brokerage
Hong Kong
·Insurance Brokerage
Appendix 1 – Licenses and Certifications
Maximized benefit through synergy
Significant growth in business scale: ◼ Further boosts the capability of Jupai’s asset management business
Greater access to market information:
Direct contact with real estate developers enables us to:
◼ Regular cooperation with E-House’s real estate sales agency business
◼ Full access to CRIC – wholly-owned subsidiary of E-House and the largest real estate data-center in China
◼ Distribute more attractive and differentiated self-developed wealth management products
◼ Minimize intermediate layers and associated expenses to maximize benefits for clients
Appendix 2 – The Synergy Brought by E-House
Innovate self-developed products to better address clients’ portfolio allocation needs
Product portfolio that better satisfies clients’ asset allocation needs
Appendix 3 – The History of Product Mix (Wealth Management)
Fixed income
products , 28.3%
Other PE/VC
funds products ,
4.6% Real estate PE/VC
funds , 58.3%
Public market
funds , 3.7%
Others , 5.1%
2018
WM:
RMB30.3billion
Real estate fixed
income products ,
57.9% Other fixed
income
products , 25.8%
PE/VC funds ,
11.7%
Public market
funds , 0.8%
Others , 3.8%
2017
WM:
RMB54.3billion
Real estate fixed
income products ,
63.8%PE/VC funds ,
15.8%
Public market
funds , 18.2%
Others , 2.3%
2020
WM:
RMB6.5billion
Real estate fixed
income products ,
73.5%
Other fixed income
products , 0.0%
PE/VC funds ,
15.5%
Public market
funds , 3.0%
Others , 8.1%
2019
WM:
RMB9.8billion