Jupai Reports Fourth Quarter and Full Year 2016 Results

SHANGHAI, Feb. 28, 2017

Effective July 1, 2016, Jupai changed its reporting currency from the U.S. dollars to Renminbi. The aligning of the reporting currency with the underlying operations better reflects the Company's results of operations for each period, and reduces the impact that the increased volatility of the Renminbi to U.S. dollars exchange rate will have on the Company's reported operating results. In this announcement, the unaudited financial results for the quarter and the full year ended December 31, 2016, respectively, are stated in Renminbi. This release contains translations of certain Renminbi amounts into U.S. dollars for convenience. Prior period financial results have been recast into the new reporting currency.

FOURTH QUARTER AND FULL YEAR 2016 FINANCIAL HIGHLIGHTS

• Net revenues in the fourth quarter of 2016 were RMB338.5 million (US¹$48.8 million), a 60.0% increase from the corresponding period in 2015. For the full year of 2016, net revenues were RMB1.1 billion (US$162.4 million), an increase of 89.5% from 2015.

(RMB '000, except percentages)	Q4 2015		Q4 2015 %		Q4 2016 ARIVA.DE Börsen-Geflüster Kurse Jupai Holdings 0,0412 $ 0,00%		Q4 2016 %		YoY Change %
One-time commissions	107,131		50.4%		185,294		54.8%		73.0%
Recurring management fees	72,210		33.9%		73,093		21.6%		1.2%
Recurring service fees	32,286		15.7%		25,849		7.6%		-19.9%
Other service fees	-		-		54,267		16.0%		100.0%
Total net revenues	211,627		100.0%		338,503		100.0%		60.0%
(RMB '000, except percentages)	FY 2015		FY 2015 %		FY 2016		FY 2016 %		YoY Change %
One-time commissions	336,450		56.6%		633,186		56.1%		88.2%
Recurring management fees	142,394		23.9%		260,622		23.1%		83.0%
Recurring service fees	116,165		19.5%		123,177		10.9%		6.0%
Other service fees	-		-		110,725		9.9%		100.0%
Total net revenues	595,009		100.0%		1,127,710		100.0%		89.5%

• Income from operations in the fourth quarter of 2016 was RMB94.1 million (US$13.6 million), an 81.1% increase from the corresponding period in 2015. For the full year of 2016, income from operations was RMB294.8 million (US$42.5 million), an increase of 44.6% from 2015.
• Net income attributable to ordinary shareholders in the fourth quarter of 2016 was RMB62.3 million (US$9.0 million), a 61.6% increase from the corresponding period in 2015. For the full year of 2016, net income attributable to ordinary shareholders was RMB207.6 million (US$29.9 million), an increase of 35.3% from 2015.
• Non-GAAP² net income attributable to ordinary shareholders in the fourth quarter of 2016 was RMB71.7 million (US$10.3 million), a 47.9% increase from the corresponding period in 2015. For the full year of 2016, non-GAAP net income attributable to ordinary shareholders was RMB243.0 million (US$35.0 million), an increase of 38.5% from 2015.

FOURTH QUARTER AND FULL YEAR 2016 OPERATIONAL UPDATES 

• Total number of active clients³ during the fourth quarter of 2016 and full year 2016 was 4,175 and 10,218, respectively.
• The aggregate value of wealth management products distributed by the Company during the fourth quarter of 2016 was RMB14.5 billion (US$2.1 billion), a 52.7% increase from the corresponding period in 2015. For the full year of 2016, the aggregate value of wealth management products distributed by the Company was RMB45.3 billion (US$6.5 billion), a 59.4% increase from 2015.

Wealth management products distributed by the Company - breakdown by product type
	Three months ended						Twelve months ended
	December 31, 2015			December 31, 2016			December 31, 2015			December 31, 2016
Product type	(RMB in millions, except percentages)						(RMB in millions, except percentages)
Fixed income products	5,195	56%		10,326	72%		15,430	54%		29,963	66%
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