China financial player Jupai files for US IPO

According to a regulatory filing, Jupai plans to use the new funds to expand its coverage network by hiring new product advisors and client managers, and by setting up new client centers. The company will also invest in upgrading its infrastructure and information technology systems, and in addition may acquire other businesses.

The size, pricing and date of the offer have not yet been announced.

Jupai, founded in 2012, is a provider of wealth management services targeting individuals in China with at least RMB3 million ($500,000) in investable assets. As of March 2015, the company managed 32 client centers in 18 cities. It has nearly 2,000 active clients, whom Jupai provides with wealth management products both sourced from other companies and developed in-house.

The company reported net revenues of $38.9 million for the 12 months ended December 2014, up from $22.4 million the year before. Net income for the same periods was $14.6 million and $9.2 million, respectively.

Jupai's biggest shareholder is E-House (China) Capital Investment Management , which owns a 33.1% stake, Real estate investor E-House (China) Holdings, the parent company of E-House Capital, agreed earlier this year to transfer its asset management business to Jupai. Sina has an 11% interest.

The company raised a $1.5 million Series A round in 2013 from Zero2IPO. It went on to receive $7.8 million in Series B funding from E-House in 2014. Sina also participated in the Series B round.

Credit Suisse and China Renaissance Securities are underwriting the IPO.

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• Topics
• Greater China
• Financials
• Exits
• China
• USA
• Financial Services
• Exit
• IPO