Jupai Holdings Limited, a third-party wealth management service provider in China, has entered into a share purchase agreement with Julius Baer Investment, a wholly owned subsidiary of Julius Baer Group.
As part of the agreement with Julius Baer, Jupai will issue to Julius Baer 9,591,000 ordinary shares, which represents approximately 4.99% of the Company's total outstanding share capital immediately upon the completion of the transaction, at $1.83 per share.
Chinese Internet company SINA Corp. also took part in the placement, increasing its stake in Jupai to 11.4%.
Boris Collardi, CEO of Julius Baer said, "Given the importance of Asia as a key region for growth, Julius Baer has over the last 10 years built up its Asian business to become its second home market. Participating in Jupai's private placement will provide Julius Baer with valuable insight into one of the most successful players in Chinese onshore wealth management and further strengthen our expertise in China, whilst providing Jupai access to our global investment know-how."
Jianda Ni, the Co-Chairman of the Board of Directors and Chief Executive Officer of Jupai, commented, "Julius Baer is a global leading private wealth management bank with operations spanning many countries and regions. This investment is a strong endorsement of Jupai's brand and management strength.”
Jupai is a leading third-party wealth management service provider focusing on distributing wealth management products and providing quality product advisory services to high-net-worth individuals in China.
