SHANGHAI, Feb. 26, 2020 /PRNewswire/ -- Jupai Holdings
Limited ("Jupai" or the "Company") (NYSE: JP), 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, today announced that the Company's board of directors
approved a share repurchase program under which the Company is authorized
to repurchase its American depositary shares ("ADSs") with an
aggregate value of up to US$10
million over the next 24-month period.
Mr. Jianda Ni, Jupai's chairman
of the board and chief executive officer, said, "This share
repurchase program demonstrates our confidence in the long-term
growth prospects of Jupai and the overall wealth management
industry in China. We remain
committed to strengthening our business operations and enhancing value for our
shareholders."
The share repurchases may be made from time to time on the open
market at prevailing market prices, in privately negotiated
transactions, in block trades
and/or through other legally permissible means. The timing and
extent of any purchases will depend on market conditions, the
trading price of the Company's ADSs and other factors, subject to
all applicable rules and regulations. The Company's board of
directors will review the share repurchase program periodically,
and may authorize adjustments of its terms and size accordingly.
The Company plans to use its available cash balance to fund
repurchases made under this program.
About Jupai Holdings Limited
Jupai Holdings Limited ("Jupai") (NYSE: JP) 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. Jupai's comprehensive and personalized client service
and broad range of carefully selected third-party and
self-developed products have made it a trusted brand among its
clients. Jupai maintains extensive and targeted coverage of
China's high-net-worth
population.
For more information, please visit
http://jupai.investorroom.com.
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SOURCE Jupai Holdings Limited