SHANGHAI, March 13, 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 its
unaudited financial results for the full year ended December 31, 2019.
FULL YEAR 2019 FINANCIAL HIGHLIGHTS
- Net revenues for the full year 2019 were
RMB785.9 million
(US$[1]112.9 million), a decrease of 40.5% from
2018.
(RMB '000, except
percentages)
|
FY
2018
|
|
FY 2018
%
|
|
FY
2019
|
|
FY 2019
%
|
|
YoY Change
%
|
One-time
commissions
|
737,482
|
|
55.7%
|
|
318,854
|
|
40.5%
|
|
-56.8%
|
Recurring management
fees
|
435,523
|
|
33.0%
|
|
338,647
|
|
43.1%
|
|
-22.2%
|
Recurring service
fees
|
64,345
|
|
4.9%
|
|
114,542
|
|
14.6%
|
|
78.0%
|
Other service
fees
|
84,394
|
|
6.4%
|
|
13,904
|
|
1.8%
|
|
-83.5%
|
Total net
revenues
|
1,321,744
|
|
100.0%
|
|
785,947
|
|
100.0%
|
|
-40.5%
|
- Loss from operations for the full year 2019 was
RMB136.7 million (US$19.6 million), a decrease of 14.5% from
2018.
- Net loss attributable to ordinary shareholders for the
full year 2019 was RMB164.7 million
(US$23.7 million), a decrease of
57.5% from 2018.
- Non-GAAP[2] net loss attributable to ordinary
shareholders for the full year 2019 was RMB154.5 million (US$22.2
million), compared to non-GAAP net income attributable to
ordinary shareholders of RMB13.0
million in 2018.
FULL YEAR 2019 OPERATIONAL UPDATES
- Total number of active clients[3] for the
full year 2019 was 2,973.
- The aggregate value of wealth management products
distributed by the Company for the full year 2019 was
RMB9.8 billion (US$1.4 billion), a 67.5% decrease from 2018.
Wealth management
products distributed by the Company - breakdown by product
type
|
|
Twelve months
ended
|
|
December 31,
2018
|
|
December 31,
2019
|
Product
type
|
(RMB in millions,
except percentages)
|
Fixed income
products
|
8,560
|
28%
|
|
7,219
|
73%
|
Private equity
products
|
19,038
|
63%
|
|
1,526
|
16%
|
Secondary market
equity fund products
|
1,129
|
4%
|
|
291
|
3%
|
Other
products
|
1,546
|
5%
|
|
791
|
8%
|
All
products
|
30,273
|
100%
|
|
9,827
|
100%
|
- Jupai's coverage network as of December 31, 2019 included 51 client centers
covering 43 cities, as compared to 76 client centers covering 50
cities as of December 31, 2018.
- Total assets under management[4] as of
December 31, 2019 were RMB41.8 billion (US$6.0
billion), a 26.3% decrease from December 31, 2018.
Assets under
management – breakdown by product type
|
|
As
of
|
|
December 31,
2018
|
|
December 31,
2019
|
Product
type
|
(RMB in millions,
except percentages)
|
Fixed income
products
|
19,846
|
35%
|
|
13,455
|
32%
|
Private equity
products
|
34,033
|
60%
|
|
26,294
|
63%
|
Secondary market
equity fund products
|
1,658
|
3%
|
|
929
|
2%
|
Other
products
|
1,215
|
2%
|
|
1,147
|
3%
|
All
products
|
56,752
|
100%
|
|
41,825
|
100%
|
[1] The U.S. dollars (US$) amounts
disclosed in this press release, except for those transaction
amounts that were actually settled in U.S. dollars, are presented
solely for the convenience of the reader. The conversion of
Renminbi (RMB) into U.S. dollars (US$) in this press release is
based on the noon buying rate on December 31, 2019, as set forth in
the H.10 statistical release of the Board of Governors of the
Federal Reserve System, which was RMB6.9618 to US$1.00. The
percentages stated in this press release are calculated based on
the Renminbi amounts.
|
[2] 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 in the periods
presented.
|
[3] "Active clients" for a given
period refers to clients who purchase wealth management products
distributed by Jupai at least once during that given
period.
|
[4] "Assets under management" or
"AUM" of Jupai refers to the amount of capital contributions made
by investors to the funds managed by the Company, for which the
Company is entitled to receive management fees. The amount of AUM
of Jupai is recorded and carried based on the historical cost of
the contributed assets instead of fair market value of assets for
almost all AUM of Jupai. For assets denominated in currencies other
than Renminbi, the AUM are translated into Renminbi upon their
contribution, without interim value adjustments solely due to
changes in foreign exchange rates. As a result, Jupai's management
fees for almost all its AUM are calculated based on the historical
cost balance of the AUM.
|
"Our bottom-line performance showed further improvement over the
fourth quarter of 2019, as our cost control measures continued to
take effect," said Mr. Jianda Ni,
Jupai's chairman of the board and chief executive officer.
"However, our top-line performance for this quarter remained under
pressure due to industry-wide headwinds. Although we started to see
certain loosening of regulatory restrictions on privately-offered
funds during the quarter, demand for wealth management products
stayed weak as investors remain cautious on the overall market
outlook for 2020."
"Looking forward, we expect the market environment to be
negatively affected by the coronavirus outbreak in the first
quarter. We remain confident, however, in the long-term outlook for
Jupai and for the overall wealth management industry, which has
been reflected in our announcement of a US$10 million share repurchase program in late
February. Jupai remains dedicated to executing on our core
strategies of further strengthening our cost control efforts and
increasing our operating efficiency, enhancing our product
portfolio with differentiated products, and optimizing our risk
control system and improving project transparency. We will also
continue to seek potential growth opportunities from overseas
business."
Ms. Min Liu, Jupai's chief
financial officer, said, "Jupai achieved another sequential decline
in operating expenses in the fourth quarter of 2019, thanks to our
continuous efforts in implementing cost control measures.
Specifically, cost of revenues declined by 14% and G&A expenses
were down by 33%. We expect to be able to further reduce costs in
the coming quarters as we continue to enhance operating
efficiencies."
FULL YEAR 2019 FINANCIAL RESULTS
Net Revenues
Net revenues for the full year 2019 were
RMB785.9 million (US$112.9 million), a 40.5% decrease from 2018,
primarily due to decreases in one-time commissions, recurring
management fees and other service fees.
- Net revenues from one-time commissions for the full year
2019 were RMB318.9 million
(US$45.8 million), a 56.8% decrease
from 2018, primarily as a result of a decrease in the aggregate
value of wealth management products distributed by the
Company.
- Net revenues from recurring management fees for the full
year 2019 were RMB338.6 million
(US$48.6 million), a 22.2% decrease
from 2018, primarily due to the decrease in the value of assets
under management. RMB156.9 million
(US$22.0 million) and RMB61.6 million carried interest was recognized
as part of Jupai's recurring management fees for the full year 2019
and 2018, respectively.
- Net revenues from recurring service fees for the full
year 2019 were RMB114.5 million
(US$16.5 million), a 78.0% increase
from 2018, primarily because the Company provided ongoing services
to more product suppliers. The Company recognized RMB2.1 million (US$0.3
million) and RMB0.3 million
variable performance fees for the full year 2019 and 2018,
respectively.
- Net revenues from other service fees for the full year
2019 were RMB13.9 million
(US$2.0 million), an 83.5% decrease
from 2018, primarily due to a decrease in sub-advisory fees
collected from other companies.
Operating Costs and Expenses
Operating costs and expenses for the full year 2019
were RMB922.6 million (US$132.5 million), a decrease of 37.7% from
2018.
- Cost of revenues for the full year 2019 was RMB481.7 million (US$69.2
million), a decrease of 29.6% from 2018, primarily due to
decreased compensation to wealth management advisors and client
managers, as a result of the decrease in the aggregate value of
wealth management products distributed by the Company and cost
control measures the Company undertook.
- Selling expenses for the full year 2019 were
RMB206.8 million (US$29.7 million), a decrease of 31.8% from 2018,
primarily due to the decrease in marketing and promotion expenses
as a result of cost control.
- General and administrative expenses for the full year
2019 were RMB265.5 million
(US$38.1 million), a decrease of 3.4%
from 2018.
- Other operating income (government subsidies) received
by the Company for the full year 2019 was RMB31.4 million (US$4.5
million), a decrease of 35.5% from 2018. Government
subsidies were recorded when received, with their availability and
amount dependent upon government policies.
Operating margin for the full year 2019 was -17.4%,
compared to -12.1% in 2018.
Income tax expenses for the full year 2019 were
RMB52.9 million (US$7.6 million), a 59.2% decrease from 2018,
primarily due to a decrease in taxable income.
Net Income
- Net Income
- Net loss attributable to ordinary shareholders for the
full year 2019 was RMB164.7 million
(US$23.7 million), a 57.5% decrease
from 2018.
- Net margin attributable to ordinary shareholders for the
full year 2019 was -21.0%, compared to -29.3% in 2018.
- Net loss attributable to ordinary shareholders per basic and
diluted American depositary share ("ADS") for the full year
2019 was RMB4.90 (US$0.70) and RMB4.90 (US$0.70),
respectively, as compared to RMB11.60
and RMB11.60, respectively, in
2018.
- Non-GAAP Net Income
- Non-GAAP net loss attributable to ordinary shareholders
for the full year 2019 was RMB154.5
million (US$22.2 million), as
compared to non-GAAP net income attributable to ordinary
shareholders of RMB13.0 million in
2018.
- Non-GAAP net margin attributable to ordinary
shareholders for the full year 2019 was -19.7%, as compared to
1.0% in 2018.
- Non-GAAP net loss attributable to ordinary shareholders per
diluted ADS for the full year 2019 was RMB4.60 (US$0.66),
as compared to non-GAAP net income attributable to ordinary
shareholders per diluted ADS of RMB0.37 in 2018.
Balance Sheet and Cash Flow
As of December 31, 2019, the
Company had RMB712.3 million
(US$102.3 million) in cash, cash
equivalents and restricted cash, compared to RMB1,302.6 million as of December 31, 2018.
Net cash used in operating activities for the full
year 2019 was RMB224.6 million
(US$32.3 million).
Net cash used in investing activities for the full
year 2019 was RMB365.7 million
(US$52.5 million).
Net cash provided by financing activities for the
full year 2019 was RMB29.6 thousand
(US$4.3 thousand).
CONFERENCE CALL
Jupai's management will host an earnings conference call on
March 13, 2020 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong
Kong time).
Dial-in details for the earnings conference call are as
follows:
U.S./International:
|
+1-845-675-0437
or +1-866-519-4004
|
Hong Kong:
|
+852-3018-6771
or 800-906-601
|
Mainland
China:
|
400-620-8038 or
800-819-0121
|
Singapore:
|
+65-6713-5090
|
Passcode:
|
7177755
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the
following numbers until March 21,
2020:
U.S./International:
|
+1-855-452-5696
|
Hong Kong:
|
800-963-117
|
Mainland
China:
|
400-632-2162
|
Singapore:
|
800-616-2305
|
Passcode:
|
7177755
|
Additionally, a live and archived webcast will be available at
http://jupai.investorroom.com.
DISCUSSION OF RECENTLY ADOPTED ACCOUNTING STANDARD
Starting from January 1, 2019, the
Company adopted Accounting Standards Update (ASU) 2016-02, Leases
(Topic 842), which supersedes the lease accounting guidance under
Topic 840, and generally requires lessees to recognize operating
and financing lease liabilities and corresponding right-of-use
("ROU") assets on the balance sheet and to provide enhanced
disclosures surrounding the amount, timing and uncertainty of cash
flows arising from leasing arrangements. The Company adopted the
new guidance using the modified retrospective transition approach
by applying the new standard to all leases existing at the date of
initial application and not restating comparative periods. The most
significant impact was the recognition of ROU assets and lease
liabilities for operating leases. The Company also elected the
package of practical expedients, which among other things, does not
require reassessment of lease classification.
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
In addition to disclosing financial results prepared in
accordance with U.S. GAAP, the Company's earnings release contains
non-GAAP financial measures that exclude the effects of all forms
of share-based compensation and amortization of intangible assets
related to acquisition, impairment loss of investment in affiliates
and impairment loss of goodwill in the periods presented. The
reconciliation of these non-GAAP financial measures to the nearest
GAAP measures as set forth in the table captioned "Reconciliation
of GAAP to Non-GAAP Results" below.
The non-GAAP financial measures disclosed by the Company should
not be considered a substitute for financial measures prepared in
accordance with U.S. GAAP. The financial results reported in
accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP
results should be carefully evaluated. The non-GAAP financial
measure used by the Company may be prepared differently from, and
therefore may not be comparable to, similarly titled measures used
by other companies.
When evaluating the Company's operating performance in the
periods presented, management reviewed non-GAAP net income results
reflecting adjustments to exclude the impacts of share-based
compensation, amortization of intangible assets related to
acquisition, impairment loss of investment in affiliates and
impairment loss of goodwill in the periods presented, to supplement
U.S. GAAP financial data. As such, the Company believes that the
presentation of the non-GAAP net income attributable to ordinary
shareholders, non-GAAP net income attributable to ordinary shares
per diluted ADS and non-GAAP net margin attributable to ordinary
shareholders provides important supplemental information to
investors regarding financial and business trends relating to the
Company's financial condition and results of operations in a manner
consistent with that used by management. Pursuant to U.S. GAAP, the
Company recognized significant amounts of expenses for the
restricted shares, share options and amortization of intangible
assets related to acquisition, impairment loss of investment in
affiliates and impairment loss of goodwill in the periods
presented. The Company utilized the non-GAAP financial results to
make financial results comparable period to period and to better
understand its historical business operations.
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.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the business outlook and quotations from management
in this announcement, as well as Jupai's strategic and operational
plans, contain forward-looking statements. Jupai may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Jupai's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the goals and strategies of the Company and the
Company's ability to manage its growth and implement its business
strategies; future business development, financial condition and
results of operations of the Company; condition of the wealth
management market in China and
internationally; the demand for and market acceptance of the
products the Company distributes; the Company's ability to maintain
and further grow its active high-net-worth client base and maintain
or increase the amount of investment by clients; developments in
relevant government policies and regulations relating to the
Company's industry and the Company's ability to comply with those
policies and regulations; the Company's ability to attract and
retain quality employees; the Company's ability to adapt to
potential uncertainties in China's
real estate industry and stay abreast of market trends and
technological advances; the results of the Company's investments in
research and development to enhance its product choices and service
offerings; general economic and business conditions in China; and the Company's ability to protect
its reputation and enhance its brand recognition. Further
information regarding these and other risks is included in Jupai's
filings with the U.S. Securities and Exchange Commission. All
information provided in this press release and in the attachments
is as of the date of this press release, and Jupai does not
undertake any obligation to update any such information, including
forward-looking statements, as a result of new information, future
events or otherwise, except as required under applicable law.
- FINANCIAL AND OPERATIONAL TABLES FOLLOW -
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In RMB, except
for USD data)
|
|
|
As of
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
2018
|
|
2019
|
|
2019
|
|
RMB
|
|
RMB
|
|
USD
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
1,298,565,042
|
|
711,205,698
|
|
102,158,306
|
Restricted
cash
|
4,000,000
|
|
1,100,000
|
|
158,005
|
Short-term
investments
|
4,723,612
|
|
-
|
|
-
|
Accounts
receivable
|
39,633,035
|
|
-
|
|
-
|
Other
receivables
|
20,493,145
|
|
14,125,535
|
|
2,029,006
|
Amounts due from
related parties
|
199,331,694
|
|
95,193,003
|
|
13,673,619
|
Other current
assets
|
15,320,791
|
|
4,984,541
|
|
715,985
|
Total current
assets
|
1,582,067,319
|
|
826,608,777
|
|
118,734,921
|
Long-term
investments
|
58,950,000
|
|
228,950,000
|
|
32,886,610
|
Investment in
affiliates
|
67,262,431
|
|
107,541,000
|
|
15,447,298
|
Amounts due from
related parties — non-current
|
48,626,353
|
|
229,117,743
|
|
32,910,705
|
Property and
equipment, net
|
36,267,042
|
|
27,834,760
|
|
3,998,213
|
Intangible assets,
net
|
58,124,608
|
|
38,250,479
|
|
5,494,338
|
Goodwill
|
297,031
|
|
-
|
|
-
|
Other non-current
assets
|
27,914,021
|
|
17,886,020
|
|
2,569,166
|
Right-of-use
assets
|
-
|
|
68,950,101
|
|
9,904,062
|
Deferred tax
assets
|
100,985,228
|
|
4,608,063
|
|
661,907
|
Total
Assets
|
1,980,494,033
|
|
1,549,746,943
|
|
222,607,220
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
116,653,658
|
|
58,318,063
|
|
8,376,866
|
Income tax
payable
|
227,537,993
|
|
82,800,208
|
|
11,893,506
|
Other tax
payable
|
43,009,523
|
|
695,081
|
|
99,842
|
Amounts due to
related parties — current
|
31,105,111
|
|
19,439,664
|
|
2,792,333
|
Deferred revenue from
related parties
|
111,720,785
|
|
42,053,959
|
|
6,040,673
|
Deferred
revenue
|
18,949,097
|
|
35,674,503
|
|
5,124,322
|
Other current
liabilities
|
39,929,945
|
|
78,201,072
|
|
11,232,881
|
Total current
liabilities
|
588,906,112
|
|
317,182,550
|
|
45,560,423
|
Deferred revenue —
non-current from related parties
|
22,096,306
|
|
4,917,845
|
|
706,404
|
Deferred revenue —
non-current
|
2,144,593
|
|
311,651
|
|
44,766
|
Operating Lease
Liabilities — non-current
|
-
|
|
28,518,789
|
|
4,096,468
|
Deferred tax
liabilities
|
198,187
|
|
-
|
|
-
|
Total
Liabilities
|
613,345,198
|
|
350,930,835
|
|
50,408,061
|
Equity
|
1,367,148,835
|
|
1,198,816,108
|
|
172,199,159
|
Total Liabilities
and Total Shareholders' Equity
|
1,980,494,033
|
|
1,549,746,943
|
|
222,607,220
|
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Income Statements
|
(In RMB, except
for USD data and ADS data)
|
|
|
Twelve months
ended
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
2018
|
|
2019
|
|
2019
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues
|
|
|
|
|
|
Third party
revenues
|
335,246,612
|
|
387,870,253
|
|
55,714,076
|
Related party
revenues
|
990,820,793
|
|
402,889,899
|
|
57,871,513
|
Total
revenues
|
1,326,067,405
|
|
790,760,152
|
|
113,585,589
|
Taxes and
surcharges
|
(4,323,742)
|
|
(4,812,940)
|
|
(691,336)
|
Net
revenues
|
1,321,743,663
|
|
785,947,212
|
|
112,894,253
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
Cost of
revenues
|
(684,558,659)
|
|
(481,746,067)
|
|
(69,198,493)
|
Selling
expenses
|
(303,170,575)
|
|
(206,777,405)
|
|
(29,701,716)
|
General and
administrative expenses
|
(274,782,664)
|
|
(265,527,496)
|
|
(38,140,638)
|
Impairment loss of
goodwill
|
(267,917,575)
|
|
-
|
|
-
|
Other operating
income — government subsidies
|
48,742,897
|
|
31,429,802
|
|
4,514,609
|
Total operating cost
and expenses
|
(1,481,686,576)
|
|
(922,621,166)
|
|
(132,526,238)
|
Loss from
operations
|
(159,942,913)
|
|
(136,673,954)
|
|
(19,631,985)
|
|
|
|
|
|
|
Gain from
deconsolidation of subsidiaries
|
561,528
|
|
-
|
|
-
|
Interest
income
|
3,990,096
|
|
6,136,600
|
|
881,467
|
Investment (loss)
income
|
(292,384)
|
|
12,627,142
|
|
1,813,775
|
Other
income
|
4,227,896
|
|
3,409,000
|
|
489,673
|
Total other
income
|
8,487,136
|
|
22,172,742
|
|
3,184,915
|
Loss before taxes and
loss from equity in affiliates
|
(151,455,777)
|
|
(114,501,212)
|
|
(16,447,070)
|
Income tax
expense
|
(129,855,367)
|
|
(52,944,639)
|
|
(7,605,021)
|
Loss from equity in
affiliates
|
(113,486,155)
|
|
(5,015,063)
|
|
(720,369)
|
Net
loss
|
(394,797,299)
|
|
(172,460,914)
|
|
(24,772,460)
|
Net loss attributable
to non-controlling interests
|
7,053,281
|
|
7,774,839
|
|
1,116,786
|
Net loss
attributable to ordinary shareholders
|
(387,744,018)
|
|
(164,686,075)
|
|
(23,655,674)
|
|
|
|
|
|
|
Net loss per
ADS:
|
|
|
|
|
|
Basic
|
(11.60)
|
|
(4.90)
|
|
(0.70)
|
Diluted
|
(11.60)
|
|
(4.90)
|
|
(0.70)
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
Basic
|
33,413,485
|
|
33,615,983
|
|
33,615,983
|
Diluted
|
33,413,485
|
|
33,615,983
|
|
33,615,983
|
Jupai Holdings
Limited
|
Unaudited
Condensed Comprehensive Income Statements
|
(In RMB, except
for USD data)
|
|
|
Twelve months
ended
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
2018
|
|
2019
|
|
2019
|
|
RMB
|
|
RMB
|
|
USD
|
Net
loss
|
(394,797,299)
|
|
(172,460,914)
|
|
(24,772,460)
|
Other comprehensive
loss, net of tax:
|
|
|
|
|
|
Change in cumulative
foreign currency translation adjustment
|
12,501,586
|
|
(3,245,903)
|
|
(466,245)
|
Other comprehensive
income
|
12,501,586
|
|
(3,245,903)
|
|
(466,245)
|
Comprehensive
loss
|
(382,295,713)
|
|
(175,706,817)
|
|
(25,238,705)
|
Less: Comprehensive
loss attributable to non-controlling interests
|
(6,934,658)
|
|
(7,748,689)
|
|
(1,113,029)
|
Comprehensive loss
attributable to ordinary shareholders
|
(375,361,055)
|
|
(167,958,128)
|
|
(24,125,676)
|
Jupai Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except
for ADS data and percentages)
|
|
|
Twelve months
ended
|
|
December 31,
|
|
December 31,
|
|
2018
|
|
2019
|
|
RMB
|
|
RMB
|
Net margin
attributable to ordinary shareholders
|
-29.3%
|
|
-21.0%
|
Adjusted net margin
attributable to ordinary shareholders (non-GAAP)
|
1.0%
|
|
-19.7%
|
|
|
|
|
Net loss attributable
to ordinary shareholders
|
(387,744,018)
|
|
(164,686,075)
|
Adjustment for
share-based compensation (net of tax effect of nil for both years
ended
December 31, 2018 and 2019)
|
18,108,942
|
|
9,583,596
|
Adjustment for
amortization of intangible assets related to acquisition (net of
tax effect of
RMB4,642,486 and RMB196,316 for years ended December 31, 2018 and
2019,
respectively)
|
13,927,456
|
|
588,954
|
Adjustment for
impairment loss of investment in affiliates (net of tax effect of
nil for both
years ended December 31, 2018 and 2019)
|
100,756,194
|
|
-
|
Adjustment for
impairment loss of goodwill (net of tax effect of nil for both
years ended
December 31, 2018 and 2019)
|
267,917,575
|
|
-
|
Adjusted net
income (loss) attributable to ordinary shareholders
(non-GAAP)
|
12,966,149
|
|
(154,513,525)
|
|
|
|
|
Net
loss attributable to ordinary shareholders per ADS,
diluted
|
(11.60)
|
|
(4.90)
|
Adjusted net income
(loss) attributable to ordinary shareholders per ADS, diluted
(non-GAAP)
|
0.37
|
|
(4.60)
|
|
|
|
|
Weighted average
number of ADSs used in computation:
|
|
|
|
Diluted
|
35,035,842
|
|
33,615,983
|
View original
content:http://www.prnewswire.com/news-releases/jupai-reports-full-year-2019-results-301022823.html
SOURCE Jupai Holdings Limited