Exhibit 99.1

Jupai Reports First Quarter 2022 Results

SHANGHAI — June 28, 2022 — 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 first quarter ended March 31, 2022.

FIRST QUARTER 2022 FINANCIAL HIGHLIGHTS

●	Net revenues in the first quarter of 2022 were RMB32.6 million, a decrease of 61.1% from RMB83.7 million in the corresponding period in 2021.

For the quarter ended March 31
(RMB '000, except percentages)	Q1 2021		Q1 2021 %			Q1 2022		Q1 2022 %			YoY Change %
One-time commissions		31,227		37.3	%		9,931		30.5	%		-68.2	%
Recurring management fees		24,826		29.7	%		8,418		25.9	%		-66.1	%
Recurring service fees		27,622		33.0	%		14,209		43.6	%		-48.6	%
Total net revenues		83,675		100.0	%		32,558		100.0	%		-61.1	%

●	Loss from operations in the first quarter of 2022 was RMB43.0 million, as compared to income from operations of RMB3.5 million from the corresponding period in 2021.

●	Net loss attributable to ordinary shareholders in the first quarter of 2022 was RMB14.1 million, as compared to net income attributable to ordinary shareholders of RMB3.9 million from the corresponding period in 2021.

●	Adjusted net loss attributable to ordinary shareholders (non-GAAP¹) in the first quarter of 2022 was RMB42.9 million, as compared to adjusted net income attributable to ordinary shareholders of RMB4.3 million from the corresponding period in 2021.

FIRST QUARTER 2022 OPERATIONAL UPDATES

●	Total number of active clients² during the first quarter of 2022 was 102, as compared to 608 active clients during the first quarter of 2021.

●	The aggregate value of wealth management products distributed by the Company during the first quarter of 2022 was RMB0.3 billion, a 84.2% decrease from the corresponding period in 2021.

Wealth management products distributed by the Company - breakdown by product type

	Three months ended
	March 31, 2021				March 31, 2022
Product type	(RMB in millions, except percentages)
Fixed income products		1,085	58	%		—	—
Private equity products		229	12	%		24	8	%
Secondary market equity fund products		505	27	%		179	61	%
Other products		51	3	%		92	31	%
All products		1,870	100	%		295	100	%

●	Jupai’s coverage network as of March 31, 2022 included 22 client centers covering 22 cities, as compared to 32 client centers covering 30 cities as of March 31, 2021.

¹	Jupai’s non-GAAP financial measures are derived from adjusting the corresponding GAAP financial measures by excluding the effects of share-based compensation and loss on litigation.

²	“Active clients” for a given period refer to clients who purchase wealth management products distributed by Jupai at least once during that given period.

●	Total assets under management³ as of March 31, 2022 were RMB30.7 billion, as compared to RMB32.9 billion as of March 31, 2021.

Assets under management – breakdown by product type

	As of
	March 31, 2021				March 31, 2022
Product type	(RMB in millions, except percentages)
Fixed income products		9,604	29	%		9,483	31	%
Private equity products		21,048	64	%		18,646	61	%
Secondary market equity fund products		1,053	3	%		1,428	5	%
Other products		1,162	4	%		1,178	3	%
All products		32,867	100	%		30,735	100	%

“In light of the new asset management regulations officially implemented in China this year, as well as the shift in overall investor sentiment, Jupai will continue to focus on our transformation and long-term development,” said Mr. Jianda Ni, Jupai’s chairman of the board and chief executive officer. “We remain committed to becoming one of the top wealth management and asset management brands for high-net-worth individuals in China.”

“In the first quarter of 2022, we further advanced our asset allocation transformation strategy with other products including insurance which accounted for 31.3% of the aggregate value of wealth management products distributed compared to 6.4% in the previous quarter,” said Ms. Min Liu, Jupai’s chief financial officer. “We will continue to focus on upgrading and implementing our ‘Precise Key Client Customization’ strategy and ‘Asset Transparency System’ to meet increasingly diverse needs of investors.”

“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.

FIRST QUARTER 2022 FINANCIAL RESULTS

Net Revenues

Net revenues for the first quarter of 2022 were RMB32.6 million, a 61.1% decrease from RMB83.7 million in the corresponding period in 2021, primarily due to decreases in one-time commissions and recurring management fees.

●

Net revenues from one-time commissions for the first quarter of 2022 were RMB9.9 million, a 68.2% decrease from RMB31.2 million in the corresponding period in 2021, primarily as a result of a decrease in the fixed income products due to the adverse effects of policies on the real estate market.

●

Net revenues from recurring management fees for the first quarter of 2022 were RMB8.4 million, a 66.1% decrease from RMB24.8 million in the corresponding period in 2021. RMB0.1 million and nil carried interest was recognized as part of Jupai’s recurring management fees in the first quarter of 2022 and 2021, respectively, primarily due to the decrease in the value of assets under management of private equity products.

●

Net revenues from recurring service fees for the first quarter of 2022 were RMB14.2 million, a 48.6% decrease from RMB27.6 million in the corresponding period in 2021. The Company recognized RMB0.8 million and RMB4.6 million variable performance fees in the first quarter of 2022 and 2021, respectively, primarily because the Company provided ongoing services to fewer product suppliers.

Operating Costs and Expenses

Operating costs and expenses for the first quarter of 2022 were RMB75.6 million, a decrease of 5.8% from RMB80.2 million in the corresponding period in 2021.

●

Cost of revenues for the first quarter of 2022 was RMB21.5 million, a decrease of 42.5% from RMB37.4 million in the corresponding period in 2021, which was primarily due to the decrease in headcount of wealth management advisors and client managers.

●

Selling expenses for the first quarter of 2022 were RMB12.5 million, a decrease of 30.0% from RMB17.9 million in the corresponding period in 2021, primarily due to the decrease in marketing and promotion activities.

●

General and administrative expenses for the first quarter of 2022 were RMB43.1 million, an increase of 71.5% from RMB25.1 million in the corresponding period in 2021, mainly due to the growth in service fees.

●

Government subsidies received by the Company for the first quarter of 2022 was RMB1.5 million, as compared to RMB0.2 million from the corresponding period in 2021. Government subsidies were recorded when received, with their availability and amount dependent upon government policies.

Operating margin for the first quarter of 2022 was negative 132.2% (-132.2%), as compared to 4.1% for the corresponding period in 2021.

Income tax expenses for the first quarter of 2022 were nil, as compared to RMB0.3 million from the corresponding period in 2021, primarily due to a decrease in taxable income.

Net Income

●

Net Income

●

Net loss attributable to ordinary shareholders for the first quarter of 2022 was RMB14.1 million, as compared to net income attributable to ordinary shareholders of RMB3.9 million from the corresponding period in 2021.

●

Net margin attributable to ordinary shareholders for the first quarter of 2022 was negative 43.2% (-43.2%), as compared to 4.7% from the corresponding period in 2021.

●

Net loss attributable to ordinary shareholders per basic and diluted American depositary share (“ADS”) for the first quarter of 2022 was RMB0.44 and RMB0.44, respectively, as compared to net income attributable to ordinary shareholders per basic and diluted ADS of RMB0.12 and RMB0.12, respectively, from the corresponding period in 2021.

●

Adjusted Net Income (non-GAAP)

●

Adjusted net loss attributable to ordinary shareholders (non-GAAP) for the first quarter of 2022 was RMB42.9 million, as compared to adjusted net income attributable to ordinary shareholders of RMB4.3 million from the corresponding period in 2021.

●

Adjusted net margin attributable to ordinary shareholders (non-GAAP) for the first quarter of 2022 was negative 131.6% (-131.6%), as compared to 5.1% from the corresponding period in 2021.

●

Adjusted net loss attributable to ordinary shareholders per diluted ADS (non-GAAP) for the first quarter of 2022 was RMB1.34, as compared to adjusted net income attributable to ordinary shareholders per diluted ADS (non-GAAP) of RMB0.13 from the corresponding period in 2021.

Balance Sheet and Cash Flow

As of March 31, 2022, the Company had RMB545.2 million in cash, cash equivalents and restricted cash, as compared to RMB612.1 million as of December 31, 2021.

Net cash used in operating activities during the first quarter of 2022 was RMB53.1 million, as compared to RMB14.5 million from the corresponding period in 2021. Those changes were primarily due to the change in working capital.

Net cash used in investing activities during the first quarter of 2022 was RMB10.6 million, as compared to RMB30.5 million from the corresponding period in 2021, primarily due to the less payment for investment.

Net cash used in financing activities during the first quarter of 2022 was RMB3.2 million, as compared to nil from the corresponding period in 2021, primarily due to the repurchase of share.

TERMINATION OF CONTRACTUAL ARRANGEMENTS WITH SHANGHAI JUPAI

Recently, an investor of Juzhou Intelligent Manufacturing 2018 Private Equity Investment Fund submitted a petition to the Shanghai Pudong New Area People’s Court for bankruptcy restructuring of Shanghai Jupai Investment Group Co., Ltd. (“Shanghai Jupai”), and the Shanghai Pudong New Area People’s Court held a hearing on this petition. In light of this matter, Jupai will terminate the contractual arrangements with Shanghai Jupai and, upon the termination of such contractual arrangements, Jupai will discontinue the operations of and cease control over the business currently operated by Shanghai Jupai. In 2021, the net revenue and the net loss from Shanghai Jupai and its subsidiaries and branches accounted for 54.9% of our total net revenue and 98.6% of our total net loss, respectively.

CONFERENCE CALL

Jupai’s management will host an earnings conference call on June 28, 2022 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong time).

Please register in advance for the conference call using the link provided below. Upon registering, you will be provided with a calendar invite with participant dial-in numbers, passcode, and a unique access pin by email. To join the conference, simply dial the number you receive after preregistering, enter the passcode followed by your pin, and you will join the conference instantly.

PRE-REGISTER LINK: http://apac.directeventreg.com/registration/event/1148586

A replay of the conference call may be accessed by phone at the following number until July 5, 2022:

U.S./International:	+1-855-452-5696 or +61-2-9003-4211
Mainland China:	400-820-9703
Hong Kong:	800-963-117
Singapore:	800-616-2305
Passcode:	1148586

Additionally, a live and archived webcast will be available at http://jupai.investorroom.com.

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 share-based compensation and loss on litigation. 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 and loss on litigation, 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 loss on litigation. 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.

Contacts:

Jupai Investor Relations

Email: ir@jpinvestment.cn

Philip Lisio

The Foote Group

Phone: +86 (10) 8429 9544

Email: Jupai-IR@thefootegroup.com

— FINANCIAL AND OPERATIONAL TABLES FOLLOW —

Jupai Holdings Limited

Unaudited Condensed Consolidated Balance Sheets

(In RMB or USD, as indicated)

	As of
	December 31,		March 31,		December 31,		March 31,
	2021		2022		2021		2022
	RMB'000		RMB'000		USD⁴'000		USD⁵'000
Assets
Current assets:
Cash and cash equivalents		601,770		535,676		94,431		84,501
Restricted cash		10,329		9,567		1,621		1,509
Short-term investment		167		165		26		26
Accounts receivable		136		24		21		4
Other receivables		45,199		45,053		7,093		7,107
Amounts due from related parties		14,953		14,493		2,346		2,286
Other current assets		13,547		15,235		2,126		2,403
Total current assets		686,101		620,213		107,664		97,836
Long-term investments		202,819		202,819		31,827		31,994
Investment in affiliates		122,187		120,613		19,174		19,026
Amounts due from related parties — non-current		228,833		228,808		35,909		36,094
Property and equipment, net		14,616		20,760		2,293		3,275
Intangible assets, net		30,807		33,858		4,834		5,341
Other non-current assets		11,736		10,242		1,842		1,616
Right-of-use assets		28,357		24,027		4,450		3,790
Deferred tax assets		4,161		4,161		653		656
Total Assets		1,329,617		1,265,501		208,646		199,628
Liabilities and Equity
Current liabilities:
Accrued payroll and welfare expenses		36,587		34,523		5,741		5,446
Income tax payable		85,449		85,102		13,409		13,425
Other tax payable		751		915		118		144
Amounts due to related parties — current		16,617		16,914		2,608		2,668
Deferred revenue from related parties		5,404		3,183		848		502
Deferred revenue		8,990		5,114		1,411		807
Contingent liabilities		282,450		235,950		44,322		37,220
Other current liabilities		41,230		49,484		6,470		7,806
Total current liabilities		477,478		431,185		74,927		68,018
Deferred revenue — non-current from related parties		278		192		44		30
Deferred revenue — non-current		1,179		1,179		185		186
Operating Lease Liabilities — non-current		10,046		8,265		1,576		1,304
Total Liabilities		488,981		440,821		76,732		69,538
Equity		840,636		824,680		131,914		130,090
Total Liabilities and Total Shareholders' Equity		1,329,617		1,265,501		208,646		199,628

⁴	The conversion of Renminbi (RMB) into U.S. dollars (US$) in this column is based on the noon buying rate on December 31, 2021, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System, which was RMB 6.3726 to US$1.00.

⁵	The conversion of Renminbi (RMB) into U.S. dollars (US$) in this column is based on the noon buying rate on March 31, 2022, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System, which was RMB 6.3393 to US$1.00.

Jupai Holdings Limited

Unaudited Condensed Consolidated Income Statements

(In RMB or USD, as indicated, except for ADS data and per ADS data)

	Three months ended
	March 31,			March 31,			March 31,			March 31,
	2021			2022			2021			2022
	RMB'000			RMB'000			USD⁶'000			USD⁷'000
Revenues
Third party revenues		46,174			22,362			7,047			3,527
Related party revenues		37,324			9,970			5,697			1,573
Total revenues		83,498			32,332			12,744			5,100
Taxes and surcharges		177			226			27			36
Net revenues		83,675			32,558			12,771			5,136
Operating costs and expenses:
Cost of revenues		(37,415	)		(21,507	)		(5,711	)		(3,393	)
Selling expenses		(17,910	)		(12,532	)		(2,733	)		(1,977	)
General and administrative expenses		(25,131	)		(43,094	)		(3,836	)		(6,798	)
Government subsidies		236			1,539			36			243
Total operating cost and expenses		(80,220	)		(75,594	)		(12,244	)		(11,925	)
Income (loss) from operations		3,455			(43,036	)		527			(6,789	)
Interest income		1,092			1,240			166			196
Investment loss		(67	)		(143	)		(10	)		(22	)
Other loss		(343	)		(468	)		(52	)		(74	)
Income on litigation	-				30,830		-				4,863
Total other income		682			31,459			104			4,963
Income (loss) before taxes and gain (loss) from equity in affiliates		4,137			(11,577	)		631			(1,826	)
Income tax expense		(341	)	-				(52	)	-
Gain (loss) from equity in affiliates		395			(325	)		61			(51	)
Net income (loss)		4,191			(11,902	)		640			(1,877	)
Net income attributable to non-controlling interests		(283	)		(2,174	)		(44	)		(343	)
Net income (loss) attributable to ordinary shareholders		3,908			(14,076	)		596			(2,220	)
Net income (loss) per ADS:
Basic		0.12			(0.44	)		0.02			(0.07	)
Diluted		0.12			(0.44	)		0.02			(0.07	)
Weighted average number of ADSs used in computation:
Basic		33,222,952			32,080,637			33,222,952			32,080,637
Diluted		33,293,931			32,080,637			33,293,931			32,080,637

⁶

The conversion of data from Renminbi (RMB) into U.S. dollars (US$) for three months ended March 31, 2021 in this table and the following tables is based on the noon buying rate on March 31, 2021, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System, which was RMB 6.5518 to US$1.00.

⁷

The conversion of data from Renminbi (RMB) into U.S. dollars (US$) for three months ended March 31, 2022 in this table and the following tables is based on the noon buying rate on March 31, 2022, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System, which was RMB 6.3393 to US$1.00.

Jupai Holdings Limited

Unaudited Condensed Comprehensive Income Statements

(In RMB or USD, as indicated)

	Three months ended
	March 31,		March 31,			March 31,		March 31,
	2021		2022			2021		2022
	RMB'000		RMB'000			USD'000		USD'000
Net income (loss)		4,191		(11,902	)		640		(1,877	)
Other comprehensive income (loss), net of tax:
Change in cumulative foreign currency translation adjustment		1,679		(656	)		256		(104	)
Other comprehensive income (loss)		1,679		(656	)		256		(104	)
Comprehensive income (loss)		5,870		(12,558	)		896		(1,981	)
Less: Comprehensive income attributable to non-controlling interests		273		2,188			42		345
Comprehensive income (loss) attributable to ordinary shareholders		5,597		(14,746	)		854		(2,326	)

Jupai Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

(In RMB, except for ADS data, per ADS data and percentages)

	Three months ended
	March 31,		March 31,
	2021		2022
	RMB'000		RMB'000
Net margin attributable to ordinary shareholders	4.7%			-43.2	%
Adjusted net margin attributable to ordinary shareholders (non-GAAP)	5.1%			-131.6	%
Net income (loss) attributable to ordinary shareholders		3,908		(14,076	)
Adjustment for share-based compensation (net of tax effect of nil for both three months ended March 31, 2021 and 2022)		348		97
Adjustment for loss on litigation (net of tax effect of nil for both three months ended March 31, 2021 and 2022)	-			(28,881	)
Adjusted net income (loss) attributable to ordinary shareholders (non-GAAP)		4,256		(42,860	)
Net income (loss) attributable to ordinary shareholders per ADS, diluted		0.12		(0.44	)
Adjusted net income (loss) attributable to ordinary shareholders per ADS, diluted (non-GAAP)		0.13		(1.34	)
Weighted average number of ADSs used in computation:
Diluted		33,293,931		32,080,637

Jupai Holdings Ltd 6-K