Jupai Holdings is a China-based, third-party wealth management firm targeting high-net-worth individuals. "Third-party" in the Chinese context means Jupai is independent of any bank or financial institution, acting as an intermediary between clients and investment product providers. Jupai's business historically had two components: distributing third-party and self-developed investment products to HNWI clients, and managing private investment funds (primarily real estate-related) as general partner or co-general partner. Jupai earned one-time commissions on product distribution and recurring management fees on funds under management. The distribution business has effectively collapsed — new product sales fell from RMB6.2B in 2021 to zero in 2023 — driven by PRC regulatory tightening on asset management products, macro uncertainty, the U.S.-China trade conflict, and COVID-19. Jupai has ceased all new product marketing and distribution, and the company now has only 43 employees. Today, Jupai's sole remaining activity is managing its existing fund portfolio of RMB26.6B in AUM (roughly 61% private equity and venture capital, 33% fixed income, and 6% public markets), earning recurring management fees as those funds gradually wind down. The company was delisted from the NYSE in 2022 and its shares now trade on the OTC Pink market.