Jupai Holdings is a Chinese wealth manager that sells investment products like fixed-income deals, private equity funds, and insurance to rich individuals, running 22 branches across mainland China and Hong Kong.
Revenue shrank from CNY 0.79B in 2019 to CNY 0.36B in 2021, and the company lost money every full year—net losses hit CNY 0.29B in 2021. Gross margins stayed high (56% in 2021), but operating losses show the core business isn't profitable.
Jupai's brand and client relationships in China's wealth market give it some stickiness, but regulatory pressure and competition from larger banks and fintechs like Ant Group are eroding its edge. With shrinking revenue and persistent losses, the moat is weake
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Japanese equities are a crowded trade due to foreigners chasing the weak yen and domestic retail hedging against currency depreciation. Nomura and Daiwa benefit from this.
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