Jupai goes public at New York Stock Exchange

NEW YORK -Jupai Holdings Limited, a leading third-party wealth management service provider from China, made its trading debut on the New York Stock Exchange (NYSE) Thursday.

Jupai announced that for initial public offering (IPO), it sold 5.3 million American Depositary Shares (ADSs), each representing six ordinary shares of the company, at a price of $10.00 per ADS.

Jupai's shares began trading at $10.41 apiece under the ticker symbol "JP" Thursday morning.

Credit Suisse Securities (USA) LLC and China Renaissance Securities (Hong Kong) Limited acted as joint underwriters for Jupai's stock offering.

Tianxiang Hu, Jupai's founder and co-chairman, told Xinhua that the company planned to use the proceeds from the offering for business expansion and merger and acquisition deals.

Hu expressed optimism about the company's prospects, saying "I believed the company has a stable and professional team, which has a broad background in financing, real estate and investment banking."

Jupai, which is based in Shanghai, is a 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.