Jupai Holdings Limited (JPPYY) 20-F 16 Apr 21 2020 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2020shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Document Shell Company Report	false
Entity Registrant Name	Jupai Holdings Ltd
Entity Common Stock, Shares Outstanding	199,051,046
Entity Well-known Seasoned Issuer	No
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001616291
Amendment Flag	false
American Depository Shares
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares, eachrepresenting six ordinary shares
Trading Symbol	JP
Security Exchange Name	NYSE
Ordinary shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary shares, par value US$0.0005 per share
No Trading Symbol Flag	true

Consolidated Balance Sheets

Consolidated Balance Sheets	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
Current assets:
Cash and cash equivalents	$ 96,615,599	¥ 630,416,786	¥ 711,205,698
Restricted cash	4,110,216	26,819,159	1,100,000
Accounts receivable (net of allowance for doubtful accounts of RMB26,102,138 and RMB26,102,138 as of December 31, 2019 and 2020, respectively)	1,002	6,539
Other receivables (net of allowance for doubtful accounts of RMB2,080,597 and RMB2,080,597 as of December 31, 2019 and 2020, respectively)	9,387,708	61,254,793	14,125,535
Amounts due from related parties (net of allowance for doubtful accounts of RMB96,307,907 and RMB107,453,024 as of December 31, 2019 and 2020, respectively)	3,093,090	20,182,412	95,193,003
Other current assets	2,457,424	16,034,692	4,984,541
Total current assets	115,665,039	754,714,381	826,608,777
Long-term investments	33,555,556	218,950,000	228,950,000
Intangible assets, net	5,237,858	34,177,021	38,250,479
Amounts due from related parties - non-current	35,119,529	229,154,928	229,117,743
Investment in affiliates	15,378,070	100,341,909	107,541,000
Property and equipment, net	2,619,745	17,093,837	27,834,760
Other non-current assets	2,074,856	13,538,437	17,886,020
Right-of-use assets	5,995,297	39,119,312	68,950,101
Deferred tax assets	660,918	4,312,491	4,608,063
Total Assets	216,306,868	1,411,402,316	1,549,746,943
Current liabilities:
Accrued payroll and welfare expenses (including accrued payroll and welfare expense of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of RMB28,055,363 and RMB30,708,606 as of December 31, 2019 and 2020, respectively	8,877,567	57,926,124	58,318,063
Income tax payable (including income tax payable of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of RMB19,815,543 and RMB52,409,793 as of December 31, 2019 and 2020, respectively)	13,117,650	85,592,667	82,800,208
Other tax payable (including other tax payable of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of nil and nil as of December 31, 2019 and 2020, respectively)	405,206	2,643,970	695,081
Amounts due to related parties - current (including amounts due to related parties-current of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of RMB10,963,967 and RMB11,011,967 as of December 31,2019 and 2020, respectively)	2,547,997	16,625,680	19,439,664
Deferred revenue from related parties (including deferred revenue from related parties of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of RMB28,056,641 and RMB10,267,812 as of December 31,2019 and 2020, respectively)	1,588,432	10,364,519	42,053,959
Deferred revenue (including deferred revenue of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of RMB17,211,666 and RMB7,594,166 as of December 31,2019 and 2020, respectively)	1,317,810	8,598,708	35,674,503
Other current liabilities (including other current liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of RMB13,940,969 and RMB7,700,862 as of December 31, 2019 and 2020, respectively)	9,158,593	59,759,820	78,201,072
Total current liabilities	37,013,255	241,511,488	317,182,550
Deferred revenue - non-current from related parties (including deferred revenue from related parties of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of RMB4,774,671 and RMB1,362,240 as of December 31, 2019 and 2020, respectively)	1,751,017	11,425,388	4,917,845
Deferred revenue - non-current (including deferred revenue of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of RMB311,651 and RMB104,835 as of December 31, 2019 and 2020, respectively)	196,794	1,284,080	311,651
Operating Lease Liabilities - non-current (including operating lease liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to Jupai Holdings Limited of RMB642,309 and RMB138,156 as of December 31, 2019 and 2020, respectively)	1,934,009	12,619,411	28,518,789
Total Liabilities	40,895,075	266,840,367	350,930,835
Commitments and Contingencies
Shareholders' Equity:
Ordinary Shares (USD0.0005 par value; 1,000,000,000 and 1,000,000,000 shares authorized, 201,737,272 and 199,051,046 shares issued and outstanding, as of December 31, 2019 and 2020, respectively)	95,510	623,201	632,601
Additional paid-in capital	176,064,923	1,148,823,625	1,150,352,309
Retained earnings	(7,499,644)	(48,935,177)	(17,567,529)
Accumulated other comprehensive income	5,812,902	37,929,187	54,141,670
Total Jupai shareholders' equity	174,473,691	1,138,440,836	1,187,559,051
Noncontrolling interests	938,102	6,121,113	11,257,057
Total Equity	175,411,793	1,144,561,949	1,198,816,108
Total Liabilities and Equity	$ 216,306,868	¥ 1,411,402,316	¥ 1,549,746,943

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical)	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2020CNY (¥)shares	Dec. 31, 2019$ / shares	Dec. 31, 2019CNY (¥)shares
Accounts receivable, allowance for doubtful accounts		¥ 26,102,138		¥ 26,102,138
Other receivables, allowance for doubtful accounts		2,080,597		2,080,597
Amounts due from related parties, allowance for doubtful accounts		107,453,024		96,307,907
Accrued payroll and welfare expenses	$ 8,877,567	57,926,124		58,318,063
Income tax payable	13,117,650	85,592,667		82,800,208
Other tax payable	405,206	2,643,970		695,081
Amounts due to related parties-current	2,547,997	16,625,680		19,439,664
Deferred revenue - current from related parties	1,588,432	10,364,519		42,053,959
Deferred revenue - current	1,317,810	8,598,708		35,674,503
Other current liabilities	9,158,593	59,759,820		78,201,072
Deferred revenue - non-current from related parties	1,751,017	11,425,388		4,917,845
Deferred revenue - non-current	196,794	1,284,080		311,651
Operating Lease Liability	$ 1,934,009	¥ 12,619,411		¥ 28,518,789
Shareholders' Equity:
Ordinary shares, par value ( in dollars per share) | $ / shares	$ 0.0005		$ 0.0005
Ordinary shares, shares authorized | shares	1,000,000,000	1,000,000,000		1,000,000,000
Ordinary shares, shares issued | shares	199,051,046	199,051,046		201,737,272
Ordinary shares, shares outstanding | shares	199,051,046	199,051,046		201,737,272
Consolidated VIE and VIE's subsidiaries
Amounts due from related parties, allowance for doubtful accounts		¥ 60,790,862		¥ 60,490,862
Accrued payroll and welfare expenses	$ 4,706,300	30,708,606		28,055,363
Income tax payable	8,032,152	52,409,793		19,815,543
Other tax payable		0		0
Amounts due to related parties-current	1,687,658	11,011,967		10,963,967
Deferred revenue - current from related parties	1,573,611	10,267,812		28,056,641
Deferred revenue - current	1,163,857	7,594,166		17,211,666
Other current liabilities	1,180,209	7,700,862		13,940,969
Deferred revenue - non-current from related parties	208,772	1,362,240		4,774,671
Deferred revenue - non-current	16,067	104,835		311,651
Operating Lease Liability	$ 21,173	¥ 138,156		¥ 642,309

Consolidated Statements of Oper

Consolidated Statements of Operations	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2020CNY (¥)¥ / sharesshares	Dec. 31, 2019CNY (¥)¥ / sharesshares	Dec. 31, 2018CNY (¥)¥ / sharesshares
Revenues
Revenues	$ 59,740,871	¥ 389,809,179	¥ 790,760,152	¥ 1,326,067,405
Business taxes and related surcharges	(250,948)	(1,637,436)	(4,812,940)	(4,323,742)
Net revenues	59,489,923	388,171,743	785,947,212	1,321,743,663
Operating cost and expenses:
Cost of revenues	(31,514,897)	(205,634,704)	(481,746,067)	(684,558,659)
Selling expenses	(13,012,001)	(84,903,304)	(206,777,405)	(303,170,575)
General and administrative expenses	(23,548,030)	(153,650,898)	(265,527,496)	(274,782,664)
Impairment loss of goodwill		0	0	(267,917,575)
Government subsidies	3,308,920	21,590,703	31,429,802	48,742,897
Total operating cost and expenses	(64,766,008)	(422,598,203)	(922,621,166)	(1,481,686,576)
Loss from operations	(5,276,085)	(34,426,460)	(136,673,954)	(159,942,913)
Interest income	791,179	5,162,441	6,136,600	3,990,096
Investment (loss) income	(1,123,900)	(7,333,446)	12,627,142	(292,384)
Gain from deconsolidation of a subsidiary				561,528
Exchange gain	365,104	2,382,302	3,409,000	4,227,896
Loss before taxes and gain from equity in affiliates	(5,243,702)	(34,215,163)	(114,501,212)	(151,455,777)
Income tax expense	(122,073)	(796,524)	(52,944,639)	(129,855,367)
Loss from equity in affiliates	(247,166)	(1,612,759)	(5,015,063)	(113,486,155)
Net loss	(5,612,941)	(36,624,446)	(172,460,914)	(394,797,299)
Net loss attributable to noncontrolling interests	805,640	5,256,798	7,774,839	7,053,281
Net loss attributable to ordinary shareholders	$ (4,807,301)	¥ (31,367,648)	¥ (164,686,075)	¥ (387,744,018)
Net loss per share:
Basic and diluted (in dollars per share) | (per share)	$ (0.02)	¥ (0.16)	¥ (0.82)	¥ (1.93)
Weighted average number of shares used in computation:
Basic and diluted (in shares) | shares	200,431,277	200,431,277	201,695,899	200,480,910
Third party
Revenues
Revenues	$ 32,610,537	¥ 212,783,752	¥ 387,870,253	¥ 335,246,612
Related party
Revenues
Revenues	$ 27,130,334	¥ 177,025,427	¥ 402,889,899	¥ 990,820,793

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Consolidated Statements of Comprehensive Income (Loss)
Net loss	$ (5,612,941)	¥ (36,624,446)	¥ (172,460,914)	¥ (394,797,299)
Other comprehensive income (loss), net of tax of nil:
Change in cumulative foreign currency translation adjustment	(2,466,150)	(16,091,629)	(3,245,903)	12,501,586
Other comprehensive income (loss)	(2,466,150)	(16,091,629)	(3,245,903)	12,501,586
Comprehensive loss	(8,079,091)	(52,716,075)	(175,706,817)	(382,295,713)
Less: comprehensive loss attributable to noncontrolling interest	(787,118)	(5,135,944)	(7,748,689)	(6,934,658)
Comprehensive loss attributable to ordinary shareholders	$ (7,291,973)	¥ (47,580,131)	¥ (167,958,128)	¥ (375,361,055)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity	Ordinary sharesCNY (¥)shares	Additional paid-in capitalCNY (¥)	Retained earningsCNY (¥)	Accumulated other comprehensive incomeCNY (¥)	Total Jupai shareholders' equityCNY (¥)	Noncontrolling interestsCNY (¥)	USD ($)	CNY (¥)
Balance at Dec. 31, 2017	¥ 620,953	¥ 1,116,742,286	¥ 661,218,074	¥ 40,770,443	¥ 1,819,351,756	¥ 34,516,245		¥ 1,853,868,001
Balance (in shares) at Dec. 31, 2017 | shares	198,143,739
Net loss			(387,744,018)		(387,744,018)	(7,053,281)		(394,797,299)
Share-based compensation		18,108,942			18,108,942			18,108,942
Option exercised	¥ 2,816	3,264,394			3,267,210			3,267,210
Option exercised (in shares) | shares	886,362
Restricted shares vested	¥ 7,946	(7,946)
Restricted shares vested (in shares) | shares	2,449,345
Dividend distribution			(126,355,510)		(126,355,510)			(126,355,510)
Capital contribution by noncontrolling interest shareholder						1,858,779		1,858,779
Deconsolidation of a subsidiary						(1,302,874)		(1,302,874)
Foreign currency translation adjustment				12,382,963	12,382,963	118,623		12,501,586
Balance at Dec. 31, 2018	¥ 631,715	1,138,107,676	147,118,546	53,153,406	1,339,011,343	28,137,492		1,367,148,835
Balance (in shares) at Dec. 31, 2018 | shares	201,479,446
Net loss			(164,686,075)		(164,686,075)	(7,774,839)		(172,460,914)
Share-based compensation		9,583,596			9,583,596			9,583,596
Option exercised	¥ 32	29,604			29,636			29,636
Option exercised (in shares) | shares	9,200
Restricted shares vested	¥ 854	(854)
Restricted shares vested (in shares) | shares	248,626
Deconsolidation of a subsidiary		2,632,287		4,260,317	6,892,604	(9,131,746)		(2,239,142)
Foreign currency translation adjustment				(3,272,053)	(3,272,053)	26,150		(3,245,903)
Balance at Dec. 31, 2019	¥ 632,601	1,150,352,309	(17,567,529)	54,141,670	1,187,559,051	11,257,057		1,198,816,108
Balance (in shares) at Dec. 31, 2019 | shares	201,737,272
Net loss			(31,367,648)		(31,367,648)	(5,256,798)	$ (5,612,941)	(36,624,446)
Share-based compensation		3,593,400			3,593,400			3,593,400
Restricted shares vested	¥ 1,852	(1,852)
Restricted shares vested (in shares) | shares	548,626
Repurchase of shares	¥ (11,252)	(5,120,232)			(5,131,484)			(5,131,484)
Repurchase of shares ( in shares) | shares	(3,234,852)
Foreign currency translation adjustment				(16,212,483)	(16,212,483)	120,854		(16,091,629)
Balance at Dec. 31, 2020	¥ 623,201	¥ 1,148,823,625	¥ (48,935,177)	¥ 37,929,187	¥ 1,138,440,836	¥ 6,121,113	$ 175,411,793	¥ 1,144,561,949
Balance (in shares) at Dec. 31, 2020 | shares	199,051,046

Consolidated Statements of Cash

Consolidated Statements of Cash Flows	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Cash flows from operating activities:
Net loss	$ (5,612,941)	¥ (36,624,446)	¥ (172,460,914)	¥ (394,797,299)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,504,119	16,339,376	26,101,844	36,289,554
Loss from disposal of property and equipment	102,255	667,217
Allowance for doubtful accounts	1,708,064	11,145,117	61,278,914	59,214,311
Impairment loss of goodwill		0	0	267,917,575
Loss from equity in affiliates	247,166	1,612,759	5,015,063	113,486,155
Gain from disposal of subsidiaries and investment in affiliates	(19,654)	(128,240)	(12,559,048)	(1,051,867)
Loss on investment in equity securities	1,532,567	10,000,000	4,723,612	1,500,000
Share-based compensation	550,713	3,593,400	9,583,596	18,108,942
Changes in operating assets and liabilities:
Accounts receivable	(1,002)	(6,539)	32,449,697	(6,713,876)
Other receivables	739,365	4,824,357	(2,975,011)	9,749,600
Other assets	(1,034,747)	(6,751,725)	16,497,858	(10,359,399)
Amounts due from related parties	7,636,519	49,828,289	51,449,973	26,800,336
Accrued payroll and welfare expenses	(60,067)	(391,939)	(58,269,184)	(96,064,627)
Income tax payable	427,963	2,792,459	(144,737,787)	48,663,004
Other tax payable	298,680	1,948,889	(42,314,442)	(15,124,159)
Deferred revenue	(4,000,516)	(26,103,365)	14,892,464	(3,439,970)
Other current liabilities	(1,122,425)	(7,323,826)	(11,592,885)	12,567,773
Deferred revenue from related parties	(3,859,295)	(25,181,897)	(86,520,421)	(100,647,014)
Deferred taxes	45,299	295,573	96,180,849	(33,820,672)
Net cash provided by (used in) operating activities	82,063	535,459	(213,255,822)	(67,721,633)
Cash flows from investing activities:
Purchase of property and equipment and intangible assets	(328,438)	(2,143,055)	(13,203,815)	(9,308,534)
Collection of held-to-maturity investments				3,680,000
Purchase of long-term investments			(200,000,000)
Proceeds of long-term investments			34,200,000	4,800,000
Payment for investment in affiliates			(58,759,800)	(215,900,000)
Proceeds from disposal of investment in affiliates	875,797	5,714,573	13,172,739	218,678,718
Origination of short-term loan	(7,662,835)	(50,000,000)		(3,000,000)
Collection of short-term loan			4,000,000
Acquisition of subsidiaries, net of cash payment			(200,000)
Proceeds from disposal of subsidiary, net of cash disposed			33,999,151	218,171
(Payment) collection of advanced payment for acquisition				125,000
Loan to related parties	(1,532,567)	(10,000,000)	(200,000,000)	(661,167,166)
Collection of loan to related parties	3,678,161	24,000,000	21,128,271	622,850,900
Loan to noncontrolling interest shareholder				(1,858,779)
Net cash used in investing activities	(4,969,882)	(32,428,482)	(365,663,454)	(40,881,690)
Cash flows from financing activities:
Capital contribution from noncontrolling interest shareholder				1,858,779
Dividend paid to Jupai shareholders				(126,355,510)
Prepayment of purchase of noncontrolling interests				(200,000)
Repurchase of shares	(1,085,839)	(7,085,100)
Proceeds from option exercise			29,636	3,267,210
Net cash (used in) provided by financing activities	(1,085,839)	(7,085,100)	29,636	(121,429,521)
Effect of exchange rate changes	(2,466,151)	(16,091,630)	(11,369,704)	4,820,616
Net increase (decrease) in cash, cash equivalents and restricted cash	(8,439,809)	(55,069,753)	(590,259,344)	(225,212,228)
Cash, cash equivalents and restricted cash-beginning of the year	109,165,624	712,305,698	1,302,565,042	1,527,777,270
Cash, cash equivalents and restricted cash-end of the year	100,725,815	657,235,945	712,305,698	1,302,565,042
Supplemental disclosure of cash flow information:
Cash paid (refund) for income taxes	$ (351,189)	¥ (2,291,508)	¥ 101,501,575	115,362,823
Non-cash investing and financing activities:
Disposal of a subsidiary included in other receivables				3,000,000
Disposal of an investment included in other receivables				¥ 2,000,000

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical)	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Reconciliation of Cash and cash equivalents and restricted cash reported within the consolidated balance sheets
Cash and cash equivalents	$ 96,615,599	¥ 630,416,786		¥ 711,205,698	¥ 1,298,565,042
Restricted cash	4,110,216	26,819,159		1,100,000	4,000,000
Cash, cash equivalents and restricted cash	$ 100,725,815	¥ 657,235,945	$ 109,165,624	¥ 712,305,698	¥ 1,302,565,042	¥ 1,527,777,270

Organization and Principal Acti

Organization and Principal Activities	12 Months Ended
	Dec. 31, 2020
Organization and Principal Activities
Organization and Principal Activities	1. Organization and Principal Activities Jupai Holdings Limited (the ‘‘Company’’ or the “Group”), formerly Jupai Investment Group, was incorporated on August 13, 2012 in the Cayman Islands. The Company, through its subsidiaries and consolidated variable interest entity, Shanghai Jupai Investment Group Co., Ltd. (‘‘Shanghai Jupai’’ or ‘‘the VIE’’) and the VIE’s subsidiaries provides wealth management and asset management services to the high net worth individuals in the People’s Republic of China (‘‘PRC’’). The VIE's subsidiaries began offering services in 2010 through Shanghai Jupai, which was founded in the PRC on July 28, 2010. The Company’s significant subsidiaries as of December 31, 2020 include the following: Date of Place of Percentage of Incorporation/Acquisition Incorporation Ownership Shanghai Juxiang Investment Management Consulting Co., Ltd. ("Shanghai Juxiang") July 16, 2013 PRC 100 % Baoyi Investment Consulting (Shanghai) Co., Ltd. ("Shanghai Baoyi") July 16, 2015 PRC 100 % Jupai HongKong Investment Limited("Jupai Hong Kong") August 21, 2012 Hong Kong 100 % Shanghai Baoyixuan Investment Management Center (Limited Partnership) ("Baoyixuan") December 24, 2015 PRC 100 % Shanghai Jupai’s significant subsidiaries as of December 31, 2020 include the following: Place of Percentage of Date of Incorporation/acquisition Incorporation Ownership Juzhou Asset Management (Shanghai) Co., Ltd. ("Juzhou") May 17, 2013 PRC 85 % Shanghai Jupai Yumao Fund Sales Co., Ltd. (“Yumao”) February 26, 2014 PRC 100 % Shanghai E-Cheng’s significant subsidiaries as of December 31, 2020 include the following: Place of Percentage of Date of Acquisition Incorporation Ownership Shanghai Yidezhen Investment Management Center (Limited Partnership) ("Yidezhen") July 16, 2015 PRC 100 %

Summary of Principal Accounting

Summary of Principal Accounting Policies	12 Months Ended
	Dec. 31, 2020
Summary of Principal Accounting Policies
Summary of Principal Accounting Policies	2. Summary of Principal Accounting Policies (a) Basis of Presentation The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). (b) Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries for which the Company is the ultimate primary beneficiary. All transactions and balances among the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries have been eliminated upon consolidation. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power or has the power to: govern the financial and operating policies; appoint or remove the majority of the members of the board of directors; cast a majority of votes at the meeting of the board of directors. U.S. GAAP provides guidance on the identification of VIE and financial reporting for entities over which control is achieved through means other than voting interests. The Company evaluates each of its investments to determine whether or not the investee is a VIE and, if so, whether the Group is the primary beneficiary of such VIE. In determining whether the Group is the primary beneficiary, the Group considers if the Group (1) has power to direct the activities that most significantly affects the economic performance of the VIE, and (2) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Group consolidates the VIE. Although PRC laws and regulations do not prohibit foreign-invested enterprises from obtaining such license, in practice, the supervisory authority, at its discretion, generally does not issue such license to a foreign-invested third-party mutual fund sales company. Therefore, the Company decided to conduct such business in China through Shanghai Jupai and its subsidiaries which are PRC domestic companies. Since the Company does not have any equity interests in Shanghai Jupai, in order to exercise effective control over its operations, the Company, through its wholly owned subsidiary Shanghai Juxiang, entered into a series of contractual arrangements, or Control Documents with Shanghai Jupai and its shareholders (“Jupai VIE”), pursuant to which the Company is entitled to receive effectively all economic benefits generated from Shanghai Jupai shareholders’ equity interests in it. Since the Company acquired Scepter in July 2015, Scepter, its subsidiaries, Shanghai E-Cheng and Shanghai E-Cheng’s subsidiaries were included in the consolidated financial statements. Scepter is engaged in asset management service business. Foreign-invested enterprises incorporated in the PRC are not expressively prohibited from providing asset management services in PRC. However, according to local business practice, as a general partner of a fund, Scepter must invest as a limited partner before the fund is established. Some investments of the fund managed by the Scepter are in the foreign-invested enterprise prohibited, or not encouraged industries, which requires all investors not to be foreign-invested enterprises. Therefore Scepter provides asset management services through its VIE entities. To provide Scepter effective control over and the ability to receive substantially all of the economic benefits of its VIE and its subsidiaries, Scepter’s wholly owned subsidiary Shanghai Baoyi, entered into a series of contractual arrangements with Shanghai E-Cheng, the “VIE” and its respective shareholders, respectively. (Hereafter, the VIE structure under Scepter is called “Scepter VIE”.). The agreements of Jupai VIE and Scepter VIE that provide the Company effective control over the VIE include: (i) Voting Rights Proxy Agreement (1) Jupai VIE: Each shareholder of Shanghai Jupai has executed a power of attorney to grant Shanghai Juxiang the power of attorney to act on his or her behalf on all matters pertaining to Shanghai Jupai and to exercise all of his or her rights as a shareholder of the Shanghai Jupai, including but not limited to convene, attend and vote at shareholders’ meetings, designate and appoint directors and senior management members. The proxy agreement will remain in effect unless Shanghai Juxiang terminates the agreement by giving a 30- day prior written notice or gives its consent to the termination by Shanghai Jupai. (2) Scepter VIE: Each of the shareholders of Shanghai E-Cheng irrevocably granted any person designated by Shanghai Baoyi the power to exercise all voting rights to which he will be entitled to as shareholder of Shanghai E-Cheng at that time, including the right to declare dividends, appoint and elect board members and senior management members and other voting rights. Each shareholder voting right proxy agreement has a term of twenty years, unless it is early terminated by all parties in writing or pursuant to provision of this agreement. The term of the agreement will be automatically extended for one year upon the expiration, if Shanghai Baoyi gives the other Parties written notice requiring the extension thereof and the same mechanism will apply subsequently upon the expiration of each extended term. (ii) Call Option Agreement (1) Jupai VIE: The shareholders of Shanghai Jupai granted Shanghai Juxiang or its designated representative(s) an irrevocable and exclusive option to purchase their equity interests or assets in Shanghai Jupai when and to the extent permitted by PRC law. Shanghai Juxiang or its designated representative(s) has sole discretion as to when to exercise such options, either in part or in full. Without Shanghai Juxiang’s written consent, the shareholders of Shanghai Jupai shall not transfer, donate, pledge, or otherwise dispose any equity interests of Shanghai Jupai in any way. The acquisition price for the shares or assets will be the minimum amount of consideration permitted under the PRC law at the time when the option is exercised. The agreement can be early terminated by Shanghai Juxiang, but not by Shanghai Jupai or its shareholders. (2) Scepter VIE: Each of shareholders of Shanghai E-Cheng has entered into an Exclusive Call Option Agreement with Baoyi. Pursuant to these agreements, each of the shareholders of Shanghai E-Cheng has granted an irrevocable and unconditional option to Shanghai Baoyi or its designees to acquire all or part of such shareholder’s equity interests in Shanghai E-Cheng at its sole discretion, to the extent as permitted by PRC laws and regulations then in effect. The consideration for such acquisition of all equity interests in Shanghai E-Cheng will be equal to the registered capital of Shanghai E-Cheng, and if PRC law requires the consideration to be greater than the registered capital, the consideration will be the minimum amount as permitted by PRC law. In addition, Shanghai E-Cheng irrevocably and unconditionally granted Baoyi an exclusive option to purchase, to the extent permitted under the PRC law, all or part of the assets of Shanghai E-Cheng. The exercise price for purchasing the assets of Shanghai E-Cheng will be equal to its respective book values, and if PRC law requires the price to be greater than the book value, the price will be the minimum amount as permitted by PRC law. The call option may be exercised by Shanghai Baoyi or its designees. The agreements that transfer economic benefits to the Company include: (i) Consulting Services Agreement, Operating Agreement and Exclusive Support Agreement (1) Jupai VIE: Shanghai Jupai engages Shanghai Juxiang as its exclusive technical and operational consultant and under which Shanghai Juxiang agrees to assist in arranging the financial support necessary to conduct Shanghai Jupai’s operational activities. Shanghai Jupai shall not seek or accept similar services from other providers without the prior written approval of Shanghai Juxiang. The agreements will be effective as long as Shanghai Jupai exists. Shanghai Juxiang may terminate this agreement at any time by giving a prior written notice to Shanghai Jupai. (2) Scepter VIE: Pursuant to an Exclusive Support Agreement between Shanghai Baoyi and Shanghai E-Cheng, Shanghai Baoyi provides Shanghai E-Cheng with a series of consultancy services on an exclusive basis and is entitled to receive related fees. The term of this Exclusive Support Agreement will expire upon dissolution of Shanghai E-Cheng. Unless expressly provided by this agreement, without prior written consent of Shanghai Baoyi, Shanghai E-Cheng may not engage any third party to provide the services offered by Shanghai Baoyi under this agreement. (ii) Equity Interest Pledge Agreement (1) Jupai VIE: The shareholders of Shanghai Jupai pledged all of their equity interests in Shanghai Jupai to Shanghai Juxiang as collateral to secure their obligations under the above agreement. If the shareholders of Shanghai Jupai or Shanghai Jupai breach their respective contractual obligations, Shanghai Juxiang, as pledgee, will be entitled to certain rights, including the right to dispose the pledged equity interests. Pursuant to the agreement, the shareholders of Shanghai Jupai shall not transfer, assign or otherwise create any new encumbrance on their respective equity interest in Shanghai Jupai without prior written consent of Shanghai Juxiang. This pledge will remain effective until all the guaranteed obligations are performed. Mr. Ni’s equity interest in Shanghai Jupai in favor of Shanghai Juxiang is still under the process of registration with the local branch of regulatory authorities in Shanghai and has not been completed yet. (2) Scepter VIE: Each of the shareholders of Shanghai E-Cheng has also entered into an equity pledge agreement with Shanghai Baoyi. Pursuant to which these shareholders pledged their respective equity interest in Shanghai E-Cheng to guarantee the performance of the obligations of Shanghai E-Cheng. If Shanghai E-Cheng or its shareholders breach any of their respective obligations under any of these agreements, Shanghai Baoyi, as pledgee, will be entitled to certain rights, including the right to sell the pledged equity interests. Pursuant to the equity pledge agreement, each shareholder of Shanghai E-Cheng cannot transfer, sell, pledge, dispose of or otherwise create any new encumbrance on their respective equity interest in Shanghai E-Cheng without prior written consent of Shanghai Baoyi. The equity pledge right enjoyed by Shanghai Baoyi will expire when shareholders of Shanghai E-Cheng have fully performed their respective obligations under the above agreements. The shareholders of Shanghai E-Cheng are in the process of applying with the local branch of SAIC in Shanghai for registration of their equity interest pledge. (iii) Loan Agreement for Scepter VIE. Under the Loan Agreement among the shareholders of Shanghai E-Cheng and Shanghai Baoyi, Shanghai Baoyi granted an interest-free loan to the shareholders of Shanghai E-Cheng, solely for their purchase of the equity interests of Shanghai E-Cheng. The loan is interest free and the term of the loan is (i) the expiration of 20 years from the date of the loan agreement, (ii) the expiration of Shanghai Baoyi’s operation term or (iii) the expiration of Shanghai E- Cheng’s operation term whichever is the earliest. Under the above agreements, the shareholders of Shanghai Jupai/Shanghai E-Cheng irrevocably granted Shanghai Juxiang/Shanghai Baoyi the power to exercise all voting rights to which they were entitled. In addition, Shanghai Juxiang/Shanghai Baoyi have the option to acquire all of the equity interests in Shanghai Jupai/Shanghai E-Cheng, to the extent permitted by the then-effective PRC laws and regulations, for nominal consideration. Finally, Shanghai Juxiang/Shanghai Baoyi is entitled to receive service fees for certain services to be provided to Shanghai Jupai/Shanghai E-Cheng. The Call Option Agreement and Voting Rights Proxy Agreement provide the Company effective control over the VIEs and their subsidiaries, while the Equity Interest Pledge Agreements secure the obligations of the shareholders of Shanghai Jupai and Shanghai E-Cheng under the relevant agreements. Because the Company, through Shanghai Juxiang and Shanghai Baoyi, has (i) the power to direct the activities of Shanghai Jupai and Shanghai E-Cheng that most significantly affect the entities’ economic performance and (ii) the right to receive substantially all of the benefits from Shanghai Jupai and Shanghai E-Cheng, the Company is deemed the primary beneficiary of Shanghai Jupai and Shanghai E-Cheng. Accordingly, the Company has consolidated the Shanghai Jupai and Shanghai E-Cheng’s financial results of operations, assets and liabilities, and cash flows in the Company’s consolidated financial statements. The Company believes that the contractual arrangements with the VIEs are in compliance with PRC law and are legally enforceable. However, the contractual arrangements are subject to risks and uncertainties, including: · Shanghai Jupai and Shanghai E-Cheng and their shareholders may have or develop interests that conflict with the Group’s interests, which may lead them to pursue opportunities in violation of the aforementioned contractual arrangements. · Shanghai Jupai and Shanghai E-Cheng and their shareholders could fail to obtain the proper operating licenses or fail to comply with other regulatory requirements. As a result, the PRC government could impose fines, new requirements or other penalties on the VIEs or the Group, mandate a change in ownership structure or operations for the VIEs or the Group, restrict the VIEs or the Group’s use of financing sources or otherwise restrict the VIEs or the Group’s ability to conduct business. · The aforementioned contractual agreements may be unenforceable or difficult to enforce. The equity interests under the Equity Interest Pledge Agreements have been registered by the shareholders of Shanghai Jupai and Shanghai E-Cheng with the relevant office of the administration of industry and commerce, however, the VIEs or the Group may fail to meet other requirements. Even if the contractual agreements are enforceable, they may be difficult to enforce given the uncertainties in the PRC legal system. · The PRC government may declare the aforementioned contractual arrangements invalid. They may modify the relevant regulations, have a different interpretation of such regulations, or otherwise determine that the Group or the VIEs have failed to comply with the legal obligations required to effectuate such contractual arrangements. As of December 31, 2020, the Group had variable interests in various investment funds and contractual funds that are VIEs but determined that it was not the primary beneficiary and, therefore, was not consolidating the VIEs. The maximum potential financial statement loss the Group could incur if the investment funds and contractual funds were to default on all of their obligations is the loss of value of the interests in such investments that the Group holds, including equity investments recorded in investment in affiliates and long-term investment in the consolidated balance sheet. The Company’s maximum exposure to loss associated with identified nonconsolidated VIEs in which it holds variable interests was RMB83,514,067 and RMB82,279,188 as of December 31, 2019 and 2020, respectively . The following amounts and balances of Shanghai Jupai and Shanghai E-Cheng and their subsidiaries were included in the Company's consolidated financial statements after the elimination of intercompany balances and transactions: As of December 31, 2019 2020 2020 RMB RMB USD Cash and cash equivalents 356,891,990 189,666,212 29,067,619 Restricted cash 1,100,000 26,819,159 4,110,216 Accounts receivable, net — 6,539 1,002 Other receivables, net 5,803,135 50,689,035 7,768,434 Amounts due from related parties, net of allowance for doubtful accounts of RMB60,490,862 and RMB60,790,862 as of December 31, 2019 and 2020, respectively 22,231,830 8,511,264 1,304,408 Other current assets 22,828,583 19,692,172 3,017,957 Long-term investments 18,950,000 8,950,000 1,371,648 Investment in affiliates 86,468,304 85,597,248 13,118,352 Property and equipment, net 971,091 519,018 79,543 Intangible assets, net 22,623,254 20,911,091 3,204,765 Other non-current assets 5,755,331 2,987,240 457,815 Right-of-use assets 1,393,451 912,471 139,842 Deferred tax assets 4,608,063 4,608,063 706,217 Total assets 549,625,032 419,869,512 64,347,818 Accrued payroll and welfare expenses 28,055,363 30,708,606 4,706,300 Income tax payable 19,815,543 52,409,793 8,032,152 Amounts due to related parties-current 10,963,967 11,011,967 1,687,658 Deferred revenue — current from related parties 28,056,641 10,267,812 1,573,611 Deferred revenue — current 17,211,666 7,594,166 1,163,857 Other current liabilities 13,940,969 7,700,862 1,180,209 Deferred revenue — non-current from related parties 4,774,671 1,362,240 208,772 Deferred revenue — non-current 311,651 104,835 16,067 Operating Lease Liabilities — non-current 642,309 138,156 21,173 Total liabilities 123,772,780 121,298,437 18,589,799 Years ended December 31, 2018 2019 2020 2020 RMB RMB RMB USD Net revenues 415,535,786 489,006,257 237,380,958 36,380,223 Third party 57,530,741 134,686,065 189,452,640 29,034,887 Related party 358,005,045 354,320,192 47,928,318 7,345,336 Operating cost and expenses 641,467,372 457,450,538 200,598,616 30,743,083 Net (loss) income attributable to ordinary shareholders (406,544,377) (13,401,093) 3,598,575 551,506 Cash flows used in operating activities: (144,046,084) (173,478,148) (141,962,448) (21,756,697) Cash flows (used in) generated from investing activities: (17,511,862) 2,481,771 455,829 69,859 Cash flows used in financing activities: (200,000) — — — The VIEs contributed an aggregate of 31%, 62% and 61% of the consolidated net revenues for the years ended December 31, 2018, 2019 and 2020, respectively and an aggregate of 105%, 8% and (11)% of the consolidated net income (loss) attributable to ordinary shareholders for the years ended December 31, 2018, 2019 and 2020, respectively. As of December 31, 2019 and 2020, the VIEs accounted for an aggregate of 34% and 29%, respectively, of the consolidated total assets. There are no consolidated assets of the VIEs and their subsidiaries that are collateral for the obligations of the VIEs and their subsidiaries and can only be used to settle the obligations of the VIEs and their subsidiaries. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholder of the VIEs or entrustment loans to the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of their statutory reserve and their share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 15 for disclosure of restricted net assets. (c) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ materially from such estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements include assumptions used to determine the allowance for doubtful accounts, valuation allowance for deferred tax assets, fair value measurement of underlying investment portfolios of the funds that the Group invests, assumptions related to the consolidation of entities in which the Group holds variable interests, estimates involved in revenue recognition, assumption used to measure impairment of goodwill and impairment of equity investments and assumption used to determine the useful life of intangible assets acquired. (d) Concentration of Credit Risk The Company is subject to potential significant concentrations of credit risk consisting principally of cash and cash equivalents, restricted cash, accounts receivable, other receivables, amounts due from related party and investments. All of the Group’s cash and cash equivalents, restricted cash and a majority of investments are held with financial institutions that Group management believes to be of high credit quality. Substantively all revenues were generated within China. There were no product providers or underlying corporate borrowers which accounted for 10% or more of total revenues for the years ended December 31, 2018, 2019, and 2020. (e) Investments in Affiliates Affiliated companies are entities over which the Group does not control. The Group accounts for common-stock-equivalent equity investments in entities over which it has significant influence but does not own a majority voting interest or otherwise control using the equity method. The Group generally considers an ownership interest of 20% or higher to represent significant influence. Under the equity method, the Group’s share of the post-acquisition profits or losses of affiliated companies is recognized in the statements of operations and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. When the Group’s share of losses in an affiliated company equals or exceeds its carrying amount of the investment in the affiliated company, the Group does not recognize further losses, unless the Group has guaranteed the obligations of the affiliated company or is otherwise committed to provide further financial support for the affiliated company. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary, which is recorded in loss from equity in affiliates. The Group recorded impairment loss of RMB104.1 million, RMB2.7 million, and RMB1.3 million for the years ended December 31, 2018, 2019, and 2020. The Group also considers it has significant influence over the funds that it serves as general partner or fund manager, and the Group’s ownership interest in these funds as limited partner is generally much lower than 5%. These funds are not consolidated by the Group based on the facts that the Group does not have control over the funds given substantive kick-out rights held by unrelated limited partners that allow them to remove the general partner without cause, and/or substantive participating rights that allow them to participate in certain financial and operating decisions of the limited partnership in the ordinary course of business. The equity method of accounting is accordingly used for investments by the Group in these funds. If an investee fund meets the definition of an Investment Company, it’s required to be reported at fair value. The Group records its equity pick-up based on its percentage ownership of the investee funds’ net income. For real estate projects, the group recorded its pick-up one quarter in arrears to enable it to have more time to collect and analyze the investments’ operating results. For other investee funds, the group recorded its pick-up based on current period net income. (f) Fair Value of Financial Instruments The Group records its certain financial assets at fair value on a recurring basis. Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is as follows: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model- derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 applies to asset or liabilities for which there are inputs generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair value are therefore determined using model based techniques that include option pricing models, discounted cash flow models, and similar techniques. Certain assets of the Group were measured at fair value on a non-recurring basis subsequent to initial recognition. These assets include goodwill, investment in equity securities without readily determinable fair value and investment in affiliates in 2020. See Note 9, Note 5 and Note 6, respectively. (g) Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and demand deposits, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less when purchased. (h) Restricted Cash The Group’s restricted cash represents cash restricted by court related to a lawsuit in which the group is a defendant. The restriction will be subsequently removed when the case is closed. (i) Accounts receivable, net Accounts receivable mainly represent amounts due from product providers or underlying corporate borrowers and are recorded net of allowance for doubtful accounts. The Group considers many factors in assessing the collectability of its accounts receivable, such as the age of the amounts due, the product providers or underlying corporate borrowers’ payment history, creditworthiness, financial conditions of the product providers or underlying corporate borrowers and industry trend. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. The Group also makes specific allowance if there is strong evidence indicating that the accounts receivable is likely to be unrecoverable. Accounts receivable balances are written off after all collection efforts have been exhausted. The Group recorded allowance for doubtful accounts of RMB19.7 million, RMB6.4 million, and nil for the years ended December 31, 2018, 2019, and 2020. (j) Other receivables, net Other receivables mainly represent loan receivables and deposits for lessor and other suppliers. The Company records other receivables at net realizable value consisting of the carrying amount less an allowance for uncollectable accounts as needed. The allowance for uncollectable accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing other receivables. The Company determines the allowance based on age of the amounts due, the financial condition of the borrowers, and economic conditions. The Company recorded allowance for doubtful accounts of nil, RMB2.0 million and nil for the years ended December 31, 2018, 2019, and 2020. The Company has not accrued any interest income on loan receivable as the amount is indeterminable, it will be recognized when cash received. (k) Investments Debt Securities The Group invests in debt securities and accounts for the investments based on the nature of the products invested, and the Group’s intent and ability to hold the investments to maturity. The Group’s investments in debt securities include trust products, asset management plans and real estate funds that have a stated maturity and normally pay a prospective fixed rate of return. The Group classifies the investments in debt securities as held-to-maturity when it has both the positive intent and ability to hold them until maturity. Held-to-maturity investments are recorded at amortized cost and are classified as long-term or short-term according to their contractual maturity. Long-term investments are reclassified as short-term when their remaining contractual maturity date is less than one year. The Group reviews, at individual security level, its held-to-maturity investments for other-than-temporary impairment based on the specific identification method and considers available quantitative and qualitative evidence in evaluating potential impairment. If the amortized cost basis of an investment exceeds the investment’s fair value, the Group considers, among other factors, general market conditions, government economic plans, the duration and the extent to which the fair value of the investment is less than cost and the Group’s intent and ability to hold the investment to determine whether an other-than-temporary impairment has occurred. The Group recognizes other-than-temporary impairment in earnings if it has the intent to sell the debt security or if it is more-likely-than-not that it will be required to sell the debt security before recovery of its amortized cost basis. Additionally, the Group evaluates expected cash flows to be received and determines if credit-related losses on debt securities exist, which are considered to be other-than-temporary, should be recognized in earnings. Equity Securities The Group's investment in equity securities comprise of investment in privately-held companies and limited partnership in private equity fund. Prior to fiscal 2018, these investments in equity securities without readily determinable fair values were accounted for using the cost method of accounting, measured at cost less other-than-temporary impairment. Effective January 1, 2018, upon adoption of ASU 2016-01, the Group has elected to measure these investments at cost minus impairment, if any, adjusted up or down for observable price changes (i.e., prices in orderly transactions for the identical or similar investment of the same issuer). Any adjustment to the carrying amount is recorded in net income. The Group also makes qualitative assessment at each reporting period and if the assessment indicates that the fair value of the investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value of the investment and its carrying amount as an impairment loss recorded in investment loss. (l) Noncontrolling interests A noncontrolling interest in a subsidiary of the Group represents the portion of the equity (net assets) in the subsidiary not directly or indirectly attributable to the Group. Noncontrolling interests are presented as a separate component of equity in the consolidated balance sheet and earnings and other comprehensive income are attributed to controlling and noncontrolling interests. (m) Property and Equipment, net Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the following estimated useful lives: Estimated Useful Lives in Years Leasehold improvements Shorter of the lease term or expected useful life Furniture, fixtures, and equipment 3—5 years Motor vehicles 5 years Gains and losses from the disposal of property and equipment are included in income from operations. (n) Leases The Group determines if an arrangement is a lease at inception of the arrangement. The Group primarily enters into operating leases, as the lessee, for office space. Operating leases are included in Right-of-use (“ROU”) Assets, Other current liabilities (current portion of liabilities) and Operating lease liabilities (non-current liabilities) on the Consolidated balance sheet. ROU Assets and lease liabilities are recognized based on the present value of the future minimum lease payment

Net Income (loss) per Share

Net Income (loss) per Share	12 Months Ended
	Dec. 31, 2020
Net Income (loss) per Share
Net Income (loss) per Share	3. Net Income (loss) per Share Diluted earnings per share do not include the following instruments as their inclusion would have been anti-dilutive: As of December 31, 2018 2019 2020 Share options 9,424,471 9,145,983 7,936,403 Restricted shares 1,241,352 1,182,370 633,744 Total 10,665,823 10,328,353 8,570,147

Allowance for doubtful accounts

Allowance for doubtful accounts	12 Months Ended
	Dec. 31, 2020
Allowance for doubtful accounts
Allowance for doubtful accounts	4. Allowance for doubtful accounts The movement of the allowance for accounts receivable, other receivables and amounts due from related parties was as following: Years Ended December 31, 2018 2019 2020 RMB RMB RMB Balance as of January 1 3,997,417 63,211,728 124,490,642 Provisions for doubtful accounts 59,214,311 61,278,914 11,145,117 Write-off — — — Balance as of December 31 63,211,728 124,490,642 135,635,759 As of December 31, 2020, the Group recorded allowance for accounts receivable, other receivables and amounts due from related parties was RMB26,102,138, RMB2,080,597 and RMB107,453,024, respectively. The provision for doubtful accounts in 2020 was all for amounts due from related parties.

Investments

Investments	12 Months Ended
	Dec. 31, 2020
Investments
Investments	5. Investments The following table summarizes the Group’s investment balances: As of December 31, 2019 2020 2020 RMB RMB USD Long-term investments - Equity securities without readily determinable fair values 228,950,000 218,950,000 33,555,556 Total investments 228,950,000 218,950,000 33,555,556 Debt securities consist of investments in trust products that have stated maturity and normally pay a prospective fixed rate of return, and are carried at amortized cost. The Group recorded investment income on these investments of RMB717,616, nil and nil for the years ended December 31, 2018, 2019 and 2020, respectively. As of December 31, 2020, the Group's investment consist of investment in privately-held companies of RMB8,950,000 and limited partnership in private equity funds of RMB210,000,000. There have been no adjustments for price changes to the equity investments without readily determinable fair values for the year ended December 31, 2020. The Group recorded impairment loss of nil, RMB4.7 million and RMB10.0 million for the years ended December 31, 2018, 2019 and 2020, respectively.

Investment in affiliates

Investment in affiliates	12 Months Ended
	Dec. 31, 2020
Investment in affiliates
Investment in affiliates	6. Investment in affiliates The following table summarizes the Group’s investment in affiliates by RMB and ownership percentage: As of December 31 2019 2020 2020 RMB % RMB % USD % Private equity funds that the Company serves as general partner or fund manager (1) 75,750,152 — 75,128,668 — 11,513,972 — Changjiang Jupai (Shanghai) Finance Consulting Co., Ltd. (“Changjiang Jupai”) 11,449,125 25.0 % 11,625,259 25.0 % 1,781,649 25.0 % Shanghai Wuling Investment Center (“Wuling Center”) 7,763,915 1.2 % 7,150,520 1.2 % 1,095,865 1.2 % Shanghai Guochen Equity Management Co., Ltd. (“Guochen”) 3,398,720 8.3 % 3,228,549 8.3 % 494,797 8.3 % Shanghai Juzhi Investment Management Co., Ltd. (“Juzhi”) 2,680,206 50.0 % 1,630,592 50.0 % 249,899 50.0 % Shanghai Jucheng Zhidi Co., Ltd (“Jucheng Zhidi”) (2) 4,910,260 2.0 % — — — — Others (3) 1,588,622 — 1,578,321 — 241,888 — Total investments 107,541,000 100,341,909 15,378,070 The investments above are accounted for using equity method of accounting. (1) Shanghai Juxiang and Scepter invested in private equity funds of funds that the Group serves as general partner or fund manager. Shanghai Juxiang and Scepter held no more than 4% equity interest in these private equity funds of funds as a general partner. The Group accounts for these investments using the equity method of accounting due to the fact that the Company can exercise significant influence on these investees in the capacity of general partner or fund manager. (2) The Group invested RMB5,000,000 for 2% equity interest in Shanghai Jucheng Zhidi Co., Ltd in 2019 and accounted for the investment with equity method accounting. The main operating business is real estate development and management. The Group disposed of the entire investment in July 2020 for RMB5.0 million (USD0.77 million). (3) In addition to the above, the Group also held investments in several fund management companies, none of which is individually material.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2020
Property and Equipment, Net
Property and Equipment, Net	7. Property and Equipment, Net Property and equipment, net consists of the following: As of December 31, 2019 2020 2020 RMB RMB USD Leasehold improvements 58,136,435 58,932,840 9,031,853 Furniture, fixtures and equipment 29,744,931 29,236,780 4,480,733 Motor vehicles 3,701,461 3,701,461 567,274 Total 91,582,827 91,871,081 14,079,860 Accumulated depreciation (63,748,067) (74,777,244) (11,460,115) Property and equipment, net 27,834,760 17,093,837 2,619,745 Depreciation expense was RMB13,416,578, RMB20,659,686 and RMB12,172,802 for the years ended December 31, 2018, 2019 and 2020, respectively.

Intangible Assets, Net

Intangible Assets, Net	12 Months Ended
	Dec. 31, 2020
Intangible Assets, Net
Intangible Assets, Net	8. Intangible Assets, Net Intangible assets are comprised of the following: As of December 31, 2019 2020 2020 RMB RMB USD Customer contracts 67,687,278 63,308,495 9,702,451 Software 37,670,816 37,763,932 5,787,576 License 942,481 942,481 144,442 Less: accumulated amortization 76,752,418 80,918,992 12,401,378 Intangible assets subject to amortization 29,548,157 21,095,916 3,233,091 License with indefinite life 11,733,541 11,733,541 1,798,244 Foreign currency translation adjustment (3,031,219) 1,347,564 206,523 Intangible assets, net 38,250,479 34,177,021 5,237,858 Insurance Brokerage Licenses included in the intangible assets are assessed as indefinite life and are not subject to amortization. Amortization expense related to other intangible asset was RMB22,872,976, RMB5,442,158 and RMB4,166,574 for the years ended December 31, 2018, 2019 and 2020, respectively. The Group expects to record amortization expense of RMB3,711,963, RMB3,711,963, RMB3,711,963, RMB3,711,963, RMB3,711,963 for the years ending December 31, 2021, 2022, 2023, 2024 and 2025, respectively.

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2020
Goodwill
Goodwill	9. Goodwill The movement in carrying amount of goodwill is as follows: Years Ended December 31, RMB Balance as of January 1, 2019 297,031 Deconsolidation (297,031) Balance as of December 31, 2019 and 2020 — Goodwill is primarily generated from the acquisition for 100% equity interests of Scepter in 2015 amounting to USD40 million, approximately RMB260 million, and the management performs goodwill impairment test annually. The Group has one reporting unit. In 2018, the management has conducted assessment and determined it is more likely than not that the fair value of the reporting unit is less than its carrying amount. By comparing the fair value of the reporting unit with its carrying amount, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value to the extent of the goodwill carrying value. Impairment loss of RMB267.9 million was recorded as impairment loss of goodwill. In 2019, we disposed UP Capital Asset Management Limited (BVI) (“UP”) for RMB34.0 million to a subsidiary of E-house, with a result of deconsolidation of UP and elimination of the goodwill.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases
Leases	10. Leases The Group's noncancelable operating leases consist of leases for office space. The Group is the lessee under the terms of the operating leases. For the year ended December 31, 2020, the operating lease cost was RMB37.8 million. The Group's operating leases have remaining lease terms that range from approximately one year to four years. As of December 31, 2020, the weighted average remaining lease term and weighted average discount rate were 1.08 years and 5.7%, respectively.

Dividends

Dividends	12 Months Ended
	Dec. 31, 2020
Dividends
Dividends	11. Dividends On March 12, 2018, Jupai Holdings declared a cash dividend on the accumulated undistributed earnings of USD19,950,975, approximately RMB126 million, to all the shareholders of Jupai Holdings, and the dividend was paid in May 2018.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2020
Share-Based Compensation
Share-Based Compensation	12. Share-Based Compensation In July 2014, the Group adopted the 2014 Share Incentive Plan (“the 2014 Plan”), which allows the Group to offer a variety of share-based incentive awards to employees, officers, and directors. The maximum number of shares that may be issued pursuant to all awards under the 2014 Plan shall initially be 17,570,281 ordinary shares, and will be increased automatically by 5% of the then total outstanding shares on an as-converted fully diluted basis on each of the third, sixth and ninth anniversaries of the effective date of the 2014 Plan. In December 2015, the Group amended the 2014 Plan to increase the number of shares reserved for future awards under the 2014 Plan by 9,367,739 ordinary shares to 26,938,020 ordinary shares. Share Options : On July 1, 2014 and April 2, 2015, the Group granted 12,056,000 and 1,061,600 options to purchase ordinary shares to certain employees at an exercise price of USD0.48 and USD1.00 per share, respectively. The options expire ten years from the date of grant and vest ratably at each grant date anniversary over a period of three years. Replacement of the Company’s option for Scepter’s option (“Options Replacement Program”). Effective upon the Company’s IPO and in connection with its acquisition of Scepter (“Replacement Date”), the Company exchanged 2,525,000 of its options (“Replacement Options”) under the 2014 Plan for the 505,000 of the options (“Replaced Options”) that had been previously granted to certain employees of Scepter and E-House under Scepter’s 2014 Share Incentive Plan (“Scepter Plan”), with other terms unchanged. The Company capitalized RMB13,702,194 as part of the cost of acquiring Scepter in regard to the Options Replacement Program, which the Company computed as the sum of (1) the Replacement Date fair value of the Replaced Options granted to the employees of E-House, and (2) the fair value of the Replaced Options granted to the employees of Scepter on the Replacement Date multiplied by the ratio of pre-acquisition services to the requisite service period of such Replaced Options, which is the same as the requisite service period of the Replacement Options. The Group uses the current share price as the fair value of underlying ordinary shares. The Company recorded compensation expense related to previously issued stock options of RMB1,165,543, nil and nil for the years ended December 31, 2018, 2019 and 2020. A summary of option activity under the 2014 Plan during the year ended December 31, 2020. Weighted Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value of Options Price Term Options RMB RMB Outstanding, as of January 1, 2020 9,145,983 3.97 4.61 — Forfeited (1,209,580) 3.13 — — Outstanding, as of December 31, 2020 7,936,403 3.81 3.62 — Exercisable as of December 31, 2020 7,936,403 3.81 3.62 — No options were granted for years ended December 31, 2018, 2019 and 2020. The total intrinsic value of options exercised were RMB19,964,965, RMB42,592 and nil for the years ended December 31, 2018, 2019 and 2020. As of December 31, 2020, there was nil unrecognized compensation expense related to unvested share options granted under the 2014 Plan. Non-vested restricted shares: On January 4, 2019, the Company granted 900,000 restricted shares to certain senior management. The fair value of the restricted shares on grant date is USD0.73. The restricted shares vest ratably at each grant date anniversary over a period of three years. A summary of restricted share activity under the 2014 Plan during the year ended December 31, 2020. Weighted Average Number of Grant-date Shares Fair Value RMB Unvested, as of January 1, 2020 1,182,370 6.49 Vested (548,626) 7.30 Unvested, as of December 31, 2020 633,744 5.03 The total fair value of non-vested restricted shares as of December 31, 2020 was RMB3,187,732. The fair value of non-vested restricted shares was computed based on the fair value of the Group’s ordinary shares on the grant date. The total fair value of shares vested during the years ended December 31, 2018, 2019 and 2020, was RMB38,211,775, RMB2,742,345 and RMB4,004,970, respectively. The Company recorded compensation expense of RMB16,943,399, RMB9,583,596 and RMB3,593,400 for the years ended December 31, 2018, 2019 and 2020. As of December 31, 2020, there was RMB1,432,238 of total unrecognized compensation expense related to unvested restricted shares granted under the 2014 Plan. That cost is expected to be recognized over a weighted-average period of 1.00 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Taxes
Income Taxes	13. Income Taxes Cayman Islands and British Virgin Islands (“BVI”) Under the current laws of the Cayman Islands and BVI, the Company is not subject to tax on its income or capital gains. In addition, the Cayman Islands and BVI do not impose withholding tax on dividend payments. PRC and Hong Kong Under the current Hong Kong Inland Revenue Ordinance, our subsidiaries established in Hong Kong are subject up to 16.5% progressive income tax on their taxable income generated from operations in Hong Kong. In addition, payments of dividends from our Hong Kong subsidiaries to us are not subject to any Hong Kong withholding tax. Under the Law of the People’s Republic of China on Enterprise Income Tax (“EIT Law”), domestically-owned enterprises and foreign-invested enterprises are subject to a uniform tax rate of 25% on taxable income. The tax expense comprises: Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB USD Current Tax 163,676,039 15,018,507 500,952 76,775 Deferred Tax (33,820,672) 37,926,132 295,572 45,298 Total 129,855,367 52,944,639 796,524 122,073 Reconciliation between the statutory tax rate to income before income taxes and the actual provision for income taxes is as follows: Years Ended December 31, 2018 2019 2020 PRC income tax rate 25.00 % 25.00 % 25.00 % Expenses not deductible for income tax purposes (9.47) % (25.47) % (23.75) % Goodwill impairment (44.22) % — — Losses not deductible for income tax purposes (5.40) % (12.81) % (8.14) % Tax-free income 1.10 % — — Valuation allowance of deferred tax assets (55.56) % (33.12) % 8.29 % Uncertain tax position impact — — — Different tax rate of subsidiary operation in other jurisdiction 2.81 % 0.16 % (3.73) % Effective income tax rate (85.74) % (46.24) % (2.33) % The principal components of the deferred income tax asset and liabilities are as follows: As of December 31, 2019 2020 2020 RMB RMB USD Deferred tax assets: Accrued expenses 4,608,063 4,312,491 660,918 Tax loss carry forward 67,843,392 63,563,642 9,741,554 Gross deferred tax assets 72,451,455 67,876,133 10,402,472 Valuation allowance (67,843,392) (63,563,642) (9,741,554) Net deferred tax assets 4,608,063 4,312,491 660,918 Movement of the valuation allowance is as follows: As of December 31, 2018 2019 2020 2020 RMB RMB RMB USD Balance as of January 1 — 84,146,463 67,843,392 10,397,455 Additions (utilization) 84,146,463 37,227,678 (2,837,821) (434,915) Write-offs — (53,530,749) (1,441,929) (220,986) Balance as of December 31 84,146,463 67,843,392 63,563,642 9,741,554 The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more likely than not realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses and forecasts of future profitability. These assumptions require significant judgment and the forecasts of future taxable income are consistent with the plans and estimates the Group is using to manage the underlying businesses. Valuation allowances are established for deferred tax assets based on a more likely than not threshold. The Group’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the future periods provided for in the tax law. As of December 31, 2020, operating loss carried forward amounted to RMB255.7 million for the PRC and HK income tax purposes. The loss carrying forward began to expire this year. Valuation allowance of RMB67,843,392 and RMB63,563,642 was recorded as of December 31, 2019 and 2020 for the entities that are not more likely than not to realize the net operating loss carry forward. Undistributed earnings of the Company’s PRC subsidiaries of approximately RMB833.1 million at December 31, 2020 are considered to be indefinitely reinvested and, accordingly, no provision for PRC dividend withholding tax has been provided thereon. Upon distribution of those earnings, in the form of dividends or otherwise, the Group would be subject to the then applicable PRC tax laws and regulations. The amounts of unrecognized deferred tax liabilities for these earnings are in the range of RMB41.7 million to RMB83.3 million, as the withholding tax rate of the profit distribution will be 5% or 10% depending upon whether the immediate offshore companies can enjoy the preferential withholding tax rate of 5%. Aggregate undistributed earnings of the Company’s VIEs and its VIEs’ subsidiaries located in the PRC that are available for distribution to the Company were approximately RMB191.6 million as of December 31, 2020. A deferred tax liability should be recorded for taxable temporary differences attributable to the excess of financial reporting amounts over tax basis amount in domestic subsidiaries. However, recognition is not required in situations where the tax law provides a means by which the reported amount of that investment can be recovered tax-free and the enterprise expects that it will ultimately use that means. The Company has not recorded any such deferred tax liability attributable to the undistributed earnings of its financial interest in VIEs because it believes such excess earnings can be distributed in a manner that would not be subject to income tax. The Group has made its assessment of the level of tax authority for each tax position (including the potential application of interest and penalties) based on the technical merits, and has measured the unrecognized tax benefits associated with the tax positions. The Group does not anticipate any significant increases or decreases to its liability for unrecognized tax benefits within the next 12 months. According to PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent. The statute of limitations will be extended to five years under special circumstances, which are not clearly defined (but an underpayment of tax liability exceeding RMB0.1 million is specifically listed as a special circumstance). In the case of a related party transaction, the statute of limitations is 10 years. There is no statute of limitations in the case of tax evasion.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2020
Employee Benefit Plans
Employee Benefit Plans	14. Employee Benefit Plans The Group’s PRC subsidiaries, VIEs and the VIEs’ subsidiaries are required by law to contribute a certain percentages of applicable salaries for retirement benefits, medical insurance benefits, housing funds, unemployment and other statutory benefits. The PRC government is directly responsible for the payments of such benefits. The total contribution for such employee benefits were RMB131.8 million, RMB89.0 million and RMB26.9 million for the years ended December 31, 2018, 2019 and 2020 which is recorded in operating costs and expenses in the consolidated statements of operations in the period those contributions are due. The Group has no ongoing obligation to its employees subsequent to its contributions to such employee benefit plans.

Restricted Net Assets

Restricted Net Assets	12 Months Ended
	Dec. 31, 2020
Restricted Net Assets
Restricted Net Assets	15. Restricted Net Assets Pursuant to the relevant laws and regulations in the PRC applicable to foreign-investment corporations and the Articles of Association of the Group’s PRC subsidiaries, VIEs and VIEs’ subsidiaries, the Group is required to maintain a statutory reserve (“PRC statutory reserve”): a general reserve fund, which is not available for dividend distribution. The Group’s PRC subsidiaries, VIEs and VIEs’ subsidiaries are required to allocate 10% of their profit after taxation, as reported in their PRC statutory financial statements, to the general reserve fund until the balance reaches 50% of their registered capital. At their discretion, the PRC subsidiaries, VIEs and VIEs’ subsidiaries may allocate a portion of its after-tax profits based on PRC accounting standards to staff welfare and bonus funds. The general reserve fund may be used to make up prior year losses incurred and, with approval from the relevant government authority, to increase capital. PRC regulations currently permit payment of dividends only out of the Group’s PRC subsidiaries, VIEs and VIEs’ subsidiaries’ accumulated profits as determined in accordance with PRC accounting standards and regulations. The general reserve fund amounted to RMB79,750,650 and RMB83,040,502 as of December 31, 2019 and 2020, respectively. The Group has not allocated any of its after-tax profits to the staff welfare and bonus funds for any period presented. In addition, the share capital of the Company’s PRC subsidiaries, VIEs and VIEs’ subsidiaries of RMB407,718,537 and RMB402,718,537 as of December 31, 2019 and 2020, respectively, was considered restricted due to restrictions on the distribution of share capital. As a result of these PRC laws and regulations, the Company’s PRC subsidiaries, VIEs and VIEs’ subsidiaries are restricted in their ability to transfer a portion of their net assets, including general reserve and registered capital, either in the form of dividends, loans or advances. Such restricted portion amounted to RMB487,469,187 and RMB485,759,039 as of December 31, 2019 and 2020, respectively.

Repurchase of shares

Repurchase of shares	12 Months Ended
	Dec. 31, 2020
Repurchase of shares
Repurchase of shares	16. Repurchase of shares The Company announced up to USD10 million share repurchase program in February 2020. As of December 31, 2020, the Company had repurchased 539,142 ADSs as part of the program, at a total cost of USD741,554, approximately RMB5.1 million, inclusive of transaction charges. The share repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means. The timing and extent of any purchases will depend on market conditions, the trading price of the Company's ADSs and other factors, subject to all applicable rules and regulations. The Company's board of directors will review the share repurchase program periodically, and may authorize adjustments of its terms and size accordingly. The Company plans to use its available cash balance to fund repurchases made under this program.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions
Related Party Transactions	17. Related Party Transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities. During the years ended December 31, 2018, 2019 and 2020, significant related party transactions and balances were as follows: a. Revenue from Related Parties Years Ended December 31 2018 2019 2020 2020 RMB RMB RMB USD One-time commissions Funds managed by Jupai Group 521,493,884 58,676,277 58,159,887 8,913,392 Investees of shareholder of the Company 2,821,409 2,047,634 236,589 36,259 Total one-time commissions 524,315,293 60,723,911 58,396,476 8,949,651 Recurring management fee Funds managed by Jupai Group 436,947,202 340,732,359 98,405,095 15,081,241 Total recurring management fee 436,947,202 340,732,359 98,405,095 15,081,241 Recurring service fee Funds managed by Jupai Group 1,256,411 1,433,629 20,223,856 3,099,442 Total recurring service fee 1,256,411 1,433,629 20,223,856 3,099,442 Other service fee Funds managed by Jupai Group 28,301,887 — — — Total other service fee 28,301,887 — — — Total revenue from related parties 990,820,793 402,889,899 177,025,427 27,130,334 b. Transaction to Related Parties In 2019, UP Capital Asset Management Limited (BVI) ("UP") was disposed for RMB34.0 million to a subsidiary of E-house. c. Amounts due from Related Parties As of December 31, 2019 and 2020, amounts due from related parties were comprised of the following: As of December 31, 2019 2020 2020 RMB RMB USD Service fee receivable 101,122,751 26,149,345 4,007,562 Loan to related parties 200,000,000 200,000,000 30,651,341 Loan to noncontrolling interest shareholder 23,187,995 23,187,995 3,553,716 Total amounts due from related parties 249,337,340 38,212,619 The amounts represent net of allowance for doubtful accounts of RMB96,307,907 and RMB107,453,024 as of December 31, 2019 and 2020, respectively. The loan of RMB200 million to related parties occurred in October 2019 and will expire in December 2022. The borrower is a limited partnership with a 100% controlled subsidiary of the company served as its general partner. After overall considering historical cooperation history, its financial status and economic condition, no account allowance was accrued as of December 31, 2019 and 2020. d. Deferred Revenue from Related Parties As of December 31, 2019 and 2020, deferred revenue from related parties was comprised of the following: As of December 31, 2019 2020 2020 RMB RMB USD Funds managed by Jupai Group 46,971,804 21,789,907 3,339,449 Total deferred revenue 46,971,804 21,789,907 3,339,449 The amounts represent recurring management fees and recurring service fees received from the investment funds managed or served by the Group in advance. e. Amounts due to Related Parties As of December 31, 2019 and 2020, amounts due to related parties were as following: As of December 31, 2019 2020 2020 RMB RMB USD Funds managed by Jupai Group 17,439,664 14,625,680 2,241,484 Investees of shareholder of the Company 2,000,000 2,000,000 306,513 Total amounts due to related parties 19,439,664 16,625,680 2,547,997 The amounts as of December 31, 2019 and 2020 mainly represent capital investments collected on behalf of investees.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies.
Commitments and Contingencies	18. Commitments and Contingencies Operating Leases The Group leases its facilities under non-cancelable operating leases expiring at various dates. Future minimum lease payments under non-cancelable operating lease agreements as of December 31, 2020 were as follows: Years Ended December 31, RMB 2021 24,717,992 2022 10,659,374 2023 1,960,037 Total 37,337,403 Rental expenses were RMB94,635,510, RMB82,161,925 and RMB37,786,840 during the years ended December 31, 2018, 2019 and 2020, respectively. Contingencies As of December 31, 2019 and 2020, there were no material contingencies, significant provisions of long-term obligations of the Company. The Company does not believe that any of these matters will have a material effect on its business, assets or operations. Investment commitments The Company was obligated to provide capital injection of RMB38,546,000 as of December 31, 2020.

Additional Financial Informatio

Additional Financial Information of Parent Company	12 Months Ended
	Dec. 31, 2020
Additional Financial Information of Parent Company
Additional Financial Information of Parent Company	Additional Financial Information of Parent Company — Financial Statements Schedule I Jupai Holdings Limited Financial Information of Parent Company Condensed Balance Sheets (In RMB except for share data) As of December 31, 2019 2020 2020 RMB RMB USD ASSETS Cash and cash equivalents 40,043,612 19,582,251 3,001,111 Other current assets 535,595 2,667,707 408,844 Total current assets 40,579,207 22,249,958 3,409,955 Investment in subsidiaries and VIE 963,676,905 942,821,008 144,493,640 Loan to subsidiaries 200,610,890 187,633,095 28,756,030 Total Assets 1,204,867,002 1,152,704,061 176,659,625 LIABILITIES Other current liabilities 4,250,542 2,050,517 314,255 Amounts due to related parties — non-current 13,057,409 12,212,708 1,871,679 Total Liabilities 17,307,951 14,263,225 2,185,934 Ordinary Shares (USD0.0005 par value; 1,000,000,000 and 1,000,000,000 shares authorized, 201,737,272 and 199,051,046 shares issued and outstanding, as of December 31, 2019 and 2020, respectively) 632,601 623,201 95,510 Additional paid-in capital 1,150,352,309 1,148,823,625 176,064,923 Retained earnings (17,567,529) (48,935,177) (7,499,644) Accumulated other comprehensive income 54,141,670 37,929,187 5,812,902 Total shareholders’ equity 1,187,559,051 1,138,440,836 174,473,691 TOTAL LIABILITIES AND SHAREHOLERS’ EQUITY 1,204,867,002 1,152,704,061 176,659,625 Additional Information —Financial Statement Schedule I Jupai Holdings Limited Financial Information of Parent Company Condensed Statements of Operations and Comprehensive Income (In RMB) Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB USD Revenues — 2,051,459 2,058,504 315,480 Cost of revenues (187,196) — — — Selling expenses (3,418,127) (7,225,289) (243,758) (37,358) General and administrative expenses (24,195,705) (14,615,621) (15,979,061) (2,448,898) Other income (loss) 2,345,741 (2,938,226) 1,321,148 202,475 Interest income 1,502 — — — Loss before taxes and loss from equity in subsidiaries and VIEs (25,453,785) (22,727,677) (12,843,167) (1,968,301) Loss from equity in subsidiaries and VIEs (362,290,233) (141,958,398) (18,524,481) (2,839,000) Net loss (387,744,018) (164,686,075) (31,367,648) (4,807,301) Other comprehensive income (loss) 12,382,963 (3,272,053) (16,212,483) (2,484,672) Comprehensive loss attributable to ordinary shareholders (375,361,055) (167,958,128) (47,580,131) (7,291,973) Additional Information —Financial Statement Schedule I Jupai Holdings Limited Financial Information of Parent Company Condensed Statements of Cash Flows (In RMB) Years ended December 31, 2018 2019 2020 2020 RMB RMB RMB USD Cash flows from operating activities: Net loss (387,744,018) (164,686,075) (31,367,648) (4,807,301) Adjustment to reconcile net income to net cash provided by operating activities: Share-based compensation 18,108,942 9,583,596 3,593,400 550,713 Depreciation 20,227 32,409 — — Income from equity in subsidiaries and VIEs 362,290,233 141,958,398 18,524,481 2,839,000 Changes in operating assets and liabilities: Other current assets 222,416 (88,859) (178,496) (27,356) Other non-current assets (84,950) 418,307 — — Other current liabilities 431,312 1,826,388 (2,200,024) (337,168) Net cash used in operating activities (6,755,838) (10,955,836) (11,628,287) (1,782,112) Cash flows from investing activities: Collection of loan to subsidiaries 5,572,843 647,137 — — Proceeds from disposal of Up Capital — 33,999,151 — — Net cash provided by investing activities 5,572,843 34,646,288 — — Cash flows from financing activities: Exercise of options 3,267,210 29,636 — — Repurchase of shares — — (7,085,100) (1,085,839) Dividend paid by Jupai Holdings (126,355,510) — — — Net cash (used in) provided by financing activities (123,088,300) 29,636 (7,085,100) (1,085,839) Effect of exchange rate changes (12,762,126) 5,898,988 (1,747,974) (267,890) Net (decrease) increase in cash and cash equivalents (137,033,421) 29,619,076 (20,461,361) (3,135,841) Cash and cash equivalents — beginning of year 147,457,957 10,424,536 40,043,612 6,136,952 Cash and cash equivalents — end of year 10,424,536 40,043,612 19,582,251 3,001,111 Additional Information —Financial Statement Schedule I Jupai Holdings Limited Notes to Schedule I 1. Schedule I has been provided pursuant to the requirements of Rule 12-04(a) and 5-04(c) of Regulation S-X, which require condensed financial information as to the financial position, cash flows and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries, VIEs and VIEs’ subsidiaries. For the parent company, the Company records its investments in subsidiaries, VIEs and VIEs’ subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheets as “Investment in subsidiaries and VIEs” and the subsidiaries and VIEs’ profit as “Income from equity in subsidiaries and VIEs” on the Condensed Statements of Operations and Comprehensive Income. 2. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. The footnote disclosure certain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the accompanying Consolidated Financial Statements. 3. As of December 31, 2020, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of the Company. 4. Translations of amounts from RMB into USD are solely for the convenience of the readers and were calculated at the rate of USD1.00 for RMB6.5250 on December 31, 2020, representing the certificated exchange rate published by the Federal Reserve Board.

Summary of Principal Accounti_2

Summary of Principal Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Summary of Principal Accounting Policies
Basis of Presentation	(a) Basis of Presentation The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Principles of Consolidation	(b) Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries for which the Company is the ultimate primary beneficiary. All transactions and balances among the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries have been eliminated upon consolidation. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power or has the power to: govern the financial and operating policies; appoint or remove the majority of the members of the board of directors; cast a majority of votes at the meeting of the board of directors. U.S. GAAP provides guidance on the identification of VIE and financial reporting for entities over which control is achieved through means other than voting interests. The Company evaluates each of its investments to determine whether or not the investee is a VIE and, if so, whether the Group is the primary beneficiary of such VIE. In determining whether the Group is the primary beneficiary, the Group considers if the Group (1) has power to direct the activities that most significantly affects the economic performance of the VIE, and (2) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Group consolidates the VIE. Although PRC laws and regulations do not prohibit foreign-invested enterprises from obtaining such license, in practice, the supervisory authority, at its discretion, generally does not issue such license to a foreign-invested third-party mutual fund sales company. Therefore, the Company decided to conduct such business in China through Shanghai Jupai and its subsidiaries which are PRC domestic companies. Since the Company does not have any equity interests in Shanghai Jupai, in order to exercise effective control over its operations, the Company, through its wholly owned subsidiary Shanghai Juxiang, entered into a series of contractual arrangements, or Control Documents with Shanghai Jupai and its shareholders (“Jupai VIE”), pursuant to which the Company is entitled to receive effectively all economic benefits generated from Shanghai Jupai shareholders’ equity interests in it. Since the Company acquired Scepter in July 2015, Scepter, its subsidiaries, Shanghai E-Cheng and Shanghai E-Cheng’s subsidiaries were included in the consolidated financial statements. Scepter is engaged in asset management service business. Foreign-invested enterprises incorporated in the PRC are not expressively prohibited from providing asset management services in PRC. However, according to local business practice, as a general partner of a fund, Scepter must invest as a limited partner before the fund is established. Some investments of the fund managed by the Scepter are in the foreign-invested enterprise prohibited, or not encouraged industries, which requires all investors not to be foreign-invested enterprises. Therefore Scepter provides asset management services through its VIE entities. To provide Scepter effective control over and the ability to receive substantially all of the economic benefits of its VIE and its subsidiaries, Scepter’s wholly owned subsidiary Shanghai Baoyi, entered into a series of contractual arrangements with Shanghai E-Cheng, the “VIE” and its respective shareholders, respectively. (Hereafter, the VIE structure under Scepter is called “Scepter VIE”.). The agreements of Jupai VIE and Scepter VIE that provide the Company effective control over the VIE include: (i) Voting Rights Proxy Agreement (1) Jupai VIE: Each shareholder of Shanghai Jupai has executed a power of attorney to grant Shanghai Juxiang the power of attorney to act on his or her behalf on all matters pertaining to Shanghai Jupai and to exercise all of his or her rights as a shareholder of the Shanghai Jupai, including but not limited to convene, attend and vote at shareholders’ meetings, designate and appoint directors and senior management members. The proxy agreement will remain in effect unless Shanghai Juxiang terminates the agreement by giving a 30- day prior written notice or gives its consent to the termination by Shanghai Jupai. (2) Scepter VIE: Each of the shareholders of Shanghai E-Cheng irrevocably granted any person designated by Shanghai Baoyi the power to exercise all voting rights to which he will be entitled to as shareholder of Shanghai E-Cheng at that time, including the right to declare dividends, appoint and elect board members and senior management members and other voting rights. Each shareholder voting right proxy agreement has a term of twenty years, unless it is early terminated by all parties in writing or pursuant to provision of this agreement. The term of the agreement will be automatically extended for one year upon the expiration, if Shanghai Baoyi gives the other Parties written notice requiring the extension thereof and the same mechanism will apply subsequently upon the expiration of each extended term. (ii) Call Option Agreement (1) Jupai VIE: The shareholders of Shanghai Jupai granted Shanghai Juxiang or its designated representative(s) an irrevocable and exclusive option to purchase their equity interests or assets in Shanghai Jupai when and to the extent permitted by PRC law. Shanghai Juxiang or its designated representative(s) has sole discretion as to when to exercise such options, either in part or in full. Without Shanghai Juxiang’s written consent, the shareholders of Shanghai Jupai shall not transfer, donate, pledge, or otherwise dispose any equity interests of Shanghai Jupai in any way. The acquisition price for the shares or assets will be the minimum amount of consideration permitted under the PRC law at the time when the option is exercised. The agreement can be early terminated by Shanghai Juxiang, but not by Shanghai Jupai or its shareholders. (2) Scepter VIE: Each of shareholders of Shanghai E-Cheng has entered into an Exclusive Call Option Agreement with Baoyi. Pursuant to these agreements, each of the shareholders of Shanghai E-Cheng has granted an irrevocable and unconditional option to Shanghai Baoyi or its designees to acquire all or part of such shareholder’s equity interests in Shanghai E-Cheng at its sole discretion, to the extent as permitted by PRC laws and regulations then in effect. The consideration for such acquisition of all equity interests in Shanghai E-Cheng will be equal to the registered capital of Shanghai E-Cheng, and if PRC law requires the consideration to be greater than the registered capital, the consideration will be the minimum amount as permitted by PRC law. In addition, Shanghai E-Cheng irrevocably and unconditionally granted Baoyi an exclusive option to purchase, to the extent permitted under the PRC law, all or part of the assets of Shanghai E-Cheng. The exercise price for purchasing the assets of Shanghai E-Cheng will be equal to its respective book values, and if PRC law requires the price to be greater than the book value, the price will be the minimum amount as permitted by PRC law. The call option may be exercised by Shanghai Baoyi or its designees. The agreements that transfer economic benefits to the Company include: (i) Consulting Services Agreement, Operating Agreement and Exclusive Support Agreement (1) Jupai VIE: Shanghai Jupai engages Shanghai Juxiang as its exclusive technical and operational consultant and under which Shanghai Juxiang agrees to assist in arranging the financial support necessary to conduct Shanghai Jupai’s operational activities. Shanghai Jupai shall not seek or accept similar services from other providers without the prior written approval of Shanghai Juxiang. The agreements will be effective as long as Shanghai Jupai exists. Shanghai Juxiang may terminate this agreement at any time by giving a prior written notice to Shanghai Jupai. (2) Scepter VIE: Pursuant to an Exclusive Support Agreement between Shanghai Baoyi and Shanghai E-Cheng, Shanghai Baoyi provides Shanghai E-Cheng with a series of consultancy services on an exclusive basis and is entitled to receive related fees. The term of this Exclusive Support Agreement will expire upon dissolution of Shanghai E-Cheng. Unless expressly provided by this agreement, without prior written consent of Shanghai Baoyi, Shanghai E-Cheng may not engage any third party to provide the services offered by Shanghai Baoyi under this agreement. (ii) Equity Interest Pledge Agreement (1) Jupai VIE: The shareholders of Shanghai Jupai pledged all of their equity interests in Shanghai Jupai to Shanghai Juxiang as collateral to secure their obligations under the above agreement. If the shareholders of Shanghai Jupai or Shanghai Jupai breach their respective contractual obligations, Shanghai Juxiang, as pledgee, will be entitled to certain rights, including the right to dispose the pledged equity interests. Pursuant to the agreement, the shareholders of Shanghai Jupai shall not transfer, assign or otherwise create any new encumbrance on their respective equity interest in Shanghai Jupai without prior written consent of Shanghai Juxiang. This pledge will remain effective until all the guaranteed obligations are performed. Mr. Ni’s equity interest in Shanghai Jupai in favor of Shanghai Juxiang is still under the process of registration with the local branch of regulatory authorities in Shanghai and has not been completed yet. (2) Scepter VIE: Each of the shareholders of Shanghai E-Cheng has also entered into an equity pledge agreement with Shanghai Baoyi. Pursuant to which these shareholders pledged their respective equity interest in Shanghai E-Cheng to guarantee the performance of the obligations of Shanghai E-Cheng. If Shanghai E-Cheng or its shareholders breach any of their respective obligations under any of these agreements, Shanghai Baoyi, as pledgee, will be entitled to certain rights, including the right to sell the pledged equity interests. Pursuant to the equity pledge agreement, each shareholder of Shanghai E-Cheng cannot transfer, sell, pledge, dispose of or otherwise create any new encumbrance on their respective equity interest in Shanghai E-Cheng without prior written consent of Shanghai Baoyi. The equity pledge right enjoyed by Shanghai Baoyi will expire when shareholders of Shanghai E-Cheng have fully performed their respective obligations under the above agreements. The shareholders of Shanghai E-Cheng are in the process of applying with the local branch of SAIC in Shanghai for registration of their equity interest pledge. (iii) Loan Agreement for Scepter VIE. Under the Loan Agreement among the shareholders of Shanghai E-Cheng and Shanghai Baoyi, Shanghai Baoyi granted an interest-free loan to the shareholders of Shanghai E-Cheng, solely for their purchase of the equity interests of Shanghai E-Cheng. The loan is interest free and the term of the loan is (i) the expiration of 20 years from the date of the loan agreement, (ii) the expiration of Shanghai Baoyi’s operation term or (iii) the expiration of Shanghai E- Cheng’s operation term whichever is the earliest. Under the above agreements, the shareholders of Shanghai Jupai/Shanghai E-Cheng irrevocably granted Shanghai Juxiang/Shanghai Baoyi the power to exercise all voting rights to which they were entitled. In addition, Shanghai Juxiang/Shanghai Baoyi have the option to acquire all of the equity interests in Shanghai Jupai/Shanghai E-Cheng, to the extent permitted by the then-effective PRC laws and regulations, for nominal consideration. Finally, Shanghai Juxiang/Shanghai Baoyi is entitled to receive service fees for certain services to be provided to Shanghai Jupai/Shanghai E-Cheng. The Call Option Agreement and Voting Rights Proxy Agreement provide the Company effective control over the VIEs and their subsidiaries, while the Equity Interest Pledge Agreements secure the obligations of the shareholders of Shanghai Jupai and Shanghai E-Cheng under the relevant agreements. Because the Company, through Shanghai Juxiang and Shanghai Baoyi, has (i) the power to direct the activities of Shanghai Jupai and Shanghai E-Cheng that most significantly affect the entities’ economic performance and (ii) the right to receive substantially all of the benefits from Shanghai Jupai and Shanghai E-Cheng, the Company is deemed the primary beneficiary of Shanghai Jupai and Shanghai E-Cheng. Accordingly, the Company has consolidated the Shanghai Jupai and Shanghai E-Cheng’s financial results of operations, assets and liabilities, and cash flows in the Company’s consolidated financial statements. The Company believes that the contractual arrangements with the VIEs are in compliance with PRC law and are legally enforceable. However, the contractual arrangements are subject to risks and uncertainties, including: · Shanghai Jupai and Shanghai E-Cheng and their shareholders may have or develop interests that conflict with the Group’s interests, which may lead them to pursue opportunities in violation of the aforementioned contractual arrangements. · Shanghai Jupai and Shanghai E-Cheng and their shareholders could fail to obtain the proper operating licenses or fail to comply with other regulatory requirements. As a result, the PRC government could impose fines, new requirements or other penalties on the VIEs or the Group, mandate a change in ownership structure or operations for the VIEs or the Group, restrict the VIEs or the Group’s use of financing sources or otherwise restrict the VIEs or the Group’s ability to conduct business. · The aforementioned contractual agreements may be unenforceable or difficult to enforce. The equity interests under the Equity Interest Pledge Agreements have been registered by the shareholders of Shanghai Jupai and Shanghai E-Cheng with the relevant office of the administration of industry and commerce, however, the VIEs or the Group may fail to meet other requirements. Even if the contractual agreements are enforceable, they may be difficult to enforce given the uncertainties in the PRC legal system. · The PRC government may declare the aforementioned contractual arrangements invalid. They may modify the relevant regulations, have a different interpretation of such regulations, or otherwise determine that the Group or the VIEs have failed to comply with the legal obligations required to effectuate such contractual arrangements. As of December 31, 2020, the Group had variable interests in various investment funds and contractual funds that are VIEs but determined that it was not the primary beneficiary and, therefore, was not consolidating the VIEs. The maximum potential financial statement loss the Group could incur if the investment funds and contractual funds were to default on all of their obligations is the loss of value of the interests in such investments that the Group holds, including equity investments recorded in investment in affiliates and long-term investment in the consolidated balance sheet. The Company’s maximum exposure to loss associated with identified nonconsolidated VIEs in which it holds variable interests was RMB83,514,067 and RMB82,279,188 as of December 31, 2019 and 2020, respectively . The following amounts and balances of Shanghai Jupai and Shanghai E-Cheng and their subsidiaries were included in the Company's consolidated financial statements after the elimination of intercompany balances and transactions: As of December 31, 2019 2020 2020 RMB RMB USD Cash and cash equivalents 356,891,990 189,666,212 29,067,619 Restricted cash 1,100,000 26,819,159 4,110,216 Accounts receivable, net — 6,539 1,002 Other receivables, net 5,803,135 50,689,035 7,768,434 Amounts due from related parties, net of allowance for doubtful accounts of RMB60,490,862 and RMB60,790,862 as of December 31, 2019 and 2020, respectively 22,231,830 8,511,264 1,304,408 Other current assets 22,828,583 19,692,172 3,017,957 Long-term investments 18,950,000 8,950,000 1,371,648 Investment in affiliates 86,468,304 85,597,248 13,118,352 Property and equipment, net 971,091 519,018 79,543 Intangible assets, net 22,623,254 20,911,091 3,204,765 Other non-current assets 5,755,331 2,987,240 457,815 Right-of-use assets 1,393,451 912,471 139,842 Deferred tax assets 4,608,063 4,608,063 706,217 Total assets 549,625,032 419,869,512 64,347,818 Accrued payroll and welfare expenses 28,055,363 30,708,606 4,706,300 Income tax payable 19,815,543 52,409,793 8,032,152 Amounts due to related parties-current 10,963,967 11,011,967 1,687,658 Deferred revenue — current from related parties 28,056,641 10,267,812 1,573,611 Deferred revenue — current 17,211,666 7,594,166 1,163,857 Other current liabilities 13,940,969 7,700,862 1,180,209 Deferred revenue — non-current from related parties 4,774,671 1,362,240 208,772 Deferred revenue — non-current 311,651 104,835 16,067 Operating Lease Liabilities — non-current 642,309 138,156 21,173 Total liabilities 123,772,780 121,298,437 18,589,799 Years ended December 31, 2018 2019 2020 2020 RMB RMB RMB USD Net revenues 415,535,786 489,006,257 237,380,958 36,380,223 Third party 57,530,741 134,686,065 189,452,640 29,034,887 Related party 358,005,045 354,320,192 47,928,318 7,345,336 Operating cost and expenses 641,467,372 457,450,538 200,598,616 30,743,083 Net (loss) income attributable to ordinary shareholders (406,544,377) (13,401,093) 3,598,575 551,506 Cash flows used in operating activities: (144,046,084) (173,478,148) (141,962,448) (21,756,697) Cash flows (used in) generated from investing activities: (17,511,862) 2,481,771 455,829 69,859 Cash flows used in financing activities: (200,000) — — — The VIEs contributed an aggregate of 31%, 62% and 61% of the consolidated net revenues for the years ended December 31, 2018, 2019 and 2020, respectively and an aggregate of 105%, 8% and (11)% of the consolidated net income (loss) attributable to ordinary shareholders for the years ended December 31, 2018, 2019 and 2020, respectively. As of December 31, 2019 and 2020, the VIEs accounted for an aggregate of 34% and 29%, respectively, of the consolidated total assets. There are no consolidated assets of the VIEs and their subsidiaries that are collateral for the obligations of the VIEs and their subsidiaries and can only be used to settle the obligations of the VIEs and their subsidiaries. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholder of the VIEs or entrustment loans to the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of their statutory reserve and their share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 15 for disclosure of restricted net assets.
Use of Estimates	(c) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ materially from such estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements include assumptions used to determine the allowance for doubtful accounts, valuation allowance for deferred tax assets, fair value measurement of underlying investment portfolios of the funds that the Group invests, assumptions related to the consolidation of entities in which the Group holds variable interests, estimates involved in revenue recognition, assumption used to measure impairment of goodwill and impairment of equity investments and assumption used to determine the useful life of intangible assets acquired.
Concentration of Credit Risk	(d) Concentration of Credit Risk The Company is subject to potential significant concentrations of credit risk consisting principally of cash and cash equivalents, restricted cash, accounts receivable, other receivables, amounts due from related party and investments. All of the Group’s cash and cash equivalents, restricted cash and a majority of investments are held with financial institutions that Group management believes to be of high credit quality. Substantively all revenues were generated within China. There were no product providers or underlying corporate borrowers which accounted for 10% or more of total revenues for the years ended December 31, 2018, 2019, and 2020.
Investments in Affiliates	(e) Investments in Affiliates Affiliated companies are entities over which the Group does not control. The Group accounts for common-stock-equivalent equity investments in entities over which it has significant influence but does not own a majority voting interest or otherwise control using the equity method. The Group generally considers an ownership interest of 20% or higher to represent significant influence. Under the equity method, the Group’s share of the post-acquisition profits or losses of affiliated companies is recognized in the statements of operations and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. When the Group’s share of losses in an affiliated company equals or exceeds its carrying amount of the investment in the affiliated company, the Group does not recognize further losses, unless the Group has guaranteed the obligations of the affiliated company or is otherwise committed to provide further financial support for the affiliated company. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary, which is recorded in loss from equity in affiliates. The Group recorded impairment loss of RMB104.1 million, RMB2.7 million, and RMB1.3 million for the years ended December 31, 2018, 2019, and 2020. The Group also considers it has significant influence over the funds that it serves as general partner or fund manager, and the Group’s ownership interest in these funds as limited partner is generally much lower than 5%. These funds are not consolidated by the Group based on the facts that the Group does not have control over the funds given substantive kick-out rights held by unrelated limited partners that allow them to remove the general partner without cause, and/or substantive participating rights that allow them to participate in certain financial and operating decisions of the limited partnership in the ordinary course of business. The equity method of accounting is accordingly used for investments by the Group in these funds. If an investee fund meets the definition of an Investment Company, it’s required to be reported at fair value. The Group records its equity pick-up based on its percentage ownership of the investee funds’ net income. For real estate projects, the group recorded its pick-up one quarter in arrears to enable it to have more time to collect and analyze the investments’ operating results. For other investee funds, the group recorded its pick-up based on current period net income.
Fair Value of Financial Instruments	(f) Fair Value of Financial Instruments The Group records its certain financial assets at fair value on a recurring basis. Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is as follows: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model- derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 applies to asset or liabilities for which there are inputs generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair value are therefore determined using model based techniques that include option pricing models, discounted cash flow models, and similar techniques. Certain assets of the Group were measured at fair value on a non-recurring basis subsequent to initial recognition. These assets include goodwill, investment in equity securities without readily determinable fair value and investment in affiliates in 2020. See Note 9, Note 5 and Note 6, respectively.
Cash and Cash Equivalents	(g) Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and demand deposits, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less when purchased.
Restricted Cash	(h) Restricted Cash The Group’s restricted cash represents cash restricted by court related to a lawsuit in which the group is a defendant. The restriction will be subsequently removed when the case is closed.
Accounts receivable, net	(i) Accounts receivable, net Accounts receivable mainly represent amounts due from product providers or underlying corporate borrowers and are recorded net of allowance for doubtful accounts. The Group considers many factors in assessing the collectability of its accounts receivable, such as the age of the amounts due, the product providers or underlying corporate borrowers’ payment history, creditworthiness, financial conditions of the product providers or underlying corporate borrowers and industry trend. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. The Group also makes specific allowance if there is strong evidence indicating that the accounts receivable is likely to be unrecoverable. Accounts receivable balances are written off after all collection efforts have been exhausted. The Group recorded allowance for doubtful accounts of RMB19.7 million, RMB6.4 million, and nil for the years ended December 31, 2018, 2019, and 2020.
Other receivables, net	(j) Other receivables, net Other receivables mainly represent loan receivables and deposits for lessor and other suppliers. The Company records other receivables at net realizable value consisting of the carrying amount less an allowance for uncollectable accounts as needed. The allowance for uncollectable accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing other receivables. The Company determines the allowance based on age of the amounts due, the financial condition of the borrowers, and economic conditions. The Company recorded allowance for doubtful accounts of nil, RMB2.0 million and nil for the years ended December 31, 2018, 2019, and 2020. The Company has not accrued any interest income on loan receivable as the amount is indeterminable, it will be recognized when cash received.
Investments	(k) Investments Debt Securities The Group invests in debt securities and accounts for the investments based on the nature of the products invested, and the Group’s intent and ability to hold the investments to maturity. The Group’s investments in debt securities include trust products, asset management plans and real estate funds that have a stated maturity and normally pay a prospective fixed rate of return. The Group classifies the investments in debt securities as held-to-maturity when it has both the positive intent and ability to hold them until maturity. Held-to-maturity investments are recorded at amortized cost and are classified as long-term or short-term according to their contractual maturity. Long-term investments are reclassified as short-term when their remaining contractual maturity date is less than one year. The Group reviews, at individual security level, its held-to-maturity investments for other-than-temporary impairment based on the specific identification method and considers available quantitative and qualitative evidence in evaluating potential impairment. If the amortized cost basis of an investment exceeds the investment’s fair value, the Group considers, among other factors, general market conditions, government economic plans, the duration and the extent to which the fair value of the investment is less than cost and the Group’s intent and ability to hold the investment to determine whether an other-than-temporary impairment has occurred. The Group recognizes other-than-temporary impairment in earnings if it has the intent to sell the debt security or if it is more-likely-than-not that it will be required to sell the debt security before recovery of its amortized cost basis. Additionally, the Group evaluates expected cash flows to be received and determines if credit-related losses on debt securities exist, which are considered to be other-than-temporary, should be recognized in earnings. Equity Securities The Group's investment in equity securities comprise of investment in privately-held companies and limited partnership in private equity fund. Prior to fiscal 2018, these investments in equity securities without readily determinable fair values were accounted for using the cost method of accounting, measured at cost less other-than-temporary impairment. Effective January 1, 2018, upon adoption of ASU 2016-01, the Group has elected to measure these investments at cost minus impairment, if any, adjusted up or down for observable price changes (i.e., prices in orderly transactions for the identical or similar investment of the same issuer). Any adjustment to the carrying amount is recorded in net income. The Group also makes qualitative assessment at each reporting period and if the assessment indicates that the fair value of the investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value of the investment and its carrying amount as an impairment loss recorded in investment loss.
Noncontrolling interests	(l) Noncontrolling interests A noncontrolling interest in a subsidiary of the Group represents the portion of the equity (net assets) in the subsidiary not directly or indirectly attributable to the Group. Noncontrolling interests are presented as a separate component of equity in the consolidated balance sheet and earnings and other comprehensive income are attributed to controlling and noncontrolling interests.
Property and Equipment, net	(m) Property and Equipment, net Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the following estimated useful lives: Estimated Useful Lives in Years Leasehold improvements Shorter of the lease term or expected useful life Furniture, fixtures, and equipment 3—5 years Motor vehicles 5 years Gains and losses from the disposal of property and equipment are included in income from operations.
Leases	(n) Leases The Group determines if an arrangement is a lease at inception of the arrangement. The Group primarily enters into operating leases, as the lessee, for office space. Operating leases are included in Right-of-use (“ROU”) Assets, Other current liabilities (current portion of liabilities) and Operating lease liabilities (non-current liabilities) on the Consolidated balance sheet. ROU Assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Group determines the present value of the lease payments using an incremental borrowing rate based on information available at the inception date. Leases may include options to extend or terminate the lease which are included in the ROU Assets and liabilities when they are reasonably certain of exercise. Certain leases include lease and nonlease components, which are accounted for as one single lease component. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these are fixed or determinable, they are included as part of the minimum lease payments used to measure the lease liabilities. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term. When additional payments are based on usage or vary based on other factors, they are expensed when incurred as variable lease expense. Minimum lease payments for leases with an initial term of twelve months or less are not recorded on the Consolidated balance sheet. The Group recognizes lease expense for these leases on a straight-line basis over the lease term. The Group recorded ROU assets of RMB152.3 million and lease liabilities RMB144.3 million, with no cumulative effect adjustment to retained earnings of January 1, 2019. There was no material impact on the Consolidated Statements of Operations on the Consolidated Statements of Cash Flows. Additional disclosures relating to leases are discussed in Note 10. “Leases”.
Treasury stocks	(o) Treasury stocks The Company repurchased its own stocks directly from the open market at prevailing market prices, therefore an access of stated value over the cost of treasury stocks is credited to additional paid-in capital. The Company has no plan to resell the repurchased shares.
Revenue Recognition	(p) Revenue Recognition The Group derives revenue primarily from one-time commissions and recurring service fees paid by product providers for whom the Group distributes wealth management products, and recurring management fee and carried interest paid by funds the Group manages. Starting from the second half of 2016, the Group also began to earn other service fees for consulting services provided to other companies. There is no material impact of the adoption of ASC 606 on January 1, 2018 using the modified retrospective method to its consolidated financial statements. Under the guidance of ASC 606, the Group is required to: (i) identify the contracts with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contracts and (v) recognize revenue when the entity satisfies a performance obligation. Revenues are recorded, net of sales related taxes and surcharges. The Group sometimes engages third party agents in promoting financial products and pays a channel fee accordingly, in which the group recognizes revenue on a net basis by deducting the channel fee it pays to the third party agents. Disaggregation of revenue The Group uses the management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The Group’s CODM has been identified as the CEO and Chairman of the Board, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. The Group believes it operates in a sole segment, which is value-added wealth management and asset management services. Substantively all of the Group’s revenues are derived from China. The Group’s long-lived assets are located substantially in the PRC. The following table shows revenue from contracts with customers disaggregated by service lines for the years ended December 31, 2018, 2019 and 2020: Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB USD One-time commissions 739,894,527 320,817,881 162,835,813 24,955,680 Related party 524,315,293 60,723,911 58,396,476 8,949,651 Third party 215,579,234 260,093,970 104,439,337 16,006,029 Recurring management fee 436,947,202 340,732,359 98,405,095 15,081,241 Related party 436,947,202 340,732,359 98,405,095 15,081,241 Recurring service fees 64,555,866 115,247,648 128,568,271 19,703,950 Related party 1,256,411 1,433,629 20,223,856 3,099,442 Third party 63,299,455 113,814,019 108,344,415 16,604,508 Other service fees 84,669,810 13,962,264 — — Related party 28,301,887 — — — Third party 56,367,923 13,962,264 — — Total revenues 1,326,067,405 790,760,152 389,809,179 59,740,871 One-time Commissions The Group enters into one-time commission agreements with product providers or underlying corporate borrowers, which specifies the key terms and conditions of the arrangement. Such agreements do not include rights of return, credits or discounts, rebates, price protection or other similar privileges. Upon establishment of a wealth management product, the Group earns a one-time commission from product providers or underlying corporate borrowers, calculated as a percentage of the wealth management products purchased by its clients. The Group defines the “establishment of a wealth management product” for its revenue recognition purpose as the time when both of the following two criteria are met: (1) the Group’s client has entered into a purchase or subscription contract with the relevant product provider and, if required, the client has transferred a deposit to an escrow account designated by the product provider and (2) the product provider has issued a formal notice to confirm the establishment of a wealth management product. After the contract is established, there are no significant judgments made when determining the one-time commission price. Recurring Service Fees Recurring service fee arises from on-going services provided to product providers after the distribution of wealth management product including investment relationship maintenance and coordination and product reports distribution. It is calculated as a percentage of the total value of investments in the wealth management products purchased by the Group’s clients, calculated at the establishment date of the wealth management product. As the Group provides these services throughout the contract term, revenue is recognized over the contract term, assuming all other revenue recognition criteria have been met. For certain products, recurring service fees may also include a performance-based fee based on the extent by which the fund’s investment performance exceeds a certain threshold. Such performance-based fees earned based on the performance of the Group are a form of variable consideration in its contracts with customers to provide investment management services. Revenue is recognized when performance-based measures are met. Recurring service agreements do not include rights of return, credits or discounts, rebates, price protection or other similar privileges. Recurring Management Fees Recurring management fee arises from the fund management services provided to funds the Group manages, including management fee and carried interest. Management fees are computed as a percentage of the capital contribution in a fund and are recognized as earned over the specified contract period. Carried interest represents preferential allocations of profits that are a component of the Group’s general partnership interests and fund managing interests in the limited partnership and contractual funds and is a form of variable consideration and recognized as revenue typically at the end of fund’s contract term when the uncertainty associated with the variability is resolved. Management fee received in advance of the specified contract period and in the limited circumstances carried interest received before the end of the fund’s contract term are recorded as deferred revenue. Other service fees Other service fee refers to revenue generated from consulting services provided to peers in asset management industry and other companies seeking for equity investment. Service fees are negotiated case by case, and are specified in agreements before services are provided. Revenue is recognized upon completion of the services and when it becomes probable that a significant reversal in the amount of revenue will not occur. Contract modifications Contract modifications occur when the Group and its customers agree to modify existing customer contracts to change the scope or price (or both) of the contract or when a customer terminates some, or all, of the existing services provided by the Group. When a contract modification occurs, it requires the Group to exercise judgment to determine if the modification should be accounted for as: (i) a separate contract, (ii) the termination of the original contract and creation of a new contract, or (iii) a cumulative catch up adjustment to the original contract. Further, contract modifications require the identification and evaluation of the performance obligations of the modified contract, including the allocation of revenue to the remaining performance obligations and the period of recognition for each identified performance obligation. In 2018, the Group modified certain contracts for changes in transaction price for the services that are not distinct from the existing contract. As such, these modifications are accounted for as if they were part of the existing contract, and therefore, the effect of the modification on the transaction price and our measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a cumulative catch-up basis in the period of modification. The amount of cumulative adjustment to revenue recorded in 2018, 2019 and 2020 as a result of contract modification was RMB122.7 million, nil and nil, respectively. Transaction Price Allocation among Performance Obligations The Group enters into contracts with product providers or underlying corporate borrowers to provide both wealth management marketing and recurring services or other services. The Group also provides wealth management marketing, recurring services and other services to funds that it serves as general partner/co-general partner or fund manager. Each of the wealth management marketing service, recurring service, and other service represent a separate performance obligation. The Group allocate the total consideration among various performance obligations at inception of contracts based on their relative stand-alone selling price (“SSP”). The Group has observable SSP for its wealth management marketing services and other services for certain products as it provides such services separately to other similar customers. The Group has not sold its recurring services separately. The Group adopts either the adjusted market assessment approach or the residual approach when the SSP is not directly observable and is either highly variable or uncertain. Revenue for the respective performance obligation is recognized in the same manner as described above. Contract Balances The Group enters into contracts with customers, of which obligations are performed over a period. The Group records contract liabilities in deferred revenue when payments are received in advance of the performance obligations being satisfied. Certain contracts require that a portion of the payment be deferred until the end of the wealth management product’s life or other specified contingencies. As of December 31, 2019 and 2020, total amount of deferred revenue are RMB82,957,958 and RMB31,672,695 respectively, of which RMB77,728,462 and RMB18,963,227 estimated to be recognized within one year, RMB5,229,496 and RMB12,709,468 over one year to two years. Practical Expedience The Group has used the following practical expedients as allowed under ASC 606: The Group expenses sales commissions as incurred when the amortization period is one year or less. Sales commission expenses are recorded within “Cost of Revenues” in the consolidated statements of operations. The Group has also applied the practical expedient for certain revenue streams to exclude the value of remaining performance obligations for (i) contracts with an original expected term of one year or less or (ii) contracts for which the Group recognizes revenue in proportion to the amount the Group has the right to invoice for services performed.
Sales Related Tax and Related Surcharges	(q) Sales Related Tax and Related Surcharges The Group is subject to value-added tax (“VAT”), education surtax, and urban maintenance and construction tax, on the services provided in the PRC. The applicable VAT rate for the Group is 1% to 6%.
Cost of Revenues	(r) Cost of Revenues Cost of revenue includes salaries and performance-based commissions of relationship managers and business development team, and expenses incurred in connection with product-specific client meetings and other events.
Selling Expenses	(s) Selling Expenses Selling expenses primarily consist of payroll, bonus and benefits of sales and marketing staff, brand promotion costs, and agency fees. Brand promotion costs are expensed as incurred. Brand promotion costs in connection with the provision of marketing and promotion services consisted of fees the Group paid to third party venders for brand promotion on various online and offline channels. Such costs were included as selling expenses in the consolidated statements of operations and totaled RMB16,831,978, RMB9,019,349 and RMB3,047,380 for the years ended December 31, 2018, 2019 and 2020, respectively.
Intangible assets, net	(t) Intangible assets, net Acquired intangible assets mainly consist of customer contracts, internal-used software and licenses from business combinations and are recorded at fair value on the acquisition date. Customer contracts, internal-used software and certain licenses are amortized using a straight-line method. Most of the licenses are determined to be indefinitely-lived, and not subject to amortization. Estimated Useful Lives in Years Customer contracts 3.5 years Internal-used software 10 years Licenses amortized Shorter of the legal rights or expected useful life
Impairment of long-lived assets	(u) Impairment of long-lived assets The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. The Group evaluates intangible assets that are not subject to amortization for impairment annually and more frequently if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Group conducts quantitative impairment tests for indefinite-lived intangible assets and compares the fair value of the asset with its carrying amount. The Group recognizes impairment loss on the amount by which the carrying value exceeds the fair value of the asset. After an impairment loss is recognized, the Group uses adjusted carrying amount of the intangible asset as its new accounting basis.
Goodwill	(v) Goodwill Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair value assigned to the individual assets acquired and liabilities assumed. Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of December 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. Starting from January 1, 2018, the Group early adopted ASU 2017-04. A reporting unit is identified as a component for which discrete financial information is available and is regularly reviewed by management. As the Group operates in a sole segment, which is value-added wealth management and asset management services, management concluded that it had only one reporting unit, and therefore the goodwill impairment testing is performed at a consolidation level. The impairment test is performed as of year-end or if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount by comparing the fair value of a reporting unit with its carrying value. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not impaired and no further testing is required. If the fair value of the reporting unit is less than the carrying value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Based on the Group's impairment assessment review, the Group recorded goodwill impairment of RMB267.9 million, nil and nil for the years ended December 31, 2018, 2019 and 2020 for the goodwill from acquisition of Scepter as the volatile market environment continued to negatively impact the Group's operations and business outlook.
Income Taxes	(w) Income Taxes Current income taxes are provided for in accordance with the relevant statutory tax laws and regulations. The Group accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Group recognizes net deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, it considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Group determines that its deferred tax assets are realizable in the future in excess of their net recorded amount, the Group would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. According to ASU 2015-17, the Group recognized deferred tax assets and liabilities as non-current assets and liabilities.
Share-Based Compensation	(x) Share-Based Compensation The Group recognizes share-based compensation based on the grant date fair value of equity awards, with compensation expense recognized over the vesting period. Share-based compensation expense is classified in the consolidated statements of operations based upon the job function of the grantee. The Group accounts for a cancellation or settlement of an equity settled share-based payment award as an acceleration of vesting, and recognize immediately the amount that otherwise would have been recognized for services received over the remainder of the vesting period. The Group also estimates expected forfeitures and recognizes compensation cost only for those share-based awards expected to vest. Actual forfeitures may differ from those estimated by the Group which would affect the amount of share-based compensation to be recognized.
Government Grants	(y) Government Grants Government subsidies include cash subsidies received by the Group’s entities in the PRC from local governments as incentives for registering and operating business in certain local districts and are typically granted based on the amount of value-added tax, and income tax payment generated by the Group in certain local districts. Such subsidies allow the Group full discretion in utilizing the funds and are used by the Group for general corporate purpose. The local governments have final discretion as to the amount of cash subsidies. Cash subsidies are included in government subsidies and recognized when received and when all the conditions for their receipt have been satisfied.
Net Income (Loss) per Share	(z) Net Income (Loss) per Share Basic net income or loss per share is computed by dividing net income or loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised into ordinary shares. Common share equivalents are excluded from the computation of the diluted net income per share in years when their effect would be anti-dilutive. Diluted net income or loss per share is computed by giving effect to all potential dilutive shares, including stock options and unvested restricted shares. To calculate the number of shares for diluted income per share, the effect of the stock options and restricted share units is computed using the treasury stock method.
Foreign Currency Translation	(aa) Foreign Currency Translation The functional currency of the Company, Jupai Investment International Limited, Scepter Holdings Limited, and Scepter Pacific Limited is the United States dollar (“U.S. dollar”). The functional currency of Jupai Hong Kong and Non-Linear Investment Management Ltd., is the Hong Kong Dollar (“HKD”). The subsidiaries in the PRC and the VIEs determined their functional currency to be the Chinese Renminbi (“RMB”). The determination of the respective functional currency is based on the criteria of ASC 830, Foreign Currency Matters. Assets and liabilities of the Group’s overseas entities denominated in currencies other than RMB are translated into RMB at the rates of exchange ruling at the balance sheet date. Equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as foreign currency translation adjustment and are shown as a separate component of other comprehensive income in the consolidated statements of comprehensive income. Amounts in USD are solely for the convenience of the readers and were calculated at the rate of USD1.00 for RMB6.5250 on December 31, 2020, representing the certificated exchange rate published by the Federal Reserve Board. This presentation is not intended to be an indication of the actual USD amount for the underlying transactions, assets or liabilities.
Comprehensive Income	(ab) Comprehensive Income Comprehensive income includes all changes in equity except those resulting from investments by owners and distributions to owners. For the years presented, total comprehensive income included net income, foreign currency translation adjustments, net of tax effect.
Recently issued accounting pronouncements	(ac) Recently issued accounting pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of the Group’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. For public business entities, the guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early application of the pending content that links to this paragraph is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Group is in the process of evaluating the impact of adoption of this guidance on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12 (“ASU 2019-12”) “Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes.” ASU 2019-12 will simplify the accounting for income taxes by removing certain exceptions currently provided for in ASC 740, “Income Taxes” (“ASC 740”), and by amending certain other requirements of ASC 740. The changes resulting from ASU 2019-12 will be made on a retrospective or modified retrospective basis, depending on the specific exception or amendment. For public business entities, the amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company will adopt ASU 2019-12 effective January 1, 2021. Management is currently evaluating the effect of the adoption of ASU 2019-12 on the consolidated financial statements.

Organization and Principal Ac_2

Organization and Principal Activities (Tables)	12 Months Ended
	Dec. 31, 2020
Schedule of subsidiaries	The Company’s significant subsidiaries as of December 31, 2020 include the following: Date of Place of Percentage of Incorporation/Acquisition Incorporation Ownership Shanghai Juxiang Investment Management Consulting Co., Ltd. ("Shanghai Juxiang") July 16, 2013 PRC 100 % Baoyi Investment Consulting (Shanghai) Co., Ltd. ("Shanghai Baoyi") July 16, 2015 PRC 100 % Jupai HongKong Investment Limited("Jupai Hong Kong") August 21, 2012 Hong Kong 100 % Shanghai Baoyixuan Investment Management Center (Limited Partnership) ("Baoyixuan") December 24, 2015 PRC 100 %
Shanghai Jupai
Schedule of subsidiaries	Shanghai Jupai’s significant subsidiaries as of December 31, 2020 include the following: Place of Percentage of Date of Incorporation/acquisition Incorporation Ownership Juzhou Asset Management (Shanghai) Co., Ltd. ("Juzhou") May 17, 2013 PRC 85 % Shanghai Jupai Yumao Fund Sales Co., Ltd. (“Yumao”) February 26, 2014 PRC 100 %
Shanghai E-Cheng
Schedule of subsidiaries	Shanghai E-Cheng’s significant subsidiaries as of December 31, 2020 include the following: Place of Percentage of Date of Acquisition Incorporation Ownership Shanghai Yidezhen Investment Management Center (Limited Partnership) ("Yidezhen") July 16, 2015 PRC 100 %

Summary of Principal Accounti_3

Summary of Principal Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Summary of Principal Accounting Policies
Schedule of amounts of variable interest entity included in the Group's consolidated financial statements	As of December 31, 2019 2020 2020 RMB RMB USD Cash and cash equivalents 356,891,990 189,666,212 29,067,619 Restricted cash 1,100,000 26,819,159 4,110,216 Accounts receivable, net — 6,539 1,002 Other receivables, net 5,803,135 50,689,035 7,768,434 Amounts due from related parties, net of allowance for doubtful accounts of RMB60,490,862 and RMB60,790,862 as of December 31, 2019 and 2020, respectively 22,231,830 8,511,264 1,304,408 Other current assets 22,828,583 19,692,172 3,017,957 Long-term investments 18,950,000 8,950,000 1,371,648 Investment in affiliates 86,468,304 85,597,248 13,118,352 Property and equipment, net 971,091 519,018 79,543 Intangible assets, net 22,623,254 20,911,091 3,204,765 Other non-current assets 5,755,331 2,987,240 457,815 Right-of-use assets 1,393,451 912,471 139,842 Deferred tax assets 4,608,063 4,608,063 706,217 Total assets 549,625,032 419,869,512 64,347,818 Accrued payroll and welfare expenses 28,055,363 30,708,606 4,706,300 Income tax payable 19,815,543 52,409,793 8,032,152 Amounts due to related parties-current 10,963,967 11,011,967 1,687,658 Deferred revenue — current from related parties 28,056,641 10,267,812 1,573,611 Deferred revenue — current 17,211,666 7,594,166 1,163,857 Other current liabilities 13,940,969 7,700,862 1,180,209 Deferred revenue — non-current from related parties 4,774,671 1,362,240 208,772 Deferred revenue — non-current 311,651 104,835 16,067 Operating Lease Liabilities — non-current 642,309 138,156 21,173 Total liabilities 123,772,780 121,298,437 18,589,799 Years ended December 31, 2018 2019 2020 2020 RMB RMB RMB USD Net revenues 415,535,786 489,006,257 237,380,958 36,380,223 Third party 57,530,741 134,686,065 189,452,640 29,034,887 Related party 358,005,045 354,320,192 47,928,318 7,345,336 Operating cost and expenses 641,467,372 457,450,538 200,598,616 30,743,083 Net (loss) income attributable to ordinary shareholders (406,544,377) (13,401,093) 3,598,575 551,506 Cash flows used in operating activities: (144,046,084) (173,478,148) (141,962,448) (21,756,697) Cash flows (used in) generated from investing activities: (17,511,862) 2,481,771 455,829 69,859 Cash flows used in financing activities: (200,000) — — —
Schedule of estimated useful lives of property and equipment	Estimated Useful Lives in Years Leasehold improvements Shorter of the lease term or expected useful life Furniture, fixtures, and equipment 3—5 years Motor vehicles 5 years
Schedule of disaggregation of revenue	Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB USD One-time commissions 739,894,527 320,817,881 162,835,813 24,955,680 Related party 524,315,293 60,723,911 58,396,476 8,949,651 Third party 215,579,234 260,093,970 104,439,337 16,006,029 Recurring management fee 436,947,202 340,732,359 98,405,095 15,081,241 Related party 436,947,202 340,732,359 98,405,095 15,081,241 Recurring service fees 64,555,866 115,247,648 128,568,271 19,703,950 Related party 1,256,411 1,433,629 20,223,856 3,099,442 Third party 63,299,455 113,814,019 108,344,415 16,604,508 Other service fees 84,669,810 13,962,264 — — Related party 28,301,887 — — — Third party 56,367,923 13,962,264 — — Total revenues 1,326,067,405 790,760,152 389,809,179 59,740,871
Summary of intangible assets estimated useful lives	Estimated Useful Lives in Years Customer contracts 3.5 years Internal-used software 10 years Licenses amortized Shorter of the legal rights or expected useful life

Net Income (loss) per Share (Ta

Net Income (loss) per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Net Income (loss) per Share
Schedule of antidilutive securities excluded from computation of earnings per share	As of December 31, 2018 2019 2020 Share options 9,424,471 9,145,983 7,936,403 Restricted shares 1,241,352 1,182,370 633,744 Total 10,665,823 10,328,353 8,570,147

Allowance for doubtful accoun_2

Allowance for doubtful accounts (Tables)	12 Months Ended
	Dec. 31, 2020
Allowance for doubtful accounts
Schedule of allowance for accounts receivable, other receivables and amounts due from related parties	Years Ended December 31, 2018 2019 2020 RMB RMB RMB Balance as of January 1 3,997,417 63,211,728 124,490,642 Provisions for doubtful accounts 59,214,311 61,278,914 11,145,117 Write-off — — — Balance as of December 31 63,211,728 124,490,642 135,635,759

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Investments
Schedule of investment balances	As of December 31, 2019 2020 2020 RMB RMB USD Long-term investments - Equity securities without readily determinable fair values 228,950,000 218,950,000 33,555,556 Total investments 228,950,000 218,950,000 33,555,556

Investment in affiliates (Table

Investment in affiliates (Tables)	12 Months Ended
	Dec. 31, 2020
Investment in affiliates
Schedule of balances of investment in affiliates	As of December 31 2019 2020 2020 RMB % RMB % USD % Private equity funds that the Company serves as general partner or fund manager (1) 75,750,152 — 75,128,668 — 11,513,972 — Changjiang Jupai (Shanghai) Finance Consulting Co., Ltd. (“Changjiang Jupai”) 11,449,125 25.0 % 11,625,259 25.0 % 1,781,649 25.0 % Shanghai Wuling Investment Center (“Wuling Center”) 7,763,915 1.2 % 7,150,520 1.2 % 1,095,865 1.2 % Shanghai Guochen Equity Management Co., Ltd. (“Guochen”) 3,398,720 8.3 % 3,228,549 8.3 % 494,797 8.3 % Shanghai Juzhi Investment Management Co., Ltd. (“Juzhi”) 2,680,206 50.0 % 1,630,592 50.0 % 249,899 50.0 % Shanghai Jucheng Zhidi Co., Ltd (“Jucheng Zhidi”) (2) 4,910,260 2.0 % — — — — Others (3) 1,588,622 — 1,578,321 — 241,888 — Total investments 107,541,000 100,341,909 15,378,070 (1) Shanghai Juxiang and Scepter invested in private equity funds of funds that the Group serves as general partner or fund manager. Shanghai Juxiang and Scepter held no more than 4% equity interest in these private equity funds of funds as a general partner. The Group accounts for these investments using the equity method of accounting due to the fact that the Company can exercise significant influence on these investees in the capacity of general partner or fund manager. (2) The Group invested RMB5,000,000 for 2% equity interest in Shanghai Jucheng Zhidi Co., Ltd in 2019 and accounted for the investment with equity method accounting. The main operating business is real estate development and management. The Group disposed of the entire investment in July 2020 for RMB5.0 million (USD0.77 million). (3) In addition to the above, the Group also held investments in several fund management companies, none of which is individually material.

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Property and Equipment, Net
Schedule of property and equipment	As of December 31, 2019 2020 2020 RMB RMB USD Leasehold improvements 58,136,435 58,932,840 9,031,853 Furniture, fixtures and equipment 29,744,931 29,236,780 4,480,733 Motor vehicles 3,701,461 3,701,461 567,274 Total 91,582,827 91,871,081 14,079,860 Accumulated depreciation (63,748,067) (74,777,244) (11,460,115) Property and equipment, net 27,834,760 17,093,837 2,619,745

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Intangible Assets, Net
Schedule of intangible assets	As of December 31, 2019 2020 2020 RMB RMB USD Customer contracts 67,687,278 63,308,495 9,702,451 Software 37,670,816 37,763,932 5,787,576 License 942,481 942,481 144,442 Less: accumulated amortization 76,752,418 80,918,992 12,401,378 Intangible assets subject to amortization 29,548,157 21,095,916 3,233,091 License with indefinite life 11,733,541 11,733,541 1,798,244 Foreign currency translation adjustment (3,031,219) 1,347,564 206,523 Intangible assets, net 38,250,479 34,177,021 5,237,858

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill
Schedule of movement in carrying amount of goodwill	Years Ended December 31, RMB Balance as of January 1, 2019 297,031 Deconsolidation (297,031) Balance as of December 31, 2019 and 2020 —

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share-Based Compensation
Summary of option activity	Weighted Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value of Options Price Term Options RMB RMB Outstanding, as of January 1, 2020 9,145,983 3.97 4.61 — Forfeited (1,209,580) 3.13 — — Outstanding, as of December 31, 2020 7,936,403 3.81 3.62 — Exercisable as of December 31, 2020 7,936,403 3.81 3.62 —
Summary of restricted share activity	Weighted Average Number of Grant-date Shares Fair Value RMB Unvested, as of January 1, 2020 1,182,370 6.49 Vested (548,626) 7.30 Unvested, as of December 31, 2020 633,744 5.03

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Taxes
Schedule of tax expense	Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB USD Current Tax 163,676,039 15,018,507 500,952 76,775 Deferred Tax (33,820,672) 37,926,132 295,572 45,298 Total 129,855,367 52,944,639 796,524 122,073
Schedule of reconciliation between the statutory tax rate to income before income taxes and the actual provision for income taxes	Years Ended December 31, 2018 2019 2020 PRC income tax rate 25.00 % 25.00 % 25.00 % Expenses not deductible for income tax purposes (9.47) % (25.47) % (23.75) % Goodwill impairment (44.22) % — — Losses not deductible for income tax purposes (5.40) % (12.81) % (8.14) % Tax-free income 1.10 % — — Valuation allowance of deferred tax assets (55.56) % (33.12) % 8.29 % Uncertain tax position impact — — — Different tax rate of subsidiary operation in other jurisdiction 2.81 % 0.16 % (3.73) % Effective income tax rate (85.74) % (46.24) % (2.33) %
Schedule of principal components of the deferred income tax asset and liabilities	As of December 31, 2019 2020 2020 RMB RMB USD Deferred tax assets: Accrued expenses 4,608,063 4,312,491 660,918 Tax loss carry forward 67,843,392 63,563,642 9,741,554 Gross deferred tax assets 72,451,455 67,876,133 10,402,472 Valuation allowance (67,843,392) (63,563,642) (9,741,554) Net deferred tax assets 4,608,063 4,312,491 660,918
Schedule of movement of valuation allowance	As of December 31, 2018 2019 2020 2020 RMB RMB RMB USD Balance as of January 1 — 84,146,463 67,843,392 10,397,455 Additions (utilization) 84,146,463 37,227,678 (2,837,821) (434,915) Write-offs — (53,530,749) (1,441,929) (220,986) Balance as of December 31 84,146,463 67,843,392 63,563,642 9,741,554

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions
Schedule of related party transactions	Revenue from Related Parties Years Ended December 31 2018 2019 2020 2020 RMB RMB RMB USD One-time commissions Funds managed by Jupai Group 521,493,884 58,676,277 58,159,887 8,913,392 Investees of shareholder of the Company 2,821,409 2,047,634 236,589 36,259 Total one-time commissions 524,315,293 60,723,911 58,396,476 8,949,651 Recurring management fee Funds managed by Jupai Group 436,947,202 340,732,359 98,405,095 15,081,241 Total recurring management fee 436,947,202 340,732,359 98,405,095 15,081,241 Recurring service fee Funds managed by Jupai Group 1,256,411 1,433,629 20,223,856 3,099,442 Total recurring service fee 1,256,411 1,433,629 20,223,856 3,099,442 Other service fee Funds managed by Jupai Group 28,301,887 — — — Total other service fee 28,301,887 — — — Total revenue from related parties 990,820,793 402,889,899 177,025,427 27,130,334 Amounts due from Related Parties As of December 31, 2019 2020 2020 RMB RMB USD Service fee receivable 101,122,751 26,149,345 4,007,562 Loan to related parties 200,000,000 200,000,000 30,651,341 Loan to noncontrolling interest shareholder 23,187,995 23,187,995 3,553,716 Total amounts due from related parties 249,337,340 38,212,619 Deferred Revenue from Related Parties As of December 31, 2019 2020 2020 RMB RMB USD Funds managed by Jupai Group 46,971,804 21,789,907 3,339,449 Total deferred revenue 46,971,804 21,789,907 3,339,449 Amounts due to Related Parties As of December 31, 2019 2020 2020 RMB RMB USD Funds managed by Jupai Group 17,439,664 14,625,680 2,241,484 Investees of shareholder of the Company 2,000,000 2,000,000 306,513 Total amounts due to related parties 19,439,664 16,625,680 2,547,997

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies.
Schedule of future minimum lease payments under non-cancelable operating lease agreements	Years Ended December 31, RMB 2021 24,717,992 2022 10,659,374 2023 1,960,037 Total 37,337,403

Organization and Principal Ac_3

Organization and Principal Activities - Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2020
Shanghai Juxiang Investment Management Consulting Co., Ltd. ("Shanghai Juxiang")
Subsidiaries
Date of Incorporation/acquisition	Jul. 16, 2013
Percentage of Ownership	100.00%
Baoyi Investment Consulting (Shanghai) Co., Ltd. ("Baoyi")
Subsidiaries
Date of Incorporation/acquisition	Jul. 16, 2015
Percentage of Ownership	100.00%
Jupai HongKong Investment Limited ("Jupai Hong Kong")
Subsidiaries
Date of Incorporation/acquisition	Aug. 21, 2012
Percentage of Ownership	100.00%
Shanghai Baoyixuan Investment Management Center (Limited Partnership) ("Baoyixuan")
Subsidiaries
Date of Incorporation/acquisition	Dec. 24, 2015
Percentage of Ownership	100.00%
Shanghai Jupai | Juzhou Asset Management (Shanghai) Co., Ltd. ("Juzhou")
Subsidiaries
Date of Incorporation/acquisition	May 17, 2013
Percentage of Ownership	85.00%
Shanghai Jupai | Shanghai Jupai Yumao Fund Sales Co., Ltd. ("Yumao")
Subsidiaries
Date of Incorporation/acquisition	Feb. 26, 2014
Percentage of Ownership	100.00%
Shanghai E-Cheng | Shanghai Yidezhen Investment Management Center (Limited Partnership) ("Yidezhen")
Subsidiaries
Date of Incorporation/acquisition	Jul. 16, 2015
Percentage of Ownership	100.00%

Summary of Principal Accounti_4

Summary of Principal Accounting Policies - VIEs (Details)	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2020CNY (¥)	Jan. 01, 2019CNY (¥)
Variable interest entity
Maximum exposure to loss in non-consolidated VIEs			¥ 83,514,067		¥ 82,279,188
Cash and cash equivalents	$ 96,615,599		711,205,698	¥ 1,298,565,042	630,416,786
Restricted cash	4,110,216		1,100,000	4,000,000	26,819,159
Accounts receivable	1,002				6,539
Other receivables	9,387,708		14,125,535		61,254,793
Amounts due from related parties, net of allowance for doubtful accounts of RMB60,490,862 and RMB60,790,862 as of December 31, 2019 and 2020, respectively	3,093,090		95,193,003		20,182,412
Other current assets	2,457,424		4,984,541		16,034,692
Long-term investments	33,555,556		228,950,000		218,950,000
Investment in affiliates	15,378,070		107,541,000		100,341,909
Property and equipment, net	2,619,745		27,834,760		17,093,837
Other non-current assets	2,074,856		17,886,020		13,538,437
Right-of-use assets	5,995,297		68,950,101		39,119,312	¥ 152,300,000
Deferred tax assets	660,918		4,608,063		4,312,491
Total Assets	216,306,868		1,549,746,943		1,411,402,316
Accrued payroll and welfare expenses	8,877,567		58,318,063		57,926,124
Income tax payable	13,117,650		82,800,208		85,592,667
Other tax payable	405,206		695,081		2,643,970
Amounts due to related parties-current	2,547,997		19,439,664		16,625,680
Deferred revenue - current from related parties	1,588,432		42,053,959		10,364,519
Deferred revenue - current	1,317,810		35,674,503		8,598,708
Other current liabilities	9,158,593		78,201,072		59,759,820
Deferred revenue - non-current from related parties	1,751,017		4,917,845		11,425,388
Deferred revenue - non-current	196,794		311,651		1,284,080
Operating Lease Liabilities-non-current	1,934,009		28,518,789		12,619,411
Total Liabilities	40,895,075		350,930,835		266,840,367
Amounts due from related parties, allowance for doubtful accounts			96,307,907		107,453,024
Net revenues	59,489,923	¥ 388,171,743	785,947,212	1,321,743,663
Operating cost and expenses	64,766,008	422,598,203	922,621,166	1,481,686,576
Cash flows used in operating activities:	82,063	535,459	(213,255,822)	(67,721,633)
Cash flows (used in) generated from investing activities:	(4,969,882)	(32,428,482)	(365,663,454)	(40,881,690)
Cash flows used in financing activities:	(1,085,839)	(7,085,100)	29,636	(121,429,521)
Consolidated VIE and VIE's subsidiaries
Variable interest entity
Cash and cash equivalents	29,067,619		356,891,990		189,666,212
Restricted cash	4,110,216		1,100,000		26,819,159
Accounts receivable	1,002				6,539
Other receivables	7,768,434		5,803,135		50,689,035
Amounts due from related parties, net of allowance for doubtful accounts of RMB60,490,862 and RMB60,790,862 as of December 31, 2019 and 2020, respectively	1,304,408		22,231,830		8,511,264
Other current assets	3,017,957		22,828,583		19,692,172
Long-term investments	1,371,648		18,950,000		8,950,000
Investment in affiliates	13,118,352		86,468,304		85,597,248
Property and equipment, net	79,543		971,091		519,018
Intangible assets, net	3,204,765		22,623,254		20,911,091
Other non-current assets	457,815		5,755,331		2,987,240
Right-of-use assets	139,842		1,393,451		912,471
Deferred tax assets	706,217		4,608,063		4,608,063
Total Assets	64,347,818		549,625,032		419,869,512
Accrued payroll and welfare expenses	4,706,300		28,055,363		30,708,606
Income tax payable	8,032,152		19,815,543		52,409,793
Other tax payable			0		0
Amounts due to related parties-current	1,687,658		10,963,967		11,011,967
Deferred revenue - current from related parties	1,573,611		28,056,641		10,267,812
Deferred revenue - current	1,163,857		17,211,666		7,594,166
Other current liabilities	1,180,209		13,940,969		7,700,862
Deferred revenue - non-current from related parties	208,772		4,774,671		1,362,240
Deferred revenue - non-current	16,067		311,651		104,835
Operating Lease Liabilities-non-current	21,173		642,309		138,156
Total Liabilities	18,589,799		123,772,780		121,298,437
Amounts due from related parties, allowance for doubtful accounts			60,490,862		¥ 60,790,862
Net revenues	36,380,223	237,380,958	489,006,257	415,535,786
Operating cost and expenses	30,743,083	200,598,616	457,450,538	641,467,372
Net (loss) income attributable to ordinary shareholders	551,506	3,598,575	(13,401,093)	(406,544,377)
Cash flows used in operating activities:	(21,756,697)	(141,962,448)	(173,478,148)	(144,046,084)
Cash flows (used in) generated from investing activities:	69,859	455,829	2,481,771	(17,511,862)
Cash flows used in financing activities:				(200,000)
Third party | Consolidated VIE and VIE's subsidiaries
Variable interest entity
Net revenues	29,034,887	189,452,640	134,686,065	57,530,741
Related party | Consolidated VIE and VIE's subsidiaries
Variable interest entity
Net revenues	$ 7,345,336	¥ 47,928,318	¥ 354,320,192	¥ 358,005,045
Shanghai Jupai
Variable interest entity
Notice period for termination of voting rights proxy agreement with VIE	30 days	30 days
Shanghai E-Cheng
Variable interest entity
Voting right proxy agreement (in years)	20 years	20 years
Extension term of agreement (in years)	1 year	1 year
Term of loan agreement (in years)	20 years	20 years

Summary of Principal Accounti_5

Summary of Principal Accounting Policies - VIE percentages (Details) - item	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Variable interest entity
Number of terms in arrangements to provide financial support to VIEs	0
Consolidated VIE and VIE's subsidiaries
Variable interest entity
Percentage of consolidated revenues contributed by VIE	61.00%	62.00%	31.00%
Percentage of consolidated net income contributed by VIE	(11.00%)	8.00%	105.00%
Percentage of consolidated total assets contributed by VIE	29.00%	34.00%

Summary of Principal Accounti_6

Summary of Principal Accounting Policies - Investments in Affiliates (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments in affiliates
Impairment loss recorded from equity in affiliates	¥ 1.3	¥ 2.7	¥ 104.1
Funds | Maximum
Investments in affiliates
Equity method investment, ownership percentage (in percentage)	5.00%

Summary of Principal Accounti_7

Summary of Principal Accounting Policies - Accounts Receivable (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts receivable
Recorded allowance for doubtful accounts for the year	¥ 0	¥ 6,400,000	¥ 19,700,000
Other receivables, net
Allowance for loan receivables and deposits for lessor and other suppliers	¥ 0	¥ 2,000,000	¥ 0

Summary of Principal Accounti_8

Summary of Principal Accounting Policies - PPE (Details)	12 Months Ended
	Dec. 31, 2020
Furniture, fixtures and equipment | Minimum
Property and Equipment, Net
Useful life (in years)	3 years
Furniture, fixtures and equipment | Maximum
Property and Equipment, Net
Useful life (in years)	5 years
Motor vehicles
Property and Equipment, Net
Useful life (in years)	5 years

Summary of Principal Accounti_9

Summary of Principal Accounting Policies - Leases (Details)	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Jan. 01, 2019CNY (¥)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessee, Operating Lease, Existence of Option to Extend	false
Lessee, Operating Lease, Existence of Option to Terminate	false
Right-of-use assets	$ 5,995,297	¥ 39,119,312	¥ 68,950,101	¥ 152,300,000
Lease liabilities				144,300,000
Retained earnings	$ (7,499,644)	¥ (48,935,177)	¥ (17,567,529)
Cumulative effect adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings				¥ 0

Summary of Principal Account_10

Summary of Principal Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2020CNY (¥)item	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Revenue
Revenues	$ 59,740,871	¥ 389,809,179	¥ 790,760,152	¥ 1,326,067,405
Number of criteria to be met for recognition of revenue from one-time commissions | item	2	2
Contract modification		¥ 0	0	122,700,000
Contract liabilities		¥ 31,672,695	82,957,958
Practical Expedience
Practical Expedient, Incremental cost of obtaining contract [true false]	true	true
Practical Expedient, Nondisclosure of transaction price allocation to remaining performance obligation [true false]	true	true
Related party
Revenue
Revenues	$ 27,130,334	¥ 177,025,427	402,889,899	990,820,793
Third party
Revenue
Revenues	32,610,537	212,783,752	387,870,253	335,246,612
One-time commissions
Revenue
Revenues	24,955,680	162,835,813	320,817,881	739,894,527
One-time commissions | Related party
Revenue
Revenues	8,949,651	58,396,476	60,723,911	524,315,293
One-time commissions | Third party
Revenue
Revenues	16,006,029	104,439,337	260,093,970	215,579,234
Recurring management fee
Revenue
Revenues	15,081,241	98,405,095	340,732,359	436,947,202
Recurring management fee | Related party
Revenue
Revenues	15,081,241	98,405,095	340,732,359	436,947,202
Recurring service fees
Revenue
Revenues	19,703,950	128,568,271	115,247,648	64,555,866
Recurring service fees | Related party
Revenue
Revenues	3,099,442	20,223,856	1,433,629	1,256,411
Recurring service fees | Third party
Revenue
Revenues	$ 16,604,508	108,344,415	113,814,019	63,299,455
Other service fees
Revenue
Revenues			13,962,264	84,669,810
Other service fees | Related party
Revenue
Revenues				28,301,887
Other service fees | Third party
Revenue
Revenues			13,962,264	¥ 56,367,923
Contract liabilities within one year
Revenue
Contract liabilities		¥ 18,963,227	¥ 77,728,462
Contract liabilities within one year | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue
Performance obligation, expected timing of satisfaction, period		1 year	1 year
Contract liabilities over one year to two years | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue
Contract liabilities		¥ 12,709,468	¥ 5,229,496
Contract liabilities over one year to two years | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Minimum
Revenue
Performance obligation, expected timing of satisfaction, period		1 year	1 year
Contract liabilities over one year to two years | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Maximum
Revenue
Performance obligation, expected timing of satisfaction, period		2 years	2 years

Summary of Principal Account_11

Summary of Principal Accounting Policies - Sales Related Tax (Details)	12 Months Ended
	Dec. 31, 2020
Business Tax and Related Surcharges
VAT rate, minimum (as a percentage)	1.00%
VAT rate, maximum (as a percentage)	6.00%

Summary of Principal Account_12

Summary of Principal Accounting Policies - Selling Expenses (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Selling Expenses
Marketing and promotion services	¥ 3,047,380	¥ 9,019,349	¥ 16,831,978

Summary of Principal Account_13

Summary of Principal Accounting Policies - Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2020
Customer contracts
Intangible assets
Estimated useful life	3 years 6 months
Internal-used software
Intangible assets
Estimated useful life	10 years

Summary of Principal Account_14

Summary of Principal Accounting Policies - Goodwill (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill
Goodwill impairment	¥ 0	¥ 0	¥ 267,917,575

Summary of Principal Account_15

Summary of Principal Accounting Policies - Foreign Currency Translation (Details)	Dec. 31, 2020$ / ¥
Foreign Currency Translation
Exchange rate of RMB to US$1.00	6.5250

Net Income (loss) per Share - B

Net Income (loss) per Share - Basic and diluted (Details)	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Net Income (loss) per Share
Net loss attributable to ordinary shareholders -diluted	$ (4,807,301)	¥ (31,367,648)	¥ (164,686,075)	¥ (387,744,018)

Net Income (loss) per Share - A

Net Income (loss) per Share - Antidilutive securities excluded (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total	8,570,147	10,328,353	10,665,823
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total	7,936,403	9,145,983	9,424,471
Restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total	633,744	1,182,370	1,241,352

Allowance for doubtful accoun_3

Allowance for doubtful accounts (Details)	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Allowance for doubtful accounts
Beginning balance		¥ 124,490,642	¥ 63,211,728	¥ 3,997,417
Provisions for doubtful accounts	$ 1,708,064	11,145,117	61,278,914	59,214,311
Ending balance		135,635,759	124,490,642	¥ 63,211,728
Additional information
Accounts receivable, allowance for doubtful accounts		26,102,138	26,102,138
Allowance for other receivables		2,080,597	2,080,597
Amounts due from related parties, allowance for doubtful accounts		¥ 107,453,024	¥ 96,307,907

Investments - Table (Details)

Investments - Table (Details)	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
Investments
Long-term investments	$ 33,555,556	¥ 218,950,000	¥ 228,950,000
Total investments	33,555,556	218,950,000	228,950,000
Equity securities
Investments
Long-term investments	$ 33,555,556	¥ 218,950,000	¥ 228,950,000

Investments - Paragraphs (Detai

Investments - Paragraphs (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments
Debt securities, investment income	¥ 0	¥ 0	¥ 717,616
Equity investments without readily determinable fair values downward price adjustment	0
Equity investments without readily determinable fair values upward price adjustment	0
Privately-held company
Investments
Investments in equity securities without readily determinable fair value	8,950,000
Private equity funds
Investments
Investments in equity securities without readily determinable fair value	210,000,000
Impairment loss	¥ 10,000,000	¥ 4,700,000	¥ 0

Investment in affiliates (Detai

Investment in affiliates (Details)	1 Months Ended		12 Months Ended
	Jul. 31, 2020USD ($)	Jul. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2020CNY (¥)
Investment in affiliates
Investment in affiliates			$ 15,378,070		¥ 107,541,000		¥ 100,341,909
Consideration from disposal of investment			875,797	¥ 5,714,573	13,172,739	¥ 218,678,718
Private equity funds that the Company serves as general partner or fund manager
Investment in affiliates
Investment in affiliates			11,513,972		75,750,152		75,128,668
Changjiang Jupai
Investment in affiliates
Investment in affiliates			$ 1,781,649		¥ 11,449,125		¥ 11,625,259
Equity method investment, ownership percentage (in percentage)			25.00%		25.00%		25.00%
Wuling Center
Investment in affiliates
Investment in affiliates			$ 1,095,865		¥ 7,763,915		¥ 7,150,520
Equity method investment, ownership percentage (in percentage)			1.20%		1.20%		1.20%
Jucheng Zhidi
Investment in affiliates
Investment in affiliates					¥ 4,910,260
Equity method investment, ownership percentage (in percentage)					2.00%
Payments to acquire equity investments					¥ 5,000,000
Consideration from disposal of investment	$ 770,000	¥ 5,000,000
Guochen
Investment in affiliates
Investment in affiliates			$ 494,797		¥ 3,398,720		¥ 3,228,549
Equity method investment, ownership percentage (in percentage)			8.30%		8.30%		8.30%
Juzhi
Investment in affiliates
Investment in affiliates			$ 249,899		¥ 2,680,206		¥ 1,630,592
Equity method investment, ownership percentage (in percentage)			50.00%		50.00%		50.00%
Others
Investment in affiliates
Investment in affiliates			$ 241,888		¥ 1,588,622		¥ 1,578,321
Private equity funds of funds | Shanghai Juxiang and Scepter | Maximum
Investment in affiliates
Equity method investment, ownership percentage (in percentage)			4.00%				4.00%

Property and Equipment, Net (De

Property and Equipment, Net (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)
Property and Equipment, Net
Total		¥ 91,582,827		$ 14,079,860	¥ 91,871,081
Accumulated depreciation		(63,748,067)		(11,460,115)	(74,777,244)
Property and equipment, net		27,834,760		2,619,745	17,093,837
Depreciation expense	¥ 12,172,802	20,659,686	¥ 13,416,578
Leasehold improvements
Property and Equipment, Net
Total		58,136,435		9,031,853	58,932,840
Furniture, fixtures and equipment
Property and Equipment, Net
Total		29,744,931		4,480,733	29,236,780
Motor vehicles
Property and Equipment, Net
Total		¥ 3,701,461		$ 567,274	¥ 3,701,461

Intangible Assets, Net (Details

Intangible Assets, Net (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)
Intangible assets
Less : accumulated amortization		¥ 76,752,418		$ 12,401,378	¥ 80,918,992
Intangible assets subject to amortization, net		29,548,157		3,233,091	21,095,916
Foreign currency translation adjustment		(3,031,219)		206,523	1,347,564
Intangible assets, net		38,250,479		5,237,858	34,177,021
Amortization expense	¥ 4,166,574	5,442,158	¥ 22,872,976
Future amortization expense
2021					3,711,963
2022					3,711,963
2023					3,711,963
2024					3,711,963
2025					3,711,963
License
Intangible assets
License with indefinite life		11,733,541		1,798,244	11,733,541
Customer contracts
Intangible assets
Intangible assets subject to amortization, gross		67,687,278		9,702,451	63,308,495
Software
Intangible assets
Intangible assets subject to amortization, gross		37,670,816		5,787,576	37,763,932
License
Intangible assets
Intangible assets subject to amortization, gross		¥ 942,481		$ 144,442	¥ 942,481

Goodwill (Details)

Goodwill (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020CNY (¥)item	Dec. 31, 2019CNY (¥)item	Dec. 31, 2018CNY (¥)	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)
Movement in carrying amount of goodwill
Balance at the beginning of the period		¥ 297,031
Deconsolidation	¥ (297,031)
Balance at the end of the period			¥ 297,031
Number of Reporting Units | item	1	1
Impairment loss of goodwill	¥ 0	¥ 0	267,917,575
UP Capital | Disposed of by sale
Movement in carrying amount of goodwill
Consideration of the disposal		¥ 34,000,000
Scepter Pacific Limited
Movement in carrying amount of goodwill
Addition for acquisitions				$ 40	¥ 260,000,000
Percentage of equity interest acquired				100.00%	100.00%
Impairment loss of goodwill			¥ 267,900,000

Leases (Details)

Leases (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2020CNY (¥)
Leases
Operating lease cost	¥ 37.8
Weighted average remaining lease term	1 year 29 days
Weighted average discount rate	5.70%
Minimum
Leases
Remaining lease terms	1 year
Maximum
Leases
Remaining lease terms	4 years

Dividends (Details)

Dividends (Details)	1 Months Ended	12 Months Ended
	May 31, 2018USD ($)	Dec. 31, 2018CNY (¥)	Mar. 12, 2018USD ($)	Mar. 12, 2018CNY (¥)
Dividends
Dividend paid | ¥		¥ 126,355,510
Jupai Holdings Limited
Dividends
Dividend payable			$ 19,950,975	¥ 126,000,000
Dividend paid | $	$ 19,950,975

Share-Based Compensation - Auth

Share-Based Compensation - Authorized (Details) - 2014 Plan - shares	1 Months Ended
	Dec. 31, 2015	Jul. 31, 2014
Share-Based Compensation
Ordinary shares initially authorized under the Plan	26,938,020	17,570,281
Percent of ordinary shares authorized to increase on each of the third, sixth and ninth anniversaries of the effective date		5.00%
Increase in ordinary shares authorized under the Plan	9,367,739

Share-Based Compensation - Opti

Share-Based Compensation - Options (Details)	Apr. 02, 2015$ / sharesshares	Jul. 01, 2014$ / sharesshares	Dec. 31, 2020CNY (¥)¥ / sharesshares	Dec. 31, 2019CNY (¥)¥ / sharesshares	Dec. 31, 2018CNY (¥)shares	Dec. 31, 2015CNY (¥)shares
Share options
Share-Based Compensation
Options granted (in shares)	1,061,600	12,056,000
Expiration period of awards granted	10 years	10 years
Vesting period	3 years	3 years
Weighted Average Exercise Price
Exercised (in dollars per share) | $ / shares	$ 1	$ 0.48
2014 Plan
Share-Based Compensation
Replacement options						2,525,000
2014 Plan | Share options
Share-Based Compensation
Options granted (in shares)			0	0	0
Number of Options
Outstanding at beginning of year (in shares)			9,145,983
Forfeited (in shares)			(1,209,580)
Outstanding at end of year (in shares)			7,936,403	9,145,983
Exercisable at end of year (in shares)			7,936,403
Weighted Average Exercise Price
Outstanding at beginning of year (in dollars per share) | ¥ / shares			¥ 3.97
Forfeited (in dollars per share) | ¥ / shares			3.13
Outstanding at end of year (in dollars per share) | ¥ / shares			3.81	¥ 3.97
Exercisable at end of year (in dollars per share) | ¥ / shares			¥ 3.81
Remaining Contractual Term
Remaining contractual term			3 years 7 months 13 days	4 years 7 months 9 days
Forfeited			0 years
Exercisable at end of year (in years)			3 years 7 months 13 days
Aggregate Intrinsic Value of Options
Intrinsic value of options exercised | ¥			¥ 0	¥ 42,592	¥ 19,964,965
Other disclosures
Unrecognized compensation expense | ¥			0
Scepter Plan
Share-Based Compensation
Options replaced						505,000
Options Replacement Program
Share-Based Compensation
Share based compensation costs capitalized | ¥						¥ 13,702,194
Compensation expense | ¥			¥ 0		¥ 1,165,543

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Shares (Details)	Jan. 04, 2019$ / sharesshares	Dec. 31, 2020CNY (¥)¥ / sharesshares	Dec. 31, 2019CNY (¥)¥ / sharesshares	Dec. 31, 2018CNY (¥)
Other disclosures
Fair value of shares vested | ¥		¥ 4,004,970	¥ 2,742,345	¥ 38,211,775
Restricted shares
Other disclosures
Fair value of non-vested restricted shares vested | ¥		3,187,732
Compensation expense | ¥		¥ 3,593,400	¥ 9,583,596	¥ 16,943,399
Restricted shares | Senior management
Share-Based Compensation
Vesting period	3 years
Number of Shares
Granted | shares	900,000
Weighted Average Grant-date Fair Value
Granted | $ / shares	$ 0.73
2014 Plan | Restricted shares
Number of Shares
Unvested, at beginning of year | shares		1,182,370
Vested | shares		(548,626)
Unvested, at end of year | shares		633,744	1,182,370
Weighted Average Grant-date Fair Value
Unvested, at beginning of year | ¥ / shares		¥ 6.49
Vested | ¥ / shares		7.30
Unvested, at end of year | ¥ / shares		¥ 5.03	¥ 6.49
Other disclosures
Unrecognized compensation expense | ¥		¥ 1,432,238
Weighted average remaining period over which unrecognized compensation expense will be recognized		1 year

Income Taxes - PRC and Hong Kon

Income Taxes - PRC and Hong Kong (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
PRC income tax rate	25.00%	25.00%	25.00%
HONG KONG
Income Taxes
Foreign income tax rate	16.50%

Income Taxes - Tax expense (Det

Income Taxes - Tax expense (Details)	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
The tax expense comprises:
Current Tax	$ 76,775	¥ 500,952	¥ 15,018,507	¥ 163,676,039
Deferred Tax	45,298	295,572	37,926,132	(33,820,672)
Total	$ 122,073	¥ 796,524	¥ 52,944,639	¥ 129,855,367

Income Taxes - Rate reconciliat

Income Taxes - Rate reconciliation (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation between the statutory tax rate to income before income taxes and the actual provision for income taxes
PRC income tax rate	25.00%	25.00%	25.00%
Expenses not deductible for income tax purposes	(23.75%)	(25.47%)	(9.47%)
Goodwill impairment			(44.22%)
Losses not deductible for income tax purposes	(8.14%)	(12.81%)	(5.40%)
Tax-free income			1.10%
Valuation allowance of deferred tax assets	8.29%	(33.12%)	(55.56%)
Different tax rate of subsidiary operation in other jurisdiction	(3.73%)	0.16%	2.81%
Effective income tax rate	(2.33%)	(46.24%)	(85.74%)

Income Taxes - Deferred tax ass

Income Taxes - Deferred tax asset and liabilities (Details)	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Deferred tax assets:
Accrued expenses	$ 660,918	¥ 4,312,491		¥ 4,608,063
Tax loss carry forward	9,741,554	63,563,642		67,843,392
Gross deferred tax assets	10,402,472	67,876,133		72,451,455
Valuation allowance	(9,741,554)	(63,563,642)	$ (10,397,455)	(67,843,392)	¥ (84,146,463)
Net deferred tax assets	$ 660,918	¥ 4,312,491		¥ 4,608,063

Income Taxes - Movement of valu

Income Taxes - Movement of valuation allowance (Details)	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Valuation Allowance [Abstract]
Balance as of January 1	$ 10,397,455	¥ 67,843,392	¥ 84,146,463
Additions (utilization)	(434,915)	(2,837,821)	37,227,678	¥ 84,146,463
Write-offs	(220,986)	(1,441,929)	(53,530,749)
Balance as of December 31	$ 9,741,554	¥ 63,563,642	¥ 67,843,392	¥ 84,146,463

Income Taxes - Operating loss a

Income Taxes - Operating loss and undistributed earnings (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Undistributed earnings
Undistributed earnings of the Company's PRC subsidiaries	¥ 833,100,000
Provision for PRC dividend withholding tax	¥ 0
Preferential withholding tax rate of the profit distribution (as a percent)	5.00%
Withholding tax rate of the profit distribution (as a percent)	10.00%
Aggregate undistributed earnings of the Company's PRC VIE and its' VIE's subsidiaries	¥ 191,600,000
PRC
Operating loss carryforwards
Operating loss carry forward, valuation allowance	63,563,642	¥ 67,843,392
PRC and HK
Operating loss carryforwards
Operating loss carry forward	255,700,000
Minimum
Undistributed earnings
Unrecognized deferred tax liabilities for undistributed earnings	41,700,000
Maximum
Undistributed earnings
Unrecognized deferred tax liabilities for undistributed earnings	¥ 83,300,000

Income Taxes - Uncertain tax po

Income Taxes - Uncertain tax positions (Details) - PRC ¥ in Millions	12 Months Ended
	Dec. 31, 2020CNY (¥)
Uncertain tax position
Statue of limitations, computational errors	3 years
Statue of limitations, special circumstances	5 years
Threshold of underpayment of tax liability for statute of limitations extended to five years	¥ 0.1
Statue of limitations, related party transaction	10 years
Statue of limitations, tax evasion	0 years

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee Benefit Plans
Contributions to employee benefit plan	¥ 26.9	¥ 89	¥ 131.8
Ongoing obligation to employees subsequent to contributions to employee benefit plans	¥ 0

Restricted Net Assets (Details)

Restricted Net Assets (Details) - Consolidated VIE and VIE's subsidiaries - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Restricted Net Assets
Required percentage of annual appropriations to general reserve fund	10.00%
Limit of general reserve fund as a percentage of registered capital, after which allocations to general reserve fund are no longer required	50.00%
General reserve fund	¥ 83,040,502	¥ 79,750,650
Share capital	402,718,537	407,718,537
Restricted net assets, including general reserve and registered capital	¥ 485,759,039	¥ 487,469,187

Repurchase of shares (Details)

Repurchase of shares (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)shares	Dec. 31, 2020CNY (¥)	Feb. 29, 2020USD ($)
Repurchase of shares
Share repurchase program, authorized amount | $			$ 10,000,000
Shares repurchased | shares	539,142
Total cost	$ 741,554	¥ 5.1

Related Party Transactions - Re

Related Party Transactions - Revenue by parties (Details) - Related party	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Related Party Transaction
Total revenue from related parties	$ 27,130,334	¥ 177,025,427	¥ 402,889,899	¥ 990,820,793
One-time commissions
Related Party Transaction
Total revenue from related parties	8,949,651	58,396,476	60,723,911	524,315,293
One-time commissions | Funds managed by Jupai Group
Related Party Transaction
Total revenue from related parties	8,913,392	58,159,887	58,676,277	521,493,884
One-time commissions | Investees of shareholder of the Company
Related Party Transaction
Total revenue from related parties	36,259	236,589	2,047,634	2,821,409
Recurring management fee
Related Party Transaction
Total revenue from related parties	15,081,241	98,405,095	340,732,359	436,947,202
Recurring management fee | Funds managed by Jupai Group
Related Party Transaction
Total revenue from related parties	15,081,241	98,405,095	340,732,359	436,947,202
Recurring service fees
Related Party Transaction
Total revenue from related parties	3,099,442	20,223,856	1,433,629	1,256,411
Recurring service fees | Funds managed by Jupai Group
Related Party Transaction
Total revenue from related parties	$ 3,099,442	¥ 20,223,856	¥ 1,433,629	1,256,411
Other service fees
Related Party Transaction
Total revenue from related parties				28,301,887
Other service fees | Funds managed by Jupai Group
Related Party Transaction
Total revenue from related parties				¥ 28,301,887

Related Party Transactions - Tr

Related Party Transactions - Transaction to related parties (Details) ¥ in Millions	Dec. 31, 2019CNY (¥)
UP Capital | Disposed of by sale
Related Party Transaction
Consideration of the disposal	¥ 34

Related Party Transactions - Du

Related Party Transactions - Due from related parties (Details)	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Oct. 31, 2019CNY (¥)
Loan to Related Parties
Loan to Related Parties					¥ 200,000,000
Due from Related Parties	$ 38,212,619	¥ 249,337,340		¥ 324,310,746
Allowance for doubtful accounts		107,453,024		96,307,907
Loan to Related Parties					¥ 200,000,000
Allowance for credit losses | $	0		$ 0
Loans to related party
Loan to Related Parties
Due from Related Parties	30,651,341	200,000,000		200,000,000
Service fee receivable from related party
Loan to Related Parties
Due from Related Parties	4,007,562	26,149,345		101,122,751
Noncontrolling interest shareholder | Loans to related party
Loan to Related Parties
Due from Related Parties	$ 3,553,716	¥ 23,187,995		¥ 23,187,995

Related Party Transactions - De

Related Party Transactions - Deferred revenue and amounts due to parties (Details)	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
Related Party Transaction
Total deferred revenue	$ 3,339,449	¥ 21,789,907	¥ 46,971,804
Total amounts due to related parties	2,547,997	16,625,680	19,439,664
Funds managed by Jupai Group
Related Party Transaction
Total deferred revenue	3,339,449	21,789,907	46,971,804
Total amounts due to related parties	2,241,484	14,625,680	17,439,664
Investees of shareholder of the Company
Related Party Transaction
Total amounts due to related parties	$ 306,513	¥ 2,000,000	¥ 2,000,000

Commitments and Contingencies -

Commitments and Contingencies - Future minimum lease payments (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Future minimum lease payments
2021	¥ 24,717,992
2022	10,659,374
2023 and after	1,960,037
Total	37,337,403
Rental expenses	¥ 37,786,840	¥ 82,161,925	¥ 94,635,510

Commitments and Contingencies_2

Commitments and Contingencies - Investment commitments (Details)	Dec. 31, 2020CNY (¥)
Investment commitments
Capital commitment	¥ 38,546,000

Additional Financial Informat_2

Additional Financial Information of Parent Company - Schedule I Balance Sheets (Details)	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
ASSETS
Cash and cash equivalents	$ 96,615,599	¥ 630,416,786		¥ 711,205,698	¥ 1,298,565,042
Other current assets	2,457,424	16,034,692		4,984,541
Total current assets	115,665,039	754,714,381		826,608,777
Investment in subsidiaries and VIE	15,378,070	100,341,909		107,541,000
Total Assets	216,306,868	1,411,402,316		1,549,746,943
LIABILITIES
Other current liabilities	9,158,593	59,759,820		78,201,072
Total Liabilities	40,895,075	266,840,367		350,930,835
Ordinary Shares (USD0.0005 par value; 1,000,000,000 and 1,000,000,000 shares authorized, 201,737,272 and 199,051,046 shares issued and outstanding, as of December 31, 2019 and 2020, respectively)	95,510	623,201		632,601
Additional paid-in capital	176,064,923	1,148,823,625		1,150,352,309
Retained earnings	(7,499,644)	(48,935,177)		(17,567,529)
Accumulated other comprehensive income	5,812,902	37,929,187		54,141,670
Total Jupai shareholders' equity	174,473,691	1,138,440,836		1,187,559,051
Total Liabilities and Equity	216,306,868	1,411,402,316		1,549,746,943
Parent Company
ASSETS
Cash and cash equivalents	3,001,111	19,582,251	$ 6,136,952	40,043,612	¥ 10,424,536	¥ 147,457,957
Other current assets	408,844	2,667,707		535,595
Total current assets	3,409,955	22,249,958		40,579,207
Investment in subsidiaries and VIE	144,493,640	942,821,008		963,676,905
Loan to subsidiaries	28,756,030	187,633,095		200,610,890
Total Assets	176,659,625	1,152,704,061		1,204,867,002
LIABILITIES
Other current liabilities	314,255	2,050,517		4,250,542
Amounts due to related parties - non-current	1,871,679	12,212,708		13,057,409
Total Liabilities	2,185,934	14,263,225		17,307,951
Ordinary Shares (USD0.0005 par value; 1,000,000,000 and 1,000,000,000 shares authorized, 201,737,272 and 199,051,046 shares issued and outstanding, as of December 31, 2019 and 2020, respectively)	95,510	623,201		632,601
Additional paid-in capital	176,064,923	1,148,823,625		1,150,352,309
Retained earnings	(7,499,644)	(48,935,177)		(17,567,529)
Accumulated other comprehensive income	5,812,902	37,929,187		54,141,670
Total Jupai shareholders' equity	174,473,691	1,138,440,836		1,187,559,051
Total Liabilities and Equity	$ 176,659,625	¥ 1,152,704,061		¥ 1,204,867,002

Additional Financial Informat_3

Additional Financial Information of Parent Company - Schedule I Balance Sheets Parenthetical (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Shareholders' Equity:
Ordinary shares, par value ( in dollars per share)	$ 0.0005	$ 0.0005
Ordinary shares, shares authorized	1,000,000,000	1,000,000,000
Ordinary shares, shares issued	199,051,046	201,737,272
Ordinary shares, shares outstanding	199,051,046	201,737,272
Parent Company
Shareholders' Equity:
Ordinary shares, par value ( in dollars per share)	$ 0.0005	$ 0.0005
Ordinary shares, shares authorized	1,000,000,000	1,000,000,000
Ordinary shares, shares issued	199,051,046	201,737,272
Ordinary shares, shares outstanding	199,051,046	201,737,272

Additional Financial Informat_4

Additional Financial Information of Parent Company - Schedule I Condensed Statements of Operations and Comprehensive Income (Details)	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Condensed Statements of Operations and Comprehensive Income
Revenues	$ 59,740,871	¥ 389,809,179	¥ 790,760,152	¥ 1,326,067,405
Cost of revenues	(31,514,897)	(205,634,704)	(481,746,067)	(684,558,659)
Selling expenses	(13,012,001)	(84,903,304)	(206,777,405)	(303,170,575)
General and administrative expenses	(23,548,030)	(153,650,898)	(265,527,496)	(274,782,664)
Interest income	791,179	5,162,441	6,136,600	3,990,096
Loss before taxes and loss from equity in subsidiaries and VIEs	(5,243,702)	(34,215,163)	(114,501,212)	(151,455,777)
Loss from equity in subsidiaries and VIEs	(247,166)	(1,612,759)	(5,015,063)	(113,486,155)
Net loss	(5,612,941)	(36,624,446)	(172,460,914)	(394,797,299)
Other comprehensive income (loss)	(2,466,150)	(16,091,629)	(3,245,903)	12,501,586
Parent Company
Condensed Statements of Operations and Comprehensive Income
Revenues	315,480	2,058,504	2,051,459
Cost of revenues				(187,196)
Selling expenses	(37,358)	(243,758)	(7,225,289)	(3,418,127)
General and administrative expenses	(2,448,898)	(15,979,061)	(14,615,621)	(24,195,705)
Other income (loss)	202,475	1,321,148	(2,938,226)	2,345,741
Interest income				1,502
Loss before taxes and loss from equity in subsidiaries and VIEs	(1,968,301)	(12,843,167)	(22,727,677)	(25,453,785)
Loss from equity in subsidiaries and VIEs	(2,839,000)	(18,524,481)	(141,958,398)	(362,290,233)
Net loss	(4,807,301)	(31,367,648)	(164,686,075)	(387,744,018)
Other comprehensive income (loss)	(2,484,672)	(16,212,483)	(3,272,053)	12,382,963
Comprehensive loss attributable to ordinary shareholders	$ (7,291,973)	¥ (47,580,131)	¥ (167,958,128)	¥ (375,361,055)

Additional Financial Informat_5

Additional Financial Information of Parent Company - Schedule I Condensed Statements of Cash Flows (Details)	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Adjustment to reconcile net income to net cash provided by operating activities:
Share-based compensation	$ 550,713	¥ 3,593,400	¥ 9,583,596	¥ 18,108,942
Depreciation		12,172,802	20,659,686	13,416,578
Income from equity in subsidiaries and VIEs	247,166	1,612,759	5,015,063	113,486,155
Changes in operating assets and liabilities:
Other current liabilities	(1,122,425)	(7,323,826)	(11,592,885)	12,567,773
Net cash provided by (used in) operating activities	82,063	535,459	(213,255,822)	(67,721,633)
Cash flows from investing activities:
Proceeds from disposal of Up Capital			33,999,151	218,171
Net cash used in investing activities	(4,969,882)	(32,428,482)	(365,663,454)	(40,881,690)
Cash flows from financing activities:
Exercise of options			29,636	3,267,210
Repurchase of shares	(1,085,839)	(7,085,100)
Dividend paid to Jupai shareholders				(126,355,510)
Net cash (used in) provided by financing activities	(1,085,839)	(7,085,100)	29,636	(121,429,521)
Effect of exchange rate changes	(2,466,151)	(16,091,630)	(11,369,704)	4,820,616
Cash and cash equivalents - beginning of year		711,205,698	1,298,565,042
Cash and cash equivalents - end of year	96,615,599	630,416,786	711,205,698	1,298,565,042
Parent Company
Cash flows from operating activities:
Net loss	(4,807,301)	(31,367,648)	(164,686,075)	(387,744,018)
Adjustment to reconcile net income to net cash provided by operating activities:
Share-based compensation	550,713	3,593,400	9,583,596	18,108,942
Depreciation			32,409	20,227
Income from equity in subsidiaries and VIEs	2,839,000	18,524,481	141,958,398	362,290,233
Changes in operating assets and liabilities:
Other current assets	(27,356)	(178,496)	(88,859)	222,416
Other non-current assets			418,307	(84,950)
Other current liabilities	(337,168)	(2,200,024)	1,826,388	431,312
Net cash provided by (used in) operating activities	(1,782,112)	(11,628,287)	(10,955,836)	(6,755,838)
Cash flows from investing activities:
Collection of loan to subsidiaries			647,137	5,572,843
Proceeds from disposal of Up Capital			33,999,151
Net cash used in investing activities			34,646,288	5,572,843
Cash flows from financing activities:
Exercise of options			29,636	3,267,210
Repurchase of shares	(1,085,839)	(7,085,100)
Dividend paid to Jupai shareholders				(126,355,510)
Net cash (used in) provided by financing activities	(1,085,839)	(7,085,100)	29,636	(123,088,300)
Effect of exchange rate changes	(267,890)	(1,747,974)	5,898,988	(12,762,126)
Net (decrease) increase in cash and cash equivalents	(3,135,841)	(20,461,361)	29,619,076	(137,033,421)
Cash and cash equivalents - beginning of year	6,136,952	40,043,612	10,424,536	147,457,957
Cash and cash equivalents - end of year	$ 3,001,111	¥ 19,582,251	¥ 40,043,612	¥ 10,424,536

Additional Financial Informat_6

Additional Financial Information of Parent Company - Schedule I Notes (Details)	Dec. 31, 2020$ / ¥
Schedule I
Foreign Currency Exchange Rate, Translation	6.5250
Parent Company
Schedule I
Foreign Currency Exchange Rate, Translation	6.5250