Document:

Exhibit 10.5

 

AMENDED AND RESTATED CONSULTING SERVICES AGREEMENT

 

This Amended and Restated Consulting Services Agreement (this “Agreement”) is dated January 8, 2014, and is entered into in Shanghai, People’s Republic of China (“PRC” or “China”) by and among Shanghai Juxiang Investment Management Consulting Co., Ltd. (“Party A”), and Shanghai Jupai Investment Consulting Co., Ltd. (“Party B”), Party A and Party B are referred to collectively in this Agreement as the “Parties.”

 

RECITALS

 

(1)   Party A, a company incorporated in the PRC as a foreign investment enterprise, specializes in investment consulting, consultation service for enterprise management, business information consulting, marketing planning consulting, corporate image planning consultation, exhibition service (excluding holding or undertaking exhibitions), etiquette service. (the items restricted by administrative rules may be operated after obtaining the permission).;

 

(2)   Party B is mainly engaged in investment management, asset management, investment consulting, consultation service for enterprise management, business consulting (the aforementioned consulting services do not include brokerage service), convention and exhibition services, etiquette service, marketing planning, corporate image planning, market information consultation and investigation (it is not permitted to engage in social investigation, social research, public opinion poll).(the items restricted by administrative rules may be operated after obtaining the permission) (collectively the “Business”);

 

(3)   Party B desires that Party A provide Party B with consulting and other relevant services in connection with the Business; and

 

(4)   The Parties are entering into this Agreement to set forth the terms and conditions under which Party A shall provide consulting and other related services to Party B.

 

NOW THEREFORE, the Parties agree as follows:

 

1.             DEFINITIONS

 

1.1          In this Agreement the following terms shall have the following meanings:

 

“Affiliate,” with respect to any Person, shall mean any other Person that directly or indirectly controls, or is under common control with, or is controlled by, such Person.  As used in this definition, “control” shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether by ownership of securities or partnership or other ownership interests, or by contract or otherwise);

 

“Consulting Services Fee” shall be as defined in Clause 3.1;

 

“Indebtedness” shall mean, as to any Person, any one of the following: (i) money borrowed by such Person (including principal, interest, fees and charges) for the deferred 

 

 

purchase price of any property or services, (ii) the face amount of all letters of credit issued to such Person and all drafts drawn thereunder, (iii) all liabilities secured by any Encumbrance on any property owned by such Person, whether or not such liabilities have been assumed by such Person, (iv) the aggregate amount required to be capitalized under any lease for which such Person is the lessee, or (v) all contingent obligations (including, without limitation, all guarantees to third parties) of such Person;

 

“Encumbrance” shall mean any guarantee, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), preference, priority or other security agreement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement, any financing or similar statement or notice filed under recording or notice statute, and any lease having substantially the same effect as any of the foregoing);

 

“Person” shall mean any individual, corporation, company, voluntary association, partnership, joint venture, trust, unincorporated organization, entity or other organization or any government body;

 

“PRC” means the People’s Republic of China;

 

“Services” means the services to be provided under the Agreement by Party A to Party B, as more specifically described in Clause 2.

 

1.2          The headings in this Agreement shall not affect the interpretation of this Agreement.

 

2.             RETENTION AND SCOPE OF SERVICES

 

2.1          Party B hereby agrees to retain the services of Party A, and Party A accepts such appointment, to provide to Party B services in relation to the current and proposed operations of Party B’s business in the PRC pursuant to the terms and conditions of this Agreement (the “Services”).  The Services shall include, without limitation:

 

(a)           General Business Operation.  Provide general advice and assistance relating to the management and operation of Party B’s business.

 

(b)           Human Resources.

 

(i)            Provide general advice and assistance in relation to the staffing of Party B, including assistance in the recruitment, employment and secondment of management personnel, administrative personnel and staff of Party B;

 

(ii)           Provide training of management, staff and administrative personnel;

 

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(iii)          Assist Party B to establish an efficient payroll management system; and

 

(iv)          Provide assistance in the relocation of Party B’s management and staff;

 

(c)           Business Development. Provide advice and assistance in business growth and development of Party B.

 

(d)           Other.  Such other advice and assistance as may be agreed upon by the Parties.

 

2.2          Exclusive Services Provider.  During the term of this Agreement, Party A shall be the exclusive provider of the Services.  Party B shall not seek or accept similar services from other providers without the prior written approval of Party A.

 

2.3          Intellectual Property Rights Related to the Services.  Party A shall own all intellectual property rights developed or discovered through research and development in the course of providing Services, or derived from the provision of the Services.  Such intellectual property rights shall include patents, trademarks, trade names, copyrights, patent application rights, copyright and trademark application rights, research and technical documents and materials, and other related intellectual property rights including the right to license or transfer such intellectual property rights.  If Party B requires the use of Party A’s intellectual property rights, Party A agrees to grant such intellectual property rights to Party B on terms and conditions to be set forth in a separate agreement.

 

2.4          Pledge.  Party B shall permit and cause the owners of Party B to pledge their equity interests in Party B to Party A for securing the payment of the Consulting Services Fee as required pursuant to this Agreement.

 

3.             PAYMENT

 

3.1          General.

 

(a)           In consideration of the Services to be provided by Party A hereunder, Party B shall pay to Party A a consulting services fee (the “Consulting Services Fee”) to be determined and paid in the manner as listed in Annex 1 during the term of this Agreement.

 

(b)           Party B will permit, from time to time during regular business hours as reasonably requested by Party A, its agents or representatives (including independent public accountants, which may be Party B’s independent public accountants), (i) to conduct periodic audits of the financial books and records of Party B, (ii) to examine and make copies and abstracts from all books, records and documents (including, without limitation, computer tapes and disks) in the possession or under the control of Party B, (iii) to visit the offices and properties of Party B for the purpose of examining such materials described in clause (ii) above, and (iv) to discuss matters relating to the performance by Party B hereunder with any of the

 

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officers or employees of Party B having knowledge of such matters.  Party A may exercise the audit rights described herein at any time, provided that Party A provides a ten (10) day written notice to Party B specifying the scope, purpose and duration of such audit.  All such audits shall be conducted in such a manner as not to interfere with Party B’s normal operations.

 

3.2          Party B shall not be entitled to set off any amount it may claim is owed to it by Party A against any Consulting Services Fee payable by Party B to Party A unless Party B first obtains Party A’s prior written consent.

 

3.3          The Consulting Services Fee shall be paid in RMB by telegraphic transfer to Party A’s bank account No.121911392910901, or to such other account or accounts as may be specified in writing from time to time by Party A.

 

3.4          Should Party B fail to pay all or any part of the Consulting Services Fee due to Party A in RMB under this Clause 3 within the time limits stipulated, Party B shall pay to Party A interest in RMB on the amount overdue based on the three (3) month lending rate for RMB published simultaneously by the Bank of China on the relevant due date.

 

3.5          All payments to be made by Party B hereunder shall be made free and clear and without any consideration of tax deduction, unless Party B is required to make such payment subject to the deduction or withholding of tax.

 

4.             UNDERTAKINGS OF PARTY B

 

Party B hereby agrees that, during the term of the Agreement:

 

4.1          Information Covenants.  Party B shall provide to Party A:

 

4.1.1       Preliminary Monthly Reports. Within five (5) days after the end of each calendar month the preliminary income statements and balance sheets of Party B made up to as of the end of such calendar month, in each case prepared in accordance with the generally accepted accounting principles of the PRC.

 

4.1.2       Final Monthly Reports. Within ten (10) days after the end of each calendar month, a final report from Party B on the financial and business operations of Party B as of the end of such calendar month, setting forth the comparison of financial and operation figures for the corresponding period in the preceding financial year, in each case prepared in accordance with generally accepted accounting principles of the PRC.

 

4.1.3       Quarterly Reports. As soon as available and in any event within forty-five (45) days after each Quarterly Period (as defined below), unaudited consolidated and consolidating statements of income, retained earnings and changes in financial positions of Party B and its subsidiaries for such Quarterly Period, and for the period from the beginning of the relevant fiscal year to such Quarterly Date, and the related consolidated and consolidating balance sheets as of such Quarterly Period, setting forth in each case the actual versus budgeted comparisons and a comparison of the corresponding consolidated and consolidating figures for

 

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the corresponding period in the preceding fiscal year, accompanied by a certificate of Party B’s Chief Financial Officer, and such certificate shall state that the said financial statements fairly represent the consolidated and consolidating financial conditions and results of operations, as the case may be, of Party B and its subsidiaries, in accordance with the general accepted accounting principles of the PRC for such period (subject to normal year-end audit adjustments and the preparation of notes for the audited financial statements).  For the purpose of this Agreement, a “Quarterly Period” shall mean the last day of March, June, September and December of each year, the first of which shall be the first Quarterly Period following the date of this Agreement; provided that if any such Quarterly Period is not a business day in the PRC, then such Quarterly Period shall be the next succeeding business day in the PRC.

 

4.1.4       Annual Audited Accounts.  Within 90 days after the end of the financial year, Party B’s annual audited accounts (setting forth in each case the comparison of the corresponding figures for the preceding financial year), shall be prepared in accordance with the generally accepted accounting principles of the PRC.

 

4.1.5       Budgets. At least ninety (90) days prior to the beginning of Party B’s fiscal year, Party B shall prepare a budget in a form satisfactory to Party A (including budgeted statements of income and sources and uses of cash and balance sheets) for each of the four quarters of such fiscal year accompanied by the statement of Party B’s Chief Financial Officer, to the effect that, to the best of his or her knowledge, the budget is a reasonable estimate for the corresponding period.

 

4.1.6       Notice of Litigation. Party B shall notify Party A, within one (1) business day of obtaining the knowledge thereof, of (i) any litigation or governmental proceeding pending against Party B which could materially adversely affect the business, operations, property, assets, condition or prospects of Party B, and (ii) any other event which is likely to materially adversely affect the business, operations, property, assets, condition or prospects of Party B.

 

4.1.7       Other Information.  From time to time, such other information or documents as Party A may reasonably request.

 

4.2          Books, Records and Inspections.  Party B shall keep complete and accurate books and records of its business activities and transactions according with PRC’s generally accepted accounting principles and all other legal requirements.  During an appropriate time and within a reasonable scope requested by Party A, Party B will permit Party A’s officers and designated representatives to visit the premises of Party B and to inspect, under the guidance of Party B’s officers, Party B’s books and records, and to discuss the affairs, finances and accounts of Party B.

 

4.3          Corporate Franchises.  Party B will do or cause to be done, all things necessary to preserve and keep in full force and effect its valid existence and maintain its material rights and licenses.

 

4.4          Compliance with Laws.  Party B shall abide by all applicable laws, regulations and orders of all relevant governmental administration, in respect to its business and the

 

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ownership of its property, including, without limitation, maintenance of valid and proper governmental approvals and licenses necessary to provide the services, unless such noncompliance could not, in the aggregate, have a material adverse effect on the business, operations, property, assets, condition or prospects of Party B.

 

5.             NEGATIVE COVENANTS

 

Party B covenants and agrees that, during the term of this Agreement, without the prior written consent of Party A:

 

5.1          Equity.  Party B will not issue, purchase or redeem any equity or debt securities of Party B.

 

5.2          Encumbrances.  Party B will not create, incur, assume or suffer to exist any Encumbrance upon or with respect to any property or assets (real or personal, tangible or intangible) of Party B whether existing or hereafter acquired, provided that the provisions of this Clause 5.2 shall not prevent the creation, incurrence, assumption or existence of:

 

5.2.1       Encumbrances for taxes not yet due, or Encumbrances for taxes being contested in good faith and by appropriate proceedings for which adequate reserves have been established; and

 

5.2.2       Encumbrances in respect to Party B’s property or assets imposed by law, which were incurred in the ordinary course of business, and (i) which do not in the aggregate, materially detract from the value of Party B’s property or assets or materially impair the use thereof in the operation of Party B’s business or (ii) which are being contested in good faith by appropriate proceedings and proceedings which have the effect of preventing the forfeiture or sale of the property of assets subject to any such Encumbrance.

 

5.3          Consolidation, Merger, Sale of Assets, etc.  Party B will not wind up, liquidate or dissolve its affairs or enter into any transaction of merger or consolidation, or convey, sell, lease or otherwise dispose of (or agree to do any of the foregoing at any future time) all or any part of its property or assets, or purchase or otherwise acquire (in one or a series of related transactions) any part of the property or assets (other than purchases or other acquisitions of inventory, materials and equipment in the ordinary course of business) of any Person, except that (i) Party B may sell inventory in the ordinary course of business and (ii) Party B may sell equipment which is uneconomic or obsolete, in the ordinary course of business.

 

5.4          Dividends.  Without the approval of Party A, Party B will not declare or pay any dividends, or return any capital, to its shareholders or authorize or make any other distribution, payment or delivery of property or cash to its shareholders as such, or redeem, retire, purchase or otherwise acquire, directly or indirectly, for a consideration, any shares of any class of its capital stock now or hereafter outstanding (or any options or warrants issued by Party B with respect to its capital stock), or set aside any funds for any of the foregoing purposes.

 

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5.5          Leases.  Party B will not permit the aggregate payments (including, without limitation, any property taxes paid as additional rent or lease payments) by Party B under agreements to rent or lease any real or personal property to exceed US$ 30,000 or the equivalent calculated in RMB in any fiscal year of Party B.

 

5.6          Indebtedness.  Party B will not contract, create, incur, assume or suffer to exist any indebtedness, except accrued expenses and current trade accounts payable incurred in the ordinary course of business, and obligations under trade letters of credit incurred by Party B in the ordinary course of business, which are to be repaid in full not more than one (1) year after the date on which such indebtedness is originally incurred to finance the purchase of goods by Party B.

 

5.7          Advances, Investment and Loans.  Without the approval of Party A, Party B will not lend money or grant credit or make advances to any Person, or purchase or acquire any stock, obligations or securities of, or any other interest in, or make any capital contribution to, any other Person, except that Party B may acquire and hold receivables owing to it, if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms.

 

5.8          Transactions with Affiliates.  Party B will not enter into any transaction or series of related transactions, whether or not in the ordinary course of business, with any Affiliate of Party B, other than on terms and conditions substantially as favorable to Party B as would be obtainable by Party B at the time in a comparable arm’s-length transaction with a Person other than an Affiliate and with the prior written consent of Party A.

 

5.9          Capital Expenditures.  Party B will not make any expenditure for fixed or capital assets (including, without limitation, expenditures for maintenance and repairs which are capitalized in accordance with generally accepted accounting principles in the PRC and capitalized lease obligations) during any quarterly period which exceeds the aggregate the amount contained in the budget as set forth in Section 4.1.5.

 

5.10        Modifications to Debt Arrangements, Agreements or Articles of Association.  Party B will not (i) make any voluntary or optional payment or prepayment on or redemption or acquisition for value of (including, without limitation, by way of depositing with the trustee with respect thereto money or securities before due for the purpose of paying when due) any existing Indebtedness or (ii) amend or modify, or permit the amendment or modification of, any provision of any existing Indebtedness or of any agreement (including, without limitation, any purchase agreement, indenture, loan agreement or security agreement) relating to any of the foregoing or (iii) amend, modify or change its Articles of Association or business license, or any agreement entered into by it, with respect to its capital stock, or enter into any new agreement with respect to its capital stock.

 

5.11        Line of Business.  Party B will not engage (directly or indirectly) in any business other than those types of business prescribed within the business scope of Party B’s business license except with the prior written consent of Party A.

 

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6.             TERM AND TERMINATION

 

6.1          This Agreement shall take effect on the date of execution of this Agreement and this Agreement shall be in full force and effective until Party B’s valid operation term expires, unless terminated pursuant to Clause 6.2. Party A may, at its discretion, decide to renew or terminate this Agreement.

 

6.2          This Agreement may be terminated:

 

6.2.1       By Party A’s giving written notice (including, but not limited to, the failure by Party B to pay the Consulting Services Fee) and such breach, if capable of remedy, has not been so remedied within fourteen (14) days, in the case of breach of a non-financial obligation, following the receipt of such written notice;

 

6.2.2       By Party A’s giving written notice to the Party B if the Party B becomes bankrupt or insolvent or is the subject of proceedings or arrangements for liquidation or dissolution or ceases to carry on business or becomes unable to pay its debts as they become due;

 

6.2.3       By Party A’s giving written notice ;

 

6.2.4       Party B’s business license or any other license or approval material for the business operations of Party B is terminated, cancelled or revoked;

 

6.2.5       By Party A’s giving written notice to Party B if circumstances arise which materially and adversely affect the performance or the objectives of this Agreement; or

 

6.3          Any Party electing to terminate this Agreement pursuant to Clause 6.2 shall have no liability to the other Party for indemnity, compensation or damages arising solely from the exercise of such termination right, provided that the expiration or termination of this Agreement shall not affect the continuing obligation of Party B to pay any Consulting Services Fees already accrued or due and payable to Party A.  Upon expiration or termination of this Agreement, all amounts then due and unpaid to Party A by Party B hereunder, as well as all other amounts accrued but not yet payable to Party A by Party B, shall thereby become due and payable by Party B to Party A.

 

7.             PARTY A’S REMEDY UPON PARTY B’S BREACH

 

In addition to the remedies provided elsewhere under this Agreement, Party A shall be entitled to remedies permitted under PRC laws, including, without limitation, compensation for any direct and indirect losses arising from the breach and legal fees incurred to recover losses from such breach.

 

8.             AGENCY

 

The Parties are independent contractors, and nothing in this Agreement shall be construed to constitute either Party to be the agent, partner, legal representative, attorney or employee of

 

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the other for any purpose whatsoever.  Neither Party shall have the power or authority to bind the other except as specifically set out in this Agreement.

 

9.             GOVERNING LAW AND JURISDICTION

 

9.1          Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the PRC.

 

9.2          Arbitration.  Any dispute arising from, out of or in connection with this Agreement shall be settled through amicable negotiations between the Parties.  Such negotiations shall begin immediately after one Party has delivered to the other Party a written request for such negotiation.  If, within forty-five (45) days following the date of such notice, the dispute cannot be settled through negotiations, the dispute shall, upon the request of either Party with notice to the other Party, be submitted to arbitration in China under the auspices of China International Economic and Trade Arbitration Commission (the “CIETAC”).  The Parties shall jointly appoint a qualified interpreter for the arbitration proceeding and shall be responsible for sharing in equal portions the expenses incurred by such appointment.  The arbitration proceeding shall take place in Beijing, China.  The outcome of the arbitration shall be final and binding and enforceable upon the Parties.

 

9.2.1       Number and Selection of Arbitrators. There shall be three (3) arbitrators.  Party B shall select one (1) arbitrator and Party A shall select one (1) arbitrator, and both arbitrators shall be selected within ten (10) days after giving or receiving the demand for arbitration.  Such arbitrators shall be freely selected, and the Parties shall not be limited in their selection to any prescribed list.  The chairman of the CIETAC shall select the third arbitrator.  If a Party does not appoint an arbitrator who consents to participate within thirty (30) days after giving or receiving the demand for arbitration, the relevant appointment shall be made by the chairman of the CIETAC.

 

9.2.2       Arbitration Language and Rules.  Unless otherwise provided by the arbitration rules of CIETAC, the arbitration proceeding shall be conducted in Chinese.  The arbitration tribunal shall apply the arbitration rules of the CIETAC in effect on the date of execution of this Agreement.  However, if such rules are in conflict with the provisions of this clause, or with Section 9 of this Agreement, then the terms of Section 9 of this Agreement shall prevail.

 

9.2.3       Cooperation; Disclosure. Each Party shall cooperate with the other Party in making full disclosure of and providing complete access to all information and documents requested by the other Party in connection with such proceedings, subject only to any confidentiality obligations binding on such Parties.

 

9.2.4       Jurisdiction. Judgment rendered by the arbitration may be entered into by any court having jurisdiction, or application may be made to such court for a judicial recognition of the judgment or any order of enforcement thereof.

 

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9.3          Continuing Obligations. The Parties shall continue their implementation of this Agreement during the period when the relevant dispute is being resolved.

 

10.          ASSIGNMENT

 

No part of this Agreement shall be assigned or transferred by either Party without the prior written consent of the other Party.  Any such assignment or transfer shall be void, provided that Party A may assign its rights and obligations under this Agreement to an Affiliate without Party B’s consent.

 

11.          NOTICES

 

Notices or other communications required to be given by any Party pursuant to this Agreement shall be written in English and Chinese and delivered personally or sent by registered mail or prepaid mail or by a recognized courier service or by facsimile transmission to the address of the other Party set forth below or to such other address of the Party as specified by such Party from time to time. The date when the notice is deemed to be duly served shall be determined as the follows: (a) a notice delivered personally is deemed duly served upon the delivery; (b) a notice sent by mail is deemed duly served the tenth (10th) day after the date, or the fourth (4th) day after the delivery date of an internationally recognized courier service; and (c) a notice sent by facsimile transmission is deemed duly served upon the time shown on the transmission confirmation of relevant documents.

 

	
Party A
    	
 
    	
Shanghai Juxiang Investment   Management Consulting Co., Ltd.

上海钜镶投资管理咨询有限公司
    
	
 
    	
 
    	
Address:   Room 3929, Building 24, No. 2 Xincheng Road, Nicheng,Pudong New Area, Shanghai, China

地址: 中国上海市浦东新区泥城镇新城路2号24幢3929室
    
	
 
    	
 
    	
Legal   Representative: Hu Tianxiang

法定代表人: 胡天翔
    
	
 
    	
 
    	
Fax:021-68367031

传真
    
	
 
    	
 
    	
Tel:021-68367031

电话: 
    
	
 
    	
 
    	
 
    
	
Party B:
    	
 
    	
Shanghai Jupai Investment   Consulting Co., Ltd.

上海钜派投资咨询有限公司
    
	
 
    	
 
    	
Address:   Room 3508, Building 24, No.2 Xincheng Road, Nicheng Town, Pudong New   Area, Shanghai, China

地址: 中国上海市浦东新区泥城镇新城路2号24幢3508室
    
	
 
    	
 
    	
Attn: Hu Tianxiang

联系人: 胡天翔
    
	
 
    	
 
    	
Fax:021-68367031

传真
    

 

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Tel: 021-68367031

电话:
    

 

12.          GENERAL

 

12.1        The failure or delay in exercising a right or remedy under this Agreement shall not be constituted as a waiver of the right or remedy, and no single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy.

 

12.2        Should any clause or any part of any clause contained in this Agreement be declared invalid or unenforceable for any reason whatsoever, all other clauses or parts of clauses contained in this Agreement shall remain in full force and effect.

 

12.3        This Agreement constitutes the entire agreement between the Parties relating to the subject matter of this Agreement and supersedes all previous agreements.

 

12.4        No amendment or variation of this Agreement shall be valid unless it is in writing and executed by the Parties or their authorized representatives.

 

12.5        This Agreement shall be executed in two (2) duplicate originals in both English and Chinese. Each Party shall receive one (1) duplicate original, and all originals shall be equally valid. In case of any discrepancies among the different languages, the Chinese version shall prevail.

 

[SIGNATURE PAGE FOLLOWS]

 

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[SIGNATURE PAGES]

 

IN WITNESS WHEREOF this Agreement is duly executed by each Party or its legal representatives.

 

	
PARTY A:
    	
Shanghai Juxiang Investment   Management Consulting Co., Ltd.
    
	
 
    	
 
    
	
 
    	
Legal/Authorized   Representative:
    	
/s/ Hu Tianxiang
    	
 
    
	
 
    	
 
    	
/seal/ Shanghai Juxiang   Investment Management Consulting Co., Ltd.
    
	
 
    	
Name: Hu Tianxiang
    
	
 
    	
 
    
	
 
    	
Title: Chairman
    
	
 
    	
 
    
	
 
    	
 
    
	
PARTY B:
    	
Shanghai Jupai Investment   Consulting Co., Ltd.
    
	
 
    	
 
    
	
 
    	
Legal/Authorized Representative:
    	
/s/ Hu Tianxiang
    	
 
    
	
 
    	
 
    	
/seal/ Shanghai Jupai Investment   Consulting Co., Ltd.
    
	
 
    	
Name: Hu Tianxiang
    
	
 
    	
 
    
	
 
    	
Title: Chairman
    

 

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Annex 1 Calculation and Payment Method of Technology Consulting Service Fees

 

1.             The calculation method of the Consulting Service Fees paid by Party B to Party A is as follows:

 

Based on the services provided by Party A.

 

2.             Each Quarter, Party A may adjust the said fees rate depending on Party B’s actual operations. Party B shall be obligated to, at Party A’s request and at any time, provide Party A with the corresponding materials. Party A has the right to, at any time, check or verify such materials.

 

13Exhibit 10.6

 

AMENDED AND RESTATED CALL OPTION AGREEMENT

 

This Amended and Restated Call Option Agreement (this “Agreement”) is dated January 8, 2014, and is entered into in Shanghai, People’s Republic of China (“PRC” or “China”) by and among Shanghai Juxiang Investment Management Consulting Co., Ltd. (“Party A”) and Shanghai Jupai Investment Consulting Co., Ltd. (“Domestic Enterprise” or “Party B”), and the shareholders holding 100% of equity interests of Party B, i.e. Mr. Hu Tianxiang, Mr. Li Keliang, Mr. Yao Weishi, Mrs. Zhang Yichi and Mrs. Shen Yacheng (the “Shareholders” or “Party C”).  Party A, Party B, and Party C are each referred to in this Agreement as a “Party” and collectively as the “Parties”. Each shareholder is referred to in this Agreement as an executor and collectively as “Shareholders of Party B”.

 

RECITALS

 

1.             Party A, a company incorporated in the PRC as a foreign investment enterprise, specializes in investment consulting, consultation service for enterprise management, business information consulting, marketing planning consulting, corporate image planning consultation, exhibition service (excluding holding or undertaking exhibitions), etiquette service. (the items restricted by administrative rules may be operated after obtaining the permission). The Domestic Enterprise is engaged in investment management, asset management, investment consulting, consultation service for enterprise management, business consulting (the aforementioned consulting services do not include brokerage service), convention and exhibition services, etiquette service, marketing planning, corporate image planning, market information consultation and investigation (it is not permitted to engage in social investigation, social research, public opinion poll). (the items restricted by administrative rules may be operated after obtaining the permission) (collectively the “Business”). Party A and the Domestic Enterprise have entered into a certain Amended and Restated Consulting Services Agreement dated January 8, 2014 (the “Consulting Services Agreement”) in connection with the Business.

 

2.             The Shareholders are shareholders of Party B, each legally holding such proportion of equity interest of the Party B as set forth on the signature page of this Agreement and collectively holding 100% of equity interests of Party B (collectively the “Equity Interest”).

 

3.             Each of the Shareholders desires to sell, and the Party A desires to purchase, Equity Interests held by him/her to Party B and/or its designees by the exercise of the Option, to the extent permitted by PRC laws.

 

4.             Domestic Enterprise desires to sell, and the Party A desires to purchase, assets owned by Domestic Enterprise (“Assets”), the amount of which could be all or parts of assets and shall be decided by the Party A at its discretion in accordance with applicable PRC laws and business factors, to Party B and/or its designees by the exercise of the Option, to the extent permitted by PRC laws.

 

 

5.             For the purpose of above equity or assets transfer, the Shareholders and Party B, hereby, desires to irrevocably grant to Party A an option to purchase at any time, to the extent permitted under PRC Law, all or a portion of the Equity Interest or Assets, upon the request of Party A, pursuant to which the Equity Interest or Assets shall be transferred to Party A and/or its designees according to this Agreement.

 

NOW, THEREFORE, the Parties to this Agreement hereby agree as follows:

 

1.             PURCHASE AND SALE OF EQUITY INTEREST OR ASSETS

 

1.1          Grant of Rights. The Shareholders and Domestic Enterprise hereby collectively and irrevocably grant to Party A or a designee of Party A (the “Designee”) an option to purchase at any time, to the extent permitted under PRC Law, all or a portion of the Equity Interest or Assets in accordance with such procedures as determined by Party A, at the price specified in Section 1.3 of this Agreement (the “Option”).  No Option shall be granted to any party other than to Party A and/or a Designee.  Party B hereby agrees to Party C’s grant of the Option to Party A and/or the Designee.  As used herein, Designee may be an individual person, a corporation, a joint venture, a partnership, an enterprise, a trust or an unincorporated organization.

 

1.2          Exercise of Rights.  According with the requirements of applicable PRC laws and regulations, Party A and/or the Designee may exercise the Option at any time by issuing a written notice (the “Notice”) to one or more of the Party B’s Shareholder and specifying the amount of the Equity Interest to be purchased from Party B’s Shareholder and the manner of purchase.

 

1.3          Purchase Price.

 

1.3.1       The purchase price of the Equity Interest or Assets pursuant to an exercise of the Option by Party A or the Designee shall be the lowest price permitted under PRC Laws and Regulations. Upon the exercise of Option by Party A or its Designee to purchase the Equity Interest, when such price is higher than Party B’s registered capital at the time hereof, the excessive part of the price shall be returned to Party A or any person designated by Party A in a manner as instructed by Party A; upon the exercise of Option by Party A or its Designee to purchase the Assets, when such price is higher than USD 1.00 at the time hereof, the excessive part of the price shall be returned to Party A or any person designated by Party A in a manner as instructed by Party A. Notwithstanding the above, all Parties agree that no Shareholders of Party B shall receive any benefits or profits through selling an Equity Interest pursuant to any exercise of the Option by Party A or the Designee.

 

1.4          Transfer of Equity Interest or Assets.  Upon each exercise of the Option under this Agreement:

 

1.4.1       Party B’s Shareholder shall hold or cause to be held a meeting of

 

2

 

shareholders of Party B in order to adopt such resolutions as necessary in order to approve the transfer of the relevant Equity Interest or Assets (such Equity Interest hereinafter the “Purchased Interest”) to Party A and/or the Designee;

 

1.4.2       The relevant Parties shall enter into an Interest Purchase Agreement in a form reasonably acceptable to Party A, setting forth the terms and conditions for the sale and transfer of the Purchased Interest;

 

1.4.3       The relevant Parties shall execute, without any security interest, all other requisite contracts, agreements or documents, obtain all requisite approval and consent of the government, conduct all necessary actions, transfer the valid ownership of the Purchased Interest to Party A and/or the Designee, and cause Party A and/or the Designee to be the registered owner of the Purchased Interest.  As used herein, “security interest” means any mortgage, pledge, the right or interest of the third party, any purchase right of equity interest, right of acquisition, right of first refusal, right of set-off, ownership detainment or other security arrangements; however, such term shall not include any security interest created under that certain Amended and Restated Equity Pledge Agreement dated as of January 8, 2014 by and among the Parties (the “Pledge Agreement”).

 

1.5          Payment.  Payment of the purchase price shall be determined through negotiation between Party B, Party B’s Shareholder and Party A in accordance with the applicable laws at the time of the exercise of the Option.

 

2.             REPRESENTATIONS RELATING TO EQUITY INTEREST

 

2.1          Party B’s Representations.  Party B hereby represents and warrants:

 

2.1.1       Without Party A’s prior written consent, Party B’s Articles of Association shall not be supplemented, changed or renewed in any way, Party B’s registered capital of shall not be increased or decreased, and the structure of Party B’s registered capital shall not be changed in any form;

 

2.1.2       To maintain the corporate existence of Party B and to prudently and effectively operate the Business according with customary fiduciary standards applicable to managers with respect to corporations and their shareholders;

 

2.1.3       Upon the execution of this Agreement, to not sell, transfer, mortgage or dispose, in any other form, any asset, legitimate or beneficial interest of business or income, or encumber or approve any encumbrance or imposition of any security interest on Party B’s assets without Party A’s prior written consent;

 

2.1.4       To not issue or provide any guarantee or permit the existence of any debt without Party A’s prior written consent, other than (i) such debt that may arise from Party B’s ordinary course of business (excepting a loan); and (ii) such debt which has been

 

3

 

disclosed to Party A;

 

2.1.5       To operate and conduct all business operations in the ordinary course of business, without damaging the Business or the value of Party B’s assets;

 

2.1.6       To not enter into any material agreements without Party A’s prior written consent, other than agreements entered into in the ordinary course of business (for purpose of this paragraph, if any agreement for an amount in excess of One Hundred Thousand Renminbi (RMB 100,000) shall be deemed a material agreement);

 

2.1.7       To not provide loan or credit to any other party or organization without Party A’s prior written consent;

 

2.1.8       To provide to Party A all relevant documents relating to the Business and its operations and finance at the request of Party A;

 

2.1.9       To purchase and maintain general business insurance of the type and amount comparable to those held by companies in the same industry, with similar business operations and assets as Party B, from an insurance company approved by Party A;

 

2.1.10     To not enter into any merger, cooperation, acquisition or investment without Party A’s prior written consent;

 

2.1.11     To notify Party A of the occurrence or the potential occurrence of litigation, arbitration or administrative procedure relating to Party B’s assets, business operations and/or income;

 

2.1.12     In order to guarantee the ownership of Party B’s assets, to execute all requisite or relevant documents, take all requisite or relevant actions, and make and pursue all relevant claims;

 

2.1.13     To not assign the Equity Interest in any form without Party A’s prior written notice; however, Party B shall distribute dividends to the Shareholders upon the request of Party A; and

 

2.1.14     In accordance with Party A’s request, to appoint any person designated by Party A to a management position for Party B.

 

2.2          Representations of Party B’s Shareholder.   Party B’s Shareholder hereby respectively and jointly represent and warrant:

 

2.2.1       Without Party A’s prior written consent, upon the execution of this Agreement, to not sell, transfer, mortgage or dispose in any other form any legitimate or beneficial interest of the Equity Interest, or to approve any security interest, except as created

 

4

 

pursuant to the Pledge Agreement;

 

2.2.2       Without Party A’s prior written notice, to not adopt or support or execute any shareholders resolution at any meeting of the shareholders of Party B that seeks to approve any sale, transfer, mortgage or disposal of any legitimate or beneficial interest of the Equity Interest, or to allow any attachment of security interests, except as created pursuant to the Pledge Agreement, as well as the modification or transfer of registered capital;

 

2.2.3       Without Party A’s prior written notice, to not agree or support or execute any shareholders resolution at any meeting of the shareholders of Party B that seeks to approve Party B’s merger, cooperation, acquisition or investment;

 

2.2.4       Without Party A’s prior written notice, to not strive to declare or pay profits, dividends, distributions of Domestic Enterprise.

 

2.2.5       To notify Party A the occurrence or the potential occurrence of any litigation, arbitration or administrative procedure relevant to the Equity Interest;

 

2.2.6       To cause Party B’s Board of Directors to approve the transfer of the Purchased Interest pursuant to this Agreement;

 

2.2.7       In order to maintain the ownership of Equity Interest, to execute all requisite or relevant documents, conduct all requisite or relevant actions, and make all requisite or relevant claims, or make requisite or relevant defense against all claims of compensation;

 

2.2.8       Upon the request of Party A, to appoint any person designated by Party A to be a director of Party B; without prior written notice from Party A, Party B shall not appoint or remove any of its directors, supervisors or officers;

 

2.2.9       Except the agreement from Party A or otherwise provided by laws and regulations, to ensure the existence of Domestic Enterprise and to not voluntarily initiate proceeding for termination, liquidation or dissolution;

 

2.2.10     To prudently comply with the provisions of this Agreement and any other agreements entered into with Party A and Party B in connection therewith, and to perform all obligations under all such agreements, without taking any action or nonfeasance that may affect the validity and enforceability of such agreements; and

 

2.2.11     To not strive to approve the following actions conducted by the subsidiary or branch (collectively “Branch Entities”) by the company or its management, except as required in the ordinary course of business:

 

5

 

(a)           Increase or decrease of the registered capital of Branch Entities, strive to approve or approve the division or merger of Branch Entities;

 

(b)           Dispose of or strive to dispose of material assets (other than in the ordinary course of business) by management of Branch Entities, or create collateral or third party interests on such assets;

 

(c)           Terminate or strive to terminate material agreements of Branch Entities by the management of Branch Entities, or to enter any agreement in conflict with current material agreements;

 

(d)           Appoint or remove the director, supervisor or other officers which shall be appointed or removed by the company;

 

(e)           Terminate, liquidate or dissolve Branch Entities or take any actions which may impair the existence of such Branch Entities;

 

(f)           Amend the articles of association of Branch Entity if any;

 

(g)           Lend or borrow the loan, or provide surety or other collateral, or assume any substantial obligations outside of ordinary course of business.

 

3.             Representations and Warranties.  As of the execution date of this Agreement and on each transfer of Purchased Interest pursuant to an exercise of the Call Option, Party B and Party’s Shareholder hereby represent and warrant as follows:

 

3.1          Such Parties shall have the power and ability to enter into and deliver this Agreement and to perform their respective obligations thereunder, and at each transfer of Purchased Interest, the relevant Interest Purchase Agreement and to perform their obligations thereunder.  Upon execution, this Agreement and each Interest Purchase Agreement will constitute legal, valid and binding obligations and be fully enforceable in accordance with their terms;

 

3.2          The execution and performance of this Agreement and any Interest Purchase Agreement shall not: (i) violate any relevant laws and regulations of the PRC; (ii) conflict with the Articles of Association or other organizational documents of Party B; (iii) cause to breach any agreements or instruments or having binding obligation on it, or constitute a breach under any agreements or instruments or having binding obligation on it; (iv) breach relevant authorization of any consent or approval and/or any effective conditions; or (v) cause any authorized consent or approval to be suspended, removed, or cause other added conditions;

 

3.3          The Equity Interest is not transferable in whole and in part without Party A’s prior consent, and neither Party B nor Party B’s Shareholder has permitted or caused any

 

6

 

security interest to be imposed upon the Equity Interest other than pursuant to the Pledge Agreement;

 

3.4          Party B does not have any unpaid debt, other than (i) such debt that may arise during the ordinary course of business; and (ii) debt either disclosed to Party A or incurred pursuant to Party A’s written consent;

 

3.5          Party B has complied with all applicable PRC laws and regulations in connection with this Agreement;

 

3.6          There are no pending or ongoing litigation, arbitration or administrative procedures with respect Party B, its assets or the Equity Interests, and Party B and Party B’s Shareholder have no knowledge of any pending or threatened claims to the best of their knowledge; and

 

3.7          Party B’s Shareholder own the Equity Interest free and clear of encumbrances of any kind, other than the security interest pursuant to the Pledge Agreement.

 

3.8          Domestic Enterprise own the Assets free and clear of the pledge, mortgage, claim, collateral and other encumbrances from third party. According to this Agreement, Party A and/or its Designee may obtain good title of the Assets, free and clear of the pledge, mortgage, claim, collateral and other encumbrances from third party.

 

4.             ASSIGNMENT OF AGREEMENT

 

4.1          Party B and Party B’s Shareholder shall not transfer their rights and obligations under this Agreement to any third party without Party A’s prior written consent.

 

4.2          Party B and Party B’s Shareholder hereby agrees that Party A shall be able to transfer all of its rights and obligations under this Agreement to any third party, and such transfer shall only be subject to a written notice of Party A to Party B and Party B’s Shareholder without any further consent from Party B or Party B’s Shareholder.

 

5.             EVENT OF DEFAULT

 

The Parties agree and confirm that, if either Party (“Defaulting Party”) is in substantial breach of any provisions herein or fails to perform its substantial obligations hereunder, such breach or failure shall constitute a default under this Agreement, which shall entitle the non-defaulting Party (“Non-defaulting Party) to request the defaulting Party to rectify or remedy such default with a reasonable period of time.  If the defaulting Party fails to rectify or remedy such default within the reasonable period of time or within 10 days of non-defaulting Party’s written notice requesting for such rectification or remedy, then the non-defaulting Party shall be entitled to the following remedial actions:

 

7

 

(1)  if Defaulting Party is the Shareholders or Domestic Enterprise, Party A may terminate this Agreement and request the Defaulting Party to fully compensate its losses and damages;

 

(2)  if Defaulting Party is Party A, the Non-defaulting Party may request fully compensate all its losses and damages.

 

5.             EFFECTIVE DATE AND TERM

 

5.1          This Agreement shall be effective as of the date first set forth above.

 

5.2          Domestic Enterprise and Shareholders shall not terminate this Agreement under any circumstance for any reason unless it is early terminated by Party A or by the requirements under the applicable laws.

 

5.3          This Agreement shall be terminated provided that all Equity Interest or Assets under Option is transferred to Party A and/or its Designee.

 

6.             APPLICABLE LAWS AND DISPUTE RESOLUTION

 

6.1          Applicable Laws.  The execution, validity, interpretation and performance of this Agreement and the dispute resolution under this Agreement shall be governed by the laws of PRC.

 

6.2          Dispute Resolution.  The Parties shall strive to resolve any disputes arising from the interpretation or performance of this Agreement through amicable negotiations.  If such dispute cannot be settled within forty-five (45) days, any Party may submit such dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration.  The arbitration shall abide by the current rules of CIETAC, and the arbitration proceedings shall be conducted in Beijing, China in Chinese.  The determination of CIETAC shall be final and binding upon the Parties and enforceable in court with proper jurisdictions.

 

7.             Taxes and Expenses.  Each Party shall, according with PRC laws, bear any and all registration taxes, costs and expenses for the transfer of equity arising from the preparation, execution and completion of this Agreement and all Interest Purchase Agreements.

 

8.             Notices.  Notices or other communications required to be given by any Party pursuant to this Agreement shall be written in English and Chinese and delivered personally or sent by registered mail or prepaid mail or by a recognized courier service or by facsimile transmission to the relevant address of each Party as set forth below or other addresses of the Party as specified by such Party from time to time.  The date when the notice is deemed to be duly served shall be determined as follows: (a) a notice delivered personally is deemed duly served upon the delivery; (b) a notice sent by mail is deemed duly served the tenth (10th) day after the date of the air registered mail with the postage prepaid has been sent out (as is shown on the postmark), or the fourth (4th) day after the delivery by an internationally

 

8

 

recognized courier service; and (c) a notice sent by facsimile transmission is deemed duly served upon the receipt time as shown on the transmission confirmation.

 

	
Party A
    	
 
    	
Shanghai Juxiang Investment Management   Consulting Co., Ltd.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address: Room 3929, Building 24, No. 2   Xincheng Road, Nicheng, Pudong New Area, Shanghai,China
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Legal Representative: Hu Tianxiang
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Fax: 021-68367031
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Tel: 021-68367031
    
	
 
    	
 
    	
 
    
	
Party B:
    	
 
    	
Shanghai Jupai Investment Consulting Co., Ltd.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address: Room 3508, Building 24, No.2   Xincheng Road, Nicheng Town, Pudong New Area, Shanghai, China
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Attn: Hu Tianxiang
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Fax:021-68367031
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Tel: 021-68367031
    
	
 
    	
 
    	
 
    
	
Party C :
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name: Hu Tianxiang
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Tel:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Fax:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name: Yao Weishi
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address:
    

 

9

 

	
 
    	
 
    	
Tel: +86 13901801599
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Fax: 021-68367031
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name: Li Keliang
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Tel:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Fax:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name: Zhang Yichi
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Tel:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Fax:

 

Name: Shen Yacheng

 

Address:

 

Tel:

 

Fax:
    

 

9.             Confidentiality.    The Parties acknowledge and confirm that any oral or written information exchanged by the Parties in connection with this Agreement is confidential. The Parties shall maintain the confidentiality of all such information. Without the written approval by the other Parties, any Party shall not disclose to any third party any confidential information except as follows:

 

(a)           Such information was in the public domain at the time it was communicated;

 

(b)           Such information is required to be disclosed pursuant to the applicable laws, regulations, policies relating to the stock exchange; or

 

10

 

(c)           Such information is required to be disclosed to a Party’s legal counsel or financial consultant, provided however, such legal counsel and/or financial consultant shall also comply with the confidentiality as stated hereof. The disclosure of confidential information by employees or agents of the disclosing Party is deemed to be an act of the disclosing Party, and such Party shall be responsible for all breach of confidentiality arising from such disclosure. This provision shall survive even if certain clauses of this Agreement are subsequently amended, revoked, terminated or determined to be invalid or unable to implement for any reason.

 

10.          Further Warranties. The Parties agree to promptly execute such documents as required to perform the provisions of this Agreement, and to take such actions as may be reasonably required to perform the provisions of this Agreement.

 

11.          MISCELLANEOUS

 

11.1        Amendment, Modification and Supplement. Any amendments and supplements to this Agreement shall only take effect if executed by both Parties in writing.

 

11.2        Entire Agreement. Notwithstanding Article 5 of this Agreement, the Parties acknowledge that this Agreement constitutes the entire agreement of the Parties with respect to the subject matters therein and supersede and replace all prior or contemporaneous agreements and understandings, whether oral or in writing.

 

11.3        Severability. If any provision of this Agreement is deemed invalid or non-enforceable according with relevant laws, such provision shall be deemed invalid only within the applicable laws and regulations of the PRC, and the validity, legality and enforceability of the other provisions hereof shall not be affected or impaired in any way. The Parties shall, through reasonable negotiation, replace such invalid, illegal or non-enforceable provisions with valid provisions in order to bring similar economic effects of those invalid, illegal or non-enforceable provisions.

 

11.4        Headings. The headings contained in this Agreement are for reference only and shall not affect the interpretation and explanation of the provisions in this Agreement.

 

11.5        Language and Copies. This Agreement shall be executed in both English and Chinese in five (5) duplicate originals. Each Party shall hold one (1) original, each of which shall have the same legal effect. In case of any discrepancies among the different languages, the Chinese version shall prevail.

 

11.6        Successor. This Agreement shall be binding on the successors of each Party and the transferee allowed by each Party.

 

11.7        Survival. Each Party shall continue to perform its obligations

 

11

 

notwithstanding the expiration or termination of this Agreement. Article 6, Article 8, Article 9 and Section 11.7 hereof shall continue to be in full force and effect after the termination of this Agreement.

 

11.8        Waiver. Any Party may waive the terms and conditions of this Agreement in writing with the written approval of all the Parties. Under certain circumstances, any waiver by a Party to the breach of other Parties shall not be construed as a waiver of any other breach by any other Parties under similar circumstances.

 

[SIGNATURE PAGE FOLLOWS]

 

12

 

[SIGNATURE PAGE]

 

IN WITNESS WHEREOF this Agreement is duly executed by each Party or its legal representatives.

 

	
PARTY A:
    	
Shanghai Juxiang Investment   Management Consulting Co., Ltd.
    
	
 
    	
 
    
	
 
    	
Legal/Authorized Representative:
    	
/s/ Hu Tianxiang
    	
 
    
	
 
    	
 
    	
/seal/ Shanghai Juxiang   Investment Management Consulting Co., Ltd.
    
	
 
    	
Name: Hu Tianxiang
    
	
 
    	
 
    
	
 
    	
Title: Chairman
    
	
 
    	
 
    
	
 
    	
 
    
	
PARTY B:
    	
Shanghai Jupai Investment   Consulting Co., Ltd.
    
	
 
    	
 
    
	
 
    	
Legal/Authorized Representative:
    	
/s/ Hu Tianxiang
    	
 
    
	
 
    	
 
    	
/seal/ Shanghai Jupai Investment   Consulting Co., Ltd.
    
	
 
    	
Name: Hu Tianxiang
    
	
 
    	
 
    
	
 
    	
Title: Chairman
    

 

13

 

SIGNATURE PAGE FOR SHAREHOLDERS OF PARTY B

 

Shareholders of the Shanghai Jupai Investment Consulting Co., Ltd.

 

 

	
/s/ Hu Tianxiang
    	
 
    
	
Hu Tianxiang
    
	
ID Card No.:
    
	
owns 67.67% equity interest of   Shanghai Jupai Investment Consulting Co., Ltd.
    
	
 
    
	
 
    
	
/s/ Yao Weishi
    	
 
    
	
Yao Weishi
    
	
ID Card No.:
    
	
owns 10% equity interest of   Shanghai Jupai Investment Consulting Co., Ltd.
    

 

14

 

SIGNATURE PAGE FOR SHAREHOLDERS OF PARTY B

 

Shareholders of Shanghai Jupai Investment Consulting Co., Ltd.

 

 

	
/s/ Li Keliang
    	
 
    
	
Li Keliang
    
	
ID Card No.: 
    
	
owns 8.33% equity interest of   Shanghai Jupai Investment Consulting Co., Ltd.
    
	
 
    
	
 
    
	
/s/ Zhang Yichi
    	
 
    
	
Zhang Yichi
    
	
ID Card No.: 
    
	
owns 6% equity interest of   Shanghai Jupai Investment Consulting Co., Ltd.
    

 

15

 

SIGNATURE PAGE FOR SHAREHOLDERS OF PARTY B

 

Shareholders of the Shanghai Jupai Investment Consulting Co., Ltd.

 

 

	
/s/ Shen Yacheng
    	
 
    
	
Shen Yacheng
    
	
ID Card No.: 
    
	
owns 8% equity interest of Shanghai   Jupai Investment Consulting Co., Ltd.
    

 

16

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