Document:

Exhibit 4.6

 

AMENDMENT NO.1

TO

SERIES B PERFERRED SHARE PURCHASE AGREEMENT

 

This Amendment No.1 to the Series B Preferred Share Purchase Agreement as supplemented by the Deed of Adherence on December 20, 2013 (this “Amendment”) is made and entered into on May 22, 2014, by and among:

 

(1)                  Jupai Investment Group (Cayman), an exempted limited liability company organized under the laws of the Cayman Islands (the “Company”),

 

(2)                  Jupai Investment International Limited., a limited liability company organized under the laws of the British Virgin Islands (the “BVI Company”),

 

(3)                  Jupai Hong Kong Investment Limited, a private company limited by shares organized under the laws of Hong Kong (the “HK Company”),

 

(4)                  Shanghai Juxiang Investment Management Consulting Co., Ltd. (), a limited liability company organized under the laws of the PRC (the “WFOE”),

 

(5)                  Shanghai Jupai Investment Consulting Co., Ltd. (), a limited liability company organized under the laws of the PRC (the “Domestic Enterprise”),

 

(6)                  Jupai Holding Inc., a limited liability company organized under the laws of the British Virgin Islands (the “Selling Shareholder”),

 

(7)                  each of the individuals (each a “Founder”, and collectively, the “Founders”) and the companies (each a “Founder Holdco”, and collectively, the “Founder Holdcos”) set forth in Schedule 1 hereto,

 

(8)                  E-House (China) Capital Investment Management Limited, a limited liability company organized under the laws of the British Virgin Islands (“E-House” or the “Investor”), and

 

(9)                  SINA Hong Kong Limited, a private company limited by shares organized under the laws of Hong Kong (“SINA” or the “Third Party Transferee”, together with E-House, collectively the “Purchasers”).

 

Each of the forgoing parties is referred to herein individually as a “Party” and collectively as the “Parties”.

 

 

RECITALS

 

A.                 On November 12, 2013, the Company, the Selling Shareholder, E-House and certain other parties entered into a Series B Preferred Share Purchase Agreement (the “Agreement”).

 

B.                 On December 20, 2013, SINA, the Company, the Selling Shareholder and certain other parties entered into a Deed of Adherence, pursuant to which SINA acceded to the Agreement in the capacity as the “Third Party Transferee” and the “Purchaser”;

 

C.                 The Parties hereto reached unanimous consent to amend the Agreement by this Amendment.

 

1.                 INTERPRETATION

 

1.1 In this Amendment, unless otherwise defined or the context otherwise requires:

 

(i)                                Capitalized terms not otherwise defined in this Amendment shall have the meanings given to them in the Agreement.

 

(ii)                             Reference to Sections, Schedules and Exhibits shall be to sections, schedules, and exhibits of the Agreement or this Amendment, as applicable.

 

1.2 The “Group Companies” in the Agreement, the Deed and this Amendment shall mean the Company, the BVI Company, the HK Company, the WFOE, the Domestic Enterprise and the Subsidiaries of the Domestic Enterprise collectively, and a “Group Company” shall mean any of them.

 

2.                   ACCESSION BY BVI COMPANY

 

2.1 BVI Company hereby ratifies and accedes to the terms of, agrees to be bound by, and assumes all rights and obligations under the terms and conditions of the Agreement, as if BVI Company had been an original party to the Agreement in the capacity as a “Group Company”, a “Warrantor”, an “Indemnitor”, and a “Party,” as such terms are defined therein and herein. The other Parties hereto shall be entitled to enforce the Agreement against BVI Company.

 

2

 

3.                   CHANGE OF INVESTMENT ENTITY

 

3.1 For internal re-structuring purpose, E-House (China) Real Estate Asset Management Ltd. will be replaced by E-House (China) Capital Investment Management Limited (“E-House”) to be bound by, and assume all rights and obligations under the terms and conditions of the Agreement, as if E-House had been an original party to the Agreement in the capacity as the “Investor”, a “Purchaser”, an “Indemnitee” and a “Party,” as such terms are defined therein and herein. The other Parties to the Agreement shall be entitled to enforce the Agreement against E-House.

 

3.2 The Company, the Selling Shareholder, the BVI Company, the HK Company, the WFOE, the Domestic Enterprise, the Founders and the Founder Holdcos hereby agree, accept and acknowledge (i) that E-House (China) Real Estate Asset Management Ltd. is no longer bound by, or obliged to assume any rights or obligations under the terms and conditions of the Agreement as of the date of this Amendment, and the other Parties to the Agreement are not entitled to enforce the Agreement against E-House (China) Real Estate Asset Management Ltd.; (ii) E-House’s accession to the Agreement in the capacity as the “Investor”, a “Purchaser”, an “Indemnitee” and a “Party,” as such terms are defined therein. E-House shall be entitled to enforce the Agreement against the other Parties to the Agreement.

 

4.                   REPRESENTATIONS AND WARRANTIES 

 

4.1 Section 4.2(b) of the Agreement shall be amended as follows:

 

“BVI Company and HK Company. Immediately prior to the Closing, the authorized share capital of the BVI Company is USD$50,000, divided into 50,000 shares of USD$1.00 each, 1 of which is issued and outstanding. The Company is the sole legal and beneficial owner of the BVI Company. The authorized share capital of the HK Company is HK$10,000, divided into 10,000 shares of HK$1.00 each, 1 of which is issued and outstanding. The BVI Company is the sole legal and beneficial owner of the HK Company.”

 

5.                   CONDITIONS PRECEDENT 

 

5.1 The Parties agree that SINA shall have the right to appoint one observer (the “SINA

 

3

 

Observer”) to the Board of Directors of the Group Companies. The Observer shall be entitled to receive all notices, materials, notes and records of board meetings concurrently with the Directors and in the same manner, and to attend the board meetings of each Group Company without exercising any voting rights.

 

5.2   In accordance with the above Section 5.1, Section 7.7 of the Agreement shall be amended as follows:

 

“Board of Directors. As of the Closing, the Board of Directors shall consist of not more than five (5) Directors, in accordance with the Restated Articles, and the person nominated by E-House shall have been appointed to the Board of Directors as a member (the “Investor Director”) and the person nominated by SINA shall have been appointed as an observer of the Board of Directors (the “SINA Observer”).”

 

Accordingly, Section 3.2(b) of the Agreement shall be amended as follows:

 

“The Company shall deliver to SINA (i) the updated register of members of the Company, certified by the registered agent of the Company, reflecting the issuance to SINA of the part of Purchased Shares (including the re-designated Series B Shares) being purchased by SINA at the Closing, and (ii) the members’ resolution of the Company evidencing the appointment of SINA Observer to the Board of Directors of the Company, and a certified copy of the appointment letter appointing SINA Observer to the board of directors of the WFOE.”

 

5.3   The Purchasers hereby waive the requirement for the Group Companies to fulfill the condition precedent as set forth in Section 7.28 of the Agreement. Moreover, the Parties agree that the shareholding structure of the Company immediately before and after the Closing shall be as same as set forth in Schedule II of this Amendment and that Schedule 2 of the Agreement (the Capitalization Table) shall be replaced by the Schedule II attached hereto.

 

6.                 INCOPORPATION

 

6.1 This Amendment shall hereafter be read and construed in conjunction and as one document with the Agreement and references (i) in the Agreement to “the Agreement” or “this Agreement”, or (ii) in other Transaction Agreements to “the Series B Share Purchase Agreement”, and references in all other instruments and documents executed thereunder or pursuant to such document, shall for all purposes refer to the Agreement incorporating and as supplemented by this Amendment.

 

4

 

7.                   GOVERNING LAW AND DISPUTE RESOLUTION

 

7.1 This Amendment shall be governed by and construed in all respects in accordance with the laws of Hong Kong. In relation to any legal action or proceedings arising out of or in connection with this Amendment, the Parties hereby irrevocably submits to arbitration in accordance with Section 11.12(b) of the Agreement.

 

[Remainder of this page intentionally left blank]

 

5

 

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first above written.

 

	
 
    	
COMPANY:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Jupai   Investment Group (Cayman)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Hu Tianxiang
    	
 
    
	
 
    	
Name:   Hu Tianxiang
    	
 
    
	
 
    	
Title:   Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
BVI   COMPANY:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Jupai   Investment International Limited
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Hu Tianxiang
    	
 
    
	
 
    	
Name:   Hu Tianxiang
    	
 
    
	
 
    	
Title:   Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
HK   COMPANY:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Jupai   Hong Kong Investment Limited
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Hu Tianxiang
    	
 
    
	
 
    	
Name:   Hu Tianxiang
    	
 
    
	
 
    	
Title:   Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
WFOE:
    	
 
    
	
 
    	
 
    
	
 
    	
Shanghai   Juxiang Investment Management Consulting Co., Ltd.
    
	
 
    	
 
    
	
 
    	
/seal/   Shanghai Juxiang Investment Management Consulting Co., Ltd.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Hu Tianxiang
    
	
 
    	
Name:   Hu Tianxiang
    
	
 
    	
Title:   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
DOMESTIC   ENTERPRISE: 
    	
 
    
	
 
    	
 
    
	
 
    	
Shanghai   Jupai Investment Consulting Co., Ltd. 
    
	
 
    	

    
	
 
    	
 
    
	
 
    	
/seal/ Shanghai Jupai   Investment Consulting Co., Ltd.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Hu Tianxiang
    
	
 
    	
Name:   Hu Tianxiang
    
	
 
    	
Title:   Director
    

 

 

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first above written. 

 

 

	
 
    	
SELLING   SHAREHOLDER:
    
	
 
    	
 
    
	
 
    	
Jupai   Holding Inc.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Hu Tianxiang
    
	
 
    	
Name:   Hu Tianxiang
    
	
 
    	
Title:   Director
    

 

 

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first above written. 

 

 

	
 
    	
FOUNDERS:   
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   HU TIANXIANG
    
	
 
    	
HU   TIANXIANG 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   LI KELIANG
    
	
 
    	
LI   KELIANG 
    

 

 

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first above written. 

 

	
 
    	
FOUNDER   HOLDCOS: 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Jupai   Capital Inc. 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Li Keliang
    
	
 
    	
 
    
	
 
    	
Name:   Li Keliang
    
	
 
    	
 
    
	
 
    	
Title:   Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Jupai   Holding Inc.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Hu Tianxiang
    
	
 
    	
 
    
	
 
    	
Name:   Hu Tianxiang
    
	
 
    	
 
    
	
 
    	
Title:   Director
    

 

 

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first above written. 

 

 

	
 
    	
E-HOUSE:   
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
E-House   (China) Capital Investment Management Limited 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Xin Zhou
    
	
 
    	
 
    
	
 
    	
Name:    (Xin Zhou)
    
	
 
    	
 
    
	
 
    	
Title:   Director
    

 

 

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first above written. 

 

 

	
 
    	
SINA:   
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
SINA   Hong Kong Limited 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Charles Guowei Chao 
    
	
 
    	
 
    
	
 
    	
Name:   Charles Guowei Chao 
    
	
 
    	
 
    
	
 
    	
Title:   Director
    

 

 

SCHEDULE I

Founders

 

	
 
    	
 
    	
Name of Founder
    	
 
    	
PRC ID Number of Founder
    	
 
    
	
1
    	
 
    	
Hu Tianxiang ()
    	
 
    	
 
    	
 
    
	
2
    	
 
    	
Li Keliang()
    	
 
    	
 
    	
 
    

 

Founder Holdco

 

	
Name
    	
 
    	
Type & Jurisdiction
    	
 
    	
Shareholders
   (Shareholding Percentage)
    
	
Jupai Capital Inc.
    	
 
    	
Limited liability company, British Virgin Island
    	
 
    	
Li Keliang() —100%
    
	
Jupai Holding Inc.
    	
 
    	
Limited liability company, British Virgin Island
    	
 
    	
Hu Tianxiang () —100%
    

 

 

SCHEDULE II

 

Capitalization Table

 

Part 1 - Fully Diluted Capitalization Immediately Prior to the Closing:

 

	
Name of Shareholder
    	
 
    	
Class of Shares
    	
 
    	
Number of
   Shares
    	
 
    	
Percentage
    	
 
    
	
Jupai Holding Inc
    	
 
    	
Ordinary Shares
    	
 
    	
71,992,327
    	
 
    	
61.92
    	
%
    
	
CENTURY CREST
   GLOBAL LIMITED
    	
 
    	
Ordinary Shares
    	
 
    	
7,674,699
    	
 
    	
6.60
    	
%
    
	
Jupai Capital Inc
    	
 
    	
Ordinary Shares
    	
 
    	
8,332,974
    	
 
    	
7.17
    	
%
    
	
Zero2IPO Fund II, L.P.
    	
 
    	
Series A Preferred   Shares
    	
 
    	
4,216,867
    	
 
    	
3.63
    	
%
    
	
GOLDEN KEEN 
   ENTERPRISES LIMITED
    	
 
    	
Ordinary Shares
    	
 
    	
6,000,000
    	
 
    	
5.16
    	
%
    
	
BEIJING DRAGON
   LIMITED
    	
 
    	
Ordinary Shares
    	
 
    	
6,000,000
    	
 
    	
5.16
    	
%
    
	
ESOP
    	
 
    	
Ordinary Shares
    	
 
    	
12,048,193
    	
 
    	
10.36
    	
%
    
	
Total
    	
 
    	
 
    	
 
    	
116,265,060
    	
 
    	
100
    	
%
    

 

 

Part 2 - Fully Diluted Capitalization Immediately After the Closing:

 

	
Name of Shareholder
    	
 
    	
Class of Shares
    	
 
    	
Number of
   Shares
    	
 
    	
Percentage
    	
 
    
	
Jupai Holding Inc
    	
 
    	
Ordinary Shares
    	
 
    	
46,155,647
    	
 
    	
35.73
    	
%
    
	
CENTURY CREST
   GLOBAL LIMITED
    	
 
    	
Ordinary Shares
    	
 
    	
7,674,699
    	
 
    	
5.94
    	
%
    
	
Jupai Capital Inc
    	
 
    	
Ordinary Shares
    	
 
    	
8,332,974
    	
 
    	
6.45
    	
%
    
	
Zero2IPO Fund II, L.P.
    	
 
    	
Series A Preferred   Shares
    	
 
    	
4,216,867
    	
 
    	
3.26
    	
%
    
	
GOLDEN KEEN
   ENTERPRISES LIMITED
    	
 
    	
Ordinary Shares
    	
 
    	
6,000,000
    	
 
    	
4.65
    	
%
    
	
BEIJING DRAGON
   LIMITED
    	
 
    	
Ordinary Shares
    	
 
    	
6,000,000
    	
 
    	
4.65
    	
%
    
	
E-House (China) Capital
   Investment Management
   Limited
    	
 
    	
Series B Preferred   Shares
    	
 
    	
25,836,680
    	
 
    	
20
    	
%
    
	
SINA Hong Kong Limited
    	
 
    	
Series B Preferred   Shares
    	
 
    	
12,918,340
    	
 
    	
10
    	
%
    
	
ESOP
    	
 
    	
Ordinary Shares
    	
 
    	
12,048,193
    	
 
    	
9.32
    	
%
    
	
Total
    	
 
    	
 
    	
 
    	
129,183,400
    	
 
    	
100
    	
%Exhibit 4.7

 

DEED OF ADHERENCE

 

THIS DEED OF ADHERENCE (this “Deed”) is made the 20th day of December, 2013 by and among:

 

(1)                   SINA Hong Kong Limited, a private company limited by shares organized under the laws of Hong Kong (“SINA”);

 

(2)                   Jupai Investment Group (Cayman), an exempted limited liability company organized under the laws of the Cayman Islands (the “Company”);

 

(3)                   Jupai Hong Kong Investment Limited, a private company limited by shares organized under the laws of Hong Kong (the “HK Company”);

 

(4)                   Shanghai Juxiang Investment Management Consulting Co., Ltd. (), a limited liability company organized under the laws of the PRC (the “WFOE”);

 

(5)                   Shanghai Jupai Investment Consulting Co., Ltd. (), a limited liability company organized under the laws of the PRC (the “Domestic Enterprise”),

 

(6)                   Jupai Holding Inc., a limited liability company organized under the laws of the British Virgin Islands (the “Selling Shareholder”);

 

(7)                   Hu Tianxiang (), PRC ID No.: ####;

 

(8)                   Li Keliang (), PRC ID No.: #### (Hu Tianxiang and Li Keliang are collectively the “Founders”);

 

(9)                   Jupai Capital Inc., a limited liability company organized under the laws of the British Virgin Islands; and

 

(10) E-House (China) Real Estate Asset Management Ltd., an exempted limited liability company organized under the laws of the Cayman Islands (the “Investor”).

 

RECITALS

 

A.                 On November 12th, 2013, the Company, the Selling Shareholder, the Investor and certain other parties entered into a Series B Preferred Share Purchase Agreement (the “Agreement”).

 

B.                 In accordance with Section 2.3(ii) of the Agreement, SINA was designated by the Investor to be the Third Party Transferee to purchase the Additional Purchased Ordinary Shares.

 

 

C. The Selling Shareholder and other Parties to the Agreement agree and acknowledge the designation of SINA by the Investor to be the Third Party Transferee to purchase the Additional Purchased Ordinary Shares.

 

THIS DEED WITNESSES as follows:

 

1.                   Interpretation. Capitalized terms not otherwise defined in this Deed shall have the meanings given to them in the Agreement.

 

2.                   Accession to the Agreement; Acknowledgement.

 

(a)                   SINA hereby ratifies and accedes to the terms of, agrees to be bound by, and assumes all rights and obligations under the terms and conditions of, the Agreement, as if SINA had been an original party to the Agreement in the capacity as the “Third Party Transferee,” a “Purchaser”, and a “Party,” as such terms are defined therein. The other Parties to the Agreement shall be entitled to enforce the Agreement against SINA.

 

(b)                   The Company, the Selling Shareholder, the HK Company, the WFOE, the Domestic Enterprise, the Founders and Jupai Capital Inc. hereby agree, accept and acknowledge (i) Investor’s designation of SINA as the Third Party Transferee pursuant to Section 2.3(ii) of the Agreement; and (ii) SINA’s accession to the Agreement in the capacity as the “Third Party Transferee,” a “Purchaser”, and a “Party,” as such terms are defined therein. SINA shall be entitled to enforce the Agreement against the other Parties to the Agreement.

 

3.                   Purchase of Additional Purchased Ordinary Shares. In accordance with the Agreement, SINA agrees to purchase from the Selling Shareholder and the Selling Shareholder agrees to sell to SINA, on the Closing Date, the Additional Purchased Ordinary Shares, for Additional Ordinary Purchase Price.

 

3.                   Representation and Warranty. SINA hereby represents and warrants, to the Company and the Selling Shareholder, same as each of the statements contained in Section 5 of the Agreement, and that each of such statements is true and complete as of the date hereof with reference to the facts and circumstances existing as of the date hereof.

 

4.                   Notice. All notices, claims, certificates, requests, demands, and other communications under the Agreement shall be delivered to SINA at the address given at its execution page below.

 

5.                   Incorporation. This Deed shall hereafter be read and construed in conjunction and as one document with the Agreement and references (i) in the Agreement to “the Agreement” or “this Agreement”, or (ii) in other Transaction Agreements to “the Series B Share Purchase Agreement”, and references in all other instruments and documents executed thereunder or pursuant to such document, shall for all purposes refer to the Agreement incorporating and as supplemented by this Deed.

 

6.                   Governing Law and Dispute Resolution. This Deed shall be governed by and construed in all respects in accordance with the laws of Hong Kong. In relation to any legal action or

 

 

proceedings arising out of or in connection with this Deed, the Parties hereby irrevocably submits to arbitration in accordance with Section 11.12(b) of the Agreement.

 

[Remainder of this page intentionally left blank]

 

 

IN WITNESS WHEREOF this Deed of Adherence has been executed as a deed by the Parties on the date set forth above.

 

For and On Behalf of

 

SINA Hong Kong Limited

 

	
By:
    	
/s/   Charles Cao
    	
 
    
	
 
    	
Name:   Charles Cao
    	
 
    
	
 
    	
Title:   CEO
    	
 
    

 

Address for notice: 

 

Attn: 

Tel: 

Fax:

 

 

IN WITNESS WHEREOF this Deed of Adherence has been executed as a deed by the Parties on the date set forth above. 

 

COMPANY: 

 

	
Jupai Investment Group (Cayman)
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Hu Tianxiang
    	
 
    
	
 
    	
Name:   Hu Tianxiang
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
HK COMPANY:
    	
 
    
	
 
    	
 
    	
 
    
	
Jupai Hong Kong Investment Limited
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Hu Tianxiang
    	
 
    
	
 
    	
Name:   Hu Tianxiang
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
WFOE:
    	
 
    
	
 
    	
 
    
	
Shanghai Juxiang Investment Management Consulting   Co., Itd.
    	
 
    
	
 
    	
 
    
	

    	
 
    
	
(Seal)
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Hu Tianxiang
    	
 
    
	
 
    	
Name:   Hu Tianxiang
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
DOMESTIC ENTERPRISE:
    	
 
    
	
 
    	
 
    	
 
    
	
Shanghai Jupai Investment Consulting   Co., Ltd.
    	
 
    
	
 
    	
 
    
	

    	
 
    
	
(Seal)
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Hu Tianxiang
    	
 
    
	
 
    	
Name:   Hu Tianxiang
    	
 
    
	
 
    	
Title:
    	
 
    

 

 

IN WITNESS WHEREOF this Deed of Adherence has been executed as a deed by the Parties on the date set forth above. 

 

	
SELLING   SHAREHOLDER: 
    	
 
    
	
 
    	
 
    
	
Jupai   Holding Inc. 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:   
    	
/s/   Hu Tianxiang
    	
 
    
	
 
    	
Name:   Hu Tianxiang
    	
 
    
	
 
    	
Title:
    	
 
    

 

 

IN WITNESS WHEREOF this Deed of Adherence has been executed as a deed by the Parties on the date set forth above. 

 

	
FOUNDERS:  
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ HU TIANXIANG
    	
 
    
	
HU   TIANXIANG 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ LI KELIANG
    	
 
    
	
LI   KELIANG 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Jupai   Capital Inc. 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ LI KELIANG
    	
 
    
	
 
    	
Name:   LI KELIANG
    	
 
    
	
 
    	
Title:
    	
 
    

 

 

IN WITNESS WHEREOF this Deed of Adherence has been executed as a deed by the Parties on the date set forth above.

 

	
INVESTOR:
    	
 
    
	
 
    	
 
    
	
E-House   (China) Real Estate Asset Management Ltd.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Wu Qiming
    	
 
    
	
 
    	
Name:   Wu Qiming
    	
 
    
	
 
    	
Title:

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