Jupai Holdings Limited American Depositary Shares, each representing six ordinary shares

Thank you for standing by for Jupiter's second quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question and answer session. Please note today's conference call is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the meeting over to your host for today's conference, Mr. Eddie Guo, Jupiter's IR Director. Please go ahead.

Hello, everyone, and welcome to GPI's earnings conference call for the second quarter of 2021 and the six months ended June 30th, 2021. Leading the call today is Mr. Chen Danyi, our chairman and CEO, who will reveal the highlights for the second quarter of 2021 and the six months ended June 30th, 2021. I will then discuss our financial results. We will then open the call to questions, at which time our CFO, Ms. Min Liu, will also be available. Before we continue, I refer you to our safe harbor statement in the earnings press release, which applies to this call, as we will make forward-looking statements. Also, this call includes discussion of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to the most directly comparable gap measures. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB. I will now turn the call over to Mr. Gendani, our chairman and CEO, and I will interpret his remarks for you.

Thank you, Eddie.

And welcome everyone to today's conference call. In the second quarter of 2021, investment sentiment among high net worth individuals remained stable amidst improved market expectations. GPI continued to adjust our business strategy and model to comply with market changes, developments within the wealth management industry, as well as regulatory requirements. We saw improved business performance and operational capabilities with net revenues growing 14.3% quarter-on-quarter to RMB 95.66 million. GPI proposed a new goal of improving client experience at the beginning of 2021, and our continuous efforts have been recognized by the clients through pre-investment matching process, system upgrading, and internal cooperation. The average transaction amount per customer was RMB 3.32 million, a year-on-year increase of 23.5%, and a quarter-on-quarter increase of 8.1%. The customer repeat purchase rate was 92.4%.

In the second quarter, leveraging our advantages in sourcing products and experience in the wealth management industry

GPI continues to further develop and strengthen real estate products and invest more in standardized products. In terms of the secondary market products, GPI focuses on the development of standardized products and continues to upgrade our product selection. The variable performance base in the second quarter increased by 226% quarter-on-quarter to RMB 15 million, the second highest since listing, mainly due to the strong performance of standardized products in the secondary market.

在监管层对行业可持续发展的新要求下,我们对财富管理行业和GPI的未来发展保持信心,继续尽心尽力为中国的高竞争人群提供多样化的高质量的投资产品服务。 Under the new regulatory framework promoting the sustainable development of our industry, we remain optimistic in GPI and the long-term prospects of China's wealth management industry.

We will continue striving to provide a diverse portfolio of high-quality products and services for China's high-level individuals.

I will now turn the call over to Eddie to go through the financial results for the second quarter of 2021 and the six months ended June 30, 2021.

Thank you. Thank you, Nizong. We are encouraged to see improved business performance and operational capabilities with net revenues growing 14.3% quarter-on-quarter to RMB 95.66 million and the amount with per capita rising 4.4% quarter-on-quarter to RMB 9.66 million. For the second half of 2021, we will continue to improve our productivity while optimizing overall client experience. Now I will walk you through our financial highlights for the second quarter of 2021 and the six months ended June 30, 2021. NAS revenues for the second quarter of 2021 were RMB 95.7 million, an 11.8% decrease from the corresponding period in 2020, primarily due to decreases in one-time commissions and recurring management fees. NAS revenues were RMB 179.3 million, For the first half of 2021, a decrease of 12.5% from the same period in 2020. Operating costs and expenses for the second quarter of 2021 for RMB 95.4 million, a decrease of 22.0% from the corresponding period in 2020. For the first half of 2021, operating costs and expenses for RMB 175.6 million, a decrease of 24.0% from the same period in 2020. Operating margin for the second quarter of 2021 was 0.3% as compared to negative 12.8% for the corresponding period in 2020. For the first half of 2021, operating margin was 2.1% compared to negative 12.7% for the same period in 2020. Net income attributable to ordinary shareholders for the second quarter of 2021 was RMB 2.0 million as compared to net loss attributable to ordinary shareholders of RMB 10.5 million from the corresponding period in 2020. For the first half of 2021, net income attributable to ordinary shareholders was RMB 5.9 million as compared to net loss attributable to ordinary shareholders of RMB 30.4 million from the same period in 2020. Net margin attributable to ordinary shareholders for the second quarter of 2021 was 2.1%, as compared to negative 9.7% from the corresponding period in 2020. For the first half of 2021, net margin attributable to ordinary shareholders was 3.3%, compared to negative 14.8% for the same period in 2020. Net income attributable to ordinary shareholders per basic undiluted ADNs for the second quarter of 2021 was RMB 0.06 and RMB 0.06, respectively, as compared to net loss attributable to ordinary shareholders per basic and diluted ADS of RMB 0.31 and RMB 0.31, respectively, from the corresponding period in 2020. For the first half of 2021, net income attributable to ordinary shareholders per basic and diluted ADS with RMB 0.18 and RMB 0.18 respectively as compared to net loss attributable to ordinary shareholders per basic undiluted ADS of RMB 0.91 and RMB 0.91 respectively for the same period in 2020. That concludes our prepared remarks. I will now turn the call back to the operator to begin the Q&A session.

Thank you. The question and answer session of this conference call will start in a moment. To ask a question, please press star 1 on your telephone keypad and wait for a name to be announced. To cancel a request, immediately press the pound or hash key. Once again, to ask a question, please press star 1 on your telephone. The first question comes from the line of Lee Hawley from UBS. Please go ahead.

Thank you for this opportunity. This is Yu-Hua Li from EBS. I have two questions. The first one is, in the second quarter, the aggregate value of JuPi's wealth management products distributed remained basically the same as previous quarter, and the net revenue increased quarter on quarter. Can management share with us what factors contribute to the performance? The second question is, Can management share more on product performance in this quarter, and what are the future plans for the rest of 2021? Thanks. Pardon the interruption.

This is the operator. We have lost our speaker line connection. Please stay online until we connect back the speaker line. Thank you. Please stay online until we connect back to speaker line, and your line will be on musical until we connect the lines back. Thank you. Pardon the interruption. This is the operator. We have lost the speaker line connection. Please stay online until we connect the speaker line back to the call. Thank you. And your line will be on music all until we connect the lines back. Thank you. Thank you. Thank you. On an interruption, we have got the speaker lines back.

Thank you for your question, Yehua.

In the first half of 2021, China's overall economic development showed a steady trend of strengthening and improving despite a complex domestic and overseas environment. China's GDP for the second quarter of 2021 increased by 7.9% over the same period last year, and investment sentiment among high-net-worth individuals remained stable amidst improved market expectations.

The second quarter, the second quarter, the second quarter, the second quarter, the second quarter, During this quarter, GPI continues to adjust our business strategy and model to comply with market changes, developments within the wealth management industry, as well as regulatory requirements.

We saw improved business performance and operational capabilities, with net revenue growing 14.3% quarter-on-quarter to RMB 95.66 million. The Nangev-adopted net income, attributable to R&D shareholders, was RMB 5.54 million. GPI's aggregate value of wealth management products distributed increased slightly to RMB 1.89 billion compared to the first quarter of 2021. One-time commissions increased 26.7% quarter-on-quarter to RMB 39.57 million, and recurring services increased 23.0% to RMB 33.99 million. J-PAC continues to build a new financial system and has achieved significant results.

The current total number of people in the second quarter is 9.66 million yuan, which is 4.4% higher than before. Zhonghuotai繼續開源節流,繼續控制成本,應收賬款回收取得成效,通過業務模式調整,組織架構優化,提升資金使用力,現金流得到了改善。 G-Pi saw strong results in the second quarter as we launched a new incentive system and continued to build a team of elite financial advisors, with the amount raised per capita rising 4.4% to RMB 9.66 million.

While further implementing cost control measures, our mid and back office continued to expand revenue sources and reduce expenditure. We have also achieved good results in recovery of accounts receivable and seen improved cash flows through adjusting our business model and optimizing our organizational structure. 公司在今年提出了提升客户体验的新目标,通过投钱设备系统升级内部组织系统配合,收获了客户的认可,

Ji Hai proposed a new goal of improving client experience at the beginning of 2021, and our continuous efforts for a pre-investment matching process, system upgrades, and internal cooperation have been recognized by clients.

The average transaction amount per customer this quarter was RMB 3.32 million, a year-on-year increase of 23.5%, and a quarter-on-quarter increase of 8.1%. The customer repeat purchase rate was 92.4%. In terms of our asset transparent system strategy, G-Pi will continue to implement our transparency initiative throughout the product lifecycle consisting of researching, raising funds, investment, management, and withdrawal. we have invited hundreds of clients to participate in the project selection process and to conduct inspection activities. JIPAN also focuses on post-investment management to protect client interests, including providing updates on project programs and investment strategies with clients through post-investment meetings. 投资人应冀州智能制造2018年私募股权投资基金

In the case of a lawsuit between Jipai Real Estate and Jipai Investment Group, the Shanghai Municipal Financial Court has registered a second trial in June 2021. The company will continue to seek help in the legal framework. Recent media reports will not affect my own and the management's confidence in the company's development and will not affect the company's long-term strategic goal of making assets transparent.

Due to the lawsuit between investors and Juzhou Asset Management Shanghai Co. Ltd. and Jupai Holdings Ltd. regarding the Juzhou Intelligent Manufacturing 2018 Private Equity Investment Fund, the Shanghai Financial Court made a judgment during the second trial at the end of June 2021. Jupai will continue to seek judicial relief within the legal framework. The chairman and management team remain confident in the company's development despite recent media reports and the judgment will not affect G-Pi's long-term strategic goal of asset transparency.

我现在回答第二个问题。 2021年二季度, G-Pi发挥自身的资源优势和在财富管理行业的长期经验, 加强标准化产品的投入,继续做深做强地产产品。 二季市场方面,公司早已发展标准化产品, 进一步丰富二季市场产品的策略构成, The first step is to complete the pre-product line layout, which is still in the multi-market environment, which can meet the client's asset allocation needs. In the second quarter, the variable profit margin is 226% to 15 million RMB, reaching the second highest since last time, mainly due to the good performance of second-tier market standardization products. In addition to private products, Qipai continues to increase the scale of public products and insurance products.

In the second quarter, leveraging our advantages in sourcing products and experience in the wealth management industry, GPI continued to further develop and strengthen United States products and invest more in standardized products. In terms of secondary market products, GPI focuses on the development of standardized products further diversifying the strategies of secondary market products and basically completing our comprehensive whole product line to meet client asset allocation demands in a variety of market environments. The variable performances in the second quarter increased by 226% quarter-on-quarter to RMB 15 million, the second highest since lifting, mainly due to the strong performance of standardized products in the secondary market. In addition to PE products, Jipai also continues to improve the scale of our mutual fund and insurance product offering. In the second half of 2021, we will also provide better secondary market asset allocation products for investors through strengthening our secondary market research capabilities.

地产产品方面,二季度, Jipai 继续发挥自身优势,严格调整风控标准。 一方面,公司以符合房企融资三条红线标准的中小房企, Leveraging our advantages in real estate products, GPI continues to adjust our risk control measures in the second quarter.

We cooperated with small and medium-sized real estate enterprises that meet three red-line standards. The real estate product raising has not been affected by the macro policies for the industry. Jipai also actively carries out themed real estate projects that focus on education, pension, and ESG projects.

股权类产品方面, Jipai 股权团队 We will continue to adopt a stable investment philosophy, and we will already have a head-on investment, including a multi-layered capital fund, and not a single company. In the second quarter, there will be ten multi-layered companies successfully listed in the capital fund investment project. In the third quarter, we will continue to deeply bind the head of the industry management around the three major industrial sectors of technology, medical care, and consumption, including the advantage of

G-Pi's PE team continued to focus on investing in master funds with multiple underlying targets rather than investing in a single company. During this quarter, 10 listed issuers were underlying assets in G-Pi's private equity funds. In the third quarter, we will continue to work with leading GPs focusing on medical, science and technology, and consumption industry, to explore better investment opportunities for investors.

China's wealth management industry has huge potential for further development in the new economic era.

The quality of wealth management must be further improved to strengthen structural transformation of resident wealth. This is a key driver of creating stable funds, supporting scientific and technology innovation, and deepening the role of the capital market for the long term. Together with other wealth management institutions with the expertise and experience to serve investors, GPI is confident and capable to participate in the long-term development of China's wealth management industry. 财富管理未来发展能否长期健康稳定将得以

including the increase in financial management of products and markets, strengthening the legalization of financial management of the market, and the construction of a monitoring system, all of which are highly recognized by the monitoring system. The monitoring system is responsible for supporting the real estate market, building the real estate market, and gradually clearing the real estate market, and promoting the formation of a good market trend and the direction of the industry's ecology. The monitoring system's statement refers to the industry's stubbornness. The corresponding reform ideas and methods are very clear. Thank you, Yehua.

The long-term healthy and stable development of wealth management will benefit from improved regulatory measures, including strengthened information disclosure for the wealth management products and markets, the legalization of wealth management market, and the development of an effective supervision system. GPI highly agrees with the direction of the regulators on supporting real private equity activities, cracking down on random private equity activities, resolutely eliminating fake private activities and promoting the structure of good market order and industry ecosystems. The statements coming from the regulators directly address the crucial issues facing the industry. The corresponding solutions and methods to lay the foundation for the high quality and sustainable development of the industry are very clear. DPI will continue to implement our asset transparent system strategy to create more value for underlying assets through recognizing and assessing the risks of underlying assets. We are committed to improving the quality of wealth management services as we work to create a new benchmark for value in our industry as we contribute to China's economic transformation by supporting the establishment of an open, fair, and just financial environment. Thank you, Yu Hua.

Thank you. Once again, ladies and gentlemen, if you wish to ask a question, please press star 1 on the telephone keypad and wait for a name to be announced. Thank you. Once again, ladies and gentlemen, to ask a question, please press star 1 on the telephone. Thank you. Once again, to ask a question, it's star one on the telephone keypad. Thank you. Thank you. We are now approaching the end of the conference call. I will now turn the call over to Dubai's IR Director, Eddie Guo, for closing remarks. So please go ahead.

This concludes today's call. If you have any follow-up questions, please get in contact with us. Thank you very much.

Thank you for your participation in today's conference call. You may all now disconnect. Good day. Thank you for standing by for July 2nd, quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question and answer session. Please note today's conference call is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the meeting over to your host for today's conference, Mr. Eddie Guo, GPI's IR Director. Please go ahead.

Hello, everyone, and welcome to GPI's earnings conference call for the second quarter of 2021 and the six months ended June 30th, 2021. Leading the call today is Mr. Chen Danyi, our Chairman and CEO who will reveal the highlights for the second quarter of 2021 and the six months ended June 30th, 2021. I will then discuss our financial results. We will then open the call to questions at which time our CFO, Ms. Min Liu, will also be available. Before we continue, I refer you to our safe harbor statement in the earnings press release, which applies to this call, as we will make forward-looking statements. Also, this call includes discussion of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to the most directly comparable GAAP measures. Finally, please note that, unless otherwise stated, all figures mentioned during this conference call are in RMB. I will now turn the call over to Mr. Jendani, our chairman and CEO, and I will interpret his remarks for you.

Thank you, Eddie, and welcome everyone to today's conference call.

In the second quarter of 2021, investment sentiment among high-net-worth individuals remained stable amidst improved market expectations. GPI continued to adjust our business strategy and model to comply with market changes, developments within the wealth management industry, as well as regulatory requirements. We saw improved business performance and operational capabilities with net revenues growing 14.3% quarter-on-quarter to RMB 95.66 million. GPI proposed a new goal of improving client experience at the beginning of 2021, and our continuous efforts have been recognized by the clients through pre-investment matching process, system upgrading, and internal cooperation. The average transaction amount per customer was RMB 3.32 million, a year-on-year increase of 23.5%, and a quarter-on-quarter increase of 8.1%. The customer repeat purchase rate was 92.4%.

In the second quarter of 2022, Xipai will enhance its own resource advantage and long-term experience in the financial management industry, strengthen the investment of standardized products, and continue to develop and strengthen real estate products.

In the second quarter, leveraging our advantages in sourcing products and experience in the wealth management industry, GPI continued to further develop and strengthen real estate products and invest more in standardized products. In terms of the secondary market products, GPI focuses on the development of standardized products and continues to upgrade our product selection. The variable performance base in the second quarter increased by 226% quarter-on-quarter to RMB 15 million, the second highest since listing, mainly due to the strong performance of standardized products in the secondary market.

Under the new regulatory framework promoting the sustainable development of our industry,

we remain optimistic in GPI and the long-term prospects of China's wealth management industry. We will continue striving to provide a diverse portfolio of high-quality products and services for China's high-level individuals. I will now turn the call over to Eddie to go through the financial results for the second quarter of 2021 and the six months ended June 38, 2021. Thank you. Thank you, Nizong. We are encouraged to see improved business performance and operational capabilities with net revenues growing 14.3% quarter-on-quarter to RMB 95.66 million and the amount with per capita rising 4.4% quarter-on-quarter to RMB 9.66 million. For the second half of 2021, we will continue to improve our productivity while optimizing overall client experience. Now I will walk you through our financial highlights for the second quarter of 2021 and the six months ended June 30, 2021. Nest revenues for the second quarter of 2021 were RMB 95.7 million an 11.8% decrease from the corresponding period in 2020, primarily due to decreases in one-time commissions and recurring management fees. Net revenues were RMB 179.3 million for the first half of 2021, a decrease of 12.5% from the same period in 2020. Operating costs and expenses for the second quarter of 2021 were RMB 95.4 million, a decrease of 22.0% from the corresponding period in 2020. For the first half of 2021, operating costs and expenses for RMB 175.6 million, a decrease of 24.0% from the same period in 2020. Operating margin for the second quarter of 2021 was 0.3%, as compared to negative 12.8% for the corresponding period in 2020. For the first half of 2021, operating margin was 2.1% compared to net 12.7% for the same period in 2020. Net income attributable to ordinary shareholders for the second quarter of 2021 was RMB 2.0 million as compared to net loss attributable to ordinary shareholders of RMB 10.5 million from the corresponding period in 2020. For the first half of 2021, net income attributable to ordinary shareholders was RMB 5.9 million as compared to the net loss attributable to ordinary shareholders of RMB 30.4 million from the same period in 2020. Net margin attributable to ordinary shareholders for the second quarter of 2021 was 2.1% as compared to negative 9.7% from the corresponding period in 2020. For the first half of 2021, net margin attributable to ordinary shareholders was 3.3% compared to negative 14.8% for the same period in 2020. Net income attributable to ordinary shareholders per basic and diluted ADS for the second quarter of 2021 was RMB 0.06 and RMB 0.06 respectively as compared to net loss attributable to ordinary shareholders per basic and diluted ADS of RMB 0.31 and RMB 0.31 respectively from the corresponding period in 2020. For the first half of 2021, net income attributable to ordinary shareholders per basic and diluted ADS was RMB 0.18 and RMB 0.18 respectively as compared to net loss attributable to ordinary shareholders per basic and diluted ADS of RMB 0.91 and RMB 0.91 respectively for the same period in 2020. That concludes our prepared remarks. I will now turn the call back to the operator to begin the Q&A session. Operator?

Thank you. The question and answer session of this conference call will start in a moment. To ask a question, please press star 1 on your telephone keypad and wait for name to be announced. To cancel the request, you need to press the power hash key. Once again, to ask a question, please press star 1 on your telephone. The first question comes from the line of Ewhale from EBS. Please go ahead.

Thank you for the opportunity. This is Ewhale from EBS. I have two questions. The first one is, in the second quarter, the aggregate value of DuPai's wealth management products distributed remained basically the same as previous quarter, and the net revenue increased quarter on quarter. Can management share with us what factors contribute to the performance? The second question is, Can management share more on product performance in this quarter, and what are the future plans for the rest of 2021? Thanks.

Pardon the interruption. This is the operator. We have lost our speaker line connection. Please stay online until we connect back to speaker line. Thank you. Please stay online until we connect back to speaker line, and your line will be on music all until we connect the lines back. Thank you. Pardon the interruption. This is the operator. We have lost the speaker and connection. Please stay online until we connect the speaker line back to the call. Thank you. And your line will be on music all until we connect the lines back. Thank you. Thank you. So, On an interruption, we have got the speaker lines back.

Thank you for your question, Yehua.

In the first half of 2021, China's overall economic development showed a steady trend of strengthening and improving despite a complex domestic and overseas environment. China's GDP for the second quarter of 2021 increased by 7.9% over the same period last year, and investment sentiment among high-net-worth individuals remained stable amidst improved market expectations.

The development of the financial management industry and the requirements of supervision continue to adjust the business strategy and model, and continue to improve the performance and operating ability of the business. In the second quarter, the actual net net income of 95.66 million RMB increased by 14.3% compared to that of the shareholder, which is 554 million RMB. The total amount of RMB reached 18.9 billion RMB in the first quarter. During this quarter, GPI continued to adjust our business strategy and model to comply with market changes, developments within the wealth management industry, as well as regulatory requirements.

We saw improved business performance and operational capabilities with net revenue growing 14.3% quarter-on-quarter to RMB 95.66 million. The NANGAP-adopted net income attributable to R&D shareholders was RMB 5.54 million. GPI's aggregate value of wealth management products distributed increased slightly to RMB 1.89 billion compared to the first quarter of 2021. One-time commissions increased 26.7% quarter-on-quarter to RMB 39.57 million, and recurring services increased 23.0% to RMB 33.99 million.

JPEG continues to build a new ice-cold financial system, and it has achieved significant results. The second quarter's net profit is 9.66 million RMB, which is 4.4% higher than before. Zhonghuotai繼續開源節流,繼續控制存本,應收賬款回收取得成效,通過業務模式調整,組織架構優化,提升資金使用的現金流得到了改善。 G-Pi saw strong results in the second quarter as we launched a new incentive system and continued to build a team of elite financial advisors, with the amount raised per capita rising 4.4% to RMB 9.66 million.

While further implementing cost control measures, our mid- and back-office continued to expand revenue sources and reduce expenditure. We have also achieved good results in recovery of accounts receivable and seen improved cash flows through adjusting our business model and optimizing our organizational structure.

If I proposed a new goal of improving client experience at the beginning of 2021, and our continuous efforts for a pre-investment matching process, system upgrades, and internal cooperation have been recognized by clients,

The average transaction amount per customer this quarter was RMB 3.32 million, a year-on-year increase of 23.5%, and a quarter-on-quarter increase of 8.1%. The customer repeat purchase rate was 92.4%. In terms of our asset transparency strategy, G-Pi will continue to implement our transparency initiative throughout the product lifecycle consisting of researching, raising funds, investment, management, and withdrawal. we have invited hundreds of clients to participate in the project selection process and to conduct inspection activities. JIPAN also focuses on post-investment management to protect clients' interests, including providing updates on project programs and investment strategies with clients through post-investment meetings. 投资人应冀州智能制造2018年私募股权投资基金

In 2021, the Shanghai Financial Court registered a second trial in June. The company will continue to seek help in the legal framework. Recent media reports will not affect my own and the management's confidence in the company's development and will not affect the company's long-term strategic goals of asset transparency.

Due to the lawsuit between investors and Juzhou Asset Management Shanghai Co. Ltd. and Jupai Holdings Ltd. regarding the Juzhou Intelligent Manufacturing 2018 Private Equity Investment Fund, the Shanghai Financial Court made a judgment during the second trial at the end of June 2021. Jupai will continue to seek judicial relief within the legal framework. The chairman and management team remain confident in the company's development despite recent media reports and the judgment will not affect J-Pi's long-term strategic goal of asset transparency.

我现在回答第二个问题。 2021年二季度, J-Pi发挥自身的资源优势和在财富管理行业的长期经验, 加强标准化产品的投入,继续做深做强地产产品。 二季市场方面,公司早已发展标准化产品, 进一步丰富二季市场产品的策略构成, The first step is to complete the pre-product line layout, which is still in the multi-market environment, which can meet the client's asset allocation needs. The second quarter's variable interest rate is 226% higher than the previous one, which is 15 million yuan. It has reached the second highest since the last time, mainly due to the good performance of second-tier market standardized products. In addition to private products, J-PAC continues to increase the scale of public products and insurance products.

In the second quarter, leveraging our advantages in sourcing products and experience in the wealth management industry, GPI continued to further develop and strengthen real estate products and invest more in standardized products. In terms of secondary market products, GPI focuses on the development of standardized products, further diversifying the strategies of secondary market products, and basically completing our comprehensive whole product line to meet client asset allocation demands in a variety of market environments. The variable performances in the second quarter increased by 226% quarter-on-quarter to RMB 15 million, the second highest since lifting, mainly due to the strong performance of standardized products in the secondary market. In addition to PE products, JIPAN also continues to improve the scale of our mutual fund and insurance product offering. In the second half of 2021, we will also provide better secondary market asset allocation products for investors through strengthening our secondary market research capabilities.

地产产品方面,二季度,JIPAN继续发挥自身优势,严格调整风控标准, 一方面公司以符合房企融资三条红线标准的中小房企展开合作, 房地产产品的募集并未受到国家宏观行业政策的影响。 另一方面,GPI继续开展主题地产项目, 包括计较教育、养老以及符合ESG投资理念的项目。 Leveraging our advantages in real estate products, GPI continues to adjust our risk control measures in the second quarter.

We cooperated with small and medium-sized real estate enterprises that meet three red-line standards. The real estate product raising has not been affected by the macro policies for the industry. Jipai also actively carries out themed real estate projects that focus on education, pension, and ESG projects.

股权类产品方面, Jipai 股权团队 We will continue to be a stable investment in the future, and we will be able to invest in the future. We will be able to invest in the future. We will be able to invest in the future.

G-Pi's PE team continued to focus on investing in master funds with multiple underlying targets rather than investing in a single company. During this quarter, 10 listed issuers were underlying assets in G-Pi's private equity funds. In the third quarter, we will continue to work with leading GPs focusing on medical, science and technology, and consumption industry, to explore better investment opportunities for investors.

China's wealth management industry has huge potential for further development in the new economic era.

The quality of wealth management must be further improved to strengthen structural transformation of resident wealth. This is a key driver of creating stable funds, supporting scientific and technology innovation, and deepening the role of the capital market for the long term. Together with other wealth management institutions with the expertise and experience to serve investors, GPI is confident and capable to participate in the long-term development of China's wealth management industry. 财富管理未来发展能否长期健康稳定将得以

including the increase in financial management products and market competitiveness, strengthening the legalization of financial management markets, and the construction of monitoring systems, etc. They are highly recognized by the monitoring city for their support of the real estate market, the development of the real estate market, and the development of the real estate market, and the development of the real estate market, and the development of the real estate market, and the development of the real estate market, and the development of the real estate market. Thank you, Yehua.

The long-term healthy and stable development of wealth management will benefit from improved regulatory measures, including strengthened information disclosure for the wealth management products and markets, the legalization of wealth management market, and the development of an effective supervision system. GPI highly agrees with the direction of the regulators on supporting real private equity activities, cracking down on random private equity activities, resolutely eliminating fake private activities and promoting the structure of good market order and industry ecosystems. The statements coming from the regulators directly address the crucial issues facing the industry. The corresponding solutions and methods to lay the foundation for the high quality and sustainable development of the industry are very clear. G-Pi will continue to implement our asset transparent system strategy to create more value for underlying assets through recognizing and assessing the risks of underlying assets. We are committed to improving the quality of wealth management services as we work to create a new benchmark for value in our industry as we contribute to China's economic transformation by supporting the establishment of an open, fair, and just financial environment. Thank you, Yu Hua.

Thank you. Once again, ladies and gentlemen, if you wish to ask a question, please press star 1 on the telephone keypad and wait for a name to be announced. Thank you. Once again, ladies and gentlemen, to ask a question, please press star 1 on the telephone. Thank you. Once again, to ask a question, it's star one on the telephone keypad. Thank you. Thank you. We are now approaching the end of the conference call. I will now turn the call over to Dubai's IR Director, Eddie Guo, for closing remarks. So please go ahead.

This concludes today's call. If you have any follow-up questions, please get in contact with us. Thank you very much.

Thank you for your participation in today's conference call. You may all now disconnect.