Jupai Holdings Limited announced changes to the senior management team and board of directors of the Company. Mr. Liang Li has resigned as the chief operating officer ("COO") of the Company, effective immediately, due to personal reasons. Ms. Linda Wong has been appointed as the COO and has resigned as the Company's independent director and a member of the audit committee and nominating and corporate governance committee, effective immediately. Mr. Guoping Yang, who is currently an independent director of the Company, has been appointed as a member of the audit committee of the Board to replace Ms. Wong, effective immediately. Mr. Hongchao Zhu, who is currently an independent director of the Company, has been appointed as a member of the nominating and corporate governance committee of the Board to replace Mr. Wong, effective immediately. Prior to becoming Jupai's COO, Ms. Wong had served as Jupai's independent director since July 2015.