Wealth management services provider Jupai, which completed a $53m IPO in July 2015, is set to secure $22.9m from Sina and Julius Baer.
China-based wealth management firm Jupai is in the process of raising $22.9m in funding from media company Sina and private banking group Julius Bär, China Money Network reported on Thursday.
Sina committed to acquiring 2.88 million ordinary shares for a 4.99% stake, investing $5.3m through its subsidiary Sina Hong Kong. Julius Bär, through its subsidiary Julius Bär Investment, will purchase 9.59 million shares for $17.5m, boosting its stake from 10% to 11.53%.
The deal is expected to close this month.
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