Thank you for standing by for Jupai's First Quarter 2019 Earning Conference Call. (Operator Instructions) Please note today's conference call is being recorded. If you have any objections, you may disconnect at this time.
I'd now like to turn the meeting over to your host for today's conference, Mr. Harry He, Jupai's Investor Relations Director.
Hello, everyone and welcome to Jupai's earnings conference call for the first quarter ended March 31, 2019. Leading the call today is Mr. Jianda Ni, our Chairman and CEO, who will review the highlights for the first quarter of 2019. 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 discussions 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 renminbi.
I will now turn the call over to Mr. Jianda Ni, our Chairman and CEO. And I will interpret his remarks for you.
Thank you, Harry, and welcome everyone to today's conference call. Jupai's first quarter 2019 operating results remained under pressure, in addition to fewer working days resulting from the Chinese New Year holiday, weaker-than-expected investor confidence amid the unsettled US-China trade conflict contributed to the headwinds we faced in the quarter. As a result, our total net revenue for the first quarter of 2019 declined by 35.1% year-over-year to RMB281 million. Our total assets under management as of March 31, 2019 was RMB53 billion, a 2.8% decrease from one year ago.
Given the macro-economic uncertainties, we believe investor confidence will return gradually in the late of 2019. Amid the prolonged market downturn, Jupai will remain dedicated to executing our three strategies to optimize our business.
Firstly, we will look to grow our real estate equity products more proactively. We believe that real estate is an asset class with relatively lower investment risk compared to other categories such as consumer credit or supply chain management products. The rising funding costs and the current volatility in the real estate industry should continue to provide an excellent entry point for investors to gain exposure to equity from leading real estate companies. Given Jupai's abundant real estate industry experience, we are well positioned to identify the highest quality real estate projects for our investors.
Secondly, we will continue enhancing our risk control system. We believe risk management capability is one of the most critical aspects of wealth management products and the key to enhancing investor confidence. Over the past several years, we have improved our risk control systems across our entire product life cycle, and in the months ahead we will further strengthen our quality standards for
Chairman and Chief Executive Officer
We are pleased that you like our content! Sign Up now to access premium content for free, a very limited time offer.
Welcome! Create your account
You are successfully registered!
An activation link has been sent to your mail. Please activate and login.