Exhibit 8.1

List of Significant Subsidiaries and Consolidated Entities

Subsidiaries	Place of Incorporation
Shanghai Juxiang Investment Management Consulting Co., Ltd.	PRC
Baoyi Investment Consulting (Shanghai) Co., Ltd.	PRC
Jupai HongKong Investment Limited	Hong Kong
Jupai Investment International Limited	BVI
Scepter Holdings Limited	Hong Kong
E-capital Assets Management Limited	Cayman
Scepter Pacific Limited	BVI
Jupai Asset Management Inc.	Cayman
Jupai Asset Management Limited	BVI
Jupai Investment Limited	BVI

Consolidated Entities	Place of Incorporation
Shanghai Yidexin Equity Investment Management Co., Ltd.	PRC
Shanghai E-Cheng Asset Management Co., Ltd.	PRC
Shanghai Yedu Enterprise Management Co., Ltd.	PRC