Calvin Wang

Calvin Wang asked about the specific measures Noah Holdings has taken to sustain robust growth in investment product sales during the quarter. He also inquired about the company's strategy for investment product sales across domestic and overseas markets for the fourth quarter, and if there are any particular products that will be a focus.

Answer

CEO Zander Yin referred to the CIO report, highlighting three types of focus products: inflation-fighting funds (property, gold, materials), technology-related investments (including AI), and newly developed businesses like crypto. He noted Noah's enhanced product shelf, particularly in hedge funds and secondary market products, due to connections with the U.S. market since 2016. While acknowledging interest in RMB-related products due to the A-share market, he reiterated a prudent stance and a focus on overseas, technology-related products. Chairwoman Jingbo Wang emphasized Noah's core DNA of serving global Chinese clients with comprehensive services through its global infrastructure (booking centers, ARK, Olive, Glory), aiming for an AUM-driven revenue model. She stressed that the strategy is not about picking specific products but meeting diverse client needs through a global platform and efficient operational models, including commission-based insurance agencies and EAM/IES systems.

Calvin Wang inquired about the specific measures Noah Holdings implemented to achieve robust investment product growth in the past quarter. He also asked about the company's strategy for investment product sales in both domestic and overseas markets for the fourth quarter, and if there are any particular products slated for focused promotion.

Answer

CEO Zander Yin explained that Noah's strategy aligns with its semi-annual CIO report, focusing on three asset categories: traditional inflation-fighting assets, technology-deflationary assets (AI-related), and bridge assets (digital currency related). He noted that Noah's early strategic positioning in AI-related funds since 2016 provides a competitive edge, leading to improved product lines, including strong growth in secondary market hedge funds alongside traditional primary market strengths. Chairwoman Jingbo Wang emphasized Noah's advantageous strategic position to serve global Chinese families across all product lines (equities, bonds, PE, hedge funds, trust, insurance) through its global booking centers, adapting to client needs rather than internal preferences, and leveraging AI for enhanced service quality and efficiency.