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    Helen Li

    Research Analyst at UBS Group AG

    Helen Li is an Executive Director and Equity Research Analyst at UBS Group AG, specializing in coverage of the Chinese and Hong Kong internet and e-commerce sectors. She covers a range of leading companies including Alibaba, JD.com, Meituan, and Tencent, and has earned a reputation for insightful analysis and accurate investment calls with a success rate consistently tracked through financial research platforms. Helen began her career as an analyst at Barclays Capital in 2012, later joining UBS in 2017, where she has steadily risen to her current executive position. She holds relevant FINRA securities licenses and is recognized for her deep market knowledge, regular appearances in industry rankings, and frequent commentary in financial media.

    Helen Li's questions to NOAH HOLDINGS (NOAH) leadership

    Helen Li's questions to NOAH HOLDINGS (NOAH) leadership • Q1 2025

    Question

    Helen Li of UBS inquired about the impact of Chinese tax authorities investigating overseas assets on high-net-worth client sentiment, and questioned the sustainability of recent reductions in G&A and selling expenses.

    Answer

    CFO Qing Pan acknowledged that clients are receiving tax inquiries, framing it as an enforcement of existing laws. An unnamed executive added that this presents a long-term opportunity for Noah to deepen client relationships through comprehensive wealth and tax planning. Regarding expenses, Qing Pan explained the reduction resulted from both improved back-office efficiency, with a 25% headcount optimization, and fewer Q1 marketing events, noting the lower marketing spend is not considered sustainable.

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