Helen's questions to Noah Holdings Ltd (NOAH) leadership • Q4 2024
Question
An analyst from UBS, identified as Helen, inquired about several key areas: the demand for investment products among high-net-worth clients since the start of the year, the current CIO investment strategy, and the 2025 outlook for insurance product sales. She also asked for details on Noah's business development in the United States and clarification on a significant settlement reversal recorded in the quarter.
Answer
CEO Zander Yin, Chairlady Wang Jingbo, and CFO Qing Pan collectively addressed the questions. Mr. Yin noted a rebound in client investment sentiment, with a preference for liquid products like public securities and hedge funds, as well as AI-themed investments. He acknowledged the fierce competition in the Hong Kong insurance market but stressed Noah's focus on compliance and providing holistic asset allocation advice. Mr. Pan detailed the U.S. expansion, highlighting four locations focused on investment, product selection, and client services, with plans for a third booking center. He confirmed the litigation reversal was a one-off event from a favorable case outcome. Ms. Wang added that 2024 represented a bottom in sentiment and that now is a critical time for clients to adjust their strategic asset allocation.