Heqing (Helen) Li's questions to NOAH HOLDINGS (NOAH) leadership • Q2 2025
Question
Heqing (Helen) Li of UBS inquired about Noah's new private credit digital yield fund, asking for specifics on the strategy, fee structure, and client interest. She also questioned the company's broader cryptocurrency plans and the CIO's house view on asset allocation, particularly regarding offshore versus onshore product demand and the outlook for H2 2025.
Answer
Senior IR Director Doreen Chew detailed that the stablecoin yield fund is a strategic partnership with Coinbase, aligning with a multi-year CIO recommendation for clients to allocate to this asset class. She confirmed the fee structure is standard and noted rising client interest in investment products. The Chairlady (via Doreen Chew) emphasized a prudent approach, suggesting a 1-5% allocation to compliant crypto-related products, with plans for more offerings based on evolving client demand.