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    Heqing (Helen) Li

    Research Analyst at UBS Group AG

    Heqing (Helen) Li is an Executive Director and Equity Research Analyst at UBS Group AG, specializing in Chinese and Hong Kong equities with a strong focus on consumer and retail sectors. She has covered major companies including Li Ning, Anta Sports, and JD.com, delivering industry-recognized research and sector calls. Li's career spans significant roles at global institutions including a previous position at Citigroup, culminating in her current UBS appointment where she has built a strong reputation for accuracy and performance-driven analysis. Professionally, she is registered and credentialed as an analyst and maintains relevant securities qualifications suitable for her position.

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

    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.

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