Peter Zhang's questions to Noah Holdings Ltd (NOAH) leadership • Q1 2025
Question
Peter Zhang from JPMorgan Chase & Co. asked about the effects of recent market volatility and potential trade tariffs on client behavior, and sought details on the key drivers for the overseas business and any signs of recovery in overseas insurance.
Answer
An unnamed executive responded that while some business-owner clients see short-term trade disruptions, the broader trend is toward asset diversification and overseas expansion. Clients are currently favoring products with higher liquidity and those with an AI theme. For the overseas insurance business, the executive noted the Hong Kong market is competitive, so Noah is focusing on tailor-made, high-premium products, which has successfully increased average premiums. They also see clients shifting from cash to investment products as the interest rate environment changes.