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Noah Holdings Limited (NYSE: NOAH; HKEX: 6686) is a leading wealth management service provider specializing in catering to high-net-worth individuals, particularly Mandarin-speaking clients. The company offers global investment and asset allocation advisory services, distributing a wide range of financial products and managing diverse asset portfolios. Its operations span wealth management, asset management, and other financial services, with a strong presence in China and international markets.
- Wealth Management - Distributes investment products such as private equity, private secondary, mutual funds, public securities, and insurance products, while providing customized financial solutions and value-added services like investor education and trust services.
- Asset Management - Oversees investments in private equity, public securities, real estate, multi-strategy, and other products through Gopher Asset Management and Olive Asset Management.
- Other Businesses - Includes lending services, such as secured loans to creditworthy clients, though this segment has been strategically de-emphasized since 2019.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Zhe Yin ExecutiveBoard | Chief Executive Officer | None | Co-founder of NOAH with over 22 years of experience in wealth and asset management. Previously served as Chairman and CEO of Gopher Asset Management. | View Report → |
Boquan He Board | Non-Executive Director | Founder and Chairman of Guangdong Nowaday Investment Co., Ltd. | Founder of Guangdong Robust Group, which was acquired by Danone. Active in private investments and serves on boards of several private companies in China. | |
Chia-Yue Chang Board | Non-Executive Director | None | Former Chief Marketing Officer and General Manager of Noah Upright. Currently oversees Ethics Compliance, Fairness, and Sustainable Development Committees at NOAH. | |
Cynthia Jinhong Meng Board | Independent Director | Founder and Managing Partner at Credence Investment Holding Limited | Extensive experience in corporate advisory, ESG integration, and equity research. Former Managing Director at Jefferies Hong Kong and Partner at Brunswick Group. | |
Jingbo Wang Board | Chairwoman of the Board | None | Co-founder of NOAH with over 22 years of experience in wealth management. Former CEO of NOAH until December 2023. Recognized as one of the most influential businesswomen in China. |
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Given the 32.6% year-over-year decrease in revenues from mainland China in the third quarter , what specific strategies are you implementing to address the declining domestic market performance and when do you expect to see a stabilization or recovery in domestic revenues?
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While overseas revenues have grown significantly, accounting for over 50% of total revenue for the first time , how sustainable is this growth considering potential regulatory challenges and increased competition in international markets?
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With the 13.8% year-over-year decrease in recurring service fees due to the aging of RMB-denominated AUA and AUM , what steps are you taking to rejuvenate your asset base and enhance recurring revenue streams domestically?
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Operating profit remained consistent despite a reduction in government subsidies to only RMB 37 million year-to-date ; how do you plan to maintain profitability in light of decreasing subsidies and the increasing costs associated with your international expansion?
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Considering the foreign exchange loss of RMB 44 million due to the USD's depreciation against the RMB during the quarter , how are you managing currency risk with your growing overseas business, and what impact could future currency fluctuations have on your financial performance?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
DD Finance Ltd. | 2023 | Noah Holdings acquired 100% of DD Finance Ltd.'s shares for RMB 8.8 million in cash through its indirect wholly owned subsidiary, Dashi Limited, making it an indirect wholly owned subsidiary. The deal, classified as a connected transaction under the Hong Kong Listing Rules, strategically enhances Noah Holdings' technology infrastructure and digital wealth management capabilities by acquiring expertise in online financial training and software copyrights. |
Recent press releases and 8-K filings for NOAH.
- At the AGM on June 12, 2025, all proposed resolutions were duly passed.
- Declared final dividend of RMB 0.831 per share (RMB 275.0 million; approx. US$ 38.3 million) for FY2024; ex-dividend date 02 July 2025, record date 03 July 2025, and payment date 24 July 2025. [1,3]
- Declared special dividend of RMB 0.831 per share (RMB 275.0 million; approx. US$ 38.3 million) payable to shareholders on record as of 03 July 2025. [2,3]
- Form 6-K filed on June 13, 2025 confirms updated dividend announcements for FY2024.
- Reported Q1 2025 product distributions of RMB 16.1 billion (US$ 2.2 billion) and AUM of RMB 149.3 billion (US$ 20.6 billion) as of March 31, 2025.
- At the AGM on June 12, 2025, all proposed resolutions were passed, including the re-election of directors, authorization of remuneration, re-appointment of Deloitte Touche Tohmatsu as auditor, and new issuance and repurchase mandates.
- The board declared RMB 275.0 million as both the final and special dividend, equating to RMB 0.831 per share (approx. US$ 0.116/share) for shareholders of record on July 3, 2025.
- A Form 6-K filed on June 13, 2025 confirmed the updated dividend announcements for FY2024.
- Dividend key dates include an ex-dividend date of 02 July 2025, a record date of 03 July 2025, with payments expected around July 24 for shares and July 31 for ADS holders.
- The 6-K report filed on June 6, 2025 details the monthly return for May 2025, covering movements in authorized share capital and issued shares.
- The filing shows 1,000,000,000 authorized shares with a par value of USD 0.00005 (totaling USD 50,000) and adjustments including a decrease of 383,193 issued shares and an increase of 561,525 treasury shares.
- Additional disclosures include updates under the 2022 Share Incentive Plan (notably the RSU Plan) and confirmation of compliance with regulatory requirements.
- Unaudited Q1 2025 performance: Reported net revenues of RMB614.6 million (US$84.7 million), reflecting a 5.4% decline YoY due to lower domestic insurance and RMB private equity fees.
- Improved profitability: Achieved a 53.1% increase in operating income to RMB186.0 million and a 13.3% rise in net income attributable to shareholders (RMB149.0 million) compared to the prior period.
- Refined segment reporting: Introduced updated domestic and overseas segmentation (effective from Q4 2024) to provide clearer insights into the company’s operational adjustments and strategic progress.
- Noah Holdings Ltd executed share repurchases on May 21, 2025 and May 22, 2025, buying back 21,705 and 3,500 ordinary shares respectively via the New York Stock Exchange.
- The repurchase transactions were completed at a consistent weighted average price of USD 1.897 per share, under the repurchase mandate approved on June 12, 2024.
- The disclosures confirm that the share buybacks were carried out in compliance with applicable listing rules, with detailed reports provided in the 6-K filings.
- Noah Holdings Private Wealth and Asset Management Limited will hold a board meeting on May 28, 2025 to consider and approve its unaudited financial results for Q1 2025, with an earnings conference call scheduled following the announcement.
- The document includes a disclaimer stating that Hong Kong Exchanges and Clearing and the Stock Exchange of Hong Kong take no responsibility for the contents or accuracy of the announcement.
- Issued shares decreased by 3,102,035, with treasury shares increasing by the same amount to maintain total issued shares at 337,362,494 .
- The 6-K report (May 09, 2025) detailed these April 2025 share movements, including adjustments in the authorized share capital and issued shares .
- On May 6, 2025, Noah Holdings executed a share repurchase on the NYSE, buying 1,343 ADSs (equivalent to 6,715 ordinary shares) at an average price of US$1.897 per share .
- This repurchase reduced issued shares from 330,952,149 to 330,945,434, with treasury shares adjusted accordingly .
- The authorized share capital remains unchanged at 1,000,000,000 shares with a total capital of USD 50,000 .
- The document, published May 6, 2025, is a Form 6-K filing that discloses multiple share repurchase transactions by Noah Holdings Limited on the New York Stock Exchange, with repurchase prices around $1.896 to $1.898 per share.
- It details repurchase events on May 2, May 5, April 30, and May 1, 2025, providing information on the number of repurchased shares and adjustments to treasury shares.
- The filing also confirms compliance with relevant listing rules and notes a moratorium period for new share issues or treasury share sales lasting into early June 2025.
- Noah Holdings disclosed multiple share repurchase transactions executed between April 25 and April 29, 2025, where ADSs representing ordinary shares were repurchased at weighted average prices around USD 1.88 per share.
- The report confirms that the repurchases, made on the New York Stock Exchange under a mandate approved on June 12, 2024, resulted in a reduction of issued shares with the repurchased shares held as treasury shares.
- Global Transformation: Net revenues shifted with transaction values up 31% YoY to US$4.3 billion and overseas contributions at 48% of total revenue, driving robust growth .
- Share Repurchases: Executed multiple transactions on April 22, 23, and 24, 2025 under a mandate approved on June 12, 2024, repurchasing 38,440 ADSs (representing 192,200 shares) at approx. US$1.782, US$1.799, and US$1.835 per share, reducing issued shares by about 0.058% per event ; additionally, a US$50 million share repurchase program was initiated .
- Dividends Announced: Declared dividends equal to 100% of its RMB550 million non-GAAP net income, including annual and special dividends .
- Regulatory Filing: Filed a Form 6-K on April 24, 2025 that included the 2024 Annual Report and 2024 Sustainability Report, with authenticity confirmed by CFO Qing Pan .
- Domestic Restructuring: Reorganized domestic sales teams into independent licensed units, achieving over 200% sequential growth in RMB private secondary product transactions in Q4 2024 .