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    Noah Holdings Ltd (NOAH)

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    Business Description

    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.

    1. 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.
    2. Asset Management - Oversees investments in private equity, public securities, real estate, multi-strategy, and other products through Gopher Asset Management and Olive Asset Management.
    3. Other Businesses - Includes lending services, such as secured loans to creditworthy clients, though this segment has been strategically de-emphasized since 2019.

    Executive Team

    NamePositionStart DateShort Bio
    Jingbo WangCo-founder, Chairwoman of the BoardAugust 2005Ms. Jingbo Wang co-founded Noah Holdings Limited in August 2005 and served as CEO until December 29, 2023. She has over 22 years of experience in wealth and asset management and previously worked at Xiangcai Securities.
    Zhe YinCo-founder, Director, Chief Executive OfficerDecember 29, 2023 (expected)Mr. Zhe Yin co-founded Noah Holdings Limited and has been a Director since June 2007. He is expected to assume the role of CEO on December 29, 2023. He has over 22 years of experience in wealth and asset management.
    Qing PanChief Financial OfficerNovember 2019Qing Pan has been CFO of Noah Holdings Limited since November 2019. He previously served as COO at Gopher Asset Management and worked at Deloitte for 17 years. He is a certified public accountant in the U.S., China, and Hong Kong.

    Questions to Ask Management

    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?