Noah Holdings Limited (NYSE:NOAH)

SHANGHAI, March 27, 2020 /PRNewswire/ -- Noah Holdings Singapore Pte Ltd ("Noah Singapore"), a wholly owned subsidiary of Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), has been granted the Capital Markets Services ("CMS") licence issued by the Monetary Authority of Singapore ("MAS").

With the CMS licence, Noah Singapore can a) deal in capital markets products that are securities and units in a collective investment scheme, and b) provide custodial services. It also allows us to provide financial advisory on a) capital markets products that are securities, units in a collective investment scheme and life policies, and b) arranging of contracts of insurance in respect of life policies, other than contracts of reinsurance.

"Singapore plays a strategic role in Noah's overall expansion in servicing our clients' overall wealth management needs. With the issuance of the CMS licence, Noah will continue to draw on our strengths to serve Noah's high net worth clients with an expanded suite of investment and wealth management solutions in Singapore," said Noah Singapore CEO, Mr. Tao Thomas Wu.

International business markets expansion is of importance

According to 2019 fourth-quarter annual report results released by Noah, Noah has a cumulative allocation scale of RMB686.7 billion and a total of 293,760 high-net-worth clients. The group is actively expanding its global footprint and has established a strong presence with offices in Hong Kong, Jersey, New York, Silicon Valley, Vancouver, Melbourne, and now Singapore. Noah manages businesses in diversified products such as private equity investments, real estate fund investments, open market investments, family wealth and discretionary businesses.

The net income of Noah's overseas businesses increased by 25.4% to nearly RMB1 billion in 2019, which accounts for 22.9% of the Group's total revenue in 2018 to 27.9%.

Noah's overseas businesses have contributed significantly, resulting in continuous advancement of Noah's internationalisation strategy. The comprehensive range of services such as insurance brokerage, family trusts, other asset management and investor education have improved steadily leading to a more cohesive approach to better serve clients, bringing synergy with traditional financial services structure.

According to the Global Financial Centre Index 2019, Singapore is ranked as the 4th most competitive financial centre and has become a strategic link for global investors to access fast-growing and developed markets of the Asia-Pacific region as well as Europe and US.

Noah Singapore, established in 2018, is a wholly owned subsidiary of Noah Group. Noah Singapore is dedicated to providing Chinese high net worth individuals, families and enterprises with a holistic and comprehensive range of global asset allocation, wealth management and other bespoke financial services. Noah Singapore plays an important role of the group's internationalisation strategy.

Singapore Capital Markets Services licence deepens global compliance and operations overseas

The issuance of the CMS licence to Noah Singapore has further expanded and enhanced Noah's overseas footprint.

Prior to this, Noah Hong Kong was approved by the Hong Kong Securities and Futures Commission on January 4, 2012 for Type 1 (securities trading), Type 4 (advising on securities) and Type 9 (providing asset management) licences. In 2016, Ark Trust (Jersey) Co., Ltd. obtained the Jersey Trust Licence. In 2017, Noah America officially obtained the California Insurance Licence.

Relying on the exemption of the financial licence issued by the Hong Kong Securities Regulatory Commission in Australia, Noah has also obtained the authority to carry out financial services in Australia. In 2019, Noah Canada successively obtained three licences: Investment Fund Manager (IFM), Exempted Market Dealer (EMD) and Portfolio Management (PM).

These licences have laid the foundation for compliance of Noah's overseas businesses and also improved Noah's internationalisation expansion steadily.

Mr. Tao Thomas Wu is Chief Executive Officer of Noah Singapore and is also Deputy Group President of Noah Holdings Limited. Mr Wu has nearly three decades of experiences in financial services. He served as Chief Financial Officer of Noah from 2010 to 2013. Prior to re-joining Noah, Mr Wu was Asia Pacific chief strategy officer of Bank Julius Baer. Mr. Wu has also held key executive positions with J.P. Morgan, Alliance Bernstein, and Moody's Investors Services in New York, Singapore, and San Francisco.

FOURTH QUARTER 2019 FINANCIAL RESULTS

• Net revenues for the fourth quarter of 2019 were RMB788.3 million (US$113.2 million), a 4.1% decrease from the corresponding period in 2018.
• - Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of 2019 was RMB1.88 (US$0.27), down from RMB3.64 for the corresponding period in 2018.
  

2020 FORECAST

The global outbreak of a novel strain of coronavirus (COVID-19) has notably slowed down the global economy. Despite the fact that various travel bans in China and cross border have put heavy constraints on the Company's face-to-face interactions with clients, the Company is excited to see a strong momentum in the transaction value of standardized products being offered. Hence, the Company remains reasonably optimistic about the recovery or even a moderate growth in its total transaction value in 2020 compared to 2019. In the meantime, as part of its overall transformation strategy, the Company has decided to further increase its investment in IT infrastructure and online platform development. This will primarily consist of the major upgrades of the Smiling Fund APP, the construction of the global version of Smiling Fund APP and the creation of a new SaaS system for institutional channels. The Company expects to spend around 3-5% of its total net revenue in such investment in 2020. Given the above considerations, the non-GAAP net income attributable to Noah shareholders for the full year 2020 will be in the range of RMB800 million to RMB900 million. This forecast reflects management's current business outlook and is subject to further change.

THIRD QUARTER 2019 FINANCIAL RESULTS

• Net revenues for the third quarter of 2019 were RMB842.0 million (US$117.8 million), a 0.4% increase from the corresponding period in 2018.
•  Net income attributable to Noah shareholders per basic and diluted ADS for the third quarter of 2019 was RMB3.13 (US$0.44) and RMB3.10 (US$0.43), respectively, compared with RMB3.51 and RMB3.41 respectively, for the corresponding period in 2018.
• Non-GAAP Net Income Attributable to Noah Shareholders 
  - Non-GAAP net income attributable to Noah shareholders for the third quarter of 2019 was RMB353.7 million (US$49.5 million), a 23.7% increase from the corresponding period in 2018.
  - Non-GAAP net margin attributable to Noah shareholders for the third quarter of 2019 was 42.0%, up from 34.1% for the corresponding period in 2018.
  - Non-GAAP net income attributable to Noah shareholders per diluted ADS for the third quarter of 2019 was RMB5.73 (US$0.80), up from RMB4.68 for the corresponding period in 2018.
  

The Company's lending business utilizes an advanced risk-management system to assess and facilitate short-term loans to high quality borrowers, often secured with collateral. The total amount of loans originated during the third quarter of 2019 was RMB1.3 billion, compared with RMB4.0 billion in the corresponding period of 2018 as the Company reduced loan origination in response to market changes.

Mr. Yi Zhao, Group President of Noah, said, "In response to the economic environment and our transformation strategy, we are no longer offering single-counterparty credit products to our clients, which is reflected in the decline of the credit product transaction value in the third quarter. Instead, we are focusing on satisfying our clients' fixed income investment needs with public securities products such as standardized NAV-based bond funds, mutual funds, etc. We believe the distribution of these new products will continue to ramp up and drive our transaction value growth in the future. Despite structural changes in our product mix, we still achieved resilient financial results. Moreover, we believe client confidence is gradually recovering and our standardized products will meet our clients' expectations. Looking ahead, in the face of a rapidly changing environment, Noah will continue to focus on implementing product transformation, expanding its overseas business and building up its comprehensive portfolio of services, in order to further enhance our financial platform to fully service high net worth clients."  

2019 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2019 will be in the range of RMB1.0 billion to RMB1.1 billion, the mid-point of which representing an increase of 3.9% compared with the full year 2018. This forecast reflects management's current business outlook and is subject to further change.

THIRD QUARTER 2019 FINANCIAL RESULTS

• Net revenues for the third quarter of 2019 were RMB842.0 million (US$117.8 million), a 0.4% increase from the corresponding period in 2018.
• - Non-GAAP net income attributable to Noah shareholders per diluted ADS for the third quarter of 2019 was RMB5.73 (US$0.80), up from RMB4.68 for the corresponding period in 2018.
  

The Company also announced today that Mr. Grant Pan has been appointed as Chief Financial Officer, succeeding Mr. Shang Chuang who has decided to depart Noah for new professional pursuits, effective November 30, 2019.

Mr. Pan brings over 17 years of experience to the CFO role in areas such as corporate finance and corporate strategy. He has been serving as COO for Noah's asset management business since 2017. Prior to joining Noah, Mr. Pan was an audit partner with a Big Four accounting firm and assisted a number of successful offerings of China-based companies in the global capital markets. Mr. Pan received his MBA and Master's Degree from Northeastern University in Boston, Massachusetts, and Bachelor's Degree from Beijing Foreign Studies University. He is a member of AICPA, CICPA and HKICPA.

Ms. Jingbo Wang, Chairlady and CEO of Noah, commented, "Mr. Pan is an experienced veteran in the financial services industry and brings a blend of operational and strategic experience to our finance operations since joining our company. We are confident that his extensive experience with financial service firms will prove invaluable to our finance planning and execution after stepping into his new role. Meanwhile, we want to extend our warm appreciation to Shang for his services during the past eight years in various key roles of Noah. We respect his decision to return to Hong Kong to pursue new professional endeavors and sincerely wish him the best."

2019 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2019 will be in the range of RMB1.0 billion to RMB1.1 billion, the mid-point of which representing an increase of 3.9% compared with the full year 2018. This forecast reflects management's current business outlook and is subject to further change.

SHANGHAI, July 8, 2019 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NOAH), a leading wealth and asset management service provider in China with a focus on high net worth individuals, is making this announcement to provide an update on the status of certain credit funds managed by Shanghai Gopher Asset Management Co., Ltd. ("Shanghai Gopher Asset Management"), a consolidated affiliated entity of Noah.

In the course of their investing activities, these credit funds provided supply chain financing involving third party companies related to Camsing International Holding Limited ("Camsing"), with a total principal amount of about RMB3.4 billion. The controlling shareholder of Camsing has recently been criminally detained by the Chinese police in connection with suspected fraudulent activity. As the fund manager of these funds, Shanghai Gopher Asset Management has initiated various legal actions and is committed to taking the best course of action to fulfill its obligations and to protect the interests of the investors of these funds.

Fourth Quarter 2018 Financial Results

• Net revenues for the fourth quarter of 2018 were RMB822.1 million (US$119.6 million), a 13.8% increase from the corresponding period in 2017, primarily driven by increased recurring service fees and other service fees.
• Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of 2018 was RMB3.64 (US$0.53), up from RMB2.92 for the corresponding period in 2017.

Ms. Jingbo Wang, Chairlady and CEO of Noah, said, "We are pleased with our 2018 full year results, and we have met the guidance we provided to the market. We have been upgrading our business model over the past few years, which we believe will make us less sensitive to economic cycles and be able to maintain sustainable growth in both revenues and net income."

2019 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2019 will be in the range of RMB1.13 billion to RMB1.18 billion, an increase of 11.9% to 16.8% compared with the full year 2018. This estimate reflects management's current business outlook and is subject to change.

Third Quarter 2018 Financial Results

• Net revenues for the third quarter of 2018 were RMB839.0 million (US$122.2 million), a 22.6% increase from the corresponding period in 2017.
• - Non-GAAP net income attributable to Noah shareholders per diluted ADS for the third quarter of 2018 was RMB4.81 (US$0.70), up from RMB3.52 for the corresponding period in 2017.

Mr. Kenny Lam, Group President of Noah, said, "Despite the volatile macro environment, we have delivered solid operational results for this quarter. A lot of this quarter's results come from efforts from many years prior. We are also very glad to see a much more diversified revenue base. We will continue to invest our resources in building a sustainable growth platform for Noah."

2018 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2018 will be in the range of RMB1 billion to RMB1.05 billion, an increase of 16.7% to 22.6% compared with the full year 2017. This estimate reflects management's current business outlook and is subject to change.

SECOND QUARTER 2018 FINANCIAL RESULTS

• Net revenues for the second quarter of 2018 were RMB797.6 million (US$120.5 million), a 12.8% increase from the corresponding period in 2017.
• Non-GAAP net income attributable to Noah shareholders per diluted ADS for the second quarter of 2018 was RMB4.20 (US$0.63), up from RMB3.84 for the corresponding period in 2017.

Mr. Kenny Lam, Group President of Noah, said, "In the second quarter of 2018, we began to see increased macro-economic and capital market volatility which affected investment sentiment in China. Our focus will be on investing further in client education, enhancing our professional capabilities, diversifying our services and products, and growing our global footprints. In the short term, increased regulatory scrutiny may slow the overall growth rate of the industry, and as a result, we are closely monitoring any development trends affecting the industry generally or our business in particular.  In the long run, however, we believe that the whole market will benefit from the normalized regulation and leading companies like Noah will stand out eventually." 

2018 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2018 will be in the range of RMB1 billion to RMB1.05 billion, an increase of 16.7% to 22.6% compared with the full year 2017. This estimate reflects management's current business outlook and is subject to change.

FIRST QUARTER 2018 FINANCIAL RESULTS

• Net revenues for the first quarter of 2018 were RMB830.9 million (US$132.5 million), a 16.5% increase from the corresponding period in 2017.
• - Non-GAAP net income attributable to Noah shareholders per diluted ADS for the first quarter of 2018 was RMB4.24 (US$0.68), up from RMB4.03 for the corresponding period in 2017.

2018 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2018 will be in the range of RMB1 billion to RMB1.05 billion, an increase of 16.7% to 22.6% compared with the full year 2017. This estimate reflects management's current business outlook and is subject to change.

FOURTH QUARTER 2017 FINANCIAL RESULTS

• Net revenues for the fourth quarter of 2017 were RMB722.1 million (US$111.0 million), an 11.7% increase from the corresponding period in 2016.
• Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2017 was RMB184.67 million (US$28.38 million), a 40.5% increase from the corresponding period in 2016.

The Company's Internet financial services business includes its online wealth management platform as well as micro-lending, payment processing and other online services.

Mr. Kenny Lam, Group President of Noah, said, "2017 marks another year of record-high earnings for us. We believe 2018 will be another exciting year of development as clients broaden their needs and industry regulations provide a more solid foundation of growth. We remain highly focused on building a sustainable platform that deepens client relationships. We will also continue to invest in technology to expand our service coverage and build on our large domestic and global footprint."

2018 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2018 will be in the range of RMB1 billion to RMB1.05 billion, an increase of 15.8% to 21.6% compared with the full year 2017. This estimate reflects management's current business outlook and is subject to change.

SHANGHAI, Sept. 29, 2017 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NOAH), a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises, today announced it has agreed to repurchase Sequoia Capital China's ("Sequoia") stake in its asset management business.

In October 2016, Beijing Sequoia Mingde Equity Investment Center (Limited Partnership) entered into an investment and cooperation agreement with the Company to purchase a certain equity stake in Noah's asset management business held through Gopher Asset Management Co., Ltd. ("Gopher"). As a result of recent Chinese regulatory changes, the completion of the restructuring contemplated in connection with this investment by Sequoia in Gopher requires substantially longer time than originally expected. After careful discussions, the Company and Sequoia mutually agreed to cancel this investment and have the Company repurchase all of Sequoia's equity stake in Gopher for an aggregate amount of RMB356 million (approximately US$53.9 million). After such repurchase is completed, Sequoia will not have any direct equity interests in the Company's asset management business but will remain an important shareholder of the Company.

"Regulatory changes have lengthened Gopher's restructuring process substantially. Given such changes, the Company and Sequoia both believe that it would decrease uncertainties and serve the Company's long-term strategies better for the Company to repurchase Sequoia's stake in Gopher and allow Gopher to be wholly-owned by the Company. Sequoia remains a strategic, long-term shareholder of Noah. We will continue to work with Sequoia, as before, on multiple fronts - in wealth management, asset management and our on-line business," commented Noah's President Kenny Lam.

SECOND QUARTER 2017 FINANCIAL RESULTS

• Net revenues for the second quarter of 2017 were RMB707.3 million (US$104.3 million), an 8.5% increase from the corresponding period in 2016.
• Non-GAAP net income attributable to Noah shareholders for the second quarter of 2017 was RMB226.5 million (US$33.4 million), a 14.4% increase from the corresponding period in 2016.
• Non-GAAP net margin attributable to Noah shareholders for the second quarter of 2017 was 32.0%, up from 30.4% for the corresponding period in 2016.
• Non-GAAP net income attributable to Noah shareholders per diluted ADS for the second quarter of 2017 was RMB3.84 (US$0.57), up from RMB3.37 for the corresponding period in 2016.

Mr. Kenny Lam, Group President of Noah, said, "We have delivered robust earnings in the first half of 2017.  We are excited by the new talents we are on-boarding to our core team and the foundation we have built.  We will continue to focus on executing our long-term strategy as China's leading wealth and asset manager."

2017 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2017 will be in the range of RMB825 million to RMB860 million, an increase of 14.1% to 18.9% compared with the full year 2016. This estimate reflects management's current business outlook and is subject to change.

SHANGHAI, July 24, 2017 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NOAH), a leading wealth and asset management services provider with a focus on global wealth investment and asset allocation services for high net worth individuals and enterprises in China, announced today that the Company received an investment grade long-term issuer credit rating from S&P Global Ratings  ("S&P") with stable outlook, which reflects S&P's belief that Noah will be able to maintain its market position, prudent risk management practices, and limited financial liabilities in the next 12-24 months. Upon receipt of this rating, Noah has become the first Chinese wealth management company to be rated investment grade by S&P.

"The investment grade rating received by Noah is evidence of our commitment to financial stability and risk management prudence at a time when the Company is growing rapidly. S&P's review further validated our pledge to only distribute and manage products with no guaranteed returns or undue leverage, which differentiates Noah from many of its peers, and we also believe this effort supports the long-term development of the broader wealth management and asset management industries in China," said Kenny Lam, Group President of Noah. "We see this as an excellent step forward for Noah."

SHANGHAI, June 29, 2017 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NOAH), a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises, today announced that its board of directors has authorized a share repurchase program. Effective on July 8, 2017, the Company is authorized to repurchase up to $50 million of its issued and outstanding American Depositary Shares (ADSs) for a 12-month period (the "2017 Share Repurchase Plan"). Over the past 12 months, the Company has repurchased 280,956 ADSs for an aggregate purchase price of approximately $6.4 million.
The proposed share repurchases may be made on the open market at prevailing market prices pursuant to Rule 10b-18 of the Securities Exchange Act of 1934, in privately negotiated transactions, in block trades or otherwise from time to time depending on market conditions and in accordance with applicable rules and regulations. Noah's board of directors will review the 2017 Share Repurchase Plan periodically, and may authorize adjustment of its terms and size at its discretion.

Furthermore, as part of the 2017 Share Repurchase Plan, the Company has adopted an automatic trading plan for the purpose of repurchasing up to $20 million of ADSs in accordance with the guidelines specified under Rule 10b5-1 (the "Rule 10b5-1 Plan") under the Securities Exchange Act of 1934, as amended. Rule 10b5-1 allows a company to repurchase its shares or ADSs automatically and regularly at times when it otherwise might be prevented from doing so under the insider trading laws or because of self-imposed blackout periods, provided, among other considerations, that repurchases are made pursuant to a plan adopted when the company is not aware of material nonpublic information or is not otherwise prohibited from acquiring its own shares or ADSs. A large U.S. investment bank is acting as the Company's agent to purchase its ADSs on pre-arranged terms pursuant to the Rule 10b5-1 Plan.

"We are pleased to have a robust balance sheet and strong cash flows, which enable us to return value to shareholders where appropriate through share repurchases and to invest in opportunities that will further strengthen our core capabilities for the longer term," commented Kenny Lam, Noah's Group President.

First Quarter 2017 Financial Results

• Net revenues for the first quarter of 2017 were RMB713.2 million (US$103.6 million), a 17.5% increase from the corresponding period in 2016.
• Non-GAAP net income attributable to Noah shareholders per diluted ADS for the first quarter of 2017 was RMB4.03 (US$0.59), as compared to RMB3.63 for the corresponding period in 2016.

Mr. Kenny Lam, Group President of Noah, commented, "We started 2017 with a strong first quarter and continued momentum.  Our wealth management business continues to grow rapidly with a broader range of high quality services and products, which led to higher client loyalty.  Our asset management business is in the midst of building new capabilities and our new businesses are beginning to deliver impactful results.  We are quite confident of a successful 2017 and will continue to deliver on our long-term strategic objectives."

2017 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2017 will be in the range of RMB825 million to RMB860 million, an increase of 14.1% to 18.9% compared to the full year 2016. This estimate reflects management's current business outlook and is subject to change.

Fourth Quarter 2016 Financial Results

• Net revenues for the fourth quarter of 2016 were RMB646.2 million (US$93.1 million), a 12.6% increase from the corresponding period in 2015, primarily due to increases in one-time commission revenues and recurring service fees more than offsetting the decrease in performance-based income.
• Net income per basic and diluted ADS for the fourth quarter of 2016 was RMB1.90 (US$0.27) and RMB1.86 (US$0.27), respectively, as compared to RMB1.49 and RMB1.46, respectively, for the corresponding period in 2015.

Mr. Kenny Lam, Group President of Noah, commented, "We are very pleased with our fourth quarter and full year financial results. We have delivered record profits in 2016 and beat our profit guidance. 2016 was a year in transition – in market, in regulation and in competition. We have been able to achieve stable operating results amidst the volatile market environment. More importantly, in 2016, we have been able to make substantial progress in building a solid foundation for our medium to long term growth. Our core Wealth Management business has been substantially upgraded in its servicing capabilities and has expanded into new geographies. Our newer businesses – Asset Management and Internet Finance – are bringing impactful results to the Group, with business models refined and new talent added. We are entering into 2017 with high confidence and are committed to extending our leadership across our businesses."

2017 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2017 will be in the range of RMB825 million to RMB860 million, an increase of 14.1% to 18.9% compared to the full year 2016. This estimate reflects management's current business outlook and is subject to change.

SHANGHAI, Dec. 20, 2016 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NOAH), a leading wealth and asset management service provider with a focus on global services for high net worth individuals and enterprises in China, today announced that it has adopted a written trading plan for the purpose of repurchasing up to $20 million of its issued and outstanding American Depositary Shares (ADSs) in accordance with the guidelines specified under Rule 10b5-1 (the "Plan") under the Securities and Exchange Act of 1934, as amended (the "Exchange Act"). The Plan has been established pursuant to, and as part of, the $50 million share repurchase program that was previously authorized by the Company's Board of Directors and announced on June 29, 2016. Rule 10b5-1 allows a company to repurchase its shares or ADSs automatically and regularly at times when it otherwise might be prevented from doing so under the insider trading laws or because of self-imposed blackout periods, provided, among other considerations, that repurchases are made pursuant to a plan adopted when the company is not aware of material nonpublic information or is not otherwise prohibited from acquiring its own shares or ADSs. A large U.S. investment bank is acting as the Company's agent to purchase its ADSs on pre-arranged terms pursuant to the Rule 10b5-1 Plan.

Kenny Lam, Group President of Noah, commented, "We are strongly confident about the outlook for our Company. We believe that our share price is substantially below its intrinsic value and the current valuation does not reflect our confidence in our Company.  With low leverage in the capital structure and continued strong growth in earnings and cash flows, we believe the return of capital through share repurchases represents a good opportunity to enhance long-term shareholder value, which is also consistent with our disciplined and balanced capital allocation strategy. The adoption of the 10b5-1 plan enables us to safely purchase our ADSs automatically and regularly. "

Repurchases made under the plan are subject to the applicable requirements of Rules 10b5-1 and 10b-18 under the U.S. Securities Exchange Act of 1934 as well as certain price, market, volume, and timing constraints specified in the plan. Since repurchases under the plan are subject to certain constraints, there is no guarantee as to the exact number of ADSs that will be repurchased under the plan. Subject to the rules and regulations of the Exchange Act and other applicable laws, the Plan may be suspended or discontinued at any time in the Company's sole discretion. The Company expects to use cash on hand to fund any repurchases.

SHANGHAI, Aug. 29, 2016 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NOAH), a leading wealth and asset management service provider with a focus on global services for high net worth individuals and enterprises in China, today announced the appointment of Mr. Shang-yan Chuang to the position of Chief Financial Officer, replacing Ms. Ching Tao, effective September 1, 2016. At the same time, the Company also announced the appointment of Ms. Ching Tao as Chief Executive Officer of Noah US LLC, Noah's first subsidiary to operate in the United States. Ms. Tao's new appointment will also be effective September 1, 2016.

Mr. Shang-yan Chuang has more than thirteen years of experience in financial services. In March 2011, he joined Noah as a Director of Investment Relations and Corporate Development. In 2012, he founded Noah Holdings (Hong Kong) Limited, one of our major businesses, and served as its Executive Director and Chief Executive Officer until January 2016. Prior to joining Noah, Mr. Chuang was a senior executive at Bank of America Merrill Lynch in Investment Banking Division and Asia Private Equity from 2003 to 2011 based in Hong Kong. Mr. Chuang graduated Magna Cum Laude with a Bachelor of Science in Finance from Stern School of Business at New York University.

Mr. Kenny Lam, Group President of Noah, commented, "We warmly welcome Shang to Noah's group executive leadership team as our new CFO. Shang has an in-depth understanding of Noah, previously as a leader of one of our major businesses, and a proven track record in financial and business management. As the complexity of our businesses grows, Shang can provide highly valuable strategic and financial leadership to the team. At the same time, our expansion in the United States with the formation of Noah US LLC, a new initiative led by Ching, marks another key milestone in the Company's history. This new US presence will allow Noah to introduce much more integrated global wealth and asset management services to our clients. Ching's experience and expertise will provide tremendous leadership for our US expansion. We firmly believe that Shang and Ching's new roles at Noah will help Noah further strengthen its leading market position."

SECOND QUARTER 2016 FINANCIAL RESULTS

• Net revenues in the second quarter of 2016 were RMB651.7 million (US$98.1 million), a 12.8% increase from the corresponding period in 2015.
• Non-GAAP net income per diluted ADS for the second quarter of 2016 was RMB3.37 (US$0.51), compared to RMB3.24 for the corresponding period in 2015. 

Mr. Kenny Lam, Group President of Noah, commented, "In the context of a challenging macro environment in our home market, volatile capital markets, and heightened risk aversion among investors, we are pleased to have delivered steady results in the second quarter. This sustained performance was due primarily to our continuous efforts in product and service differentiation and innovation. The current environment does present strong headwinds but we will continue to invest in building a leading wealth and asset management platform both in China and globally. We are focused on long-term sustainable growth and are very excited about our long-term prospects."

2016 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2016 will be in the range of RMB690 million to RMB720 million, an increase of 14.4% to 19.4% compared to the full year 2015. This estimate reflects management's current business outlook and is subject to change.

SHANGHAI, June 29, 2016 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth and asset management service provider with a focus on global services for high net worth individuals and enterprises in China, today announced that its board of directors has approved a share repurchase program ("Share Repurchase Program"), effective July 8, 2016, which authorizes the Company to repurchase up to US$50 million worth of its issued and outstanding American Depositary Shares over the course of one year. The Share Repurchase Program extends the Company's previous share repurchase program that was effective for 12 months from July 8, 2015. "Given the continued volatility of the market, we believe the Share Repurchase Program helps us protect shareholders' value. We see continued strengths in our business and continue to believe that our shares are undervalued," commented Kenny Lam, Noah's Group President.

The proposed share repurchases may be made on the open market at prevailing market prices pursuant to Rule 10b-18 of the Securities Exchange Act of 1934, in privately negotiated transactions, in block trades or otherwise from time to time depending on market conditions and in accordance with applicable rules and regulations. Noah's board of directors will review the Share Repurchase Program periodically, and may authorize adjustment of its terms and size at its discretion.

First Quarter of 2016 Financial Results

• Net revenues for the first quarter of 2016 were RMB607.2 million (US$94.2million), a 35.6% increase from the corresponding period in 2015, primarily due to increases in one-time commissions and recurring service fees.
• Net income per basic and diluted ADS for the first quarter of 2016 was RMB3.54 (US$0.55) and RMB3.38 (US$0.52), respectively, as compared to RMB2.35 and RMB2.29, respectively, for the corresponding period in 2015.

Mr. Kenny Lam, Group President of Noah, commented, "The macro environment in the first quarter was one of the most volatile in recent years. With our cautious approach to risk management and product selection, we have effectively managed this volatility and continue to deliver solid results. Our clients recognize the benefits of our commitment to long term value investing. We remain focused on building a sustainable, leading wealth and asset management platform."

2016 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2016 will be in the range of RMB690 million to RMB720 million, an increase of 14.4% to 19.4% compared to the full year 2015. This estimate reflects management's current business outlook and is subject to change.

SHANGHAI, January 28, 2016 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), today announced that, at the extraordinary general meeting ("EGM") of shareholders held on January 28, 2016, the Company's shareholders voted in favor of the proposal to adopt a dual-class share structure (the "Dual-class Share Structure"), pursuant to which the Company's authorized share capital shall be re-organized and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one (1) vote and each Class B ordinary share being entitled to four (4) votes on all matters subject to vote at general meetings of the Company, as well as the proposal to amend and restate the Company's memorandum and articles of association to reflect the adoption of the Dual-class Share Structure and other related matters. Ms. Jingbo Wang, Noah's Founder, Chairman and CEO, and Mr. Zhe Yin, Noah's Co-founder, Executive Director and CEO of Noah's subsidiary Gopher Asset Management, will receive Class B ordinary shares and all other shareholders will receive Class A ordinary shares.

"The dual-class share structure is an important part of our long term strategy. We are building our platform for the next decade. This structure will keep our focus on long-term priorities rather than short-term fluctuations and ensure that we keep intact our values and elements of success espoused by our founders", commented Kenny Lam, Noah's Group President.

SHANGHAI, Dec. 28, 2015 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), today announced that it will hold an extraordinary general meeting ("EGM") of shareholders at the Grand Meeting Room on the 3rd Floor, Building C, No. 32 Qin Huang Dao Road, Yangpu District, Shanghai, People's Republic of China on Thursday, January 28, 2016 at 10:00 a.m. local time.

Holders of ordinary shares of record on the close of business on Friday, January 8, 2016 (U.S. Eastern Time) (the "Record Date") or their proxy holders are entitled to vote at the EGM or any adjournment or postponements thereof. Each ordinary shareholder has one vote for each ordinary share held as of the close of business on the Record Date. Holders of record of the Company's American depositary shares ("ADSs") at the close of business on the Record Date who wish to vote the ordinary shares of the Company represented by their ADSs must act through Citibank, N.A., the depositary of the Company's ADS program.

The Company proposes to adopt a dual-class share structure (the "Dual-class Share Structure"), pursuant to which the Company's authorized share capital shall be re-organized and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one (1) vote and each Class B ordinary share being entitled to four (4) votes on all matters subject to vote at general meetings of the Company. Under the proposal, Ms. Jingbo Wang, Noah's Founder, Chairman and CEO, and Mr. Zhe Yin, Noah's Co-founder, Executive Director, and CEO of Noah's subsidiary Gopher Asset Management, would receive Class B ordinary shares and all other shareholders would receive Class A ordinary shares. The Company believes that this structure will support the management team's ability to implement a sustainable development strategy, continuously invest in innovation and achieve the vision of becoming the premier provider of wealth and asset management services for Chinese globally.

THIRD QUARTER 2015 FINANCIAL RESULTS

• Net revenues in the third quarter of 2015 were US$82.6 million, a 31.4% increase from the corresponding period in 2014.
• Net income per basic and diluted ADS for the third quarter of 2015 was US$0.43 and US$0.41, respectively, as compared to US$0.32 and US$0.32, respectively, for the corresponding period in 2014.

Mr. Kenny Lam, Group President of Noah, said, "The macro environment in the third quarter was one of the most volatile in recent years. With our cautious approach to risk management and product selection, we have effectively managed this volatility and continue to deliver solid results. Our clients recognize the benefits of our commitment to long term value investing and we believe that the volatile market conditions create an opportunity for us to expand our client base even further."

"Going forward we will continue to invest in our research, product selection and asset management capabilities, as well as technology platforms to support the sustainable growth of our business. We are pleased to see that this strategy is already bearing fruit and are confident that we will continue to cement Noah's position as a leading wealth and asset management in China," added Mr. Lam.

2015 FORECAST

The Company reiterates its estimate that non-GAAP net income attributable to Noah shareholders for the full year 2015 is expected to be in the range of US$90.0 million to US$95.0 million, an increase of 15.9% to 22.3% compared to the full year 2014. This estimate reflects management's current business outlook and is subject to change.

SHANGHAI, September 22, 2015 /PRNewswire/ -- Noah Holdings Limited ("Noah") (NYSE: NOAH), a leading wealth management services provider with a focus on global wealth investment and asset allocation services for high net worth individuals and enterprises in China, announced today a strategic partnership with UK Trade & Investment (UKTI).

The partnership is designed to open up opportunities for Chinese high net worth individuals in investment, philanthropy, cultural exchanges, and education in the United Kingdom. UKTI will tailor programs for Noah's clients and ensure that they have broad access to the most suitable opportunities across these areas.

"Globalization for both our client bases is a key trend at UKTI and Noah. At Noah, we wish to ensure that we have the best and most comprehensive service platform for our clients. This partnership is another step towards that goal. The United Kingdom is the number one destination for Chinese investment in Europe. Its rich heritage, world-recognized creativity, and mature financial markets represent an ideal market for our clients. We are very glad to be able to partner with UKTI on this endeavor," said Kenny Lam, Noah's Group President, a law graduate from Oxford University.

The Rt Hon Sajid Javid, MP and Secretary of State for Business, Innovation, and Skills, HM Government said, "The UK and China are both global engines of growth and have a truly global partnership that spans not only trade and investment, but also culture, science, research, education and people-to-people exchanges. We very much look forward to this new partnership with Noah as a way of strengthening the links between the UK and China's dynamic entrepreneurs and of introducing more Chinese businesses to the wide range of investment opportunities the UK offers."

Second Quarter of 2015 Financial Results

Mr. Kenny Lam, Group President of Noah, said, "Despite the volatility in the broader market, we continue to see strong momentum across our businesses. We focus on providing a safe haven for our investors through wealth management, which reduces our exposure to short-term volatility. In fact, the market volatility has increased demand for our services from high-quality clients and strengthened our competitive advantage. We will continue to align our product strategy, client coverage and service development with our focus on allocating our clients' assets for long-term returns."

2015 FORECAST

The Company reiterates its estimate that non-GAAP net income attributable to Noah shareholders for the full year 2015 is expected to be in the range of US$90.0 million to US$95.0 million, an increase of 15.9% to 22.3% compared to the full year 2014. This estimate reflects management's current business outlook and is subject to change.

SHANGHAI, July 8, 2015 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth management services provider with a focus on global wealth investment and asset allocation services for high net worth individuals and enterprises in China, today announced that its board of directors has approved a share repurchase program, effective immediately, which authorizes the Company to repurchase up to US$50 million worth of its issued and outstanding American Depositary Shares ("ADSs") over the course of one year.

In addition to the Company's share repurchase program, three executive directors, Ms. Jingbo Wang, Mr. Zhe Yin, and Ms. Chia-Yue Chang, all intend to purchase Noah's ADSs on the open market.

The repurchases will be made on the open market at prevailing market prices or in block trades and subject to restrictions relating to volume, price and timing. The timing and extent of any purchases will depend upon market conditions, the trading price of the ADSs, the nature of other investment opportunities presented to the Company, the Company's cash flows and expected cash flows, general economic conditions and other factors. The Company and executive directors may effect buyback transactions pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

"Management is very confident in the Company's direction and long-term value. We continue to see strong momentum in our current businesses and are committed to delivering on our strategic plans. We note the recent volatility in the stock market, both in China and in the United States, with respect to China-related companies. Our focus has always been in assisting our clients with long-term asset allocation, and we believe that these short-term market fluctuations have limited impact on our core businesses and services. This share repurchase program reflects our confidence in the future prospects of our Company," said Ms. Jingbo Wang, Noah's co-founder, Chairman and CEO.

SHANGHAI, July 8, 2015 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth management services provider with a focus on global wealth investment and asset allocation services for high net worth individuals and enterprises in China, today announced its cooperation with McKinley Capital Management, LLC ("McKinley Capital") and Professor Raphael Amit of the Wharton School regarding global family office solutions. This cooperation will enable Noah to build a market-leading family office solution with global asset allocation capabilities for its clients, and is one of several key initiatives that Noah is taking to augment its global service platform.

Noah has been serving China's high net worth individuals for over a decade and is building a comprehensive global platform to address the changing needs of these clients. Noah began its family office services earlier this year and has witnessed rapidly rising demand -- ranging from domestic discretionary management to active global asset allocation.

Ms. Jingbo Wang, Noah's co-founder, Chairman and CEO, said, "We aim to serve the wealth management needs of Chinese clients globally. This cooperation is a natural next step for us in building our global capabilities."

Kenny Lam, Group President of Noah, said, "This cooperation is one of several core initiatives we are taking this year. Global asset allocation for our clients is an irreversible trend. We are rapidly taking steps to ensure we have the best investment solutions around the world for our family office clients."

Professor Raphael Amit of the Wharton School of the University of Pennsylvania is the Co-founder and Chairman of the Wharton Global Family Alliance and is one of the world's leading experts on key family issues such as governance, wealth management and philanthropy. He has worked closely with Noah and McKinley Capital before and will continue to add valuable insight and guidance for this cooperation.

Rob Gillam, Chief Investment Officer of McKinley Capital and board member of the Wharton Global Family Alliance, said, "Noah is a leader in wealth management in China. We see this collaboration as one that combines the best of two leading firms -- one with an extensive client base and one with best-in-class family office solutions. We are very excited and are committed to the success of this cooperation."

McKinley Capital is a leading investment firm in the United States, led and owned by the Gillam family of Alaska and its employees. It has over 25 years of experience in managing the assets of global institutions and ultra-high net worth families. It owns market-leading proprietary technology that creates best-of-breed, tailored investment solutions for specific risk profiles of high net worth business owners and clients. McKinley Capital is supported by a deep team of investment professionals and leading academics including Nobel Prize winner Dr. Harry Markowitz, best known for his work in modern portfolio theory.

• Net revenues in the first quarter of 2015 were US$71.8 million, a 42.9% increase from the corresponding period in 2014.
• Net income per basic and diluted ADS for the first quarter of 2015 were US$0.38 and US$0.37, respectively, as compared to US$0.30 and US$0.30, respectively, for the corresponding period in 2014.

"We started 2015 strongly, with both revenues and net income in line with our expectations. Our transformation into a comprehensive financial services platform with both wealth and asset management capabilities is gaining momentum." said Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer. "Revenues for the quarter increased 43% year-over-year as we continued to improve our wealth and asset management franchise and acquired a significant number of high net worth, enterprise and family office clients. We also continued to diversify our product mix. Our internet finance platform has gained substantial traction since the end of 2014, with transaction value growing beyond our expectation and our number of enterprise clients increasing by over 56%."

Mr. Kenny Lam, Group President of Noah, said, "Demand for international asset allocation continues to expand tremendously, as we build our wealth and asset management capabilities in Hong Kong. In addition to the strategic investments for our mainland China business, we are exploring deeper partnerships with international players for our services in Hong Kong. During 2015, we will improve our IT and operating systems across Noah to support our rapid growth for the next 3 to 5 years. We are confident that these initiatives will help cement our industry position, enhance our market share and set a firm foundation for future growth."

2015 FORECAST

The Company reiterates its estimates that non-GAAP net income attributable to Noah shareholders for the full year 2015 is expected to be in the range of US$90.0 million to US$95.0 million, an increase of 15.9% to 22.3% compared to the full year 2014. This estimate reflects management's current business outlook and is subject to change.

SHANGHAI, March 19, 2015 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth management service provider with a focus on global wealth investment and asset allocation services for high net worth individuals and enterprises in China, today announced that Sequoia Capital China ("Sequoia Capital"), a leading venture capital firm in China, has made a strategic investment in EJ Wealth Management, Inc. ("Yijie"), Noah's majority-owned subsidiary dedicated to internet finance.

Yijie operates "Yuan Gong Bao," an internet finance platform that provides financial products and services to white-collar professionals in China. As of the end of 2014, Yuan Gong Bao had established cooperative relationships with 205 leading domestic and multinational enterprises in China and achieved cumulative online sales of RMB1.4 billion, representing a 32% compound monthly growth rate since its launch in June 2014.

"Sequoia Capital's investment is a testament to the huge potential of our internet finance business, which we expect to be a key area of growth for Noah in 2015," said Ms. Jingbo Wang, founder, Chairman of the Board of Directors and Chief Executive Officer of Noah. "We plan to use these funds to further expand our product portfolio, strengthen our IT infrastructure and promote the Yuan Gong Bao brand. We anticipate that Yijie will become an increasingly important part of Noah's mission to create a high-quality, reliable wealth management platform for white-collar professionals in China."

"We have been impressed by Yuan Gong Bao's rapid growth and we are bullish on its future prospects," said Mr. Neil Shen, Founding Managing Partner of Sequoia Capital China. "The Yuan Gong Bao platform allows Noah to promote its products and services to a broader group of potential clients, and we look forward to seeing the platform grow to meet the diverse online investment needs of white-collar professionals in China."

Noah plans to expand the Yuan Gong Bao internet finance platform to support a range of additional financial products and services including money market funds, insurance, credit loans, and asset allocation advisory.

FOURTH QUARTER 2014 FINANCIAL RESULTS

• Net revenues in the fourth quarter of 2014 were US$63.3 million, a 39.2% increase from the corresponding period in 2013.
• Net income per basic and diluted ADS for the fourth quarter of 2014 were both US$0.26, as compared to US$0.24 for the corresponding period in 2013.

"We are pleased to deliver robust growth in the fourth quarter and exceed our guidance with non-GAAP net income of US$77.7 million for the full year," said Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer. "In 2014, we continued to diversify our offerings in three core business lines and across asset classes. We also remained committed to developing proprietary products and services to meet our clients' evolving needs as we expanded into overseas asset management and internet finance. With our leading network of relationship managers, diversified product portfolio, and loyal and rapidly growing client base, we are confident that Noah is well-positioned to benefit from the huge potential of the wealth and asset management sectors in China," Ms. Wang added.

Mr. Kenny Lam, President of Noah, said, "Looking to 2015, with the continued strength from our established wealth management and asset management businesses as well as rapid growth from our internet finance business, we are establishing a world class platform to provide our clients with integrated financial products and services. We believe our strategic focus on enhancing our operational efficiency and capabilities, developing new growth drivers and strengthening our talent pool and brand positioning will support our sustainable development over the long term."

2015 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2015 is expected to be in the range of US$90.0 million to US$95.0 million, representing a year-over-year increase in the range of 15.9% to 22.3%. This estimate reflects management's current business outlook and is subject to change.

SHANGHAI, Jan. 28, 2015 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NOAH), China's leading wealth and asset management service provider focusing on high net worth individuals and enterprises in China, today announced that Greenwoods Asset Management, Hillhouse Capital Management and Keywise Capital Management had agreed to purchase an aggregate principal amount of US$80 million of convertible notes issued by the Company through private placement. The convertible notes will bear interest at a rate of 3.5% per annum from the issuance date and mature in February 2020. The convertible notes will be convertible, at the holder's option, into the Company's American depositary shares ("ADSs"), two of which represent one ordinary share of the Company, at a conversion price of $23.03 per ADS, subject to customary adjustments. The Company plans to use the net proceeds from this private placement for the execution of its broader growth strategy, including expansions of the Company's wealth management, asset management and internet finance businesses, and potential investments in or acquisitions of complementary businesses and related licenses.

"We are pleased to have Greenwoods Asset Management, Hillhouse Capital Management and Keywise Capital Management as our strategic investors. We are excited to work with the investors to create greater value for our customers and healthy development of the industry in China. We believe this strategic cooperation will ultimately benefit our customers and shareholders," commented Ms. Jingbo Wang, Co-founder, Chairman of the Board of Directors and Chief Executive Officer of Noah.

The convertible notes and the ordinary shares represented thereby, have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the Securities Act and applicable state securities laws of the United States.

THIRD QUARTER 2014 FINANCIAL RESULTS

• Net revenues in the third quarter of 2014 were US$62.9 million, a 51.7% increase from the corresponding period in 2013.
• Net income per basic and diluted ADS in the third quarter of 2014 were both US$0.32. Non-GAAP net income per diluted ADS in the third quarter of 2014 was US$0.34.

The Company appointed Ms. Ching Tao as its Chief Financial Officer replacing Ms. Chia-Yue Chang, effective November 7, 2014. Ms. Chang will continue her role as executive director of the Company. Ms. Tao has more than 18 years of experience in investment and finance management. Prior to joining the Company, she served as the Chief Financial Officer of Charter Group Holdings Ltd., a high-end, large-scale Chinese department store operator from 2011 to 2014. Ms. Tao worked at Goldman Sachs in Hong Kong, New York and Beijing from 1996 to 2011 and most recently was an Executive Director of the Investment Banking Division of Goldman Sachs Gao Hua Securities Company Ltd. in Beijing. Ms. Tao received an MBA from Columbia Business School in 1996.

Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "We are very pleased to welcome Ms. Tao to the management team. She brings to the Company more than 18 years of financial and investment industry experience and has a proven track record of leading and enhancing companies' financial strategies."

Ms. Wang commented, "Our business maintained strong growth momentum and good performance in the third quarter. In the next 5 to 10 years, wealth management demand will have tremendous potential to grow. We will continue to benefit from our end-to-end and asset light business model, established comprehensive service platform, highly selective asset management strategy with our core capabilities of seeking high quality assets and risk management to further grow market share and improve profitability."

2014 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2014 is expected to be in a range of US$72.0 million and US$76.0 million, representing a year-over-year increase in the range of 27.0% and 34.1%. This estimate reflects management's current business outlook and is subject to change.

APPOINTMENT OF NEW CHIEF FINANCIAL OFFICER

The Company appointed Ms. Ching Tao as its Chief Financial Officer replacing Ms. Chia-Yue Chang, effective November 7, 2014. Ms. Chang will continue her role as executive director of the Company. Ms. Tao has more than 18 years of experience in investment and finance management. Prior to joining the Company, she served as the Chief Financial Officer of Charter Group Holdings Ltd., a high-end, large-scale Chinese department store operator from 2011 to 2014. Ms. Tao worked at Goldman Sachs in Hong Kong, New York and Beijing from 1996 to 2011 and most recently was an Executive Director of the Investment Banking Division of Goldman Sachs Gao Hua Securities Company Ltd. in Beijing. Ms. Tao received an MBA from Columbia Business School in 1996.

SHANGHAI, August 21, 2014 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth management service provider focusing on distributing wealth management products to the high net worth population in China, today clarifies status of the asset management plan of Wanjia Win-Win Jingtai Fund Phase I to Phase IV in response to certain inaccurate reports regarding relevant topics in Chinese media.

From June 13, 2014 to June 18, 2014, Wanjia Win-Win Assets Management Co. Ltd ("Wanjia Win-Win"), a joint venture that Gopher Asset Management Co., Ltd. ("Gopher Assets"), the Company's consolidated affiliate entity, holds 35% equity interest, established the asset management plan of Wanjia Win-Win Jingtai Fund Phase I to Phase IV (the "asset management plan") with Shenzhen Jingtai Fund Management Co., Ltd. ("Jingtai Management"). The term of the plan is one year. Noble Equity Investment Fund (Shanghai) Management Co. Ltd ("Noble"), a subsidiary of the Company, is the investment advisor of the asset management plan.

Shortly after the establishment of the plan, on June 20, 2014, Wanjia Win-Win and Noble discovered that Jingtai Management violated the term and agreed investment strategy of the asset management plan by using funds under the plan for other investment projects. Wanjia Win-Win and Noble took immediate and proactive measures, including reporting Jingtai Management's potential fraudulent actions to the relevant local public security bureau, and quickly controlled and preserved funds under the plan as well as additional assets pledged by concerned counterparties sufficient to cover repayment of principal and returns of the asset management plan. To the Company's knowledge, the asset management plan will repay upon maturity or before date of maturity the expected returns and principals to its investors according to the existing investment contracts subject to completion of the criminal investigation and legal proceedings relating to Jingtai Management's potential fraud. As investment advisor, Noble, together with Wanjia Win-Win, detected mis-use of the funds by Jingtai Management at first instance and took immediate actions, which played a crucial role in safeguarding investors' interests. The Company has promptly contacted each client who has purchased this product through the Company's distribution channels about the status and the repayment plan proposed by the asset management plan. The Company does not currently expect that this incident will have any material adverse effect on its business operations or financial results.

Financial Results for the Second Quarter of 2014

FIRST QUARTER 2014 FINANCIAL RESULTS

• Net revenues in the first quarter of 2014 were US$50.3 million, a 54.1% increase from the corresponding period in 2013.
• Non-GAAP net income per diluted ADS in the first quarter of 2014 was US$0.32 vs. last years same quarter of US$0.32

Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "Benefiting from continuous optimization in business model and development of management team in the past two years, our business maintained strong growth momentum and performed better than expected in the first quarter." Ms. Wang continued, "In addition, our asset management capability was further enhanced and the Noah brand is more recognized among high net worth clients in China."

Ms. Theresa Teng, Chief Financial Officer, said, "Both transaction value and net revenues reached record heights in the first quarter as we continually grow customer base and execute strategic initiatives. More importantly, operating margin and net margin increased from the previous year which demonstrated improvement of operational efficiency."

2014 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2014 is expected to be in a range of US$72.0 million and US$76.0 million, representing a year-over-year increase in the range of 27.0% and 34.1%. This estimate reflects management's current business outlook and is subject to change.

SHANGHAI, March 18, 2014 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth management service provider focusing on distributing wealth management products to the high net worth population in China, today announced that three Noah entities successfully completed the registration of private security investment, equity investment and venture capital investment business with Asset Management Association of China ("AMAC") and each received a private investment fund manager registration certificate from AMAC.

The three entities are Gopher Asset Management Co., Ltd., Tianjin Gopher Asset Management Co., Ltd. and Gopher Nobel (Shanghai) Asset Management Co., Ltd. Such registration with AMAC allows these Noah entities to independently conduct private security investment businesses without having to involve third parties. Noah operates its comprehensive asset management platform mainly through the three entities to provide asset allocation and management services to high net worth individuals, families and institutional clients. As of December 31, 2013, total accumulated asset under management was RMB31 billion.

Relevant PRC laws require independent fund managers to complete the registration with AMAC before they can independently launch private securities investment fund. These three Noah entities are among the first 50 PRC entities to receive the private investment fund manager registration certificate from AMAC.

Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "We are very pleased that three Noah entities were included in the first 50 PRC entities to receive the private investment fund manager registration certificate from AMAC. This allows us to further develop our asset management business and enhance our core competitive advantage." Ms. Wang continued, "We expect the private investment industry to enter into a rapid growing stage and we believe we are well-positioned to take advantage of this market opportunity."

FOURTH QUARTER 2013 FINANCIAL HIGHLIGHTS

• Net revenues in the fourth quarter of 2013 were US$45.4 million, an 81.1% increase from the corresponding period in 2012.
• Net income per basic and diluted ADS for the year 2013 were US$0.94 and US$0.92, respectively, as compared to US$0.41 for 2012.

Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "The strong performance in the fourth quarter and full year 2013 reflects the steady expansion in business scale and improvement in overall management efficiency. We continued to enhance our asset management capability while growing our wealth management business. Looking forward, Noah will focus on further diversifying product mix to provide comprehensive financial services to high net worth individual and institutional clients, which are expected to strengthen our competitive advantage." Ms. Wang continued, "With effective strategy and necessary resources, we believe we are well-positioned to expand our business in 2014 to secure long-term sustainable growth."

Ms. Theresa Teng, Chief Financial Officer, said, "In 2013, both transaction value and net revenues grew significantly while operating efficiency and profitability also improved year over year. As a result, our full year non-GAAP net income exceeded our forecast. We are confident that our business will continue to contribute growth and profitability in 2014."

2014 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2014 is expected to be in a range of US$72.0 million and US$76.0 million, representing a year-over-year increase in the range of 27.0% and 34.1%. This estimate reflects management's current business outlook and is subject to change.

THIRD QUARTER 2013 FINANCIAL Results

• Net revenues in the third quarter of 2013 were US$41.5 million, a 61.0% increase from the corresponding period in 2012.
• Net income per basic and diluted ADS in the third quarter of 2013 were both US$0.25. Non-GAAP net income per diluted ADS in the third quarter of 2013 was US$0.27.

Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "The significant growth of our business in the third quarter was driven by overall structural improvements. These improvements include enhancement in product development, client servicing and operating capability which has helped us scale new heights."

Mrs. Theresa Teng, Chief Financial Officer, said, "The improvement of product mix was in line with the corporate strategy. In addition, our operating margin and net margin both increased from the previous year. We are confident that we will achieve our full year financial targets."

2013 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2013 is expected to be in a range of US$50.0 million and US$55.0 million, representing a year-over-year increase in the range of 86.4% and 105.0%. This estimate reflects management's current assessment and is subject to change.

SECOND QUARTER 2013 FINANCIAL RESULTS

• Net revenues in the second quarter of 2013 were US$44.3 million, a 132.1% increase from the corresponding period in 2012.
• Income from operations in the second quarter of 2013 was US$18.4 million, a 156.3% increase from the corresponding period in 2012.
• Net income attributable to Noah shareholders in the second quarter of 2013 was US$14.4 million, a 133.1% increase from the corresponding period in 2012. Non-GAAP[1] net income attributable to Noah shareholders in the second quarter of 2013 was US$16.1 million, a 128.5% increase from the corresponding period in 2012.
• Net income per basic and diluted ADS in the second quarter of 2013 were both US$0.26. Non-GAAP net income per diluted ADS in the second quarter of 2013 was US$0.29.

2013 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2013 is expected to be in a range of US$50.0 million and US$55.0 million, representing a year-over-year increase in the range of 86.4% and 105.0%. This estimate reflects management's current assessment and is subject to change.

APPOINTMENT OF NEW CHIEF FINANCIAL OFFICER

The Company appointed Dr. Theresa Teng as its Chief Financial Officer replacing Mr. Tao Thomas Wu, effectiveAugust 21, 2013. Mr. Wu will continue his service for the Company and will help the Company explore new business initiatives. Dr. Teng has more than 15-year investment and finance management experience. Prior to joining the Company, she served as the Chief Financial Officer of PPS.TV, one of the leading internet TV players in China, the head of finance of Semiconductor Manufacturing International Corp. (NYSE:SMI, HKSE:0981), and the director of D.B. Zwirn & Co., a New York based alternative investment fund. In addition, Dr. Teng taught Finance at Ming Chuan University in Taiwan for seven years.

Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "We are pleased to welcome Dr. Teng to our senior management team. We look forward to drawing upon Dr. Teng's extensive experience as our business continues to grow."

"We thank Mr. Wu for his leadership and dedication for his tenure as Chief Financial Officer. Since joining us inMarch 2010, Mr. Wu has made significant contributions to Noah both in risk management and financial control," Ms. Wang continued. "Mr. Wu will continue to work with us and explore new business initiatives for Noah. Despite of the change in management, our business strategy remains unchanged."

Ms. Wang commented. "I am pleased that our second quarter results exceeded our expectations, and we have updated our 2013 full year forecast accordingly. We believe that the significant growth in our business was driven by overall structural improvements, including enhancement in product development, client servicing and operating capabilities. These improvements will continue to drive future growth."

SHANGHAI, Aug. 8, 2013 /PRNewswire/ -- Noah Holdings Limited (NYSE: NOAH; the "Company"), a leading wealth management service provider focusing on distributing wealth management products to the high net worth population in China, today announced that it will release unaudited financial results for the second quarter of 2013 after the US market closes on Wednesday, August 21, 2013. The Company also announces its updated 2013 forecast and a recent address change of its principal executive offices.

The Company currently estimates that non-GAAP net income attributable to Noah shareholders for the full year 2013 is expected to be in a range of US$50.0 million and US$55.0 million, representing a year-over-year increase in the range of 86.4% and 105.0%. This estimate reflects management's current assessment and is subject to change. Noah's non-GAAP net income is net income under US GAAP excluding the effects of all forms of share-based compensation.

The Company recently moved and changed its principal executive offices to No. 32 Qinhuangdao Road, Building C, Shanghai200082, P. R. China.

Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "We are very pleased to announce our updated 2013 forecast, which is above the previously announced range of US$33.0 million andUS$37.0 million. The growth in our business has been faster than we had anticipated. We started to make structural improvements and take strategic initiatives in organizational structure, management, and product innovation since the first half of 2012. All of our business units, including our asset management business, our mutual fund business and our Hong Kongbusiness, had meaningful growth in the first half of 2013. We look forward to a robust year in 2013."

FIRST QUARTER 2013 FINANCIAL RESULTS

• Net revenues in the first quarter of 2013 were US$32.6 million, a 94.3% increase from the corresponding period in 2012.
• Income from operations in the first quarter of 2013 was US$11.9 million, a 352.1% increase from the corresponding period in 2012.
• Net income attributable to Noah shareholders in the first quarter of 2013 was US$9.6 million, a 251.6% increase from the corresponding period in 2012. Non-GAAP[1] net income attributable to Noah shareholders in the first quarter of 2013 wasUS$10.7 million, a 193.8% increase from the corresponding period in 2012.
• Net income per basic and diluted ADS in the first quarter of 2013 were US$0.18 and US$0.17, respectively. Non-GAAP net income per diluted ADS in the first quarter of 2013 was US$0.19.

Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "It was a record quarter for the company, with historical highs set for nearly all operating metrics. These results are reflections of structural improvements and strategic initiatives we have been making since the first half of 2012 in organizational structure, management, and product innovation." Ms. Wang continued, "I am also pleased that all of our business units, including our mutual business and ourHong Kong business, continued to make meaningful progress this quarter. In addition, we were able to continue to grow our asset management business."

Mr. Tom Wu, Chief Financial Officer, said, "It was a robust quarter. We were able to improve key financial metrics with strong revenue growth driven by broad client engagement in total transaction value and number of active clients, which led to improved profitability and record quarterly earnings. We are committed to delivering profitable and quality growth for our shareholders."

2013 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2013 is expected to be in a range of US$33.0 million and US$37.0 million, representing a year-over-year increase in the range of 23.0% and 37.9%. This estimate reflects management's current business outlook and is subject to change.

SHANGHAI, May 14, 2013 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth management service provider focusing on distributing wealth management products to the high net worth population in China, today announced that in view of the unusual market activity in the stock of Noah on Monday, May 13, 2013, the New York Stock Exchange has contacted the Company in accordance with its usual practice. The Company stated that its policy is not to comment on unusual market activity or rumors.

FIRST QUARTER 2013 FINANCIAL RESULTS

• Net revenues in the first quarter of 2013 were US$32.6 million, a 94.3% increase from the corresponding period in 2012.
• Income from operations in the first quarter of 2013 was US$11.9 million, a 352.1% increase from the corresponding period in 2012.
• Net income attributable to Noah shareholders in the first quarter of 2013 was US$9.6 million, a 251.6% increase from the corresponding period in 2012. Non-GAAP[1] net income attributable to Noah shareholders in the first quarter of 2013 was US$10.7 million, a 193.8% increase from the corresponding period in 2012.
• Net income per basic and diluted ADS in the first quarter of 2013 were US$0.18 and US$0.17, respectively.Non-GAAP net income per diluted ADS in the first quarter of 2013 was US$0.19.

Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "It was a record quarter for the company, with historical highs set for nearly all operating metrics. These results are reflections of structural improvements and strategic initiatives we have been making since the first half of 2012 in organizational structure, management, and product innovation." Ms. Wang continued, "I am also pleased that all of our business units, including our mutual business and our Hong Kong business, continued to make meaningful progress this quarter. In addition, we were able to continue to grow our asset management business."

Mr. Tom Wu, Chief Financial Officer, said, "It was a robust quarter. We were able to improve key financial metrics with strong revenue growth driven by broad client engagement in total transaction value and number of active clients, which led to improved profitability and record quarterly earnings. We are committed to delivering profitable and quality growth for our shareholders."

2013 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2013 is expected to be in a range of US$33.0 million and US$37.0 million, representing a year-over-year increase in the range of 23.0% and 37.9%. This estimate reflects management's current business outlook and is subject to change.

SECOND QUARTER 2012 FINANCIAL HIGHLIGHTS

• Net revenues in the second quarter of 2012 were US$19.1 million, an 18.1% decrease from the corresponding period in 2011.
• Income from operations in the second quarter of 2012 was US$7.2 million, a 32.0% decrease from the corresponding period in 2011.
• Net income attributable to Noah shareholders in the second quarter of 2012 was US$6.2 million, a 30.7% decrease from the corresponding period in 2011.
• Non-GAAP net income attributable to Noah shareholders in the second quarter of 2012 was US$7.1 million, a 24.4% decrease from the corresponding period in 2011.
• Net income per basic and diluted ADS in the second quarter of 2012 were both US$0.11.
• Non-GAAP net income per diluted ADS in the second quarter of 2012 was US$0.12.

Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "Despite current macro challenges, our business has started to improve and we achieved the second best quarter in terms of total transaction value distributed. In addition we are cautiously optimistic about the future of our mutual fund distribution business and our overseas business as both have started to generate revenue."

Mr. Tom Wu, Chief Financial Officer, said, "We continue to focus on operating leverage to improve profitability and earnings growth going forward. We aim to increase branch and relationship manager productivity through training and IT infrastructure."

2012 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2012 is expected to be in a range of US$22.0 million and US$25.0 million, representing a year-over-year decline in the range of 15.8% and 4.3%. This estimate reflects management's current business outlook and is subject to change.

SHANGHAI, July 17, 2012 /PRNewswire-Asia/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), the leading independent service provider focusing on distributing wealth management products to the high net worth population in China, today announced its updated 2012 forecast.

The Company currently estimates that non-GAAP net income attributable to Noah shareholders for the full year 2012 is expected to be in a range of US$22.0 million and US$25.0 million, the midpoint of the revised range represents a year-over-year decline of approximately 10%. This estimate reflects management's current assessment and is subject to change. Noah's non-GAAP net income is net income under US GAAP excluding the effects of all forms of share-based compensation.

"The growth in our business has been slower than we had anticipated. Uncertainty of macro environment continued to impact clients' risk appetite, affecting clients' overall demand for wealth management products Noah distributes and types of products purchased. This, along with lower one-time commission rate from shorter duration of fixed income products purchased by clients, as a result of risk aversion, dampened revenues outlook for the Company this year," said Tom Wu, Chief Financial Officer. "We remain positive on longer term outlook of China's wealth management industry, driven by economic growth and liberalization in financial markets in the future, and we have continued to invest in our business, including Noah Upright, our mutual fund distribution business, and our office in Hong Kong. These should further compliment product capability and improve servicing needs of our client base."

SHANGHAI, May 22, 2012 /PRNewswire-Asia/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), the leading independent service provider focusing on distributing wealth management products to the high net worth population in China, today announced that its board of directors has approved a share repurchase program, effective immediately, which authorizes the Company to repurchase up to US$30 million worth of its issued and outstanding American Depositary Shares ("ADSs") over the course of one year.

The proposed share repurchase may be made on the open market at prevailing market prices pursuant to Rule 10b5-1 and/or Rule 10b-18, in privately negotiated transactions, in block trades or otherwise from time to time depending on market conditions and in accordance with applicable rules and regulations. Noah's board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size.

FIRST QUARTER 2012 FINANCIAL HIGHLIGHTS

• Net revenues in the first quarter of 2012 were US$16.8 million, a 10.8% increase from the corresponding period in 2011.
• Income from operations in the first quarter of 2012 was US$2.6 million, a 60.2% decrease from the corresponding period in 2011.
• Net income attributable to Noah shareholders in the first quarter of 2012 was US$2.7 million, a 52.6% decrease from the corresponding period in 2011.
• Non-GAAP[1] net income attributable to Noah shareholders in the first quarter of 2012 was US$3.7 million, a 40.5% decrease from the corresponding period in 2011.
• Net income per basic and diluted ADS in the first quarter of 2012 were both US$0.05. Non-GAAP net income per diluted ADS in the first quarter of 2012 was US$0.06.

Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "Market environment has started to stabilize in the first quarter and we continued to focus on implementing our strategic initiatives to develop our mutual fund distribution business and our offshore business. During this quarter, we distributed several landmark products, which demonstrated yet again the importance of understanding client's needs and product innovation."

Mr. Tom Wu, Chief Financial Officer, said, "We are single-mindedly committed to deliver profitable growth for our shareholders by focusing on branch management, training and productivity. We will endeavor to realize economies of scale and to improve our profitability in the coming quarters."

2012 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2012 is expected to be in a range of US$30.0 million and US$35.0 million, representing a year-over-year increase in the range of 14.8% and 34.0%. This estimate reflects management's current business outlook and is subject to change.

Fourth Quarter 2011 Results

• Net revenues in the fourth quarter of 2011 were US$14.4 million, essentially flat compared with the corresponding period in 2010.
• Income from operations in the fourth quarter of 2011 was US$2.1 million, a 65.6% decrease from the corresponding period in 2010.
• Net income attributable to Noah shareholders in the fourth quarter of 2011 was US$3.5 million, a 16.8% decrease from the corresponding period in 2010. Non-GAAP¹ net income attributable to Noah shareholders in the fourth quarter of 2011 was US$4.3 million, a 9.0% decrease from the corresponding period in 2010.
• Net income per basic and diluted ADS in the fourth quarter of 2011 were both US$0.06. Non-GAAP net income per diluted ADS in the fourth quarter of 2011 was US$0.07.

Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, “This has been another growth and profitable year for Noah together with strong network expansion. Looking forward, Noah will continue to build upon our leading position in China’s wealth management industry by deepening our local market penetration.” Ms. Wang continued, “Recently, we have made strategic progress in several areas, including being granted a mutual fund distribution license by the China Securities Regulatory Commission, which we announced on February 22, 2012, as well as opening an office in Hong Kong, which is our first office outside the Chinese mainland and has obtained a license from the Securities and Futures Commission of Hong Kong to deal in securities, advise on securities and provide asset management services. We are also pleased to announce our first annual dividend which we believe is in the best interests of our shareholders.”

Mr. Tom Wu, Chief Financial Officer, said, “In 2011, we made significant investments in our infrastructure and talent which we expect to leverage in the upcoming years. In 2012 we will continue to focus on growth, profitability and productivity. And our first dividend since our initial public offering in November 2010 reflects our commitment to shareholders and the Company’s strong cash flow.”

DECLARATION OF CASH DIVIDEND

Noah also announced today that its Board of Directors (the "Board") has authorized and approved the Company’s payment of an annual cash dividend of US$0.14 per American depositary share (“ADS”), or US$0.28 per ordinary share (two ADSs represent one ordinary share). The annual dividend is the first since Noah’s initial public offering in November 2010 and will be payable on or about April 15, 2012 to holders of ordinary shares (which includes holders of ADSs) of record as of the close of business on March 30, 2012. Dividends to be paid to the Company’s ADS holders through the depositary bank will be subject to the terms of the deposit agreement, including the fees and expenses payable thereunder. Declaration and payment of future dividends is at the discretion of the Board and may be adjusted as the Board may deem necessary or appropriate in the future.

2012 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2012 is expected to be in a range of US$30.0 million and US$35.0 million, representing a year-over-year increase in the range of 14.8% and 34.0%. This estimate reflects management’s current business outlook and is subject to change.

SECOND QUARTER 2011 FINANCIAL HIGHLIGHTS

• Net revenues in the second quarter of 2011 were US$23.3 million, a 199.1% increase from the corresponding period in 2010.
• Income from operations in the second quarter of 2011 was US$10.6 million, a 346.4% increase from the corresponding period in 2010.
• Net income attributable to Noah shareholders in the second quarter of 2011 was US$8.9 million, a 367.4% increase from the corresponding period in 2010. Non-GAAP¹ net income attributable to Noah shareholders in the second quarter of 2011 was US$9.3 million, a 213.6% increase from the corresponding period in 2010.
• Net income per basic and diluted ADS in the second quarter of 2011 were both US$0.16. Non-GAAP net income per diluted ADS in the second quarter of 2011 was US$0.16.

Ms. Jingbo Wang, Co-founder, Chairwoman of the board of directors and Chief Executive Officer, commented, “We made significant progress in increasing our product scale and activating our client base. We will continue to focus on both client breadth and depth by distributing quality, differentiated and innovative products.”

Mr. Tom Wu, Chief Financial Officer, said, “We achieved a very strong quarter with over US$1.2 billion transaction value, revenue growth of around 199.1% year over year and non-GAAP net income of US$9.3 million. This reflects the strength of our increasing platform and brand with our clients and product providers.”

To date, we have financed our operations primarily through cash generated from our operating activities, the proceeds from the private placement of our series A preferred shares and net proceeds from our initial public offering. Our principal uses of cash for the years ended December 31, 2008, 2009 and 2010 were for operating activities, primarily employee compensation and rental expenses. As of December 31, 2010, we had US$133.3 million in cash and cash equivalents, consisting of cash on hand and demand deposits with an original maturity of three months or less from date of purchase. As of December 31, 2010, we had no bank borrowings. We believe that our current cash and anticipated cash flow from operations will be sufficient to meet our anticipated cash needs, including our cash needs for at least the next 12 months.

Our capital expenditures were US$0.6 million, US$0.2 million and US$1.2 million for the years ended December 31, 2008, 2009 and 2010, respectively. We currently do not have any commitment for capital expenditures or other cash requirements outside of our ordinary course of business.

First Quarter Results:

• Net revenues in the first quarter of 2011 were US$15.1 million, a 158.2% increase from the corresponding period in 2010.
      
• Income from operations in the first quarter of 2011 was US$6.6 million, a 128.2% increase from the corresponding period in 2010.
      
• Net income attributable to Noah shareholders in the first quarter of 2011 was US$5.8 million, a 158.3% increase from the corresponding period in 2010. Non-GAAP1 net income attributable to Noah shareholders in the first quarter of 2011 was US$6.1 million, a 162.1% increase from the corresponding period in 2010.
      
•  Net income per basic and diluted ADS in the first quarter of 2011 were both US$0.10. Non-GAAP net income per diluted ADS in the first quarter of 2011 was US$0.11.

Ms. Jingbo Wang, Co-founder, Chairwoman of the board of directors and Chief Executive Officer, commented, “We had a strong start in 2011; our innovative, high-quality and diversified product mix resonated well with our client base. We remain focused on our initiatives to expand our client base and build our market share among the high net worth population in China.”

The Company estimates that non-GAAP net income attributable to Noah shareholders for the year 2011 is expected to be in the range of US$21.0 million and US$25.0 million, representing a year-over-year increase in the range of 56.7% and 86.6%. This estimate reflects management’s current business outlook and is subject to change.

THIRD QUARTER 2010 FINANCIAL HIGHLIGHTS

• Net revenues were US$10.2 million, representing an increase of 208.5% from US$3.3 million in the third quarter of 2009.

• Income from operations was US$4.3 million, representing an increase of 592.0% from US$0.6 million in the third quarter of 2009. Operating margin was 42.5%, as compared to 19.0% in the third quarter of 2009.

• Net income attributable to Noah shareholders was US$3.1 million, representing an increase of 521.8% from US$0.5 million in the third quarter of 2009.

• Non-GAAP¹ net income attributable to Noah shareholders was US$3.4 million, representing an increase of 185.5% from US$1.2 million in the third quarter of 2009. Net margin was 30.8%, as compared to 15.3% in the third quarter of 2009. Non-GAAP net margin was 33.1%, as compared to 35.8% in the third quarter of 2009.

• Net income per basic and diluted ADS was US$0.07, as compared to US$0.01 in the third quarter of 2009. Non-GAAP net income per diluted ADS was US$0.08, as compared to US$0.03 in the third quarter of 2009.

Ms. Jingbo Wang, Co-founder, Chairwoman of the board of directors and Chief Executive Officer, commented, “We have achieved a significant milestone in our company’s history by successfully listing on the New York Stock Exchange last month. The listing is of strategic importance as it has not only provided us with financial resources for further expansions, but enhances our brand equity among our clients and our product providers. We will continue to focus on serving China’s high net worth population, which we believe is experiencing rapid growth as a result of China’s economic expansion.”

Mr. Tom Wu, Chief Financial Officer, added, “We are pleased with our third quarter 2010 financial results, which demonstrated our ability to execute our focused strategy and business plan. Our strong revenue growth this quarter is a reflection of the strong secular growth of China’s high net worth population, a still under-served market, and Noah’s unique market positioning as the leading independent service provider focusing on distributing wealth management products to the high net worth population in China.”

FISCAL YEAR 2010 FORECAST

The Company estimates that non-GAAP net income for fiscal year 2010 is expected to be in the range of US$12.8 million and US$13.2 million, representing a year-over-year increase in the range of 138.7% and 146.2%. This estimate reflects management’s current business outlook and is subject to change.

Noah Holdings Limited plans for Initial Public Offering

Company Snapshot:

The leading independent service provider focusing on distributing wealth management products to the high net worth population in China

Industry Snapshot:

• China ranked fourth in the world in terms of the number of high net worth individuals in 2009 and second only to the United States in terms of the number of billionaires in February 2010, according to the Heading Report.
• China’s private wealth management services industry is at an early stage of development, characterized by low market penetration, increasing client awareness, fragmented market and strong growth potential.

Use Of proceeds:

• set up new branch offices and expand our coverage network, including hiring additional relationship managers, to carry out our geographic expansion strategy to target cities in high growth and relatively more affluent regions (although we have not yet identified specific cities or locations to set up new branch offices)
• update our IT infrastructure
• capital contribution to funds of funds formed by u
• general corporate purposes, including funding potential acquisitions of complementary business, although we are not currently negotiating any such transactions.

Underwriter(s):

• J.P. Morgan
• BofA Merrill Lynch
• Oppenheimer & Co.
• Roth Capital Partners

Proposed offering price: $9.00 tp $11.00

Post IPO Share Calculation: (Using a 1 to 2 Ordinary to ADS conversion ratio).

• 44,948,808: Pre IPO fully diluted share count used in EPS calculation.
•   8,400,000: Newly issued ADS shares
•   1,260,000: Underwriter over-allotments ADS shares 

GeoTeam® best effort calculation of total post IPO ADS count to be used in EPS calculations, assuming full conversions and a Ordinary to ADS conversion ratio of TBA 1 to 2: 55,608,808

Financial Snapshot:

• Adjusted net income Years Ended December 31 2009 increased to $5,361,525 from $1,747,388. 
• Adjusted net income for the Six Months Ended June 30 2010 increrased to $5,352,666 from 1,961,737.