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Noah’s First-Quarter 2024 Outcomes Highlight Strategic Transformation

SHANGHAI, Might maybe per chance 31, 2024 – (ACN Newswire) – Noah  Holdings Exiguous (“the Firm,” or “Noah”) (NYSE: NOAH and HKEX: 6686), a number one, pioneer wealth-administration service supplier offering comprehensive one-quit advisory products and providers on world investment and asset allocation primarily for Mandarin-speaking high-bag-worth traders, at the contemporary time highlighted its strategic transformation and the adjustments being made to the commercial to originate certain long-term and healthy enhance in its monetary results for the first quarter ended March 31, 2024.

Within the first quarter, Noah navigated by strategy of a turbulent home economic ache. This has keep high-bag-worth contributors on their advantage feet and injected a measure of investment caution. In a foreign nation, the Federal Reserve is expected to take care of its regime of elevated interest charges for longer.

That doesn’t indicate that Noah’s dedication to riding operational efficiencies and foreign enhance has been dimmed—below no circumstances. Noah has been busy as of late with transformations to its commercial, to boot to a main management alternate—while at the same time reporting a series of optimistic monetary results.

Zhe Yin, the Chief Government Officer of Noah Holdings, said: “The macroeconomic atmosphere has been a ache, but we bear responded with a strategic transformation that we place confidence in will plot us up for future success. From day one, we adhered to our core solutions: a strict segregation of client capital, no maturity mismatches, and no depraved-border race of funds. Our decision in 2019 to shift to a extra standardized product offering while winding down all non-authorized deepest credit score merchandise—at the side of home residential true-estate funds—has served Noah purchasers well in turbulent cases. The restructuring of our home wealth administration commercial is, at the moment, at a main stage as we consolidate and additional optimize our operations. At the same time, our growth foreign stays no longer off direction—but will serene require additional sources and investments within the strategy term. Taken as a total, these measures will require extra time, but once total, we quiz sales to stabilize within the 2d half of of this year.”

Financials and Other Success Metrics

Noah reported first-quarter bag revenues of RMB 650 million, a decrease of 19.2% from a year earlier. Its wealth administration commercial generated revenues of RMB 463 million, a decrease of 21.2% from a year earlier. Its asset administration commercial generated revenues of RMB 180 million, a decrease of 12.1% from a year earlier. These adjustments are in step with Noah’s strategic realignment and are section of a deliberate effort to enhance the Firm’s long-term enhance trajectory. Noah’s foreign growth has completed stable results by contributing 77.1% of the revenue generated from contemporary commercial and merchandise, while the home commercial accounted for 22.9%. 

Working profit for the first quarter of 2024 was RMB 121 million, and Noah reported an working profit margin of 18.7%.

Within the foreign commercial, Noah is dedicated to healthy and sustainable enhance out of doors of China. In a foreign nation belongings below administration (AUM) grew 11.6% from a year earlier to RMB 37.3 billion, accounting for twenty-four.4% of total AUM. Moreover, foreign belongings below administration (AUA) grew 14.8% from a year earlier, accounting for twenty-four.1% of total AUA. This mirrored Noah’s potential to capture a better fragment of its purchasers’ U.S. dollar wallets and its decision on going world.

Reflecting additional foreign success, as of the cease of the quarter, foreign registered purchasers elevated 17.1% from a year earlier. Besides, the series of foreign, active high-bag-worth purchasers elevated 39.6% from a year earlier. Total transaction designate finally of the quarter reached RMB 8.4 billion, up 58.5% from the year-precedent days.

Other Changes

Noah is labored as a lot as bear had the chance to copy upon its successes since the appointment of its contemporary CEO, Zhe Yin. Mr. Yin, a co-founder and director of the Firm and Chairman of Gopher Asset Management Co., Ltd., was appointed to the CEO plot late final year. He succeeded Jingbo Wang, who will take care of her submit as Chairlady of the Board. Mr. Yin’s appointment was geared in direction of achieving higher corporate governance pursuant to relevant rules in Hong Kong and mirrored the Firm’s dedication to adhering to corporate governance easiest practices.

Operational Changes That Area Noah for the Future

Earlier, Noah talked about how economic challenges spurred it to originate operational adjustments to the commercial. The restructuring of the Firm’s wealth administration commercial is now not any longer off direction and is at a truly famous stage. Over the previous few quarters, Noah has consolidated its operations to higher meet the desires of its purchasers. It decrease the series of mainland Chinese language cities in which it operates to 18 from near to 80, which has reduced labor costs and improved operational efficiencies. By strategically consolidating its presence in core cities, Noah shall be higher positioned to develop and originate strategic investments.

At the same time, Noah is increasing foreign, which requires famous resource allocations. The Firm is reorienting its operations and personnel in direction of world markets, where quiz for asset diversification is growing. This may maybe occasionally lift momentary challenges, at the side of non eternal fluctuations in Noah’s monetary performance. Noah is assured this transformation will lay a stable foundation for significant and sustainable enhance and generate better designate for shareholders.

Jingbo Wang, Co-Founder and Chairlady, said: “Noah was founded with a deep admire for monetary solutions and a steadfast dedication to investor enlightenment. On this unstable market atmosphere, our strategy is anchored within the safety and security of our purchasers’ belongings. Our famous aim is the preservation of belongings, which we pause by figuring out top-tier investment opportunities globally. Safeguarding our purchasers’ interests is our paramount accountability, and it is the muse upon which we’re going to pursue future enhance.”

Ms. Wang persisted: “Confronting the evolving challenges to our home commercial, we are streamlining operations and concentrating our efforts in key strategic cities. As we transition, we are deploying evolved operational models and restore philosophies from worldwide markets to enhance our world competitiveness and toughen our worldwide profile. With a though-provoking vision and stable decision, we are navigating these strategic adjustments to turn out to be stronger, extra agile, and higher positioned to encourage our purchasers globally.”

Noah appreciates the patience of its traders and the lasting relationships with its purchasers. As Mandarin-speaking, high-bag-worth traders turn out to be extra former and globally oriented, the belief-primarily based mostly fully relationships that Noah has built at dwelling will enable it to proceed serving them as they watch foreign.

ABOUT NOAH HOLDINGS LIMITED

Noah Holdings Exiguous (NYSE: NOAH and HKEX: 6686) is a number one and pioneer wealth administration service supplier offering comprehensive one-quit advisory products and providers on world investment and asset allocation primarily for mandarin-speaking high-bag-worth traders. Noah’s American depositary shares, or ADSs, are listed on the Fresh York Inventory Substitute below the emblem “NOAH”, and its shares are listed on the famous board of the Hong Kong Inventory Substitute below the stock code “6686.”  One ADS represents 5 weird and wonderful shares, par designate $0.00005 per fragment. To the Firm’s data, as of March 31, 2024, 177,020,325 of its weird and wonderful shares had been held by one file holder in the United States, which is Citibank, N. A., the depositary of its ADS program. The series of considerable homeowners of its ADSs in the United States is far better than the series of file holders of its weird and wonderful shares in the United States.

Within the first quarter of 2024, Noah distributed RMB18.9 billion (US$2.6 billion) of investment merchandise. As of March 31, 2024, by strategy of Gopher Asset Management, Noah managed belongings totaling RMB153.3 billion (US$21.2 billion).

Noah’s wealth administration commercial primarily distributes deepest equity, public securities and insurance merchandise denominated in RMB and other currencies. Noah delivers personalized monetary choices to purchasers by strategy of a community of 1,109 relationship managers right by strategy of 18 cities in mainland China, and serves the worldwide investment desires of its purchasers by strategy of workplaces in Hong Kong (China), Taiwan (China), Fresh York, Silicon Valley and Singapore as of March 31, 2024. Noah’s wealth administration commercial had 457,705 registered purchasers as of March 31, 2024. Thru Gopher Asset Management, Noah manages deepest equity, public securities, true estate, multi-strategy and other investments denominated in Renminbi and other currencies. Noah additionally gives other corporations.

For extra data, please seek the recommendation of with Noah at ir.noahgroup.com.

SAFE HARBOR STATEMENT 

This announcement incorporates ahead-attempting statements. These statements are made below the “safe harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. These ahead-attempting statements may maybe maybe additionally be identified by terminology equivalent to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “assured” and identical statements. Noah may maybe maybe additionally originate written or oral ahead-attempting statements in its periodic stories to the U.S. Securities and Substitute Payment, in its annual stories to shareholders, in announcements, circulars or other publications made on the online web page online of The Inventory Substitute of Hong Kong Exiguous (the “Hong Kong Inventory Substitute”), in press releases and other written gives and in oral statements made by its officers, directors or workers to third events. Statements which would be no longer historical details, at the side of statements about Noah’s beliefs and expectations, are ahead-attempting statements. Forward-attempting statements bear inherent risks and uncertainties. These statements comprise, but are no longer restricted to, estimates relating to the sufficiency of Noah’s money and money equivalents and liquidity menace. A series of issues may maybe maybe motive Noah’s true results to change materially from those contained in any ahead-attempting statement, at the side of but no longer restricted to the next: its dreams and systems; its future commercial style, monetary situation and results of operations; the expected enhance of the wealth administration and asset administration market in China and internationally; its expectations relating to quiz for and market acceptance of the merchandise it distributes; investment risks associated with investment merchandise distributed to Noah’s traders, at the side of the menace of default by counterparties or lack of designate due to the market or commercial prerequisites or misconduct by counterparties; its expectations relating to conserving and strengthening its relationships with key purchasers; relevant government insurance policies and rules relating to to its industries; its potential to appeal to and take care of qualified workers; its potential to remain abreast of market traits and technological advances; its plans to put money into study and style to enhance its product decisions and restore offerings; competition in its industries in China and internationally; authorized economic and commercial prerequisites globally and in China; and its potential to effectively defend its intellectual property rights and no longer to infringe on the intellectual property rights of others. Additional data relating to these and other risks is included in Noah’s filings with the U.S. Securities and Substitute Payment and the Hong Kong Inventory Substitute. All data equipped in this press unencumber and within the attachments is as of the date of this press unencumber, and Noah does no longer undertake any responsibility to change this form of data, at the side of ahead-attempting statements, on yarn of most modern data, future events or otherwise, rather than as required below the appropriate legislation.

Contact data:
Noah Holdings Exiguous
Email: in_communication@noahgroup.com


Topic: Press unencumber abstract

Sectors: Day-to-day Finance

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