SHANGHAI, March 24, 2020 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: 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 its unaudited preliminary^[1] financial results for the fourth quarter of 2019 and the full year ended December 31, 2019.

FULL YEAR 2019 FINANCIAL HIGHLIGHTS

• Net revenues in the full year 2019 were RMB3,391.8 million (US$487.2 million), a 3.1% increase from the full year 2018.

• Income from operations in the full year 2019 was RMB915.0 million (US$131.4 million), a 1.2% decrease from the full year 2018.

• Net income attributable to Noah shareholders in the full year 2019 was RMB829.2 million (US$119.1 million), a 2.2% increase from the full year 2018.
• Non-GAAP^[2] net income attributable to Noah shareholders in the full year 2019 was RMB1,038.2 million (US$149.1 million), a 2.7% increase from the full year 2018.

FOURTH QUARTER 2019 FINANCIAL HIGHLIGHTS

• 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.

• Income from operations for the fourth quarter of 2019 was RMB126.3 million (US$18.1 million), a 20.9% decrease from the corresponding period in 2018.

• Net income attributable to Noah shareholders for the fourth quarter of 2019 was RMB102.8 million (US$14.8 million), a 34.0% decrease from the corresponding period in 2018.
• Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2019 was RMB116.5 million (US$16.7 million), a 47.8% decrease from the corresponding period in 2018.

FOURTH QUARTER AND FULL YEAR 2019 OPERATIONAL UPDATES

Wealth Management Business

The Company's wealth management business offers financial products and provides value-added services to high net worth clients in China and overseas. Noah primarily distributes private equity, public securities, credit and insurance products denominated in RMB and other currencies.

• Total number of registered clients as of December 31, 2019 was 293,760, a 12.9% increase from December 31, 2018.
• Total number of active clients^[3] during the fourth quarter of 2019 was 4,512, a 4.3% decrease from the corresponding period in 2018. Total number of active clients during the full year 2019 was 14,538, a 6.7% increase from the full year 2018.
• Aggregate value of financial products distributed during the fourth quarter of 2019 was RMB13.2 billion (US$1.9 billion), a 47.7% decrease from the corresponding period in 2018, due to the fact that the Company is adjusting its product strategy and thus no longer offering single-counterparty credit products to clients since the last quarter. 

• Aggregate value of financial products distributed during the full year 2019 was RMB78.5 billion (US$11.3 billion), a 28.6% decrease from the full year 2018, due to a significant decrease of single-counterparty credit product distributed in 2019.

• Average transaction value per active client^[4] for the fourth quarter of 2019 was RMB2.9 million (US$0.4 million), a 45.3% decrease from the corresponding period in 2018. Average transaction value per active client  for the full year 2019 was RMB5.4 million (US$0.8 million), a 33.1% decrease from the full year 2018.
• Coverage network in mainland China included 292 service centers covering 82 cities as of December 31, 2019, compared with 307 service centers covering 81 cities as of September 30, 2019, and 313 service centers covering 83 cities as of December 31, 2018. The change in service centers is primarily a result of consolidation of duplicate service centers in order to optimize costs and expenses.
• Number of relationship managers was 1,288 as of December 31, 2019, a 5.8% decrease from September 30, 2019, and an 18.6% decrease from December 31, 2018, primarily as a result of the Company's efforts to streamline operational human resources. The turnover rate of core "elite" relationship managers was 4.1%, compared with 4.6% in the year of 2018.

Asset Management Business

The Company's asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management"), is a leading alternative multi-asset manager in China with overseas offices in Hong Kong, United States and Canada. Gopher Asset Management develops and manages assets ranging from private equity, real estate, public securities, credit to multi-strategy investments denominated in Renminbi and other currencies. 

• Total assets under management as of December 31, 2019 were RMB170.2 billion (US$24.5 billion), a 3.6% decrease from September 30, 2019 due to the voluntary accelerated repayments of certain credit products and a 0.6% increase from December 31, 2018.

 

Lending and Other Businesses

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 fourth quarter of 2019 was RMB0.2 billion, compared with RMB4.2 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, "The past year we experienced external pressures from economic downturn, turbulent situation in Hong Kong, Sino-US trade tensions and a changing financial regulatory landscape in China, and we have been proactively seeking paradigm transformation to meet our client's changing demand. From the third quarter, we ceased the offering of single-counterparty non-standardized credit products. I am encouraged by the robust momentum in our transition to offering more standardized products, and the healthy growth in the volume of our public securities transactions. We are happy to report the strong full year results, that the Group reached our Non-GAAP net income attributable to shareholders guidance of RMB1 billion to RMB1.1 billion, and a Non-GAAP net margin of 30.6%, which demonstrate our strong capability and sustainability. Noah is well placed in China's wealth management and asset management industry, in response to the COVID-19 outbreak. We will continue our paradigm transformation in 2020, and further invest in our IT infrastructure to enhance user experience in providing diversified products and value-added services to high-net-worth clients in China and overseas."  

FOURTH QUARTER 2019 FINANCIAL RESULTS

Net Revenues

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, primarily driven by decreased one-time commissions and other service fees, and partially offset by increased recurring service fees and performance-based income.

• Wealth Management Business

- Net revenues from one-time commissions for the fourth quarter of 2019 were RMB158.3 million (US$22.7 million), a 34.3% decrease from the corresponding period in 2018 due to a decrease in single-counterparty credit products distributed in fourth quarter of 2019.

- Net revenues from recurring service fees for the fourth quarter of 2019 were RMB306.4 million (US$44.0 million), a 2.9% increase from the corresponding period in 2018. The increase was primarily due to the cumulative effect of financial products with recurring service fees previously distributed as well as more redemption of credit products.

- Net revenues from performance-based income for the fourth quarter of 2019 were RMB15.8 million (US$2.3 million), compared with RMB0.1 million from the corresponding period of 2018, primarily due to an increase in performance-based income from public securities products as a result of a bullish A shares market this quarter.

- Net revenues from other service fees for the fourth quarter of 2019 were RMB47.4 million (US$6.8 million), a 19.7% increase from the corresponding period in 2018, primarily due to the growth of various value-added services Noah offers to its high net worth clients.

• Asset Management Business

- Net revenues from recurring service fees for the fourth quarter of 2019 were RMB159.7 million (US$22.9 million), an 8.0% increase from the corresponding period in 2018. The increase was primarily due to the increase in assets under management.

- Net revenues from performance-based income for the fourth quarter of 2019 were RMB41.8 million (US$6.0 million), a 286.2% increase from the corresponding period in 2018, primarily due to an increase in performance-based income from certain real estate funds.

• Lending and Other Businesses

- Net revenues for the fourth quarter of 2019 were RMB56.3 million (US$8.1 million), a 32.5% decrease from the corresponding period in 2018, due to reduced loan origination in 2019.

Operating Costs and Expenses

Operating costs and expenses for the fourth quarter of 2019 were RMB662.1 million (US$95.1 million), a 0.1% decrease from the corresponding period in 2018. Operating costs and expenses primarily consisted of compensation and benefits of RMB374.1 million (US$53.7 million), selling expenses of RMB77.7 million (US$11.2 million), general and administrative expenses of RMB180.0 million (US$25.9 million) and other operating expenses of RMB42.1 million (US$6.0 million).

• Operating costs and expenses for the wealth management business for the fourth quarter of 2019 were RMB493.1 million (US$70.8 million), a 7.2% increase from the corresponding period in 2018, primarily due to an increase in allowance for doubtful accounts.
• Operating costs and expenses for the asset management business for the fourth quarter of 2019 were RMB113.1 million (US$16.3 million), a 4.8% decrease from the corresponding period in 2018, primarily due to a decrease in compensation and benefits.
• Operating costs and expenses for the lending and other businesses for the fourth quarter of 2019 were RMB55.8 million (US$8.0 million), a 33.1% decrease from the corresponding period in 2018, primarily due to a decrease in compensation and benefits as employees structure under non-lending businesses was optimized in 2019.

Operating Margin

Operating margin for the fourth quarter of 2019 was 16.0%, compared with 19.4% for the corresponding period in 2018.

• Operating margin for the wealth management business for the fourth quarter of 2019 was 6.6%, compared with 20.5% for the corresponding period in 2018, due to increase of allowance for doubtful accounts.
• Operating margin for the asset management business for the fourth quarter of 2019 was 44.6%, compared with 25.8% for the corresponding period in 2018 due to increased recurring service fee as well as more effective expense control.
• Income for the lending and other businesses for the fourth quarter of 2019 was RMB0.5 million (US$0.1 million), compared with break-even in the corresponding period of 2018.

Investment Income

Investment Loss for the fourth quarter of 2019 was RMB17.7 million (US$2.5 million), compared with investment income of RMB6.5 million for the corresponding period in 2018. The loss was primarily due to changes in fair value of equity securities and other investments.

Income Tax Expenses

Income tax expenses for the fourth quarter of 2019 were RMB28.2 million (US$4.0 million), a 3.5% decrease from the corresponding period in 2018, primarily due to lower taxable income. 

Income from Equity in Affiliates

Income from equity in affiliates for the fourth quarter of 2019 was RMB14.9 million (US$2.1 million), compared with RMB2.5 million in the corresponding period in 2018. We are still reviewing the financial results of the funds of funds we manage and invest in as the general partner or manager. Although we do not anticipate material variance barring unexpected fluctuations in the portfolio companies' performance, any potential changes in fair value of those investments could affect the income from equity in affiliates.

Net Income

• Net Income

- Net income for the fourth quarter of 2019 was RMB117.9 million (US$16.9 million), a 22.1% decrease from the corresponding period in 2018.

- Net margin for the fourth quarter of 2019 was 15.0%, down from 18.4% for the corresponding period in 2018.

- Net income attributable to Noah shareholders for the fourth quarter of 2019 was RMB102.8 million (US$14.8 million), a 34.0% decrease from the corresponding period in 2018.

- Net margin attributable to Noah shareholders for the fourth quarter of 2019 was 13.0%, down from 18.9% for the corresponding period in 2018.

- Net income attributable to Noah shareholders per basic and diluted ADS for the fourth quarter of 2019 was RMB1.67 (US$0.24) and RMB1.66 (US$0.24), respectively, compared with RMB2.61 and RMB2.54 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 fourth quarter of 2019 was RMB116.5 million (US$16.7 million), a 47.8% decrease from the corresponding period in 2018.

- Non-GAAP net margin attributable to Noah shareholders for the fourth quarter of 2019 was 14.8%, down from 27.1% for 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.

FULL YEAR 2019 FINANCIAL RESULTS

Net Revenues

Net revenues for the full year 2019 were RMB3,391.8 million (US$487.2 million), a 3.1% increase from the full year 2018, primarily due to increases in recurring service fees and other service fees and partially offset by the decrease in one-time commissions. 

• Wealth Management Business

- Net revenues from one-time commissions for 2019 were RMB923.8 million (US$132.7 million), a 9.3% decrease from 2018, primarily due to the product transformations in the second half of the year that led to a drop in single-counterparty credit products offerings.

- Net revenues from recurring service fees for 2019 were RMB1,150.2 million (US$165.2 million), a 1.8% increase from 2018. The increase was primarily due to the cumulative effect of financial products with recurring service fees previously distributed.

- Net revenues from performance-based income for 2019 were RMB23.3 million (US$3.4 million), a 47.1% decrease from 2018, primarily due to a decrease in performance-based income from public securities products.

- Net revenues from other service fees for 2019 were RMB221.9 million (US$31.9 million), a 96.4% increase from 2018, primarily due to the growth of various value-added services Noah offers to its high net worth clients.

• Asset Management Business

- Net revenues from recurring service fees for 2019 were RMB686.5 million (US$98.6 million), a 7.6% increase from 2018. The increase was primarily due to the increase in assets under management and service fees income generated from voluntary accelerated repayments of certain credit products in 2019.

- Net revenues from performance-based income for 2019 were RMB89.2 million (US$12.8 million), a 9.8% decrease from 2018, primarily due to a decrease in performance-based income from public securities products.

• Lending and Other Businesses

- Net revenues for 2019 were RMB289.0 million (US$41.5 million), a 22.9% increase from 2018.

Operating costs and expenses

Operating costs and expenses for 2019 were RMB2,476.8 million (US$355.8 million), a 4.8% increase from the full year 2018. Operating costs and expenses for the full year 2019 primarily consisted of compensation and benefits of RMB1,610.8 million (US$231.4 million), selling expenses of RMB331.3 million (US$47.6 million), general and administrative expenses of RMB427.2 million (US$61.4 million) and other operating expenses of RMB196.8 million (US$28.3 million).

• Operating costs and expenses for the wealth management business for 2019 were RMB1,881.5 million (US$270.3 million), a 10.8% increase from 2018, primarily due to an increase in compensation and benefits as well as general and administrative expenses.
• Operating costs and expenses for the asset management business for 2019 were RMB392.3 million (US$56.3 million), a 0.8% decrease from 2018, primarily due to a decrease in general and administrative expenses.
• Operating costs and expenses for the lending and other businesses for 2019 were RMB203.0 million (US$29.2 million), a 24.5% decrease from 2018, primarily due to a decrease in compensation and benefits as employees structure under non-lending businesses was optimized since the beginning of 2019.

Operating Margin

Operating margin for the full year 2019 was 27.0%, compared to 28.2% for the full year 2018.

• Operating margin for the wealth management business for 2019 was 18.9%, compared to 26.3% for 2018, mainly due to increased legal expenses related to the Camsing case as well as a greater allowance for doubtful accounts.
• Operating margin for the asset management business for 2019 was 49.9%, compared to 47.2% for 2018.
• Operating margin for the lending and other business for 2019 was 29.7%, compared to a loss of RMB33.9 million for 2018.

Investment Income

Investment loss for the full year 2019 was RMB28.6 million (US$4.1 million), compared with investment income of RMB49.1 million for the full year 2018. The investment loss was primarily due to changes in fair value of equity securities.

Income Tax Expenses

Income tax expenses for the full year 2019 were RMB220.0 million (US$31.6 million), a 1.0% decrease from the full year 2018.

Net Income

• Net Income

- Net income for the full year 2019 was RMB863.8 million (US$124.1 million), a 7.5% increase from the corresponding period in 2018.

- Net margin for the full year 2019 was 25.5%, up from 24.4% for the full year 2018.

- Net income attributable to Noah shareholders for the full year 2019 was RMB829.2 million (US$119.1 million), a 2.2% increase from the full year 2018.

- Net margin attributable to Noah shareholders for the full year 2019 was 24.4%, down from 24.7% for the full year 2018.

- Net income attributable to Noah shareholders per basic and diluted ADS for the full year 2019 was RMB13.56 (US$1.95) and RMB13.42 (US$1.93), respectively, compared with RMB13.85 and RMB13.33 respectively, for the full year 2018.

• Non-GAAP Net Income Attributable to Noah Shareholders

- Non-GAAP net income attributable to Noah shareholders for the full year 2019 was RMB1,038.2 million (US$149.1 million), a 2.7% increase from the full year 2018.

- Non-GAAP net margin attributable to Noah shareholders for the full year 2019 was 30.6%, unchanged from the full year of 2018.

- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the full year 2019 was RMB16.80 (US$2.41), up from RMB16.58 for the full year 2018.

BALANCE SHEET AND CASH FLOW

As of December 31, 2019, the Company had RMB4,387.3 million (US$630.2 million) in cash and cash equivalents, compared with RMB2,704.1 million as of December 31, 2018 and RMB3,669.2 million as of September 30, 2019.

Net cash inflow from the Company's operating activities during the fourth quarter of 2019 was RMB838.6 million (US$120.5 million), compared to net cash inflow of RMB511.3 million in the corresponding period in 2018. The increase was mainly due to changes in working capital. Net cash inflow from the Company's operating activities during the full year 2019 was RMB1,284.3 million (US$184.5 million), compared to RMB1,029.4 million during the full year 2018, driven by profit earned from business operations and enhanced collection of accounts receivables.

Net cash outflow from the Company's investing activities during the fourth quarter of 2019 was RMB179.9 million (US$25.8 million), compared to net cash outflow of RMB188.4 million in the corresponding period in 2018. Net cash outflow from the Company's investing activities during the full year 2019 was RMB178.1 million (US$25.6 million), compared to net cash outflow of RMB395.7 million during the full year 2018, due to fewer investments made in 2019.

Net cash inflow from the Company's financing activities was RMB136.3 million (US$19.6 million) in the fourth quarter of 2019, compared to net cash inflow of RMB7.5 million in the corresponding period in 2018,  primarily due to the capital contribution by non-controlling shareholders of a consolidated subsidiary. Net cash inflow from the Company's financing activities during the full year 2019 was RMB543.3 million (US$78.0 million), compared to RMB109.8 million cash inflow during the full year 2018. The cash inflow for 2019 was mainly due to the proceeds related to contribution of non-controlling interest.

NOTE TO FINANCIAL INFORMATION

As of the date of this press release, we are still in the process of reviewing the financial results of the funds of funds we manage and invest in as the general partner or manager.  Any changes in the fair value of those investments could affect the income from equity in affiliates, net income, net income attributable to Noah shareholders, income per ADS and the balance of investments in affiliates in our consolidated financial statements. While not included in the unaudited preliminary fourth quarter 2019 financial results in this press release, we will include any such fair value adjustments in the audited consolidated financial statements in our 2019 Form 20-F and will make a subsequent announcement when our review conclude, as appropriate.

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.

CONFERENCE CALL

Senior management will host a combined English and Chinese language conference call to discuss the Company's fourth quarter and full year 2019 unaudited financial results and recent business activities.

The conference call may be accessed with the following details:

A telephone replay will be available starting approximately one hour after the end of the conference call until March 31, 2020 at +1-877-344-7529 (US Toll Free) or +1-412-317-0088 (International Toll). The replay access code is 10139594.

A live and archived webcast of the conference call will be available at Noah's investor relations website under the News & Events section at http://ir.noahgroup.com.

DISCUSSION ON NON-GAAP MEASURES

In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation, fair value changes of equity investments (unrealized), adjustment for sale of equity securities and net of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies.

When evaluating the Company's operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company's management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.  

ABOUT NOAH HOLDINGS LIMITED

Noah Holdings Limited (NYSE: NOAH) is a leading wealth and asset management service provider in China with a focus on high net worth individuals. In the full year 2019, Noah distributed RMB78.5 billion (US$11.3 billion) of financial products. Through Gopher Asset Management, Noah had assets under management of RMB170.2 billion (US$24.5 billion) as of December 31, 2019.

Noah's wealth management business primarily distributes diversified financial products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,288 relationship managers across 292 service centers in 82 cities in mainland China, and serves the international investment needs of its clients through offices in Hong Kong, Taiwan, United States, Canada, Australia and Singapore. The Company's wealth management business had 293,760 registered clients as of December 31, 2019. As a leading alternative multi-asset manager in China, Gopher Asset Management develops and manages assets ranging from private equity, real estate, public securities, credit to multi-strategy investments denominated in Renminbi and other currencies. The Company also provides lending services and other businesses.

For more information, please visit Noah at ir.noahgroup.com.

FOREIGN CURRENCY TRANSLATION

In this announcement, the unaudited financial results for the fourth quarter of 2019 and full year ended December 31, 2019 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.9618 to US$1.00, the effective noon buying rate for December 31, 2019 as set forth in the H.10 statistical release of the Federal Reserve Board.

SAFE HARBOR STATEMENT

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the outlook for 2020 and quotations from management in this announcement, as well as Noah's strategic and operational plans, contain forward-looking statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with financial products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 20-F. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.

Contacts:

Noah Holdings Limited
Sonia Han
Tel: +86-21-8035-9221
ir@noahgroup.com

-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SOURCE Noah Holdings Limited