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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2014 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	NOAH
Entity Registrant Name	NOAH HOLDINGS LTD
Entity Central Index Key	0001499543
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	28,055,302

Consolidated Balance Sheets - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 282,081,829	$ 196,113,315
Restricted cash	161,171	165,188
Short-term investments	22,182,012	28,187,406
Accounts receivable, net of allowance for doubtful accounts of nil as of December 31, 2013 and December 31, 2014	10,970,775	8,472,013
Amounts due from related parties	31,085,548	8,924,824
Loans receivable, net of allowance for loan losses of $155,194 and $188,054 as of December 31, 2013 and December 31, 2014, respectively	6,932,469	15,364,240
Deferred tax assets	3,522,054	784,063
Other current assets	9,430,135	4,695,947
Total current assets	366,365,993	262,706,996
Long-term investments	9,870,939	13,678,182
Investment in affiliates	35,817,261	14,742,364
Property and equipment, net	14,852,566	9,412,313
Other non-current assets	1,930,814	1,220,033
Non-current deferred tax assets	2,262,489	1,494,769
Total assets	431,100,062	303,254,657
Current liabilities:
Accrued payroll and welfare expenses (including accrued payroll and welfare expense of the consolidated VIEs without recourse to Noah Holdings Ltd. of $3,078,297 and $11,059,108 as of December 31, 2013 and December 31, 2014, respectively)	51,649,188	29,495,181
Income tax payable (including income tax payable of the consolidated VIEs without recourse to Noah Holdings Ltd. of $2,167,268 and $4,518,462 as of December 31, 2013 and December 31, 2014, respectively)	8,936,390	2,559,614
Deferred revenues (including deferred revenue of the consolidated VIEs without recourse to Noah Holdings Ltd. of $8,377,979 and $6,105,780 as of December 31, 2013 and December 31, 2014, respectively)	15,747,984	15,530,968
Other current liabilities (including other current liabilities of the consolidated VIEs without recourse to Noah Holdings Ltd. of $961,140 and $4,475,798 as of December 31, 2013 and December 31, 2014, respectively)	27,259,639	15,227,247
Short-term bank loan	8,058,537
Total current liabilities	111,651,738	62,813,010
Non-current uncertain tax position liabilities (including uncertain tax position liabilities of the consolidated VIEs without recourse to Noah Holdings Ltd. of $1,044,580 and $1,019,175 as of December 31, 2013 and December 31, 2014, respectively)	1,793,459	1,650,399
Other non-current liabilities (including other non-current liabilities of the consolidated VIEs without recourse to Noah Holdings Ltd. of nil as of December 31, 2013 and December 31, 2014)	5,004,281	3,596,295
Total liabilities	118,449,478	68,059,704
Shareholders' equity:
Ordinary shares ($0.0005 par value): 94,100,000 shares authorized, 28,715,882 shares issued and 27,648,066 shares outstanding as of December 31, 2013 and 29,123,118 shares issued and 28,055,302 shares outstanding as of December 31, 2014	14,561	14,358
Treasury stock (1,067,816 ordinary shares as of December 31, 2013 and December 31, 2014)	(11,675,955)	(11,675,955)
Additional paid-in capital	135,640,392	129,687,092
Retained earnings	169,525,124	97,118,620
Accumulated other comprehensive income	5,118,141	9,281,049
Total Noah Holdings Limited shareholders' equity	298,622,263	224,425,164
Non-controlling interests	14,028,321	10,769,789
Total Shareholders' Equity	312,650,584	235,194,953
Total Liabilities and Equity	$ 431,100,062	$ 303,254,657

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Accounts receivable, allowance for doubtful accounts
Loans receivable, allowance for loan losses	188,054	155,194
Accrued payroll and welfare expenses	51,649,188	29,495,181
Income tax payable	8,936,390	2,559,614
Deferred revenues	15,747,984	15,530,968
Other current liabilities	27,259,639	15,227,247
Non-current uncertain tax position liabilities	1,793,459	1,650,399
Other non-current liabilities	$ 5,004,281	$ 3,596,295
Ordinary shares, par value	$ 0.0005	$ 0.0005
Ordinary shares, shares authorized	94,100,000	94,100,000
Ordinary shares, shares issued	29,123,118	28,715,882
Ordinary shares, shares outstanding	28,055,302	27,648,066
Ordinary shares, treasury stock	1,067,816	1,067,816
Variable Interest Entity, Primary Beneficiary
Accrued payroll and welfare expenses	$ 11,059,108	$ 3,078,297
Income tax payable	4,518,462	2,167,268
Deferred revenues	6,105,780	8,377,979
Other current liabilities	4,475,798	961,140
Non-current uncertain tax position liabilities	1,019,175	1,044,580
Other non-current liabilities

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Third-party revenues
Total third-party revenues	$ 129,454,969	$ 95,989,067	$ 65,780,848
Related party revenues
Total related party revenues	132,793,592	77,329,868	25,982,724
Total revenues	262,248,561	173,318,935	91,763,572
Less: business taxes and related surcharges	(14,380,469)	(9,547,102)	(5,068,066)
Net revenues	247,868,092	163,771,833	86,695,506
Operating cost and expenses:
Relationship manager compensation	(52,246,943)	(33,436,866)	(17,551,483)
Performance fee compensation	(3,536,240)
Other compensations	(63,826,889)	(39,606,754)	(24,823,446)
Total compensation and benefits	(119,610,072)	(73,043,620)	(42,374,929)
Selling expenses	(23,896,620)	(16,660,044)	(13,449,421)
General and administrative expenses	(24,611,880)	(18,087,184)	(8,901,330)
Other operating expenses	(4,861,700)	(734,300)	(419,822)
Government subsidies	14,792,142	5,323,670	4,295,029
Total operating cost and expenses	(158,188,130)	(103,201,478)	(60,850,473)
Income from operations	89,679,962	60,570,355	25,845,033
Other income (expenses):
Interest income	6,312,498	3,302,545	2,451,731
Investment income	3,821,469	3,924,457	3,044,856
Foreign exchange (loss) gain	115,824	308,717	(180,856)
Other income (expense)	(2,386,171)	3,423	110,690
Total other income	7,863,620	7,539,142	5,426,421
Income before taxes and income from equity in affiliates	97,543,582	68,109,497	31,271,454
Income tax expense	(24,531,504)	(16,263,292)	(8,979,649)
Income from equity in affiliates, net of taxes	2,200,504	1,191,833	617,361
Net income	75,212,582	53,038,038	22,909,166
Less: net income attributable to non-controlling interests	2,806,078	1,602,867	82,712
Net income attributable to Noah Holdings Limited shareholders	$ 72,406,504	$ 51,435,171	$ 22,826,454
Net income per share:
Basic	$ 2.60	$ 1.87	$ 0.82
Diluted	$ 2.57	$ 1.84	$ 0.81
Weighted average number of shares used in computation:
Basic	27,873,501	27,480,150	27,751,335
Diluted	28,227,823	28,008,386	28,073,731
One Time Commissions
Third-party revenues
Total third-party revenues	$ 68,698,354	$ 57,972,609	$ 39,486,943
Related party revenues
Total related party revenues	29,322,581	20,841,594	9,392,131
Recurring Service Fees
Third-party revenues
Total third-party revenues	51,892,138	32,951,345	25,321,982
Related party revenues
Total related party revenues	90,885,669	55,508,435	16,590,593
Other Service
Third-party revenues
Total third-party revenues	8,864,477	5,065,113	$ 971,923
Related party revenues
Total related party revenues	$ 12,585,342	$ 979,839

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net income	$ 75,212,582	$ 53,038,038	$ 22,909,166
Other comprehensive income, net of tax
Change in foreign currency translation adjustment	(5,163,862)	4,508,372	1,370,387
Fair value fluctuation of available-for-sale investment	422,324
Other comprehensive income	(4,741,538)	4,508,372	1,370,387
Comprehensive income	70,471,044	57,546,410	24,279,553
Less: comprehensive income attributable to non-controlling interest	2,227,448	1,880,168	116,371
Comprehensive income attributable to Noah Holdings Limited shareholders	$ 68,243,596	$ 55,666,242	$ 24,163,182

Consolidated Statements of Changes in Equity - USD ($)	Total	Ordinary Shares	Treasury Stock	Additional Paid-in Capital	Retained earnings	Accumulated other comprehensive income	Total Noah Holdings Limited shareholders' equity	Noncontrolling Interest
Balance (in shares) at Dec. 31, 2011		27,962,586
Balance at Dec. 31, 2011	$ 161,019,723	$ 13,981		$ 118,905,004	$ 38,387,488	$ 3,713,250	$ 161,019,723
Net income	22,909,166				22,826,454		22,826,454	$ 82,712
Cash dividend paid	(7,856,908)				(7,856,908)		(7,856,908)
Share-based compensation	3,998,548			3,998,548			3,998,548
Vesting of restricted shares (in shares)		241,248
Vesting of restricted shares	$ 87,187	$ 121		87,066			87,187
Issuance of ordinary shares upon exercise of options (in shares)	75,694	75,694
Issuance of ordinary shares upon exercise of options	$ 320,382	$ 38		320,344			320,382
Repurchase of ordinary shares (in shares)			(845,139)
Repurchase of ordinary shares	(8,520,763)		$ (8,520,763)				(8,520,763)
Other comprehensive income-Foreign currency translation adjustments	1,370,387
Other comprehensive income	1,370,387					1,336,728	1,336,728	33,659
Non-controlling interest capital injection	2,178,103							2,178,103
Balance (in shares) at Dec. 31, 2012		28,279,528	(845,139)
Balance at Dec. 31, 2012	175,505,825	$ 14,140	$ (8,520,763)	123,310,962	53,357,034	5,049,978	173,211,351	2,294,474
Net income	53,038,038				51,435,171		51,435,171	1,602,867
Cash dividend paid	(7,673,585)				(7,673,585)		(7,673,585)
Share-based compensation	$ 5,245,947			5,245,947			5,245,947
Vesting of restricted shares (in shares)		283,340
Vesting of restricted shares		$ 141		(141)
Issuance of ordinary shares upon exercise of options (in shares)	153,014	153,014
Issuance of ordinary shares upon exercise of options	$ 1,130,401	$ 77		1,130,324			1,130,401
Repurchase of ordinary shares (in shares)			(222,677)
Repurchase of ordinary shares	(3,155,192)		$ (3,155,192)				(3,155,192)
Other comprehensive income-Foreign currency translation adjustments	4,508,372
Other comprehensive income	4,508,372					4,231,071	4,231,071	277,301
Non-controlling interest capital injection	6,595,147							6,595,147
Balance (in shares) at Dec. 31, 2013		28,715,882	(1,067,816)
Balance at Dec. 31, 2013	235,194,953	$ 14,358	$ (11,675,955)	129,687,092	97,118,620	9,281,049	224,425,164	10,769,789
Net income	75,212,582				72,406,504		72,406,504	2,806,078
Cash dividend paid	(263,114)							(263,114)
Share-based compensation	$ 5,298,729			5,298,729			5,298,729
Vesting of restricted shares (in shares)		278,779
Vesting of restricted shares		$ 139		(139)
Issuance of ordinary shares upon exercise of options (in shares)	128,457	128,457
Issuance of ordinary shares upon exercise of options	$ 654,774	$ 64		654,710			654,774
Repurchase of ordinary shares (in shares)	1,067,816
Other comprehensive income-Foreign currency translation adjustments	$ (5,163,862)					(4,585,232)	(4,585,232)	(578,630)
Other comprehensive income-change in fair value of available-for-sale investments	832,372					832,372	832,372
Other comprehensive income	(4,741,538)
Other comprehensive income-realized gains on the available-for-sale investments	(410,048)					(410,048)	(410,048)
Non-controlling interest capital injection	1,294,198							1,294,198
Balance (in shares) at Dec. 31, 2014		29,123,118	(1,067,816)
Balance at Dec. 31, 2014	$ 312,650,584	$ 14,561	$ (11,675,955)	$ 135,640,392	$ 169,525,124	$ 5,118,141	$ 298,622,263	$ 14,028,321

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income	$ 75,212,582	$ 53,038,038	$ 22,909,166
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from disposal of property and equipment	27,463	125,411	63,441
Depreciation and amortization	3,635,799	2,469,922	1,814,528
Share-based compensation	5,298,729	5,245,947	3,998,548
Income from equity in affiliates	(2,200,504)	(1,191,833)	(617,361)
Provision for loan losses	36,634	155,194
Income from amortization of discount on held-to-maturity investments	(361,098)	(261,468)
Changes in operating assets and liabilities:
Accounts receivable	(2,696,672)	1,874,600	(3,758,665)
Amounts due from related parties	(15,107,132)	(4,306,913)	(2,740,357)
Other current assets	(4,895,013)	(1,524,067)	(1,090,320)
Other non-current assets	(814,846)	(244,331)	(125,906)
Accrued payroll and welfare expenses	22,862,483	17,231,484	2,366,772
Income taxes payable	6,438,445	42,996	493,597
Deferred revenues	580,273	10,210,708	4,338,920
Other current liabilities	12,728,660	7,690,762	2,706,750
Other non-current liabilities	1,464,246	1,483,015	227,196
Uncertain tax position liabilities	168,465	168,926	(156,289)
Deferred tax assets and liabilities	(3,545,825)	1,761,367	(476,354)
Purchases of available-for-sale investments through internet finance business	(3,696,930)
Net cash provided by (used in) operating activities	95,135,759	93,969,758	29,953,666
Cash flows from investing activities:
Purchases of property and equipment	(9,608,860)	(6,769,123)	(1,888,748)
Internally developed intangible assets		(74,208)	(78,097)
Increase in short-term loan investment			(561,789)
Collection of short-term loan investment		563,534
Purchase of held-to-maturity securities	(6,273,728)	(18,320,531)	(75,565,435)
Proceeds from redemption of held-to-maturity securities	19,736,761	52,199,481	49,613,971
Purchases of trading securities investments	(35,150,885)	(40,547,818)
Proceeds on trading securities investments	49,596,462	29,206,721
Purchases of available-for-sale investment	(18,112,567)	(4,949,984)
Proceeds from sale of available-for-sale investments	7,397,738	4,949,984
Purchase of long-term investment	(3,918,990)	(10,480,285)	(3,106,692)
Principal collection of loans originated	188,082,498	30,427,673
Increase in restricted cash		(81,467)
Increase in investment in affiliates	(19,568,814)	(8,483,375)	(3,198,240)
Capital return from investment in affiliates	335,877	1,164,635	219,880
Net cash used in investing activities	(14,798,221)	(17,141,870)	(34,565,150)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares upon exercise of stock options and vesting of restricted shares	654,774	1,130,401	407,569
Contribution from non-controlling interests of subsidiaries	1,294,198	6,595,147	2,178,103
Dividend distribution	(263,114)	(7,673,585)	(7,856,908)
Payment for repurchase of ordinary shares		(3,155,192)	(8,520,763)
Proceeds from short-term bank loan	8,043,241
Net cash (used in) provided by financing activities	9,729,099	(3,103,229)	(13,791,999)
Effect of exchange rate changes	(4,098,123)	2,827,504	1,105,299
Net increase (decrease) in cash and cash equivalents	85,968,514	76,552,163	(17,298,184)
Cash and cash equivalents-beginning of the period	196,113,315	119,561,152	136,859,336
Cash and cash equivalents-end of the period	282,081,829	196,113,315	119,561,152
Supplemental disclosure of cash flow information:
Cash paid for income taxes	22,254,673	16,214,077	9,238,287
Cash paid for interest expenses	466,568
Supplemental disclosure of non-cash investing and financing activities:
Purchase of property and equipment in accounts payable	569,144	645,039	$ 216,251
Related Parties
Cash flows from investing activities:
Loans disbursement	(7,252,683)
Third Parties
Cash flows from investing activities:
Loans disbursement	$ (180,061,030)	$ (45,947,107)

Organization and Principal Activities

12 Months Ended

Dec. 31, 2014

Organization and Principal Activities

1. Organization and Principal Activities

Noah Holdings Limited (“Company”) was incorporated on June 29, 2007 in the Cayman Islands by six individuals (the “Founders”). The Company, through its subsidiaries and consolidated variable interest entities (“VIEs”) (collectively, the “Group”), is a leading wealth management service provider with asset management capability focusing on distributing wealth management products to the high net worth population in the People’s Republic of China (“PRC”). The Group began offering services in 2005 through Shanghai Noah Investment Management Co., Ltd. (“Noah Investment”), a consolidated variable interest entity, founded in the PRC in August 2005.

The Company’s significant subsidiaries as of December 31, 2014 include the following:


	Date of Incorporation	Place of Incorporation	Percentage of Ownership
Shanghai Noah Rongyao Investment Consulting Co., Ltd.	August 24, 2007	PRC		100	%
Shanghai Noah Financial Services Co., Ltd.*	April 18, 2008	PRC		100	%
Tianjin Noah Wealth Management Consulting Co., Ltd	December 26, 2008	PRC		100	%
Kunshan Noah Xingguang Investment Management Co., Ltd.	August 12, 2011	PRC		100	%
Noah Holdings (Hong Kong) Limited	September 1, 2011	Hong Kong		100	%
Shanghai Rongyao Information Technology Co., Ltd.	March 2, 2012	PRC		100	%
Noah Financial Express (Wuhu) Microfinance Co., Ltd.	August 13, 2013	PRC		100	%
Noah Commercial Factoring Co., Ltd.	April 1, 2014	PRC		100	%
Shanghai Noah Yijie Finance Technology Co., Ltd	March 17, 2014	PRC		90	%

*	In August 2012, Shanghai Noah Yuanzheng Investment Consulting Co., Ltd. was renamed as Shanghai Noah Financial Service Co., Ltd., after it obtained the regulatory approval to authorize its business scope to include providing investment advisory, wealth management and related financial services.

Noah Investment’s significant subsidiaries as of December 31, 2014 include the following:


	Date of Incorporation	Place of Incorporation	Percentage of Ownership
Shanghai Noah Investment Management Co., Ltd.	August 26, 2005	PRC		100	%
Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd.	September 29, 2007	PRC		100	%
Shanghai Noah Rongyao Insurance Broker Co., Ltd.	September 24, 2008	PRC		100	%
Tianjin Gopher Asset Management Co., Ltd.*	March 18, 2010	PRC		100	%
Gopher Asset Management Co., Ltd.	February 9, 2012	PRC		100	%
Shanghai Gopher Blue Ray Investment Management Co., Ltd.	August 15, 2012	PRC		60	%
Wuhu Gopher Asset Management Co., Ltd.	October 10, 2012	PRC		100	%
Shanghai Gopher Asset Management Co., Ltd.	December 14, 2012	PRC		100	%
Zhejiang Vanke Noah Assets Management Co., Ltd.	March 22, 2013	PRC		51	%

In March 2012, Noah Investment acquired 100% equity interest of Tianjin Gopher Asset Management Co., Ltd (“Tianjin Gopher”) and Gopher Asset Management Co., Ltd (“Gopher Asset”) which was established in February 2012 from Shanghai Noah Financial Services Co., Ltd. at cost. The transaction was recorded as reorganization between entities under common control with no impact on the consolidated financial statements.

In June 2014, Gopher Asset acquired 100% equity interest of Tianjin Gopher from Noah Investment at cost. The transaction was recorded as reorganization between entities under common control with no impact on the consolidated financial statements.

Summary of Principal Accounting Policies

12 Months Ended

Dec. 31, 2014

Summary of Principal Accounting Policies

2. Summary of Principal Accounting Policies

(a) Basis of Presentation

The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

(b) Principles of Consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries and consolidated VIEs. All inter-company transactions and balances have been eliminated upon consolidation.

A consolidated subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power or has the power to: appoint or remove the majority of the members of the board of directors; cast a majority of votes at the meeting of the board of directors; or govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

US GAAP provides guidance on the identification and financial reporting for entities over which control is achieved through means other than voting interests. The Group evaluates each of its interests in private companies to determine whether or not the investee is a VIE and, if so, whether the Group is the primary beneficiary of such VIE. In determining whether the Group is the primary beneficiary, the Group considers if the Group (1) has power to direct the activities that most significantly affects the economic performance of the VIE, and (2) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Group consolidates the VIE.

As foreign-invested companies engaged in insurance brokerage business are subject to stringent requirements compared with Chinese domestic enterprises under the current PRC laws and regulations, the Company’s PRC subsidiary, Shanghai Noah Rongyao Investment Consulting Co., Ltd. (“Noah Rongyao”), and its subsidiaries, as foreign-invested companies, do not meet all such requirements and therefore none of them are permitted to engage in the insurance brokerage business in China. Therefore, the Company decided to conduct the insurance brokerage business in China through Noah Investment and its subsidiaries which are PRC domestic companies beneficially owned by the Founders.

In addition, the Group engaged in mutual fund distribution business and distribution of asset management plans sponsored by mutual fund management companies as part of our business. Under PRC laws and regulations, distribution of mutual funds or asset management plans sponsored by mutual fund management companies requires a mutual fund distribution license. There may be uncertainties regarding the interpretation and application of regulations and other governmental policies regarding the issuance of a mutual fund distribution license. In addition, the approval authorities have broad discretion and may also provide the different requirements regarding the application of mutual fund distribution license according to different situations, such as the applicants are foreign-invested enterprises or their subsidiaries. As a result, the PRC subsidiaries may find it difficult to meet all such requirements or may have to incur significant costs and efforts to meet such requirements. Therefore, the Company conducts such business in China principally through contractual arrangements among our PRC subsidiary, Noah Rongyao and the Company’s PRC variable interest entity, Noah Investment, and Noah Investment’s shareholders. Noah Upright, a subsidiary of Noah Investment, holds the licenses and permits necessary to conduct mutual fund distribution and distribution of asset management plans sponsored by mutual fund management companies in China.

Since the Company does not have any equity interests in Noah Investment, in order to exercise effective control over its operations, the Company, through its wholly owned subsidiary Noah Rongyao, entered into a series of contractual arrangements with Noah Investment and its shareholders, pursuant to which the Company is entitled to receive effectively all economic benefits generated from Noah Investment shareholders’ equity interests in it. These contractual arrangements include: (i) a Power of Attorney Agreement under which each shareholder of Noah Investment has executed a power of attorney to grant Noah Rongyao or its designee the power of attorney to act on his or her behalf on all matters pertaining to Noah Investment and to exercise all of his or her rights as a shareholder of the Company, (ii) an Exclusive Option Agreement under which the shareholders granted Noah Investment or its third-party designee an irrevocable and exclusive option to purchase their equity interests in Noah Investment when and to the extent permitted by PRC law, (iii) an Exclusive Support Service Agreement under which Noah Investment engages Noah Rongyao as its exclusive technical and operational consultant and under which Noah Rongyao agrees to assist in arranging the financial support necessary to conduct Noah Investment’s operational activities, (iv) a Share Pledge Agreement under which the shareholders pledged all of their equity interests in Noah Investment to Noah Rongyao as collateral to secure their obligations under the agreement, and (v) a Free-Interest Loan Agreement under which each shareholder of Noah Investment entered into a loan agreement with Noah Rongyao for their respective investment in the equity interests in Noah Investment. The total amount of interest-free loans extended to the Founders is RMB27 million (approximately $3.6 million) which has been injected into Noah Investment. The Founders of Noah Investment effectively acted as a conduit to fund the required capital contributions from the Company into Noah Rongyao, are non-substantive shareholders and received no consideration for entering into such transactions. Under the above agreements, the shareholders of Noah Investment irrevocably granted Noah Rongyao the power to exercise all voting rights to which they were entitled. In December 2013, these loans were further restructured and each shareholder of Noah Investment re-entered into a new no-interest loan agreement with Noah Rongyao. The principal amounts of such no-interest loans to these shareholders were the same as that of the initial loans. The loan agreements will expire in December 2023. In addition, Noah Rongyao has the option to acquire all of the equity interests in Noah Investment, to the extent permitted by the then-effective PRC laws and regulations, for nominal consideration. Finally, Noah Rongyao is entitled to receive service fees for certain services to be provided to Noah Investment.

The Exclusive Option Agreement and Power of Attorney Agreements provide the Company effective control over the VIE and its subsidiaries, while the equity pledge agreements secure the equity owners’ obligations under the relevant agreements. Because the Company, through Noah Rongyao, has (i) the power to direct the activities of Noah Investment that most significantly affect the entity’s economic performance and (ii) the right to receive substantially all of the benefits from Noah Investment, the Company is deemed the primary beneficiary of Noah Investment. Accordingly, the Group has consolidated the financial statements of Noah Investment since its inception. The aforementioned contractual agreements are effective agreements between a parent and a consolidated subsidiary, neither of which is accounted for in the consolidated financial statements (i.e. a call option on subsidiary shares under the Exclusive Option Agreement or a guarantee of subsidiary performance under the Share Pledge Agreement) or are ultimately eliminated upon consolidation (i.e. service fees under the Exclusive Support Service Agreement or loans payable/receivable under the Loan Agreement).

The Company believes that these contractual arrangements are in compliance with PRC laws and regulations and are legally enforceable. The addition of mutual fund business under Noah Investment and the transfer of Tianjin Gopher and Gopher Asset from Noah Rongyao to Noah Investment in 2012 do not impact the legal effectiveness of these contractual arrangements and do not impact the conclusion that the Company is the primary beneficiary of Noah Investment and its subsidiaries.

However, the aforementioned contractual arrangements with Noah Investment and its shareholders are subject to risks and uncertainties, including:

•

Noah Investment and its shareholders may have or develop interests that conflict with the Group’s interests, which may lead them to pursue opportunities in violation of the aforementioned contractual arrangements.

•

Noah Investment and its shareholders could fail to obtain the proper operating licenses or fail to comply with other regulatory requirements. As a result, the PRC government could impose fines, new requirements or other penalties on the VIE or the Group, mandate a change in ownership structure or operations for the VIE or the Group, restrict the VIE or the Group’s use of financing sources or otherwise restrict the VIE or the Group’s ability to conduct business.

•

The aforementioned contractual agreements may be unenforceable or difficult to enforce. The equity interests under the Share Pledge Agreement have been registered by the shareholders of Noah Investment with the relevant office of the administration of industry and commerce, however, the VIE or the Group may fail to meet other requirements. Even if the agreements are enforceable, they may be difficult to enforce given the uncertainties in the PRC legal system.

•

The PRC government may declare the aforementioned contractual arrangements invalid. They may modify the relevant regulations, have a different interpretation of such regulations, or otherwise determine that the Group or the VIE have failed to comply with the legal obligations required to effectuate such contractual arrangements.

•

It may be difficult to finance Noah Investment by means of loans or capital contributions. Loans from our offshore parent company to the VIE must be approved by the relevant PRC government body and such approval may be difficult or impossible to obtain.

The following amounts of Noah Investment and its subsidiaries were included in the Group’s consolidated financial statements:


	As of December 31,
	2013		2014
	$		$
Cash and cash equivalents		45,443,856		76,252,171
Restricted cash		165,188		161,171
Short-term investments		13,872,921		6,248,761
Accounts receivable, net of allowance for doubtful accounts		1,784,726		3,775,420
Amounts due from related parties		3,532,343		12,988,022
Deferred tax assets		604,377		1,841,876
Other current assets		1,195,057		1,438,158
Long-term investments		6,302,362		483,512
Investment in affiliates		18,893,396		39,662,915
Property and equipment, net		1,109,738		3,627,715
Other non-current assets		299,378		182,262
Total assets		93,203,342		146,661,983
Accrued payroll and welfare expenses		3,078,297		11,059,108
Income tax payable		2,167,268		4,518,462
Amounts due to the Group’s subsidiaries		34,660,524		27,289,801
Deferred revenue		8,377,979		6,105,780
Other current liabilities		961,140		4,475,798
Non-current uncertain tax position liabilities		1,044,580		1,019,175
Total liabilities		50,289,788		54,468,124


	As of December 31,
	2012*			2013			2014
	$			$			$
Revenue:
Third-party revenues
One-time commissions		31,859			1,171,253			13,072,826
Recurring service fees		1,200,863			6,070,762			18,163,030
Other service fees		957,745			4,489,280			3,953,060
Total third-party revenues		2,190,467			11,731,295			35,188,916
Related party revenues
One-time commissions		331,712			465,360			3,485,958
Recurring service fees		5,128,257			23,597,359			46,376,791
Other service fees		—			916,163			12,267,477
Total related party revenues		5,459,969			24,978,882			62,130,226
Total revenues		7,650,436			36,710,177			97,319,142
Less: business taxes and related surcharges		(416,525	)		(2,043,086	)		(5,457,850	)
Net revenues		7,233,911			34,667,091			91,861,292
Operating cost and expenses		(6,409,491	)		(13,836,442	)		(29,655,461	)
Other income		200,319			2,503,612			1,930,322
Net income		1,168,218			19,250,180			50,387,400
Net income attributable to Noah Holding Limited shareholders		1,086,355			17,644,412			47,379,799
Cash flows provided by operating activities **		29,624,846			40,988,172			39,849,513
Cash flows used in investing activities		(21,368,983	)		(15,809,672	)		(8,659,151	)
Cash flows provided by financing activities		2,178,103			6,265,618			220,017

*	Tianjin Gopher’s result of operations and cash flows are included in the presentation starting from March 2012.

**	Cash flows provided by operating activities in 2013 and 2014 include amounts due to the Group’s subsidiaries of $34,660,524 and $27,289,801.

The VIEs contributed an aggregate of 8.3%, 21.2% and 37.1% of the consolidated net revenues for the years ended December 31, 2012, 2013 and 2014, respectively and an aggregate of 5.1%, 36.3% and 67.0% of the consolidated net income for the years ended December 31, 2012, 2013 and 2014, respectively. As of December 31, 2013 and 2014, the VIEs accounted for an aggregate of 30.7% and 34.0%, respectively, of the consolidated total assets.

There are no consolidated assets of the VIEs and their subsidiaries that are collateral for the obligations of the VIEs and their subsidiaries and can only be used to settle the obligations of the VIEs and their subsidiaries. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholder of the VIEs or entrustment loans to the VIEs.

Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 13 for disclosure of restricted net assets.

(c) Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ materially from such estimates. Significant accounting estimates reflected in the Group’s consolidated financial statements include assumptions used to determine the liability for uncertain tax positions, valuation allowance for deferred tax assets, allowance for accounts receivable, allowance for loan losses, fair value measurement of underlying investment portfolios of the funds that the Group invests, assumptions related to the consolidation of entities in which the Group holds variable interests, assumptions related to the valuation of share-based compensation, including estimation of related forfeiture rates and assumption related to valuation of investments.

(d) Concentration of Credit Risk

The Group is subject to potential significant concentrations of credit risk consisting principally of cash and cash equivalents, accounts receivable and investments. All of the Group’s cash and cash equivalents and a majority of investments are held with financial institutions that Group management believes to be high credit quality. In addition, the Group’s investment policy limits its exposure to concentrations of credit risk.

Substantially all revenues were generated within China.

There were no product providers or underlying corporate borrowers which accounted for 10% or more of total revenues for the years ended December 31, 2012, 2013, and 2014.

Credit of small loan business is controlled by the application of credit approvals, limits and monitoring procedures. To minimize credit risk, the Group requires collateral in form of right to securities. The Group identifies credit risk on a customer by customer basis. The information is monitored regularly by management.

(e) Investments in Affiliates

Affiliated companies are entities over which the Group has significant influence, but which it does not control. The Group generally considers an ownership interest of 20% or higher to represent significant influence. Investments in affiliates are accounted for by the equity method of accounting. Under this method, the Group’s share of the post-acquisition profits or losses of affiliated companies is recognized in the statements of operations and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. Unrealized gains on transactions between the Group and its affiliated companies are eliminated to the extent of the Group’s interest in the affiliated companies; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group’s share of losses in an affiliated company equals or exceeds its interest in the affiliated company, the Group does not recognize further losses, unless the Group has incurred obligations or made payments on behalf of the affiliated company. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary. The Group has not recorded any impairment losses in any of the periods reported.

The Group also considers it has significant influence over the funds of funds and real estate funds that it serves as general partner, and the Group’s ownership interest in these funds as limited partner is generally much lower than 20%. These funds are not consolidated by the Group based on the facts that the Group is not the primary beneficiary of these funds, and substantive kick-out rights exist which are exercisable by a simple-majority of non-related limited partners of these funds to dissolve (liquidate) the funds or remove the company as the general partner of the funds without cause. The equity method of accounting is accordingly used for investments by the Group in these funds. In addition, the investee funds meet the definition of an Investment Company and are required to report their investment assets at fair value. The Group records its equity pick-up based on its percentage ownership of the investee funds’ operating result.

In 2010, Tianjin Gopher invested in four funds of private equity funds newly established in 2010; in 2011, Tianjin Gopher invested in six funds of private equity funds newly established in 2011; in 2012, Tianjin Gopher invested in one fund of private equity funds newly established in 2012. Tianjin Gopher held 0.6% to 4.8% equity interests in these funds as a general partner.

In 2012, Gopher Asset and its subsidiaries invested in two private equity funds of funds, thirty-eight real estate funds and real estate funds of funds newly established in 2012; in 2013, Gopher Asset and its subsidiaries invested in three private equity funds of funds, seventy-five real estate funds and real estate funds of funds, two secondary market equity funds of funds and eight other fixed income funds of funds newly established in 2013. Gopher Asset held no more than 2.3% equity interests in these real estate funds and real estate funds of funds and no more than 5.0% equity interest in these private equity funds of funds as a general partner. In 2014, Gopher Asset and its subsidiaries invested in sixteen private equity funds of funds, fourteen real estate funds and real estate funds of funds, fifteen secondary market equity funds of funds and twelve other fixed income funds of funds newly established in 2014. Gopher Asset held no more than 1.7% equity interests in these real estate funds and no more than 5.0% equity interest in these real estate funds of funds and private equity funds of funds as a general partner.

In May 2011, Tianjin Gopher injected RMB 4.0 million (approximately $0.6 million) into Kunshan Jingzhao Equity Investment Management Co., Ltd (“Kunshan Jingzhao”), a newly setup joint venture, for 40% of the equity interest. Kunshan Jingzhao principally engages in real estate fund management business.

In November 2012, Gopher Asset injected RMB 3.8 million (approximately $0.6 million) into Kunshan Vantone Zhengyuan Private Equity Fund Management Co., Ltd (“Kunshan Vantone”), a newly established joint venture, for 15% of the equity interest. Kunshan Vantone principally engages in private equity fund management businesses. The Group considers it has significant influences over Kunshan Vantone due to its voting rights in its board of directors.

In February 2013, Gopher Asset injected RMB 21.0 million (approximately $3.5 million) into Wanjia Win-Win Assets Management Co., Ltd (“Wanjia Win-Win”), a newly setup joint venture, for 35% of the equity interest. Wanjia Win-Win principally engages in wealth management plan management business.

In July 2013, Gopher Asset injected RMB 0.8 million (approximately $0.1 million) into Wuhu Bona Film Investment Management Co., Ltd. (“Wuhu Bona”), a newly established joint venture, for 15% of the equity interest. Wuhu Bona principally engages in film private equity fund management businesses. The Group considers it has significant influences over Wuhu Bona due to its voting rights in its board of directors.

The Group accounts for these investments using the equity method of accounting due to the fact that the Company has significant influence on these investees. The Group recorded investments in affiliates of $14,742,364 and $35,817,261 as of December 31, 2013 and 2014, respectively and income from equity in affiliates of $617,361, $1,191,833 and $2,200,504 for the years ended December 31, 2012, 2013 and 2014, respectively.

(f) Internal-use Software

Certain direct development costs associated with internal use software are capitalized and mainly include payroll costs for employees devoting time to the software projects principally related to software coding, system interface design and installation and software testing. The capitalized costs are amortized using the straight-line method over an estimated life of two to four years, from the date when the asset is substantially ready for use. Costs related to preliminary project activities and post implementation activities are expensed as incurred.

(g) Fair Value of Financial Instruments

The Group records certain of its financial assets and liabilities at fair value on a recurring basis. Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability.

The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is as follows:

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

(h) Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and demand deposits, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less when purchased.

(i) Restricted Cash

The Group’s restricted cash primarily represents cash deposits required by China Insurance Regulatory Commission for entities engaging in insurance agency or brokering activities in China. Such cash cannot be withdrawn without the written approval of the China Insurance Regulatory Commission. Funds that are raised on behalf of investors, prior to the establishment of certain third party investment vehicles, are legally segregated from the Group and will be transferred to such investment vehicles upon formation.

(j) Investments

The Group invests in debt securities and equity securities and accounts for the investments based on the nature of the products invested, and the Group’s intent and ability to hold the investments to maturity.

The Group’s investments in debt securities include marketable bond fund securities, trust products, asset management plans and real estate funds those have a stated maturity and normally pay a prospective fixed rate of return. The Group classifies the investments in debt securities as held-to-maturity when it has both the positive intent and ability to hold them until maturity. Held-to-maturity investments are recorded at amortized cost and are classified as long-term or short-term according to their contractual maturity. Long-term investments are reclassified as short-term when their contractual maturity date is less than one year. Investments that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value with changes in fair value recognized in earnings. Investments that do not meet the criteria of held-to-maturity or trading securities are classified as available-for-sale, and are reported at fair value with changes in fair value deferred in other comprehensive income.

The Group records investments in private equity funds under the cost method when they do not qualify for the equity method. Gains or losses are realized when such investments are sold.

The Group reviews its investments except for those classified as trading securities for other-than-temporary impairment based on the specific identification method and considers available quantitative and qualitative evidence in evaluating potential impairment. If the cost of an investment exceeds the investment’s fair value, the Group considers, among other factors, general market conditions, government economic plans, the duration and the extent to which the fair value of the investment is less than cost and the Group’s intent and ability to hold the investment to determine whether an other-than-temporary impairment has occurred.

The Group recognizes other-than-temporary impairment in earnings if it has the intent to sell the debt security or if it is more-likely-than-not that it will be required to sell the debt security before recovery of its amortized cost basis. Additionally, the Group evaluates expected cash flows to be received and determines if credit-related losses on debt securities exist, which are considered to be other-than-temporary, should be recognized in earnings.

If the investment’s fair value is less than the cost of an investment and the Group determines the impairment to be other-than-temporary, the Group recognizes an impairment loss based on the fair value of the investment. To date, the Group has not recorded an other-than-temporary impairment.

(k) Non-controlling interests

A non-controlling interest in a subsidiary of the Group represents the portion of the equity (net assets) in the subsidiary not directly or indirectly attributable to the Group. Non-controlling interests are presented as a separate component of equity in the consolidated balance sheet and earnings and other comprehensive income are attributed to controlling and non-controlling interests. The non-controlling interest was $10,769,789 and $14,028,321, respectively as of December 31, 2013 and 2014 and the net income attributable to non-controlling interest was $82,712, $1,602,867 and $2,806,078, respectively for years ended December 31, 2012, 2013 and 2014.

(l) Property and Equipment, net

Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the following estimated useful lives:


		Estimated Useful Lives in Years
Leasehold improvements		Shorter of the lease term or expected useful life
Furniture, fixtures, and equipment		3—5 years
Motor Vehicles		5 years
Software		2—5 years

Gains and losses from the disposal of property and equipment are included in income from operations.

(m) Revenue Recognition

The Group derives revenue primarily from one-time commissions and recurring service fees paid by product providers or underlying corporate borrowers.

The Group recognizes revenues when there is persuasive evidence of an arrangement, service has been rendered, the sales price is fixed or determinable and collectability is reasonably assured. Prior to a client’s purchase of a wealth management product, the Group provides the client with a wide spectrum of consultation services, including product selection, review, risk profile assessment and evaluation and recommendation for the client. Revenues are recorded, net of sales related taxes and surcharges.

One-time Commissions

The Group enters into one-time commission agreements with product providers or underlying corporate borrowers, which specifies the key terms and conditions of the arrangement. Such agreements do not include rights of return, credits or discounts, rebates, price protection or other similar privileges. Upon establishment of a wealth management product, the Group earns a one-time commission from product providers or underlying corporate borrowers, calculated as a percentage of the wealth management products purchased by its clients. The Group defines the “establishment of a wealth management product” for its revenue recognition purpose as the time when both of the following two criteria are met: (1) the Group’s client has entered into a purchase or subscription contract with the relevant product provider and, if required, the client has transferred a deposit to an escrow account designated by the product provider and (2) the product provider has issued a formal notice to confirm the establishment of a wealth management product. Revenue is recorded upon the establishment of the wealth management product, when the provision of service concludes and the fee becomes fixed and determinable, assuming all other revenue recognition criteria have been met, and there are no future obligations or contingencies. Certain contracts require a portion of the payment be deferred until the end of the wealth management products’ life or other specified contingency. In such instances, the Group defers the contingent amount until the contingency has been resolved. A small portion of the Group’s one-time commission arrangements require the provision of certain after sales activities, which primarily relate to disseminating information to clients related to investment performance. The Group accrues the estimated cost of providing these services, which are inconsequential, when the one-time commission is earned as the services to be provided are substantially complete. The Group has historically completed the after sales services in a timely manner and can reliably estimate the remaining costs.

Recurring Service Fees

Recurring service fees from product providers depend on the type of wealth management product the Group’s client purchased and are calculated as either (i) a percentage of the total value of investments in the wealth management products purchased by the Group’s clients, calculated at the establishment date of the wealth management product or (ii) as a percentage of the fair value of the total investment in the wealth management product, calculated daily. As the Group provides these services throughout the contract term, for either method of calculation, revenue is recognized on a daily basis over the contract term, assuming all other revenue recognition criteria have been met. Recurring service agreements do not include rights of return, credits or discounts, rebates, price protection or other similar privileges.

Multiple Element Arrangements

The Group enters into multiple element arrangements when a product provider or underlying corporate borrower engages it to provide both wealth management marketing and recurring services. The Group also provides both wealth management marketing and recurring services to funds of private equity funds and real estate funds that it serves as general partner.

The Group allocates arrangement consideration in multiple-deliverable revenue arrangements at the inception of an arrangement to all deliverables based on the relative selling price in accordance with the selling price hierarchy, which includes: (i) vendor-specific objective evidence (“VSOE”) if available; (ii) third-party evidence (“TPE”) if VSOE is not available; and (iii) best estimate of selling price (“BESP”) if neither VSOE nor TPE is available.

VSOE. The Group determines VSOE based on its historical pricing and discounting practices for the specific service when sold separately. In determining VSOE, the Group requires that a substantial majority of the selling prices for these services fall within a reasonably narrow pricing range.

TPE. When VSOE cannot be established for deliverables in multiple element arrangements, the Group applies judgment with respect to whether it can establish a selling price based on TPE. TPE is determined based on competitor prices for similar deliverables when sold separately. Generally, the Group’s products and services contain certain level of differentiation such that the comparable pricing of services with similar functionality cannot be obtained. Furthermore, the Group is unable to reliably determine what similar competitor services’ selling prices are on a stand-alone basis. As a result, the Group has not been able to establish selling price based on TPE.

BESP. When it is unable to establish selling price using VSOE or TPE, the Group uses BESP in its allocation of arrangement consideration. The objective of BESP is to determine the price at which the Group would transact a sale if the service were sold on a stand-alone basis. The Group determines BESP for deliverables by considering multiple factors including, but not limited to, prices it charged for similar offerings, market conditions, specification of the services rendered and pricing practices. The Group has used BESP to allocate the selling price of wealth management marketing service and recurring services under these multiple element arrangements.

The Group has vendor specific objective evidence of fair value for its wealth management marketing services as it provides such services on a stand-alone basis. The Group has not sold its recurring services on a stand-alone basis. However, the fee to which the Group is entitled is consistently priced at a fixed percentage of the management fee obtained by the fund managers irrespective of the fee obtained for the wealth management marketing services. The recurring service fee the Group charges as general partner is consistent with the management fee obtained by the fund managers irrespective of the fee obtained for the wealth management marketing services. As such, the Group has established fair value as relative charges that are consistent with management fee in such arrangements and believes it represents their best estimate of the selling price at which they would transact if the recurring services were sold regularly on a stand-alone basis. The Group allocates arrangement consideration based on fair value, which is equivalent to the percentages charged for each of the respective units of accounting, as described above. Revenue for the respective units of accounting is also recognized in the same manner as described above. If the estimated selling price for recurring services increased (or decreased) by 1%, the revenue allocated to this revenue element would increase (decrease) by 0.1% to 0.7%.

Other Service Fees

The Group also derived revenues from small short-term loan, internet finance business, performance based income of the funds it serves as fund managers and other businesses, which were recorded as other service fees and represented 0.63%, 0.48%, 6.20% and 0.87% of the Group’s total net revenue for the year ended December 31, 2014.

From November 2013, the Group started offering small short-term loan services. Revenue is recognized when there are probable economic benefits to the Group and when the revenue can be measured reliably. Interest on loan receivables is accrued monthly in accordance with their contractual terms and recorded in accrued interest receivable. The Group does not charge prepayment penalty from customers.

In 2014, the Group started internet finance business to provide financial products and services to high net worth individuals as well as white-collar professionals in China through its proprietary internet financial platforms. Revenues derived from internet finance business is recorded in other service fees.

(n) Business Tax and Related Surcharges

The Group is subject to business tax, education surtax, and urban maintenance and construction tax, on the services provided in the PRC. Business tax and related surcharges are primarily levied based on revenues concurrent with a specific revenue-producing transaction at combined rates ranging from 5.35% to 5.70%. They can be presented either on a gross basis (included in revenues and costs) or on a net basis (excluded from revenue) at the Company’s accounting policy decision under U.S. GAAP. The Company has elected to report such business tax and related surcharges on a net basis as a reduction of revenues.

(o) Cost of Revenues

Cost of revenue includes salaries and performance-based commissions of relationship managers and expenses incurred in connection with product-specific client meetings and other events.

(p) Income Taxes

Current income taxes are provided for in accordance with the relevant statutory tax laws and regulations.

The Group accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Group recognizes net deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, it considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Group determines that its deferred tax assets are realizable in the future in excess of their net recorded amount, the Group would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

The Group records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Group recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The effective tax rate for the Group includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Group recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statement of Operations. Accrued interest and penalties are included within the related tax liability line in the Consolidated Balance Sheet.

(q) Share-Based Compensation

The Group recognizes share-based compensation based on the fair value of equity awards on the date of the grant, with compensation expense recognized using a straight-line vesting method over the requisite service periods of the awards, which is generally the vesting period. The Group estimates the fair value of share options granted using the Black-Scholes option pricing model. The expected term represents the period that share-based awards are expected to be outstanding, giving consideration to the contractual terms of the share-based awards, vesting schedules and expectations of future employee exercise behavior. The computation of expected volatility is based on a combination of the historical and implied volatility of comparable companies from a representative peer group based on industry. Management estimates expected forfeitures and recognizes compensation costs only for those share-based awards expected to vest. Amortization of share-based compensation is presented in the same line item in the consolidated statements of operations as the cash compensation of those employees receiving the award.

(r) Government Grants

Government subsidies include cash subsidies received by the Group’s entities in the PRC from local governments as incentives for investing in certain local districts, and are typically granted based on the amount of investment made by the Group in form of registered capital or taxable income generated by the Group in these local districts. Such subsidies allow the Group full discretion in utilizing the funds and are used by the Group for general corporate purposes. The local governments have final discretion as to whether the Group has met all criteria to be entitled to the subsidies. The Group does not in all instances receive written confirmation from local governments indicating the approval of the cash subsidy before cash is received. Cash subsidies of $4,295,029, $5,323,670 and $14,792,142 are included in other operating income for the years ended December 31, 2012, 2013 and 2014, respectively. Cash subsidies are recognized when received and when all the conditions for their receipt have been satisfied.

(s) Net Income per Share

Basic net income per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised into ordinary shares. Common share equivalents are excluded from the computation of the diluted net income per share in years when their effect would be anti-dilutive.

Diluted net income per share is computed by giving effect to all potential dilutive shares, including non-vested restricted shares and options.

(t) Operating Leases

Leases where substantially all the rewards and risks of ownership of assets remain with the leasing company are accounted for as operating leases. Certain of the Group’s facility leases provide for a free rent period. Payments made under operating leases are charged to the consolidated statements of operations on a straight-line basis over the lease period.

(u) Foreign Currency Translation

The functional currency of the Company is the United States dollar (“U.S. dollar”) and is used as the reporting currency of the Group. Monetary assets and liabilities of the Group’s PRC entities denominated in currencies other than the U.S. dollar are translated into U.S. dollar at the rates of exchange ruling at the balance sheet date. Equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as foreign currency translation adjustment and are shown as a separate component of other comprehensive income in the consolidated statements of comprehensive income.

The financial records of the Group’s PRC entities are maintained in local currencies other than the U.S. dollar, such as Renminbi (“RMB”), which are their functional currencies. Transactions in other currencies are recorded at the rates of exchange prevailing when the transactions occur.

(v) Comprehensive Income

Comprehensive income includes all changes in equity except those resulting from investments by owners and distributions to owners. For the years presented, total comprehensive income included net income and foreign currency translation adjustments.

(w) Loans receivable, net

Loans receivable represent loan amount due from clients. Loans receivable are initially recognized at fair value which is the cash disbursed to originate loans, measured subsequently at amortized cost using the effective interest method, net of allowance that reflects the Company’s best estimate of the amounts that will not be collected.

(x) Allowance for loan losses

The allowance for loan losses is maintained at a level believed to be reasonable by management to absorb probable losses inherent in the portfolio as of each balance sheet date. The allowance is based on factors such as the size and current risk characteristics of the portfolio, an assessment of individual problem loans and actual loss, delinquency, and/or risk rating experience within the portfolio. The Company evaluates its allowance for loan losses on a quarterly basis or more often as deemed necessary.

In addition, the Company also calculates the provision amount in accordance with PRC regulation “The Guidance for Loan Losses” issued by People’s Bank of China (“PBOC”) and is applied to all financial institutes as below:

General Reserve – is based on total loan receivable balance and to be used to cover unidentified probable loan loss. The General Reserve is required to be no less than 1% of total loan receivable balance.

ii)

Specific Reserve – is based on the level of loss of each loan after categorizing the loan according to their risk. According to the so-called “Five-Tier Principle” set forth in the Provision Guidance, the loans are categorized as “pass”, “special-mention”, “substandard”, “doubtful” or “loss”. Normally, the provision rate is 2% for “special-mention”, 25% for “substandard”, 50% for “doubtful” and 100% for “loss”.

iii)

Special Reserve – is fund set aside covering losses due to risks related to a particular country, region, industry or type of loans. The reserve rate could be decided based on management estimate of loan collectability.

Due to the short term nature of the loans receivable and based on the Company’s past loan loss experience, the Company only includes General Reserve in the loan loss reserve.

To the extent the mandatory loan loss reserve rate as required by PBOC differs from management’s estimates, the management elects to use the higher rate.

(y) Recently issued accounting pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) issued their converged standard on revenue recognition. The objective of the revenue standard Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)” is to provide a single, comprehensive revenue recognition model for all contracts with customers to improve comparability within industries, across industries, and across capital markets. The revenue standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. For public companies, the revenue standard is effective for the first interim period within annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements.

In February 2015, the FASB issued ASU 2015-02, ‘‘Amendments to the Consolidation Analysis’’, regarding consolidation of legal entities such as limited partnerships, limited liability corporations, and securitization structures. The guidance eliminates the deferral issued by the FASB in February 2010 of the accounting guidance for VIE for certain investment funds, including mutual funds, private equity funds and hedge funds. In addition, the guidance amends the evaluation of fees paid to a decision maker or a service provider, and exempts certain money market funds from consolidation. The guidance will be effective for accounting periods beginning after December 15, 2015 with early adoption permitted. The Group is currently evaluating the potential impact on the Group’s consolidated financial statements.

In November 2014, the FASB issued a new pronouncement which provides guidance on determining whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity. The new standard requires management to determine the nature of the host contract by considering the economic characteristics and risks of the entire hybrid financial instrument, including the embedded derivative feature that is being evaluated for separate accounting from the host contract. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption, including adoption in an interim period, is permitted. The effects of initially adopting the amendments in this Update should be applied on a modified retrospective basis to existing hybrid financial instruments issued in the form of a share as of the beginning of the fiscal year for which the amendments are effective. The Group is assessing the effect of adoption of this guidance on the Group’s consolidated financial statements.

Net Income per Share

12 Months Ended

Dec. 31, 2014

Net Income per Share

3. Net Income per Share

The following table sets forth the computation of basic and diluted net income per share attributable to ordinary shareholders:


	Years Ended December 31,
	2012		2013		2014
Net income attributable to ordinary shareholders—basic and diluted		22,826,454		51,435,171		72,406,504
Weighted average number of ordinary shares outstanding—basic		27,751,335		27,480,150		27,873,501
Plus: share options		249,756		229,339		178,203
Plus: non-vested restricted shares		72,640		298,897		176,119
Weighted average number of ordinary shares outstanding—diluted		28,073,731		28,008,386		28,227,823
Basic net income per share		0.82		1.87		2.60
Diluted net income per share		0.81		1.84		2.57

Diluted net income per share does not include the following instruments as their inclusion would be antidilutive:


	Years Ended December 31,
	2012		2013		2014
Share options		121,784		20,000		304,045
Restricted shares		448,648		2,994		—
Total		570,432		22,994		304,045

Investments

12 Months Ended

Dec. 31, 2014

Investments

4. Investments

The following table summarizes the Group’s investment balances:


	As of December 31,
	2013		2014
	$		$
Short-term investments
- Trading securities investments
- Fixed income products		11,341,097		—
Total trading securities investments		11,341,097		—
- Held-to-maturity investments
- Fixed income products		16,846,309		7,435,461
Total held-to-maturity investments		16,846,309		7,435,461
- Available-for-sale investments
- Fixed income products		—		14,357,845
- Other products		—		388,706
Total available-for-sale investments		—		14,746,551
Total short-term investments		28,187,406		22,182,012
Long-term investments
- Held-to-maturity investments
- Fixed income products		10,480,964		483,512
- Other products		—		4,673,952
Total held-to-maturity investments		10,480,964		5,157,464
- Other long-term investments
- Private equity funds products		3,197,218		2,488,476
- Other products		—		2,224,999
Total Other long-term investments		3,197,218		4,713,475
Total long-term investments		13,678,182		9,870,939
Total investments		41,865,588		32,052,951

Held-to-maturity investments consist of investments in fixed income products and other products that have stated maturity and normally pay a prospective fixed rate of return, carried at amortized cost. The Group recorded investment income on these products of $3,044,856, $2,510,647 and $2,027,454 for the years ended December 31, 2012, 2013 and 2014, respectively. Interest receivable on the products was $539,586, $856,068 and $862,001 as of December 31, 2012, 2013 and 2014, respectively. Of the long-term held-to-maturity investments, $2,095,220, $1,450,536 and $1,611,708 will mature in 2016, 2017 and 2019, respectively. Held-to-maturity investments include investments in debt securities of certain real estate funds managed by the Group of $11,917,947, $7,100,203 and nil as of December 31, 2012, 2013 and 2014, respectively.

Trading securities investments consist of investments in fixed income products and other products that have stated maturity and normally pay a prospective fixed rate of return. These investments are recorded at fair value on a recurring basis. The fair value is measured using discounted cash flow model based on contractual cash flow and a discount rate of prevailing market yield for products with similar terms as of the measurement date, as such; it is classified within Level 2 measurement. The Group recorded investment income on these investments of nil, $1,413,810 and $1,390,200 for the years ended December 31, 2012, 2013 and 2014, respectively.

Available-for-sale investments consist of investments in fixed income products and other products that have stated maturity and normally pay a prospective fixed rate of return, carried at fair value. Changes in fair value of the available-for-sale investments for the year ended December 31, 2014 was $832,372, recorded in the other comprehensive income, of which $ 410,048 was realized and reclassified from other comprehensive income to “investment income” in the consolidated statements of operations during the year. As of December 31, 2014, the net unrealized gain remained in other comprehensive income was $422,324. The amortized cost of the available-for-sale investments as of December 31, 2014 was $14,324,227. There’s no investment with realized or unrealized losses during the periods presented.

Other long-term investments consist of investments in 3 private equity funds as a limited partner with less than 3% equity interest and equity investments of series B preferred share in PPDAI Group Inc. In 2014, the Company also invested US$ 2,224,999 in PPDAI Group Inc., by subscribing and purchasing Series B Preferred Shares, representing 2.62% of the investee’s issued share capital. PPDAI Group Inc. is a private entity primarily engaged in the P2P internet lending business. The Group accounted for these private equity funds investments and equity investment in private entity using the cost method of accounting due to the fact that the Group has no significant influence on the investees.

Fair Value Measurement

12 Months Ended

Dec. 31, 2014

Fair Value Measurement

5. Fair Value Measurement

As of December 31, 2013 and December 31, 2014, information about inputs into the fair value measurements of the Company’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:


			Fair Value Measurements at Reporting Date Using
Description	As of December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Short-term investment
Trading securities investments	$	11,341,097	$	—	$	11,341,097	$	—


			Fair Value Measurements at Reporting Date Using
Description	As of December 31, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Short-term investment
Available-for-sale investments	$	14,746,551		—	$	14,746,551	$	—

Trading securities investments and available-for-sale investment consist of investments in trust products, asset management plans and real estate funds that have stated maturity and normally pay a prospective fixed rate of return. These investments are recorded at fair value on a recurring basis. The fair value is measured using discounted cash flow model based on contractual cash flow and a discount rate of prevailing market yield for products with similar terms as of the measurement date, as such, it is classified within Level 2 measurement.

The Company does not have assets or liabilities reported at fair value on a non-recurring basis during the periods presented.

The Company also has financial instruments that are not reported at fair value on the consolidated balance sheet but whose fair values are required to be disclosed under ASC 825. The Group believes the fair value of its financial instruments: principally cash and cash equivalents, restricted cash, accounts receivable, amount due from related parties, short-term held-to-maturity investments, loans receivable, short-term bank loan and other payables approximate their recorded values due to the short-term nature of the instruments.

The Group’s long-term investments consist of investment in private equity funds and held-to-maturity long-term fixed income products. As of December 31, 2013 and 2014, information about inputs into the fair value measurements of the Company’s long-term financial instruments that are not reported at fair value on balance sheet is as following:


	As of December 31, 2013				Fair Value Measurements at Reporting Date Using
Description	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Long-term investment – cost method investment:
Investment in private equity funds	$	3,197,218	$	3,061,319	$	—	$	—	$	3,061,319
Long-term investment – held-to-maturity:
Investment in fixed income products	$	10,480,964	$	10,774,099	$	—	$	10,774,099	$	—


	As of December 31, 2014				Fair Value Measurements at Reporting Date Using
Description	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Long-term investment –cost method investment:
Investment in private equity funds products	$	2,488,476	$	3,470,339	$	—	$	—	$	3,470,339
Investment in other products	$	2,224,999	$	2,224,999	$	—	$	—	$	2,224,999
Long-term investment – held-to-maturity:
Investment in fixed income products	$	483,512	$	493,237	$	—	$	493,237	$	—
Investment in other products	$	4,673,952	$	4,920,793	$	—	$	4,920,793	$	—

For the long-term investment in private equity funds the fair value was determined based on the Group’s equity holding percentage multiplied by the fair value of the underlying funds available from the financial information of the funds. The fair value of the underlying investments in these funds was estimated via a discounted cash flow model, using unobservable inputs mainly including assumptions about expected future cash flows based on information supplied by investees, degree of liquidity in the current credit markets and discount rate, and is thus classified as a Level 3 fair value measurement. The fair value of the equity investment in the private entity is also estimated using discounted cash flow model and is classified as a level 3 fair value measurement.

The fair value of long-term products was estimated using a discounted cash flow model based on contractual cash flows and a discount rate at the prevailing market yield on the measurement date for similar products, and is class classified as a Level 2 fair value measurement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property and Equipment, Net

12 Months Ended

Dec. 31, 2014

Property and Equipment, Net

6. Property and Equipment, Net

Property and equipment, net consists of the following:


	As of December 31,
	2013			2014
	$			$
Leasehold improvements		6,284,893			9,027,914
Furniture, fixtures and equipment		4,217,114			6,756,800
Motor vehicles		1,053,463			1,168,695
Software		2,593,932			4,344,738

		14,149,402			21,298,147
Accumulated depreciation		(5,409,226	)		(8,107,758	)

		8,740,176			13,190,389
Construction in progress		672,137			1,662,177

Property and equipment, net		9,412,313			14,852,566

Depreciation expense was $1,814,528, $2,469,922 and $ 3,635,799 for the years ended December 31, 2012, 2013 and 2014, respectively.

Other Current Liabilities

12 Months Ended

Dec. 31, 2014

Other Current Liabilities

7. Other Current Liabilities

Components of other current liabilities are as follows:


	As of December 31,
	2013		2014
	$		$
Accrued expenses		5,231,299		10,763,075
Other payables		2,391,233		7,816,735
Other tax payable		1,675,452		4,105,539
Accrued professional fees		5,003,932		2,557,954
Accrued client service fees		736,165		1,279,587
Conference fees payable		189,166		736,749

Total		15,227,247		27,259,639

Accrued professional service fees mainly consist of payables for consulting fees, audit fees and legal fees. Accrued expense and other payables mainly consist of payables for marketing expenses.

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Taxes

8. Income Taxes

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, the Cayman Islands do not impose withholding tax on dividend payments.

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, our subsidiaries established in Hong Kong are subject to 16.5% income tax on their taxable income generated from operations in Hong Kong. Under the Hong Kong tax laws, it is exempted from the Hong Kong income tax on its foreign-derived income. In addition, payments of dividends from our Hong Kong subsidiaries to us are not subject to any Hong Kong withholding tax. No provision for Hong Kong tax has been made in our consolidated financial statements, as our Hong Kong subsidiaries have not generated any assessable income for the years ended December 31, 2012, 2013 and 2014.

PRC

Under the Law of the People’s Republic of China on Enterprise Income Tax (“New EIT Law”), which was effective from January 1, 2008, domestically-owned enterprises and foreign-invested enterprises are subject to a uniform tax rate of 25%.

The tax expense (benefit) comprises:


	Years Ended December 31,
	2013			2014
	$			$
Current Tax		16,324,841			28,018,330
Deferred Tax		(61,549	)		(3,486,826	)
Total		16,263,292			24,531,504

Reconciliation between the statutory tax rate to income before income taxes and the actual provision for income taxes is as follows:


	Years Ended December 31,
	2013			2014
PRC income tax rate		25.00	%		25.00	%
Expenses not deductible for tax purposes		0.29	%		0.38	%
Effect of tax-free investment income		(1.35	%)		(0.62	%)
Effect of uncertain tax positions		0.25	%		0.17	%
Effect of different tax rate of subsidiary operation in other jurisdiction		(0.60	%)		(0.07	%)
Effect of reversal of deferred tax asset allowance		(0.78	%)		—
Effect of nondeductible accumulative losses		—			—
Effect of others		1.07	%		0.29	%
		23.88	%		25.15	%

The principal components of the deferred income tax asset and liabilities are as follows:


	As of December 31,
	2013		2014
	$		$
Deferred tax assets:
Accrued expenses		1,534,183		4,409,145
Tax loss carry forward		619,395		904,927
Unrealized other income		454,370		509,152
Others		544		219,705
Gross deferred tax assets		2,608,492		6,042,929
Valuation allowance		—		—
Net deferred tax assets		2,608,492		6,042,929
Analysis as:
Current		1,113,723		3,780,440
Non-current		1,494,769		2,262,489
Deferred tax liabilities:
Unrealized investment income		329,660		258,386
Total deferred tax liabilities		329,660		258,386
Analysis as:
Current		329,660		258,386
Non-current		—		—

The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more likely than not realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Group’s experience with tax attributes expiring unused and tax planning alternatives. These assumptions require significant judgment and the forecasts of future taxable income are consistent with the plans and estimates the Group is using to manage the underlying businesses. Valuation allowances are established for deferred tax assets based on a more likely than not threshold. The Group’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carry forward periods provided for in the tax law. The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry-forward period are reduced. As of December 31, 2014, operating loss carry forward amounted to $3.6 million for the PRC and Hong Kong income tax purposes. The loss carrying forward will begin to expire in 2017. No valuation allowance was recorded for the years ended December 31, 2014 as it is determined that it is more likely than not that the relevant deferred tax asset will be realized.

In accordance with the New EIT Law, dividends, which arise from profits of foreign-invested corporations earned after January 1, 2008, are subject to a 5% to 10% withholding income tax. A deferred tax liability should be recognized for the undistributed profits of PRC companies unless the Company has sufficient evidence to demonstrate that the undistributed dividends will be reinvested and the remittance of the dividends will be postponed indefinitely. The Group has both the intent and ability to permanently reinvest undistributed profits of approximately $190.7 million earned from its China subsidiaries. Therefore, no withholding income taxes for undistributed profits on such undistributed profits have been accrued as of December 31, 2014. Upon distribution of those earnings generated after January 1, 2008, in the form of dividends or otherwise, the Group would be subject to the then applicable PRC tax laws and regulations. The amounts of unrecognized deferred tax liabilities for these earnings were approximately $16.0 million.

The Group recorded an increase of nil for uncertain tax positions during the years ended December 31, 2012, 2013 and 2014. The Company classifies interest and/or penalties related to income tax matters in income tax expense. The Group accrued interest of $169,389, $168,926 and $ 168,464 related to the uncertain tax positions in 2012, 2013 and 2014, respectively. Accrued interest was $605,820 and $774,284 as of December 31, 2013 and 2014, respectively.

The Group does not anticipate any significant increases or decreases to its liability for unrecognized tax benefits within the next 12 months. According to PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent. The statute of limitations will be extended five years under special circumstances, which are not clearly defined (but an underpayment of tax liability exceeding RMB0.1 million is specifically listed as a special circumstance). In the case of a related party transaction, the statute of limitations is 10 years. There is no statute of limitations in the case of tax evasion. In 2012, the Group decreased its income tax liability by $322,378 for unrecognized tax benefits previously recorded during the years ended December 31, 2006 as the statute of limitations for certain tax positions had expired under the PRC Tax Administration and Collection Law.

The movement of the Group’s uncertain tax positions is summarized as follows:


	$
Unrecognized tax benefit—December 31, 2011		1,594,597
Gross increases—accrued interest in current period		169,389
Settlements		—
Reverse due to lapse of statute of limitation		(322,378	)
Exchange rate translation		10,289

Unrecognized tax benefit—December 31, 2012		1,451,897
Gross increases—accrued interest in current period		168,926
Settlements		—
Reverse due to lapse of statute of limitations		—
Exchange rate translation		29,576

Unrecognized tax benefit—December 31, 2013		1,650,399
Gross increases—accrued interest in current period		168,464
Settlements		—
Reverse due to lapse of statute of limitations		—
Exchange rate translation		(25,404	)

Unrecognized tax benefit—December 31, 2014		1,793,459

Loans Receivable, Net

12 Months Ended

Dec. 31, 2014

Loans Receivable, Net

9. Loans Receivable, Net

Loans receivable as of December 31, 2013 and 2014 consist of the following:


	2013			2014
Loans receivable:
-Within credit term		15,519,434			7,120,523
-Past due		—			—
Total loans receivable		15,519,434			7,120,523
Allowance for loan losses		(155,194	)		(188,054	)
Loans receivable, net		15,364,240			6,932,469

The loan interest rate ranging between 8.0%-15.2% for the years ended December 31, 2014. All loans are short-term loans and secured by collateral.

The following table presents the activity in the allowance for loan losses as of and for the years ended December 31, 2013 and 2014.


	$
Loans receivable—December 31, 2012		—
Provisions		155,194
Recoveries		—
Charge-offs		—
Exchange rate translation		—

Loans receivable—December 31, 2013		155,194
Provisions		249,057
Recoveries		(212,423	)
Charge-offs		—
Exchange rate translation		(3,774	)

Loans receivable—December 31, 2014		188,054

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Share Repurchase

12 Months Ended

Dec. 31, 2014

Share Repurchase

10. Share Repurchase

Treasury stock represents shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury stock is accounted for under the cost method. As of December 31, 2014, under the repurchase plan, the Company had repurchased an aggregate of 1,067,816 ordinary shares on the open market for total cash consideration of $11,675,955. The repurchased shares were presented as “treasury stock” in shareholders’ equity on the Group’s consolidated balance sheets.

Share-Based Compensation

12 Months Ended

Dec. 31, 2014

Share-Based Compensation

11. Share-Based Compensation

The following table presents the Company’s share-based compensation expense by type of award:


	Years Ended December 31,
	2012		2013		2014
			$		$
Share options		1,437,201		205,699		1,464,233
Non-vested restricted shares		2,561,347		5,040,248		3,834,496
Total share-based compensation		3,998,548		5,245,947		5,298,729

Share Options:

During the year ended December 31, 2008, the Company adopted the Noah Holdings Limited Share Incentive Plan (the “2008 Plan”), which allows the Company to offer a variety of share-based incentive awards to the Group’s employees, officers, directors and individual consultants who render services to the Group. Under the 2008 Plan, the maximum number of shares that may be issued shall not exceed 8% of the shares in issue on the date the offer of the grant of an option is made. During the year ended December 31, 2010, the Company adopted its 2010 share incentive plan (the “2010 Plan”). Under the 2010 plan, the maximum number of shares in respect of which options, restricted shares, or restricted share units may be granted will be 10% of the Company’s current outstanding share capital, or 2,315,000 shares. Options have a ten-year life and generally vest 25% on the first anniversary of the grant date with the remaining 75% vesting ratably over the following 36 months.

The weighted-average grant-date fair value of options granted during the years ended December 31, 2012, 2013 and 2014 was nil, $39.64 and $27.87 per share, respectively. There were 75,694, 153,014 and 128,457 options exercised during the years ended December 31, 2012, 2013 and 2014 respectively.

Option modification

In January 2012, the Company modified the exercise price for certain outstanding options that have been granted under the Company’s 2008 and 2010 share incentive plans but not exercised as of January 16, 2012 in order to provide appropriate incentives to the relevant employees, officers and directors of the Company. The exercise prices of the eligible options were modified to be US$12.12 per ordinary share, or US$6.06 per ADS, which represents the average closing price of the Company’s ADSs traded on the New York Stock Exchange during the preceding week of the modifications, with other conditions remaining unchanged. The Company compared the fair value of the modified options against the original awards as of the modification date and concluded that there is $0.7 million incremental compensation cost related to options not yet vested to be recognized over the remaining vesting period and $0.2 million incremental compensation cost related to options already vested to be recognized immediately as of date of modification. The weighted average exercise price before and after the modification are $19.81 and $12.12 per ordinary share, respectively.

The Company converted the options that were granted under the Company’s 2008 and 2010 share incentive plans but unvested as of May 21, 2012 into restricted shares. The conversion reduced the number of options and made the exercise prices to be zero, but other conditions remaining unchanged. The Company compared the fair value of the modified options against the original awards as of the modification date and concluded that there is $2.2 million incremental compensation cost related to restricted shares not yet vested to be recognized over the remaining vesting period. The weighted average exercise price before and after the modification are $9.52 and nil per ordinary share, respectively.

The Group uses the Black-Scholes pricing model and the following assumptions to estimate the fair value of the options granted or modified:


	2012			2013			2014
Average risk-free rate of return		2.00	%		1.55	%		1.89	%
Weighted average expected option life		5.3 years			5.6 years			6.0 years
Estimated volatility		53.7	%		80.5	%		82.2	%
Average dividend yield		Nil			1.90	%		Nil

The following table summarizes option activity during the year ended December 31, 2014:


	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value of Options
				$				$
Outstanding as of January 1, 2014		266,915			13.23		6.3 years		7,356,916
Granted		407,667			27.87
Exercised		(128,457	)		5.43
Forfeited		(40,869	)		18.19
Converted to restricted shares		(19,375	)		37.03
Outstanding as of December 31, 2014		485,881			26.21		8.4 years		9,076,068
Vested and expected to vest as of December 31, 2014		410,958			26.21		8.4 years		7,676,538
Exercisable as of December 31, 2014		192,329			23.76		6.9 years		3,623,721

As of December 31, 2014, there was $5,452,347 of unrecognized compensation expense related to unvested share options, which is expected to be recognized over a weighted average period of 3.29 years.

Non-vested Restricted Shares:

Restricted Shares modification

On March 11, 2010, the Group granted 150,000 restricted shares to one executive officer to replace options previously granted under the 2008 Plan. The purchase price of the restricted shares of $5.58 per share is payable at the time of vesting, which was also the exercise price of the options that were replaced. The vesting and other requirements imposed on the restricted shares were the same as under the original option grant. As a result, the Group is accounting for the restricted shares as options. The modification did not result in any incremental compensation expense. In May 2012, the Company modified the purchase price of the unvested restricted shares as of May 21, 2012 from $5.58 per share to zero, but other conditions remaining unchanged. The Company compared the fair value of the modified restricted shares against the original awards as of the modification date and concluded that there is $0.2 million incremental compensation cost to be recognized in the next 2 years. On August 6, 2014, the Group granted 19,375 restricted shares to independent directors to replace options previously granted and modify the purchase price of the unvested restricted shares from $37.03 per share to zero, but other conditions remaining unchanged. The Company compared the fair value of the modified restricted shares against the original awards as of the modification date and concluded that there is $0.3 million incremental compensation cost to be recognized in the next 2 years.

A summary of non-vested restricted share activity during the year ended December 31, 2014 is presented below:


Non-vested restricted shares	Number of non-vested restricted shares			Weighted-average grant-date fair value
				$
Non-vested as of January 1, 2014		555,282			11.90
Granted		83,000			27.81
Vested		(278,779	)		12.71
Forfeited		(118,561	)		19.66
Converted from options		19,375			31.64
Non-vested as of December 31, 2014		260,317			14.03

The total fair value of non-vested restricted shares vested in 2012, 2013 and 2014 was $2,144,851, $2,702,791 and $3,543,512, respectively. The fair value of non-vested restricted shares was computed based on the fair value of the Group’s ordinary shares on the grant date. As of December 31, 2014, there was $4,526,236 in total unrecognized compensation expense related to such non-vested restricted shares, which is expected to be recognized over a weighted-average period of 1.94 years.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2014

Employee Benefit Plans

12. Employee Benefit Plans

Full time employees of the Group in the PRC participate in a government-mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. PRC labor regulations require the Group to accrue for these benefits based on a certain percentage of the employees’ salaries. The total contribution for such employee benefits were $2,277,079, $2,958,400 and $4,923,483 for the years ended December 31, 2012, 2013 and 2014, respectively. The Group has no ongoing obligation to its employees subsequent to its contributions to the PRC plan.

Distribution of Profits

12 Months Ended

Dec. 31, 2014

Distribution of Profits

13. Distribution of Profits

Pursuant to the relevant laws and regulations in the PRC applicable to foreign-investment corporations and the Articles of Association of the Group’s PRC subsidiaries and VIEs, the Group is required to maintain a statutory reserve (“PRC statutory reserve”): a general reserve fund, which is non-distributable. The Group’s PRC subsidiaries and VIEs are required to transfer 10% of their profit after taxation, as reported in their PRC statutory financial statements, to the general reserve fund until the balance reaches 50% of their registered capital. At their discretion, the PRC subsidiaries and VIEs may allocate a portion of its after-tax profits based on PRC accounting standards to staff welfare and bonus funds. The general reserve fund may be used to make up prior year losses incurred and, with approval from the relevant government authority, to increase capital. PRC regulations currently permit payment of dividends only out of the Group’s PRC subsidiaries and VIEs’ accumulated profits as determined in accordance with PRC accounting standards and regulations. The general reserve fund amounted to $8,638,712 and $15,893,941 as of December 31, 2013 and 2014, respectively. The Group has not allocated any of its after-tax profits to the staff welfare and bonus funds for any period presented.

In addition, the share capital of the Company’s PRC subsidiaries and VIEs of $86,907,832 and $105,571,519 as of December 31, 2013 and 2014, respectively, was considered restricted due to restrictions on the distribution of share capital.

As a result of these PRC laws and regulations, the Company’s PRC subsidiaries and VIEs are restricted in their ability to transfer a portion of their net assets, including general reserve and registered capital, either in the form of dividends, loans or advances. Such restricted portion amounted to $95,546,544 and $121,465,460 as of December 31, 2013 and 2014, respectively. The restricted assets of the Company’s VIEs amounted to $21,254,726 and $49,330,429 as of December 31, 2013 and 2014, respectively.

On February 28, 2012, the Company declared 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 of $7.9 million was paid 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. On February 25, 2013, the Company declared 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 of $7.7 million was paid on or about April 9, 2013 to holders of ordinary shares (which includes holders of ADSs) of record as of the close of business on March 20, 2013.

Segment Information

12 Months Ended

Dec. 31, 2014

Segment Information

14. Segment Information

The Group uses the management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The Group’s CODM has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group.

During the past two years, the Group has gradually transitioned from a wealth management consulting services provider to an integrated financial group with capabilities in wealth management, asset management and internet finance. In order to better reflect such transition, the Group has adjusted its internal organizational and corporate structures in the fourth quarter of 2014. The segment information has been adjusted accordingly to present the operating results by three reportable segments: wealth management, asset management and internet finance. Prior year comparable information has been updated to reflect the new reportable segments. The Group’s CODM does not review balance sheet information of the segments.

Segment information of the Group’s business is as follow:


	Years Ended December 31, 2012
	Wealth Management Business			Assets Management Business			Internet Finance Business		Total
	$			$			$
Revenues:
One-time commissions		39,486,943			—			—		39,486,943
Recurring service fees		25,062,455			259,527			—		25,321,982
Other service fees		971,923			—			—		971,923

Total third-party revenues		65,521,321			259,527			—		65,780,848
One-time commissions		9,392,131			—			—		9,392,131
Recurring service fees		12,612,020			3,978,573			—		16,590,593
Other service fees		—			—			—		—


Total related party revenues		22,004,151			3,978,573			—		25,982,724
Total revenues		87,525,472			4,238,100			—		91,763,572
Less: business taxes and related surcharges		(4,833,186	)		(234,880	)		—		(5,068,066	)
Net revenues		82,692,286			4,003,220			—		86,695,506
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(17,551,483	)		—			—		(17,551,483	)
Performance Fee Compensation		—			—			—		—
Other Compensations		(22,810,897	)		(2,012,549	)		—		(24,823,446	)
Total compensation and benefits		(40,362,380	)		(2,012,549	)		—		(42,374,929	)
Selling expenses		(13,407,087	)		(42,334	)		—		(13,449,421	)
General and administrative expenses		(8,385,882	)		(515,448	)		—		(8,901,330	)
Other operating expenses		(414,959	)		(4,863	)		—		(419,822	)
Government subsidies		4,295,029			—			—		4,295,029
Total operating cost and expenses		(58,275,279	)		(2,575,194	)		—		(60,850,473	)
Income from operations		24,417,007			1,428,026			—		25,845,033


	Years Ended December 31, 2013
	Wealth Management Business			Assets Management Business			Internet Finance Business		Total
	$			$			$
Revenues:
One-time commissions		57,760,283			212,326			—		57,972,609
Recurring service fees		28,434,140			4,517,205			—		32,951,345
Other service fees		4,944,510			120,603			—		5,065,113

Total third-party revenues		91,138,933			4,850,134			—		95,989,067
One-time commissions		20,404,683			436,911			—		20,841,594
Recurring service fees		37,492,722			18,015,713			—		55,508,435
Other service fees		190,912			788,927			—		979,839

Total related party revenues		58,088,317			19,241,551			—		77,329,868
Total revenues		149,227,250			24,091,685			—		173,318,935
Less: business taxes and related surcharges		(8,237,942	)		(1,309,160	)		—		(9,547,102	)
Net revenues		140,989,308			22,782,525			—		163,771,833
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(33,362,053	)		(74,813	)		—		(33,436,866	)
Performance Fee Compensation		—			—			—		—
Other Compensations		(31,077,968	)		(8,528,786	)		—		(39,606,754	)
Total compensation and benefits		(64,440,021	)		(8,603,599	)		—		(73,043,620	)
Selling expenses		(15,117,644	)		(1,542,400	)		—		(16,660,044	)
General and administrative expenses		(14,037,239	)		(4,049,945	)		—		(18,087,184	)
Other operating expenses		(694,460	)		(39,840	)		—		(734,300	)
Government subsidies		4,997,145			326,525			—		5,323,670
Total operating cost and expenses		(89,292,219	)		(13,909,259	)		—		(103,201,478	)
Income from operations		51,697,089			8,873,266			—		60,570,355


	Years Ended December 31, 2014
	Wealth Management Business			Assets Management Business			Internet Finance Business			Total
	$			$			$
Revenues:
One-time commissions		68,698,354			—			—			68,698,354
Recurring service fees		39,462,923			12,429,215			—			51,892,138
Other service fees		3,491,867			2,655,721			2,716,889			8,864,477

Total third-party revenues		111,653,144			15,084,936			2,716,889			129,454,969
One-time commissions		29,322,581			—			—			29,322,581
Recurring service fees		55,589,582			35,291,220			4,867			90,885,669
Other service fees		407,565			12,038,725			139,052			12,585,342

Total related party revenues		85,319,728			47,329,945			143,919			132,793,592
Total revenues		196,972,872			62,414,881			2,860,808			262,248,561
Less: business taxes and related surcharges		(11,129,939	)		(3,127,877	)		(122,653	)		(14,380,469	)
Net revenues		185,842,933			59,287,004			2,738,155			247,868,092
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(51,843,587	)		(38,246	)		(365,110	)		(52,246,943	)
Performance Fee Compensation		—			(3,536,240	)		—			(3,536,240	)
Other Compensations		(34,851,929	)		(20,282,224	)		(8,692,736	)		(63,826,889	)
Total compensation and benefits		(86,695,516	)		(23,856,710	)		(9,057,846	)		(119,610,072	)
Selling expenses		(21,951,311	)		(1,583,422	)		(361,887	)		(23,896,620	)
General and administrative expenses		(12,117,434	)		(9,755,093	)		(2,739,353	)		(24,611,880	)
Other operating expenses		(3,836,816	)		(272,047	)		(752,837	)		(4,861,700	)
Government subsidies		10,943,240			3,844,512			4,390			14,792,142
Total operating cost and expenses		(113,657,837	)		(31,622,760	)		(12,907,533	)		(158,188,130	)
Income from operations		72,185,096			27,664,244			(10,169,378	)		89,679,962

Substantially all of the Group’s revenues are derived from, and its assets are located in, the PRC and Hong Kong.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2014

Related Party Transactions

15. Related Party Transactions

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities.

The table below sets forth major related parties and their relationships with the Group:


Company Name		Relationship with the Group
Sequoia Capital Investment Management (Tianjin) Co., Ltd.		Affiliate of shareholder of the Group

Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership)		Affiliate of shareholder of the Group

Beijing Sequoia Heyuan Capital Investment Fund (Limited Partnership)		Affiliate of shareholder of the Group

Shaoxing Sequoia Huiyuan Capital Investment Fund (Limited Partnership)		Affiliate of shareholder of the Croup

Tianjin Gopher Xin Equity Investment Partnership (Limited Partnership) and 9 other investee funds		Investees of Tianjin Gopher Asset Management Co., Ltd.

Chongqing Gopher Longmao Investment Center (Limited Partnership) and 3 other investee funds		Investees of Chongqing Gopher Longxin Equity Investment Management Co., Ltd, a subsidiary of the VIE of the Company

Wuhu Gopher Lanrui Investment Center (Limited Partnership) and 9 other investee funds		Investees of Shanghai Gopher Languang Investment Management Co., Ltd, a subsidiary of the VIE of the Company

Shanghai Gopher Hongyang Investment Center (Limited Partnership) and 20 other investee funds		Investees of Gopher Asset Management Co., Ltd.

Wuhu Gopher Zhengqian Investment Center (Limited Partnership) and 9 other investee funds		Investees of Wuhu Gopher Asset Management Co., Ltd, a subsidiary of the VIE of the Company

Gopher Fund I and 5 other investee funds		Fund managed by Gopher Capital GP Ltd., a subsidiary

Kunshan Jingzhaojiuguang Investment Center (Limited Partnership) and 6 other investee funds		Investees of Kunshan Jingzhao Equity Investment Management Limited, an affiliate of the Company

Kunshan Jingzhao Equity Investment Management Limited		Investee of Tianjin Gopher Asset Management Co., Ltd.

Kunshan Vantone Zhengyuan Private Equity Fund Management Limited		Investee of Gopher Asset Management Co., Ltd.

Gopher investment Fund SPC		Fund managed by Gopher Capital GP Ltd., a subsidiary

Wanjia Win-Win Assets Management Co., Ltd.		Investee of Gopher Asset Management Co., Ltd.

Wuhu Bona Film Investment Management Limited		Investee of Gopher Asset Management Co., Ltd.

Hangzhou Wanlu Equity Investment Partnership (Limited Partnership) and 2 other investee funds		Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a subsidiary of the VIE of the Company

Wuhu Gopher Zhengrui Investment Center (Limited Partnership)		Investees of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd, a VIE of the Company

Shanghai Gopher Shangken Investment Center (Limited Partnership)		Investees of Shanghai GopherAsset Management Co., Ltd, a VIE of the Company

Gopher Nuobao TOP 30 Hedge fund NO.1 and the other fund		Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd.,a subsidiary of the VIE of the Company

Gopher Investment Fund II SPC		Fund managed by Noah Holdings (HongKong) Limited., a subsidiary

Shanghai Yafu Investment Consulting Co., Ltd.		An investment vehicle of Noah’s employees

Shanghai Noah Charity Funds		Charity fund established by Shanghai Noah Rongyao Investment Consulting Co., Ltd., a subsidiary of the Company

During the years ended December 31, 2013 and 2014, significant related party transactions were as follows:


	Years Ended December 31
	2012		2013		2014
	$		$		$
One-time commissions
Investees of Shanghai Gopher Asset Management Co., Ltd., a VIE of the Company		—		—		9,264,250
Investees of Gopher Asset Management Co., Ltd., a VIE of the Company		3,866,439		2,161,933		5,093,514
Investees of Gopher Capital GP Ltd.		159,257		20,004		3,502,034
Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a subsidiary of the VIE of the Company		—		—		2,738,586
Wanjia Win-Win Assets Management Co., Ltd.		—		433,024		2,224,784
Investees of Wuhu Gopher Asset Management Co., Ltd., a VIE of the Company		1,226,227		5,570,754		2,168,853
Investees of Shanghai Gopher Languang Investment Management Co., Ltd., a VIE of the Company		819,199		3,489,082		1,106,637
Investees of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a VIE of the Company		—		—		582,521
Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership)		1,024,790		131,164		513,558
Sequoia Capital Investment Management (Tianjin) Co., Ltd.		218,860		127,965		481,461
Investee funds of Hangzhou Vanke Investment Management Co., Ltd.		—		5,077,871		427,429
Shareholder transactions		—		—		426,154
Investee of Tianjin Gopher Asset Management Co., Ltd., a VIE of the Company		645,699		31,991		403,099
Investee funds of Kunshan Jingzhao Equity Investment Management Limited		215,657		717,565		248,201
Gopher RE Credit Fund SP		—		—		123,847
Shaoxing Sequoia Huiyuan Capital Investment Fund (Limited Partnership)		411,614		359,671		16,049
Shareholder transactions		—		21,906		1,604
Wuhu Bona Film Investment Management Limited		—		1,037,354		—
Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd.		748,914		807,242		—
Gopher investment Fund SPC		—		761,105		—
Financial products invested by the Group and affiliates		55,475		92,962		—
Recurring services fee
Investees of Gopher Asset Management Co., Ltd., a VIE of the Company		2,504,815		11,827,050		15,790,524
Wanjia Win-Win Assets Management Co., Ltd.		—		5,047,542		15,333,971
Investees of Wuhu Gopher Asset Management Co., Ltd., a VIE of the Company		191,757		10,665,773		12,925,380
Investees of Shanghai Gopher Asset Management Co., Ltd., a VIE of the Company		—		—		10,276,509
Sequoia Capital Investment Management (Tianjin) Co., Ltd.		6,407,642		8,385,120		8,546,576
Investee funds of Hangzhou Vanke Investment Management Co., Ltd.		—		3,151,268		6,058,713
Investees of Gopher Captial GP Ltd.		14,002		34,003		5,091,211
Investee of Tianjin Gopher Asset Management Co., Ltd., a VIE of the Company		3,622,393		3,876,955		4,082,036
Investees of Shanghai Gopher Languang Investment Management Co., Ltd., a VIE of the Company		459,439		4,885,604		3,301,240
Investee funds of Kunshan Jingzhao Equity Investment Management Limited		2,111,583		2,742,184		2,552,337
Investees of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a VIE of the Company		268,632		2,893,066		1,675,845
Investees of Shanghai Gopher Investment Management Co., Ltd., a VIE of the Company		—		—		1,283,681
Wuhu Bona Film Investment Management Co., Ltd.		—		331,157		1,142,560
Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership)		—		—		906,687
Beijing Sequoia Heyuan Capital Investment Fund (Limited Partnership)		—		—		850,019
Investees of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a VIE of the Company		—		—		798,399
Fund Managed by Gopher- Nuobao (Shanghai) Asset Management Co., Ltd., a subsidiary of the VIE of the Company		—		—		184,414
Shareholder transactions		—		—		59,481
Investees of Noah Holdings (Hong Kong) Limited		—		—		25,260
Investees of Gopher Asset Management Co., Ltd., a subsidiary of the VIE of the Company		—		—		513
Financial products invested by the Group and affiliates		1,010,330		1,140,375		313
Gopher investment Fund SPC		—		528,338		—
Other service fee
Investees of Gopher Asset Management Co., Ltd., a VIE of the Company		—		—		10,607,614
Investees of Shanghai Gopher Languang Investment Management Co., Ltd., a VIE of the Company		—		561,458		1,145,515
Wanjia Win-Win Assets Management Co., Ltd.		—		82,275		756,696
Investees of Shanghai Gopher Asset Management Co., Ltd., a VIE of the Company		—		—		48,654
Fund Managed by Gopher- Nuobao (Shanghai) Asset Management Co., Ltd., a subsidiary of the VIE of the Company		—		—		11,294
Investee funds of Hangzhou Vanke Investment Management Co., Ltd.		—		—		10,225
Shareholder transactions		—		—		2,541
Yiwu Xinguang Equity Investment Fund Management Co., Ltd.		—		—		1,504
Investee funds of Kunshan Jingzhao Equity Investment Management Limited		—		—		1,299
Investees of Wuhu Gopher Asset Management Co., Ltd., a VIE of the Company				336,107

Total		25,982,724		77,329,868		132,793,592

As of December 31, 2013 and 2014, amounts due from related parties associated with the above transactions were comprised of the following:


	As of December 31,
	2013		2014
	$		$
Wanjia Win-Win Assets Management Co., Ltd.		3,005,600		8,330,419
Investee funds of Wuhu Gopher Asset Management Co., Ltd.		856,879		3,731,866
Investee funds of Gopher Capital GP		738,725		3,535,483
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		2,704,988		3,264,336
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd.		729,933		2,244,540
Investee funds of Gopher Asset Management Co., Ltd.		—		1,494,061
Investee funds of Hangzhou Vanke Investment Management Co., Ltd.		778,562		1,054,369
Investee funds of Gopher Nuobao Asset Management Co., Ltd.		—		174,865
Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd.		1,082		1,057
Investee funds of Shanghai Nuobang Asset Management Co., Ltd.		—		280
Yiwu Xinguang Equity Investment Fund Management Co., Ltd.		—		7,254,174
Investee funds of Tianjin Gopher Investment Management Co., Ltd.		109,055		98

Total		8,924,824		31,085,548

As of December 31, 2013 and 2014, deferred revenues related to the recurring management fee received in advance from related parties were comprised of the following:


	As of December 31,
	2013		2014
	$		$
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd.		292,272		5,189,571
Investee funds of Wuhu Gopher Investment Management Co., Ltd.		924,018		2,881,465
Wanjia Win-Win Assets Management Co., Ltd.		1,774,667		2,624,558
Investee funds of Gopher Asset Management Co., Ltd.		1,100,107		671,541
Investee funds of Hangzhou Vanke Investment Management Co., Ltd.		2,130,255		559,587
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		201,902		643,641
Investee funds of Gopher Nuobao Asset Management Co., Ltd.		—		383,320
Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd.		236,586		337,917
Investee funds of Gopher Capital GP		576,937		135,281
Sequoia Capital Investment Management (Tianjin) Co., Ltd.		1,950,347		—

Total		9,187,091		13,426,881

Shanghai Yafu Investment Consulting Co., Ltd., an investment vehicle of Noah’s employees, acquired 10% of equity interests in four subsidiaries of the Group upon formation of the entities. The subsidiaries invested and the respective purchase price is listed as below.


Company Name	RMB		$
Noah Ark (Shanghai) Financial Service Co., Ltd.		5,000,000		805,854
Shanghai Noah Yijie Finance Technology Co., Ltd.		3,000,000		483,512
Shanghai Noah Jintong Data Services Co., Ltd.		3,000,000		483,512
Enoch Education Training (Shanghai) Co., Ltd.		1,000,000		161,171
Total		12,000,000		1,934,049

During the year ended December 31, 2013 and 2014, donation made to Shanghai Noah Charity Fund were nil and $2.4 million.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Commitments

12 Months Ended

Dec. 31, 2014

Commitments

16. Commitments

(a) Operating Leases

The Group leases its facilities under non-cancelable operating leases expiring at various dates.

Future minimum lease payments under non-cancelable operating lease agreements as of December 31, 2014 were as follows:


Years Ended December 31	$
2015		6,076,979
2016		4,975,209
2017		3,258,704
2018		4,129,875
2019 and after		4,762,088
Total		23,202,855

Rental expenses were $5,175,287, $7,054,682 and $7,604,551 for the years ended December 31, 2012, 2013 and 2014, respectively.

Subsequent events

12 Months Ended

Dec. 31, 2014

Subsequent events

17. Subsequent events

In February 2015, the Group completed an issuance of convertible notes of $80 million in aggregate principal amount through private placement. The convertible notes bear interest at a rate of 3.5% per annum, payable semi-annually, from the issuance date and mature in February 2020 and are convertible, at the holders’ option, at an initial conversion price of US$23.03 per ADS, subject to adjustments.

In March 2015, SCC Venture V Holdco I, Ltd., an affiliate of Sequoia Capital China, entered into a share purchase agreement with the Group to purchase 9.8% of the equity shares of Shanghai Noah Yijie Finance Technology Co., Ltd. for a consideration of US$5.0 million.

Additional Financial Information of Parent Company - Financial Statements Schedule I

12 Months Ended

Dec. 31, 2014

Additional Financial Information of Parent Company - Financial Statements Schedule I

Additional Financial Information of Parent Company – Financial Statements Schedule I

Under PRC regulations, foreign-invested companies in China may pay dividends only out of their accumulated profits, if any, determined in accordance with PRC accounting standards and regulations. The Company’s PRC subsidiaries and VIEs are required to set aside at least 10% of their respective accumulated profits each year, if any, to fund general reserve funds unless such reserve funds have reached 50% of its respective registered capital. These reserves are not distributable in the form of cash dividends to the Company. In addition, the share capital of the Company’s PRC subsidiaries and VIEs are considered restricted due to restrictions on the distribution of share capital.

The following Schedule I has been provided pursuant to the requirements of Rules 12-04(a) and 5-04(c) of Regulation S-X, which require condensed financial information as to the financial position, changes in financial position and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented as the restricted net assets of the Company’s PRC subsidiaries and VIEs which may not be transferred to the Company in the forms of loans, advances or cash dividends without the consent of PRC government authorities as of December 31, 2014, was more than 25% of the Company’s consolidated net assets as of December 31, 2014.

a) Condensed balance sheets

(Expressed In U.S. dollars unless otherwise stated)


	As of December 31
	2013			2014
	$			$
ASSETS
Current assets
Cash and cash equivalents		42,689,231			28,871,793
Due from subsidiaries and VIEs		38,453,506			36,220,656
Deferred tax assets		64,755			78,574
Other current assets		730,102			4,143,658
Total current assets		81,937,594			69,314,681
Investment in subsidiaries and VIEs		144,678,555			232,083,557
Non-current deferred tax assets		389,615			430,578
Other non-current assets		—			50,000
TOTAL ASSETS		227,005,764			301,878,816
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Other current liabilities		691,734			1,185,921
Total current liabilities		691,734			1,185,921
Uncertain tax position liabilities		605,820			774,284
Other non-current liabilities		1,283,046			1,296,348
Total liabilities		2,580,600			3,256,553
Shareholders’ equity
Ordinary shares ($0.0005 par value): 94,100,000 shares authorized, 28,715,882 shares issued and 27,648,066 shares outstanding as of December 31, 2013 and 29,123,118 shares issued and 28,055,302 shares outstanding as of December 31, 2014		14,358			14,561
Treasury stock (1,067,816 ordinary shares at both December 31, 2013 and December 31, 2014)		(11,675,955	)		(11,675,955	)
Additional paid-in capital		129,687,092			135,640,392
Retained earnings		97,118,620			169,525,124
Accumulated other comprehensive income		9,281,049			5,118,141
Total shareholders’ equity		224,425,164			298,622,263
TOTAL LIABILITIES AND SHAREHOLERS’ EQUITY		227,005,764			301,878,816

b) Condensed statement of operations

(Expressed In U.S. dollars unless otherwise stated)


	Years ended December 31,
	2012			2013			2014
	$			$			$
Net revenues		—			—			—
Operating cost and expenses
Compensation and benefits		487,435			—			1,643,361
Selling expenses		15,995			24,281			27,217
General and administrative expenses		1,263,771			815,650			1,569,786
Total operating cost and expenses		1,767,201			839,931			3,240,364
Loss from operations		(1,767,201	)		(839,931	)		(3,240,364	)
Other income (expenses):
Interest income		1,157,512			352,072			900,413
Investment income		—			107,019			—
Other income (expenses)		118,539			815,020			(73,235	)
Total other income		1,276,051			1,274,111			827,178
(Loss) gain before taxes and income from equity in subsidiaries and VIEs		(491,150	)		434,180			(2,413,186	)
Income tax expenses		(222,265	)		(232,692	)		(205,810	)
Equity in profit of subsidiaries and VIEs		23,539,869			51,233,683			75,025,500
Net income attributable to Noah shareholders		22,826,454			51,435,171			72,406,504

c) Condensed statement of comprehensive income

(Expressed In U.S. dollars unless otherwise stated)


	Years Ended December 31,
	2012		2013		2014
	$		$		$
Net income		22,826,454		51,435,171		72,406,504
Other comprehensive income, net of tax
Change in cumulative foreign currency translation adjustment		1,336,728		4,231,071		(4,585,232	)
Fair value fluctuation of available-for-sale investment		—		—		422,324
Other comprehensive income		1,336,728		4,231,071		(4,162,908	)
Comprehensive income attributable to Noah Holdings Ltd. shareholders		24,163,182		55,666,242		68,243,596

d) Condensed statements of cash flows

(Expressed In U.S. dollars unless otherwise stated)


	Years ended December 31,
	2012			2013			2014
	$			$			$
Cash flows from operating activities:
Net income attributable to Noah shareholders		22,826,454			51,435,171			72,406,504
Adjustment to reconcile net income to net cash provided by operating activities:
Share-based compensation		487,435			—			1,643,361
Gain from equity in subsidiaries and VIE		(23,539,869	)		(51,233,683	)		(75,025,500	)
Changes in operating assets and liabilities:
Amount due from related party		405,905			929,736			2,232,850
Other current assets		(223,065	)		(309,674	)		(3,463,556	)
Deferred tax assets		52,879			(40,153	)		(54,782	)
Uncertain tax position liabilities		169,389			168,926			168,464
Other current liabilities		(419,372	)		352,432			494,187
Other non-current liabilities		(173,576	)		96,942			13,302

Net cash provided by (used in) operating activities		(413,820	)		1,399,697			(1,585,170	)

Cash flows from investing activities:
Proceeds from sale of available-for-sale		—			4,949,984			—
Purchases of available-for-sale		—			(4,949,984	)		—
Increase in amount due from subsidiaries and VIEs		(17,000,000	)		—			—
Investment in subsidiaries and VIEs		—			—			(12,887,042	)
Net cash used in investing activities		(17,000,000	)		—			(12,887,042	)
Cash flows from financing activities:
Dividends paid		(7,856,908	)		(7,673,585	)		—
Proceeds from issuance of ordinary shares upon exercise of stock options		407,569			1,130,401			654,774
Share repurchase		(8,520,763	)		(3,155,192	)		—
Net cash provided by (used in) financing activities		(15,970,102	)		(9,698,376	)		654,774
Net increase (decrease) in cash and cash equivalents		(33,383,922	)		(8,298,679	)		(13,817,438	)
Cash and cash equivalents—beginning of year		84,371,832			50,987,910			42,689,231
Cash and cash equivalents—end of year		50,987,910			42,689,231			28,871,793

e) Notes to condensed financial statements

The condensed financial statements of Noah Holdings Limited have been prepared using the same accounting policies as set out in the consolidated financial statements except that the equity method has been used to account for investments in subsidiaries and VIEs. Such investment in subsidiaries and VIEs are presented on the balance sheets as interests in subsidiaries and VIEs and the profit of the subsidiaries and VIEs is presented as equity in profit of subsidiaries and VIEs on the statement of operations.

2.	As of December 31, 2013 and 2014, there were no material contingencies, significant provisions of long-term obligations of the Company, except for those which have been separately disclosed in the consolidated financial statements.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. The footnote disclosure certain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the accompanying Consolidated Financial Statements.

Summary of Principal Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Basis of Presentation

(a) Basis of Presentation

The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principles of Consolidation

(b) Principles of Consolidation

However, the aforementioned contractual arrangements with Noah Investment and its shareholders are subject to risks and uncertainties, including:

•

The following amounts of Noah Investment and its subsidiaries were included in the Group’s consolidated financial statements:


	As of December 31,
	2013		2014
	$		$
Cash and cash equivalents		45,443,856		76,252,171
Restricted cash		165,188		161,171
Short-term investments		13,872,921		6,248,761
Accounts receivable, net of allowance for doubtful accounts		1,784,726		3,775,420
Amounts due from related parties		3,532,343		12,988,022
Deferred tax assets		604,377		1,841,876
Other current assets		1,195,057		1,438,158
Long-term investments		6,302,362		483,512
Investment in affiliates		18,893,396		39,662,915
Property and equipment, net		1,109,738		3,627,715
Other non-current assets		299,378		182,262
Total assets		93,203,342		146,661,983
Accrued payroll and welfare expenses		3,078,297		11,059,108
Income tax payable		2,167,268		4,518,462
Amounts due to the Group’s subsidiaries		34,660,524		27,289,801
Deferred revenue		8,377,979		6,105,780
Other current liabilities		961,140		4,475,798
Non-current uncertain tax position liabilities		1,044,580		1,019,175
Total liabilities		50,289,788		54,468,124


	As of December 31,
	2012*			2013			2014
	$			$			$
Revenue:
Third-party revenues
One-time commissions		31,859			1,171,253			13,072,826
Recurring service fees		1,200,863			6,070,762			18,163,030
Other service fees		957,745			4,489,280			3,953,060
Total third-party revenues		2,190,467			11,731,295			35,188,916
Related party revenues
One-time commissions		331,712			465,360			3,485,958
Recurring service fees		5,128,257			23,597,359			46,376,791
Other service fees		—			916,163			12,267,477
Total related party revenues		5,459,969			24,978,882			62,130,226
Total revenues		7,650,436			36,710,177			97,319,142
Less: business taxes and related surcharges		(416,525	)		(2,043,086	)		(5,457,850	)
Net revenues		7,233,911			34,667,091			91,861,292
Operating cost and expenses		(6,409,491	)		(13,836,442	)		(29,655,461	)
Other income		200,319			2,503,612			1,930,322
Net income		1,168,218			19,250,180			50,387,400
Net income attributable to Noah Holding Limited shareholders		1,086,355			17,644,412			47,379,799
Cash flows provided by operating activities **		29,624,846			40,988,172			39,849,513
Cash flows used in investing activities		(21,368,983	)		(15,809,672	)		(8,659,151	)
Cash flows provided by financing activities		2,178,103			6,265,618			220,017

*	Tianjin Gopher’s result of operations and cash flows are included in the presentation starting from March 2012.

**	Cash flows provided by operating activities in 2013 and 2014 include amounts due to the Group’s subsidiaries of $34,660,524 and $27,289,801.

Use of Estimates

(c) Use of Estimates

Concentration of Credit Risk

(d) Concentration of Credit Risk

Substantially all revenues were generated within China.

There were no product providers or underlying corporate borrowers which accounted for 10% or more of total revenues for the years ended December 31, 2012, 2013, and 2014.

Investments in Affiliates

(e) Investments in Affiliates

Internal-use Software

(f) Internal-use Software

Fair Value of Financial Instruments

(g) Fair Value of Financial Instruments

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Cash and Cash Equivalents

(h) Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and demand deposits, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less when purchased.

Restricted Cash

(i) Restricted Cash

Investments

(j) Investments

The Group records investments in private equity funds under the cost method when they do not qualify for the equity method. Gains or losses are realized when such investments are sold.

Non-controlling interests

(k) Non-controlling interests

Property and Equipment, net

(l) Property and Equipment, net

Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the following estimated useful lives:


		Estimated Useful Lives in Years
Leasehold improvements		Shorter of the lease term or expected useful life
Furniture, fixtures, and equipment		3—5 years
Motor Vehicles		5 years
Software		2—5 years

Gains and losses from the disposal of property and equipment are included in income from operations.

Revenue Recognition

(m) Revenue Recognition

The Group derives revenue primarily from one-time commissions and recurring service fees paid by product providers or underlying corporate borrowers.

One-time Commissions

Recurring Service Fees

Multiple Element Arrangements

Other Service Fees

Business Tax and Related Surcharges

(n) Business Tax and Related Surcharges

Cost of Revenues

(o) Cost of Revenues

Cost of revenue includes salaries and performance-based commissions of relationship managers and expenses incurred in connection with product-specific client meetings and other events.

Income Taxes

(p) Income Taxes

Current income taxes are provided for in accordance with the relevant statutory tax laws and regulations.

Share-Based Compensation

(q) Share-Based Compensation

Government Grants

(r) Government Grants

Net Income per Share

(s) Net Income per Share

Diluted net income per share is computed by giving effect to all potential dilutive shares, including non-vested restricted shares and options.

Operating Leases

(t) Operating Leases

Foreign Currency Translation

(u) Foreign Currency Translation

Comprehensive Income

(v) Comprehensive Income

Loans receivable, net

(w) Loans receivable, net

Allowance for loan losses

(x) Allowance for loan losses

ii)

iii)

Due to the short term nature of the loans receivable and based on the Company’s past loan loss experience, the Company only includes General Reserve in the loan loss reserve.

To the extent the mandatory loan loss reserve rate as required by PBOC differs from management’s estimates, the management elects to use the higher rate.

Recently issued accounting pronouncements

(y) Recently issued accounting pronouncements

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Subsidiaries

The Company’s significant subsidiaries as of December 31, 2014 include the following:


	Date of Incorporation	Place of Incorporation	Percentage of Ownership
Shanghai Noah Rongyao Investment Consulting Co., Ltd.	August 24, 2007	PRC		100	%
Shanghai Noah Financial Services Co., Ltd.*	April 18, 2008	PRC		100	%
Tianjin Noah Wealth Management Consulting Co., Ltd	December 26, 2008	PRC		100	%
Kunshan Noah Xingguang Investment Management Co., Ltd.	August 12, 2011	PRC		100	%
Noah Holdings (Hong Kong) Limited	September 1, 2011	Hong Kong		100	%
Shanghai Rongyao Information Technology Co., Ltd.	March 2, 2012	PRC		100	%
Noah Financial Express (Wuhu) Microfinance Co., Ltd.	August 13, 2013	PRC		100	%
Noah Commercial Factoring Co., Ltd.	April 1, 2014	PRC		100	%
Shanghai Noah Yijie Finance Technology Co., Ltd	March 17, 2014	PRC		90	%

*	In August 2012, Shanghai Noah Yuanzheng Investment Consulting Co., Ltd. was renamed as Shanghai Noah Financial Service Co., Ltd., after it obtained the regulatory approval to authorize its business scope to include providing investment advisory, wealth management and related financial services.

Noah Investment’s significant subsidiaries as of December 31, 2014 include the following:


	Date of Incorporation	Place of Incorporation	Percentage of Ownership
Shanghai Noah Investment Management Co., Ltd.	August 26, 2005	PRC		100	%
Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd.	September 29, 2007	PRC		100	%
Shanghai Noah Rongyao Insurance Broker Co., Ltd.	September 24, 2008	PRC		100	%
Tianjin Gopher Asset Management Co., Ltd.*	March 18, 2010	PRC		100	%
Gopher Asset Management Co., Ltd.	February 9, 2012	PRC		100	%
Shanghai Gopher Blue Ray Investment Management Co., Ltd.	August 15, 2012	PRC		60	%
Wuhu Gopher Asset Management Co., Ltd.	October 10, 2012	PRC		100	%
Shanghai Gopher Asset Management Co., Ltd.	December 14, 2012	PRC		100	%
Zhejiang Vanke Noah Assets Management Co., Ltd.	March 22, 2013	PRC		51	%

Summary of Principal Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Amounts of Noah Investment and its Subsidiaries included in Consolidated Financial Statements

The following amounts of Noah Investment and its subsidiaries were included in the Group’s consolidated financial statements:


	As of December 31,
	2013		2014
	$		$
Cash and cash equivalents		45,443,856		76,252,171
Restricted cash		165,188		161,171
Short-term investments		13,872,921		6,248,761
Accounts receivable, net of allowance for doubtful accounts		1,784,726		3,775,420
Amounts due from related parties		3,532,343		12,988,022
Deferred tax assets		604,377		1,841,876
Other current assets		1,195,057		1,438,158
Long-term investments		6,302,362		483,512
Investment in affiliates		18,893,396		39,662,915
Property and equipment, net		1,109,738		3,627,715
Other non-current assets		299,378		182,262
Total assets		93,203,342		146,661,983
Accrued payroll and welfare expenses		3,078,297		11,059,108
Income tax payable		2,167,268		4,518,462
Amounts due to the Group’s subsidiaries		34,660,524		27,289,801
Deferred revenue		8,377,979		6,105,780
Other current liabilities		961,140		4,475,798
Non-current uncertain tax position liabilities		1,044,580		1,019,175
Total liabilities		50,289,788		54,468,124


	As of December 31,
	2012*			2013			2014
	$			$			$
Revenue:
Third-party revenues
One-time commissions		31,859			1,171,253			13,072,826
Recurring service fees		1,200,863			6,070,762			18,163,030
Other service fees		957,745			4,489,280			3,953,060
Total third-party revenues		2,190,467			11,731,295			35,188,916
Related party revenues
One-time commissions		331,712			465,360			3,485,958
Recurring service fees		5,128,257			23,597,359			46,376,791
Other service fees		—			916,163			12,267,477
Total related party revenues		5,459,969			24,978,882			62,130,226
Total revenues		7,650,436			36,710,177			97,319,142
Less: business taxes and related surcharges		(416,525	)		(2,043,086	)		(5,457,850	)
Net revenues		7,233,911			34,667,091			91,861,292
Operating cost and expenses		(6,409,491	)		(13,836,442	)		(29,655,461	)
Other income		200,319			2,503,612			1,930,322
Net income		1,168,218			19,250,180			50,387,400
Net income attributable to Noah Holding Limited shareholders		1,086,355			17,644,412			47,379,799
Cash flows provided by operating activities **		29,624,846			40,988,172			39,849,513
Cash flows used in investing activities		(21,368,983	)		(15,809,672	)		(8,659,151	)
Cash flows provided by financing activities		2,178,103			6,265,618			220,017

*	Tianjin Gopher’s result of operations and cash flows are included in the presentation starting from March 2012.

**	Cash flows provided by operating activities in 2013 and 2014 include amounts due to the Group’s subsidiaries of $34,660,524 and $27,289,801.

Estimated Useful Lives of Property and Equipment

Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the following estimated useful lives:


		Estimated Useful Lives in Years
Leasehold improvements		Shorter of the lease term or expected useful life
Furniture, fixtures, and equipment		3—5 years
Motor Vehicles		5 years
Software		2—5 years

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Net Income per Share (Tables)

12 Months Ended

Dec. 31, 2014

Computation of Basic and Diluted Net Income per Share Attributable to Ordinary Shareholders

The following table sets forth the computation of basic and diluted net income per share attributable to ordinary shareholders:


	Years Ended December 31,
	2012		2013		2014
Net income attributable to ordinary shareholders—basic and diluted		22,826,454		51,435,171		72,406,504
Weighted average number of ordinary shares outstanding—basic		27,751,335		27,480,150		27,873,501
Plus: share options		249,756		229,339		178,203
Plus: non-vested restricted shares		72,640		298,897		176,119
Weighted average number of ordinary shares outstanding—diluted		28,073,731		28,008,386		28,227,823
Basic net income per share		0.82		1.87		2.60
Diluted net income per share		0.81		1.84		2.57

Antidilutive Securities Excluded from Computation of Earning Per Share

Diluted net income per share does not include the following instruments as their inclusion would be antidilutive:


	Years Ended December 31,
	2012		2013		2014
Share options		121,784		20,000		304,045
Restricted shares		448,648		2,994		—
Total		570,432		22,994		304,045

Investments (Tables)

12 Months Ended

Dec. 31, 2014

Investment

The following table summarizes the Group’s investment balances:


	As of December 31,
	2013		2014
	$		$
Short-term investments
- Trading securities investments
- Fixed income products		11,341,097		—
Total trading securities investments		11,341,097		—
- Held-to-maturity investments
- Fixed income products		16,846,309		7,435,461
Total held-to-maturity investments		16,846,309		7,435,461
- Available-for-sale investments
- Fixed income products		—		14,357,845
- Other products		—		388,706
Total available-for-sale investments		—		14,746,551
Total short-term investments		28,187,406		22,182,012
Long-term investments
- Held-to-maturity investments
- Fixed income products		10,480,964		483,512
- Other products		—		4,673,952
Total held-to-maturity investments		10,480,964		5,157,464
- Other long-term investments
- Private equity funds products		3,197,218		2,488,476
- Other products		—		2,224,999
Total Other long-term investments		3,197,218		4,713,475
Total long-term investments		13,678,182		9,870,939
Total investments		41,865,588		32,052,951

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

+ References + Details

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Measurements of Company's Assets and Liabilities that Measured at Fair Value on A Recurring Basis


			Fair Value Measurements at Reporting Date Using
Description	As of December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Short-term investment
Trading securities investments	$	11,341,097	$	—	$	11,341,097	$	—


			Fair Value Measurements at Reporting Date Using
Description	As of December 31, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Short-term investment
Available-for-sale investments	$	14,746,551		—	$	14,746,551	$	—

Fair Value Measurements of Long-term Financial Instruments

As of December 31, 2013 and 2014, information about inputs into the fair value measurements of the Company’s long-term financial instruments that are not reported at fair value on balance sheet is as following:


	As of December 31, 2013				Fair Value Measurements at Reporting Date Using
Description	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Long-term investment – cost method investment:
Investment in private equity funds	$	3,197,218	$	3,061,319	$	—	$	—	$	3,061,319
Long-term investment – held-to-maturity:
Investment in fixed income products	$	10,480,964	$	10,774,099	$	—	$	10,774,099	$	—


	As of December 31, 2014				Fair Value Measurements at Reporting Date Using
Description	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Long-term investment –cost method investment:
Investment in private equity funds products	$	2,488,476	$	3,470,339	$	—	$	—	$	3,470,339
Investment in other products	$	2,224,999	$	2,224,999	$	—	$	—	$	2,224,999
Long-term investment – held-to-maturity:
Investment in fixed income products	$	483,512	$	493,237	$	—	$	493,237	$	—
Investment in other products	$	4,673,952	$	4,920,793	$	—	$	4,920,793	$	—

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2014

Property and Equipment, Net

Property and equipment, net consists of the following:


	As of December 31,
	2013			2014
	$			$
Leasehold improvements		6,284,893			9,027,914
Furniture, fixtures and equipment		4,217,114			6,756,800
Motor vehicles		1,053,463			1,168,695
Software		2,593,932			4,344,738

		14,149,402			21,298,147
Accumulated depreciation		(5,409,226	)		(8,107,758	)

		8,740,176			13,190,389
Construction in progress		672,137			1,662,177

Property and equipment, net		9,412,313			14,852,566

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Other Current Liabilities

Components of other current liabilities are as follows:


	As of December 31,
	2013		2014
	$		$
Accrued expenses		5,231,299		10,763,075
Other payables		2,391,233		7,816,735
Other tax payable		1,675,452		4,105,539
Accrued professional fees		5,003,932		2,557,954
Accrued client service fees		736,165		1,279,587
Conference fees payable		189,166		736,749

Total		15,227,247		27,259,639

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Tax Expense (Benefit)

The tax expense (benefit) comprises:


	Years Ended December 31,
	2013			2014
	$			$
Current Tax		16,324,841			28,018,330
Deferred Tax		(61,549	)		(3,486,826	)
Total		16,263,292			24,531,504

Reconciliation Between Statutory Tax Rate to Income Before Income Taxes and Actual Provision for Income Taxes

Reconciliation between the statutory tax rate to income before income taxes and the actual provision for income taxes is as follows:


	Years Ended December 31,
	2013			2014
PRC income tax rate		25.00	%		25.00	%
Expenses not deductible for tax purposes		0.29	%		0.38	%
Effect of tax-free investment income		(1.35	%)		(0.62	%)
Effect of uncertain tax positions		0.25	%		0.17	%
Effect of different tax rate of subsidiary operation in other jurisdiction		(0.60	%)		(0.07	%)
Effect of reversal of deferred tax asset allowance		(0.78	%)		—
Effect of nondeductible accumulative losses		—			—
Effect of others		1.07	%		0.29	%
		23.88	%		25.15	%

Principal Components of Deferred Income Tax Asset and Liabilities

The principal components of the deferred income tax asset and liabilities are as follows:


	As of December 31,
	2013		2014
	$		$
Deferred tax assets:
Accrued expenses		1,534,183		4,409,145
Tax loss carry forward		619,395		904,927
Unrealized other income		454,370		509,152
Others		544		219,705
Gross deferred tax assets		2,608,492		6,042,929
Valuation allowance		—		—
Net deferred tax assets		2,608,492		6,042,929
Analysis as:
Current		1,113,723		3,780,440
Non-current		1,494,769		2,262,489
Deferred tax liabilities:
Unrealized investment income		329,660		258,386
Total deferred tax liabilities		329,660		258,386
Analysis as:
Current		329,660		258,386
Non-current		—		—

Movement of Uncertain Tax Positions

The movement of the Group’s uncertain tax positions is summarized as follows:


	$
Unrecognized tax benefit—December 31, 2011		1,594,597
Gross increases—accrued interest in current period		169,389
Settlements		—
Reverse due to lapse of statute of limitation		(322,378	)
Exchange rate translation		10,289

Unrecognized tax benefit—December 31, 2012		1,451,897
Gross increases—accrued interest in current period		168,926
Settlements		—
Reverse due to lapse of statute of limitations		—
Exchange rate translation		29,576

Unrecognized tax benefit—December 31, 2013		1,650,399
Gross increases—accrued interest in current period		168,464
Settlements		—
Reverse due to lapse of statute of limitations		—
Exchange rate translation		(25,404	)

Unrecognized tax benefit—December 31, 2014		1,793,459

Loans Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2014

Loans Receivable, Net

Loans receivable as of December 31, 2013 and 2014 consist of the following:


	2013			2014
Loans receivable:
-Within credit term		15,519,434			7,120,523
-Past due		—			—
Total loans receivable		15,519,434			7,120,523
Allowance for loan losses		(155,194	)		(188,054	)
Loans receivable, net		15,364,240			6,932,469

Activity in Allowance for Loan Losses

The following table presents the activity in the allowance for loan losses as of and for the years ended December 31, 2013 and 2014.


	$
Loans receivable—December 31, 2012		—
Provisions		155,194
Recoveries		—
Charge-offs		—
Exchange rate translation		—

Loans receivable—December 31, 2013		155,194
Provisions		249,057
Recoveries		(212,423	)
Charge-offs		—
Exchange rate translation		(3,774	)

Loans receivable—December 31, 2014		188,054

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Share Based Compensation Expense by Type of Award

The following table presents the Company’s share-based compensation expense by type of award:


	Years Ended December 31,
	2012		2013		2014
			$		$
Share options		1,437,201		205,699		1,464,233
Non-vested restricted shares		2,561,347		5,040,248		3,834,496
Total share-based compensation		3,998,548		5,245,947		5,298,729

Black Scholes Pricing Model Assumptions used to Estimate Fair Value of Options Granted

The Group uses the Black-Scholes pricing model and the following assumptions to estimate the fair value of the options granted or modified:


	2012			2013			2014
Average risk-free rate of return		2.00	%		1.55	%		1.89	%
Weighted average expected option life		5.3 years			5.6 years			6.0 years
Estimated volatility		53.7	%		80.5	%		82.2	%
Average dividend yield		Nil			1.90	%		Nil

Summary of Stock Option Activity

The following table summarizes option activity during the year ended December 31, 2014:


	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value of Options
				$				$
Outstanding as of January 1, 2014		266,915			13.23		6.3 years		7,356,916
Granted		407,667			27.87
Exercised		(128,457	)		5.43
Forfeited		(40,869	)		18.19
Converted to restricted shares		(19,375	)		37.03
Outstanding as of December 31, 2014		485,881			26.21		8.4 years		9,076,068
Vested and expected to vest as of December 31, 2014		410,958			26.21		8.4 years		7,676,538
Exercisable as of December 31, 2014		192,329			23.76		6.9 years		3,623,721

Summary of Non Vested Restricted Share Activity

A summary of non-vested restricted share activity during the year ended December 31, 2014 is presented below:


Non-vested restricted shares	Number of non-vested restricted shares			Weighted-average grant-date fair value
				$
Non-vested as of January 1, 2014		555,282			11.90
Granted		83,000			27.81
Vested		(278,779	)		12.71
Forfeited		(118,561	)		19.66
Converted from options		19,375			31.64
Non-vested as of December 31, 2014		260,317			14.03

Segment Information (Tables)

12 Months Ended

Dec. 31, 2014

Segment Information

Segment information of the Group’s business is as follow:


	Years Ended December 31, 2012
	Wealth Management Business			Assets Management Business			Internet Finance Business		Total
	$			$			$
Revenues:
One-time commissions		39,486,943			—			—		39,486,943
Recurring service fees		25,062,455			259,527			—		25,321,982
Other service fees		971,923			—			—		971,923

Total third-party revenues		65,521,321			259,527			—		65,780,848
One-time commissions		9,392,131			—			—		9,392,131
Recurring service fees		12,612,020			3,978,573			—		16,590,593
Other service fees		—			—			—		—


Total related party revenues		22,004,151			3,978,573			—		25,982,724
Total revenues		87,525,472			4,238,100			—		91,763,572
Less: business taxes and related surcharges		(4,833,186	)		(234,880	)		—		(5,068,066	)
Net revenues		82,692,286			4,003,220			—		86,695,506
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(17,551,483	)		—			—		(17,551,483	)
Performance Fee Compensation		—			—			—		—
Other Compensations		(22,810,897	)		(2,012,549	)		—		(24,823,446	)
Total compensation and benefits		(40,362,380	)		(2,012,549	)		—		(42,374,929	)
Selling expenses		(13,407,087	)		(42,334	)		—		(13,449,421	)
General and administrative expenses		(8,385,882	)		(515,448	)		—		(8,901,330	)
Other operating expenses		(414,959	)		(4,863	)		—		(419,822	)
Government subsidies		4,295,029			—			—		4,295,029
Total operating cost and expenses		(58,275,279	)		(2,575,194	)		—		(60,850,473	)
Income from operations		24,417,007			1,428,026			—		25,845,033


	Years Ended December 31, 2013
	Wealth Management Business			Assets Management Business			Internet Finance Business		Total
	$			$			$
Revenues:
One-time commissions		57,760,283			212,326			—		57,972,609
Recurring service fees		28,434,140			4,517,205			—		32,951,345
Other service fees		4,944,510			120,603			—		5,065,113

Total third-party revenues		91,138,933			4,850,134			—		95,989,067
One-time commissions		20,404,683			436,911			—		20,841,594
Recurring service fees		37,492,722			18,015,713			—		55,508,435
Other service fees		190,912			788,927			—		979,839

Total related party revenues		58,088,317			19,241,551			—		77,329,868
Total revenues		149,227,250			24,091,685			—		173,318,935
Less: business taxes and related surcharges		(8,237,942	)		(1,309,160	)		—		(9,547,102	)
Net revenues		140,989,308			22,782,525			—		163,771,833
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(33,362,053	)		(74,813	)		—		(33,436,866	)
Performance Fee Compensation		—			—			—		—
Other Compensations		(31,077,968	)		(8,528,786	)		—		(39,606,754	)
Total compensation and benefits		(64,440,021	)		(8,603,599	)		—		(73,043,620	)
Selling expenses		(15,117,644	)		(1,542,400	)		—		(16,660,044	)
General and administrative expenses		(14,037,239	)		(4,049,945	)		—		(18,087,184	)
Other operating expenses		(694,460	)		(39,840	)		—		(734,300	)
Government subsidies		4,997,145			326,525			—		5,323,670
Total operating cost and expenses		(89,292,219	)		(13,909,259	)		—		(103,201,478	)
Income from operations		51,697,089			8,873,266			—		60,570,355


	Years Ended December 31, 2014
	Wealth Management Business			Assets Management Business			Internet Finance Business			Total
	$			$			$
Revenues:
One-time commissions		68,698,354			—			—			68,698,354
Recurring service fees		39,462,923			12,429,215			—			51,892,138
Other service fees		3,491,867			2,655,721			2,716,889			8,864,477

Total third-party revenues		111,653,144			15,084,936			2,716,889			129,454,969
One-time commissions		29,322,581			—			—			29,322,581
Recurring service fees		55,589,582			35,291,220			4,867			90,885,669
Other service fees		407,565			12,038,725			139,052			12,585,342

Total related party revenues		85,319,728			47,329,945			143,919			132,793,592
Total revenues		196,972,872			62,414,881			2,860,808			262,248,561
Less: business taxes and related surcharges		(11,129,939	)		(3,127,877	)		(122,653	)		(14,380,469	)
Net revenues		185,842,933			59,287,004			2,738,155			247,868,092
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(51,843,587	)		(38,246	)		(365,110	)		(52,246,943	)
Performance Fee Compensation		—			(3,536,240	)		—			(3,536,240	)
Other Compensations		(34,851,929	)		(20,282,224	)		(8,692,736	)		(63,826,889	)
Total compensation and benefits		(86,695,516	)		(23,856,710	)		(9,057,846	)		(119,610,072	)
Selling expenses		(21,951,311	)		(1,583,422	)		(361,887	)		(23,896,620	)
General and administrative expenses		(12,117,434	)		(9,755,093	)		(2,739,353	)		(24,611,880	)
Other operating expenses		(3,836,816	)		(272,047	)		(752,837	)		(4,861,700	)
Government subsidies		10,943,240			3,844,512			4,390			14,792,142
Total operating cost and expenses		(113,657,837	)		(31,622,760	)		(12,907,533	)		(158,188,130	)
Income from operations		72,185,096			27,664,244			(10,169,378	)		89,679,962

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2014

Significant Related Party Transactions

During the years ended December 31, 2013 and 2014, significant related party transactions were as follows:


	Years Ended December 31
	2012		2013		2014
	$		$		$
One-time commissions
Investees of Shanghai Gopher Asset Management Co., Ltd., a VIE of the Company		—		—		9,264,250
Investees of Gopher Asset Management Co., Ltd., a VIE of the Company		3,866,439		2,161,933		5,093,514
Investees of Gopher Capital GP Ltd.		159,257		20,004		3,502,034
Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a subsidiary of the VIE of the Company		—		—		2,738,586
Wanjia Win-Win Assets Management Co., Ltd.		—		433,024		2,224,784
Investees of Wuhu Gopher Asset Management Co., Ltd., a VIE of the Company		1,226,227		5,570,754		2,168,853
Investees of Shanghai Gopher Languang Investment Management Co., Ltd., a VIE of the Company		819,199		3,489,082		1,106,637
Investees of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a VIE of the Company		—		—		582,521
Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership)		1,024,790		131,164		513,558
Sequoia Capital Investment Management (Tianjin) Co., Ltd.		218,860		127,965		481,461
Investee funds of Hangzhou Vanke Investment Management Co., Ltd.		—		5,077,871		427,429
Shareholder transactions		—		—		426,154
Investee of Tianjin Gopher Asset Management Co., Ltd., a VIE of the Company		645,699		31,991		403,099
Investee funds of Kunshan Jingzhao Equity Investment Management Limited		215,657		717,565		248,201
Gopher RE Credit Fund SP		—		—		123,847
Shaoxing Sequoia Huiyuan Capital Investment Fund (Limited Partnership)		411,614		359,671		16,049
Shareholder transactions		—		21,906		1,604
Wuhu Bona Film Investment Management Limited		—		1,037,354		—
Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd.		748,914		807,242		—
Gopher investment Fund SPC		—		761,105		—
Financial products invested by the Group and affiliates		55,475		92,962		—
Recurring services fee
Investees of Gopher Asset Management Co., Ltd., a VIE of the Company		2,504,815		11,827,050		15,790,524
Wanjia Win-Win Assets Management Co., Ltd.		—		5,047,542		15,333,971
Investees of Wuhu Gopher Asset Management Co., Ltd., a VIE of the Company		191,757		10,665,773		12,925,380
Investees of Shanghai Gopher Asset Management Co., Ltd., a VIE of the Company		—		—		10,276,509
Sequoia Capital Investment Management (Tianjin) Co., Ltd.		6,407,642		8,385,120		8,546,576
Investee funds of Hangzhou Vanke Investment Management Co., Ltd.		—		3,151,268		6,058,713
Investees of Gopher Captial GP Ltd.		14,002		34,003		5,091,211
Investee of Tianjin Gopher Asset Management Co., Ltd., a VIE of the Company		3,622,393		3,876,955		4,082,036
Investees of Shanghai Gopher Languang Investment Management Co., Ltd., a VIE of the Company		459,439		4,885,604		3,301,240
Investee funds of Kunshan Jingzhao Equity Investment Management Limited		2,111,583		2,742,184		2,552,337
Investees of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a VIE of the Company		268,632		2,893,066		1,675,845
Investees of Shanghai Gopher Investment Management Co., Ltd., a VIE of the Company		—		—		1,283,681
Wuhu Bona Film Investment Management Co., Ltd.		—		331,157		1,142,560
Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership)		—		—		906,687
Beijing Sequoia Heyuan Capital Investment Fund (Limited Partnership)		—		—		850,019
Investees of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a VIE of the Company		—		—		798,399
Fund Managed by Gopher- Nuobao (Shanghai) Asset Management Co., Ltd., a subsidiary of the VIE of the Company		—		—		184,414
Shareholder transactions		—		—		59,481
Investees of Noah Holdings (Hong Kong) Limited		—		—		25,260
Investees of Gopher Asset Management Co., Ltd., a subsidiary of the VIE of the Company		—		—		513
Financial products invested by the Group and affiliates		1,010,330		1,140,375		313
Gopher investment Fund SPC		—		528,338		—
Other service fee
Investees of Gopher Asset Management Co., Ltd., a VIE of the Company		—		—		10,607,614
Investees of Shanghai Gopher Languang Investment Management Co., Ltd., a VIE of the Company		—		561,458		1,145,515
Wanjia Win-Win Assets Management Co., Ltd.		—		82,275		756,696
Investees of Shanghai Gopher Asset Management Co., Ltd., a VIE of the Company		—		—		48,654
Fund Managed by Gopher- Nuobao (Shanghai) Asset Management Co., Ltd., a subsidiary of the VIE of the Company		—		—		11,294
Investee funds of Hangzhou Vanke Investment Management Co., Ltd.		—		—		10,225
Shareholder transactions		—		—		2,541
Yiwu Xinguang Equity Investment Fund Management Co., Ltd.		—		—		1,504
Investee funds of Kunshan Jingzhao Equity Investment Management Limited		—		—		1,299
Investees of Wuhu Gopher Asset Management Co., Ltd., a VIE of the Company				336,107

Total		25,982,724		77,329,868		132,793,592

Amounts Due from Related Parties

As of December 31, 2013 and 2014, amounts due from related parties associated with the above transactions were comprised of the following:


	As of December 31,
	2013		2014
	$		$
Wanjia Win-Win Assets Management Co., Ltd.		3,005,600		8,330,419
Investee funds of Wuhu Gopher Asset Management Co., Ltd.		856,879		3,731,866
Investee funds of Gopher Capital GP		738,725		3,535,483
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		2,704,988		3,264,336
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd.		729,933		2,244,540
Investee funds of Gopher Asset Management Co., Ltd.		—		1,494,061
Investee funds of Hangzhou Vanke Investment Management Co., Ltd.		778,562		1,054,369
Investee funds of Gopher Nuobao Asset Management Co., Ltd.		—		174,865
Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd.		1,082		1,057
Investee funds of Shanghai Nuobang Asset Management Co., Ltd.		—		280
Yiwu Xinguang Equity Investment Fund Management Co., Ltd.		—		7,254,174
Investee funds of Tianjin Gopher Investment Management Co., Ltd.		109,055		98

Total		8,924,824		31,085,548

Deferred Revenues Related to Recurring Management Fee Received in Advance from Related Parties

As of December 31, 2013 and 2014, deferred revenues related to the recurring management fee received in advance from related parties were comprised of the following:


	As of December 31,
	2013		2014
	$		$
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd.		292,272		5,189,571
Investee funds of Wuhu Gopher Investment Management Co., Ltd.		924,018		2,881,465
Wanjia Win-Win Assets Management Co., Ltd.		1,774,667		2,624,558
Investee funds of Gopher Asset Management Co., Ltd.		1,100,107		671,541
Investee funds of Hangzhou Vanke Investment Management Co., Ltd.		2,130,255		559,587
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		201,902		643,641
Investee funds of Gopher Nuobao Asset Management Co., Ltd.		—		383,320
Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd.		236,586		337,917
Investee funds of Gopher Capital GP		576,937		135,281
Sequoia Capital Investment Management (Tianjin) Co., Ltd.		1,950,347		—

Total		9,187,091		13,426,881

Schedule of Purchase Price Allocation


Company Name	RMB		$
Noah Ark (Shanghai) Financial Service Co., Ltd.		5,000,000		805,854
Shanghai Noah Yijie Finance Technology Co., Ltd.		3,000,000		483,512
Shanghai Noah Jintong Data Services Co., Ltd.		3,000,000		483,512
Enoch Education Training (Shanghai) Co., Ltd.		1,000,000		161,171
Total		12,000,000		1,934,049

Commitments (Tables)

12 Months Ended

Dec. 31, 2014

Future Minimum Lease Payments Under Non Cancelable Operating Lease Agreements

Future minimum lease payments under non-cancelable operating lease agreements as of December 31, 2014 were as follows:


Years Ended December 31	$
2015		6,076,979
2016		4,975,209
2017		3,258,704
2018		4,129,875
2019 and after		4,762,088
Total		23,202,855

Summary of Subsidiaries (Detail)

12 Months Ended

Dec. 31, 2014

Shanghai Noah Rongyao Investment Consulting Co., Ltd.

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Date of Incorporation

Aug. 24, 2007

Place of Incorporation

PRC

Percentage of Ownership

100.00%

Shanghai Noah Financial Services Co., Ltd.

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Date of Incorporation

Apr. 18, 2008

^[1]

Place of Incorporation

PRC

^[1]

Percentage of Ownership

100.00%

^[1]

Tianjin Noah Wealth Management Consulting Co., Ltd.

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Date of Incorporation

Dec. 26, 2008

Place of Incorporation

PRC

Percentage of Ownership

100.00%

Kunshan Noah Xingguan Investment Management Co., Ltd.

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Date of Incorporation

Aug. 12, 2011

Place of Incorporation

PRC

Percentage of Ownership

100.00%

Noah Holdings (Hong Kong) Limited

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Date of Incorporation

Sep. 01, 2011

Place of Incorporation

Hong Kong

Percentage of Ownership

100.00%

Shanghai Rongyao Information Technology Co., Ltd.

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Date of Incorporation

Mar. 02, 2012

Place of Incorporation

PRC

Percentage of Ownership

100.00%

Noah Financial Express (Wuhu) Microfinance Co., Ltd.

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Date of Incorporation

Aug. 13, 2013

Place of Incorporation

PRC

Percentage of Ownership

100.00%

Noah Commercial Factoring Co., Ltd.

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Date of Incorporation

Apr. 01, 2014

Place of Incorporation

PRC

Percentage of Ownership

100.00%

Shanghai Noah Yijie Finance Technology Co., Ltd

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Date of Incorporation

Mar. 17, 2014

Place of Incorporation

PRC

Percentage of Ownership

90.00%

[1]	In August 2012, Shanghai Noah Yuanzheng Investment Consulting Co., Ltd. was renamed as Shanghai Noah Financial Service Co., Ltd., after it obtained the regulatory approval to authorize its business scope to include providing investment advisory, wealth management and related financial services.

Noah Investments Subsidiaries (Detail)

12 Months Ended

Dec. 31, 2014

Gopher Asset Management Co., Ltd.

Variable Interest Entity [Line Items]

Date of Incorporation

Feb. 09, 2012

Place of Incorporation

PRC

Percentage of Ownership

100.00%

Shanghai Noah Investment Management Co., Ltd.

Variable Interest Entity [Line Items]

Date of Incorporation

Aug. 26, 2005

Place of Incorporation

PRC

Percentage of Ownership

100.00%

Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd.

Variable Interest Entity [Line Items]

Date of Incorporation

Sep. 29, 2007

Place of Incorporation

PRC

Percentage of Ownership

100.00%

Shanghai Noah Rongyao Insurance Broker Co., Ltd.

Variable Interest Entity [Line Items]

Date of Incorporation

Sep. 24, 2008

Place of Incorporation

PRC

Percentage of Ownership

100.00%

Tianjin Gopher Asset Management Co., Ltd.

Variable Interest Entity [Line Items]

Date of Incorporation

Mar. 18, 2010

^[1]

Place of Incorporation

PRC

^[1]

Percentage of Ownership

100.00%

^[1]

Shanghai Gopher Blue Ray Investment Management Co., Ltd.

Variable Interest Entity [Line Items]

Date of Incorporation

Aug. 15, 2012

Place of Incorporation

PRC

Percentage of Ownership

60.00%

Wuhu Gopher Asset Management Co., Ltd.

Variable Interest Entity [Line Items]

Date of Incorporation

Oct. 10, 2012

Place of Incorporation

PRC

Percentage of Ownership

100.00%

Shanghai Gopher Asset Management Co., Ltd.

Variable Interest Entity [Line Items]

Date of Incorporation

Dec. 14, 2012

Place of Incorporation

PRC

Percentage of Ownership

100.00%

Zhejiang Vanke Noah Assets Management Co., Ltd.

Variable Interest Entity [Line Items]

Date of Incorporation

Mar. 22, 2013

Place of Incorporation

PRC

Percentage of Ownership

51.00%

[1]

In March 2012, Noah Investment acquired 100% equity interest of Tianjin Gopher Asset Management Co., Ltd ("Tianjin Gopher") and Gopher Asset Management Co., Ltd ("Gopher Asset") which was established in February 2012 from Shanghai Noah Financial Services Co., Ltd. at cost. The transaction was recorded as reorganization between entities under common control with no impact on the consolidated financial statements.

Noah Investments Subsidiaries (Parenthetical) (Detail)	Dec. 31, 2014
Gopher Asset Management Co., Ltd.
Variable Interest Entity [Line Items]
Equity Interest ownership	100.00%

Organization and Principal Activities - Additional Information (Parenthetical) (Detail)	Dec. 31, 2014
Tianjin Gopher Asset Management Co., Ltd.
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Equity interest sold to Gopher Asset	100.00%

Summary of Principal Accounting Policies - Additional Information (Detail) ¥ in Millions	1 Months Ended								12 Months Ended
	Jul. 31, 2013 USD ($)	Jul. 31, 2013 CNY (¥)	Feb. 28, 2013 USD ($)	Feb. 28, 2013 CNY (¥)	Nov. 30, 2012 USD ($)	Nov. 30, 2012 CNY (¥)	May 31, 2011 USD ($)	May 31, 2011 CNY (¥)	Dec. 31, 2014 USD ($) Investment fund	Dec. 31, 2013 USD ($) Investment fund	Dec. 31, 2012 USD ($) Investment	Dec. 31, 2014 CNY (¥) Investment fund	Dec. 31, 2011 Investment	Dec. 31, 2010 Investment
Significant Accounting Policies [Line Items]
Interest-free loans extended to VIE founders									$ 3,600,000			¥ 27.0
Interest-free loans agreements expiry date									2023-12
Income (loss) from equity in affiliates									$ 2,200,504	$ 1,191,833	$ 617,361
Investments in affiliates									35,817,261	14,742,364
Non-controlling interests									14,028,321	10,769,789
Net income attributable to non-controlling interests									$ 2,806,078	1,602,867	82,712
Multiple element arrangements, revenue allocation									If the estimated selling price for recurring services increased (or decreased) by 1%, the revenue allocated to this revenue element would increase (decrease) by 0.1% to 0.7%.
Government subsidies									$ 14,792,142	$ 5,323,670	$ 4,295,029
Special Mention
Significant Accounting Policies [Line Items]
Loan loss provision rate									2.00%			2.00%
Substandard
Significant Accounting Policies [Line Items]
Loan loss provision rate									25.00%			25.00%
Doubtful
Significant Accounting Policies [Line Items]
Loan loss provision rate									50.00%			50.00%
Loss
Significant Accounting Policies [Line Items]
Loan loss provision rate									100.00%			100.00%
Kunshan Jingzhao Equity Investment Management Co., Ltd.
Significant Accounting Policies [Line Items]
Equity Interest ownership							40.00%	40.00%
Capital Injected in to a joint venture							$ 600,000	¥ 4.0
Kunshan Vantone Zhengyuan Private Equity Fund Management Co., Ltd
Significant Accounting Policies [Line Items]
Equity Interest ownership					15.00%	15.00%
Capital Injected in to a joint venture					$ 600,000	¥ 3.8
Wanjia Win-Win Assets Management Co., Ltd.
Significant Accounting Policies [Line Items]
Equity Interest ownership			35.00%	35.00%
Capital Injected in to a joint venture			$ 3,500,000	¥ 21.0
Wuhu Bona Film Investment Management Limited
Significant Accounting Policies [Line Items]
Equity Interest ownership	15.00%	15.00%
Capital Injected in to a joint venture	$ 100,000	¥ 0.8
Short-term Loans
Significant Accounting Policies [Line Items]
Other service fees as percentage of total net revenue									0.63%
Internet Finance Business
Significant Accounting Policies [Line Items]
Other service fees as percentage of total net revenue									0.48%
Fund Managers
Significant Accounting Policies [Line Items]
Other service fees as percentage of total net revenue									6.20%
Other Businesses
Significant Accounting Policies [Line Items]
Other service fees as percentage of total net revenue									0.87%
Tianjin Gefei Asset Management Co., Ltd
Significant Accounting Policies [Line Items]
Number of private equity funds the company invested \| Investment											1		6	4
Gopher Asset Management Co., Ltd.
Significant Accounting Policies [Line Items]
Number of private equity funds the company invested \| Investment									16	3	2	16
Equity Interest ownership									100.00%			100.00%
Number of real estate funds the company invested \| Investment									14	75	38	14
Number of secondary market equity funds the company invested \| fund									15	2		15
Newly Established \| Gopher Asset Management Co., Ltd.
Significant Accounting Policies [Line Items]
Number of real estate funds the company invested \| Investment									14	75	38	14
Number of fixed income funds the company invested \| fund									12	8		12
Variable Interest Entity, Primary Beneficiary
Significant Accounting Policies [Line Items]
Investments in affiliates									$ 39,662,915	$ 18,893,396
Variable Interest Entity, Primary Beneficiary \| Credit Concentration Risk \| Net Revenue
Significant Accounting Policies [Line Items]
Concentration risk, percentage									37.10%	21.20%	8.30%
Variable Interest Entity, Primary Beneficiary \| Credit Concentration Risk \| Net Income (Loss)
Significant Accounting Policies [Line Items]
Concentration risk, percentage									67.00%	36.30%	5.10%
Variable Interest Entity, Primary Beneficiary \| Credit Concentration Risk \| Total Assets
Significant Accounting Policies [Line Items]
Concentration risk, percentage									34.00%	30.70%
Minimum
Significant Accounting Policies [Line Items]
Ownership percentage in affiliate to represent influence									20.00%
Capitalized software development costs, amortization period									2 years
General reserve percentage of total loan receivable balance									1.00%			1.00%
Minimum \| Tianjin Gefei Asset Management Co., Ltd
Significant Accounting Policies [Line Items]
Equity Interest ownership											0.60%
Minimum \| CHINA
Significant Accounting Policies [Line Items]
Business tax and related surcharges									5.35%
Maximum
Significant Accounting Policies [Line Items]
Capitalized software development costs, amortization period									4 years
Maximum \| Tianjin Gefei Asset Management Co., Ltd
Significant Accounting Policies [Line Items]
Equity Interest ownership											4.80%
Maximum \| Gopher Asset Management Co., Ltd. \| Real Estate Funds
Significant Accounting Policies [Line Items]
Equity Interest ownership									1.70%	2.30%		1.70%
Maximum \| Gopher Asset Management Co., Ltd. \| Private Equity Funds Products
Significant Accounting Policies [Line Items]
Equity Interest ownership									5.00%	5.00%		5.00%
Maximum \| CHINA
Significant Accounting Policies [Line Items]
Business tax and related surcharges									5.70%

Amounts in Noah Investment and its Subsidiaries Included in Consolidated Financial Statements (Detail) - USD ($)

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Variable Interest Entity [Line Items]

Cash and cash equivalents

$ 282,081,829

$ 196,113,315

$ 119,561,152

$ 136,859,336

Restricted cash

161,171

165,188

Short-term investments

22,182,012

28,187,406

Accounts receivable, net of allowance for doubtful accounts

10,970,775

8,472,013

Amounts due from related parties

31,085,548

8,924,824

Deferred tax assets

3,522,054

784,063

Other current assets

9,430,135

4,695,947

Long-term investments

9,870,939

13,678,182

Investment in affiliates

35,817,261

14,742,364

Property and equipment, net

14,852,566

9,412,313

Other non-current assets

1,930,814

1,220,033

Total assets

431,100,062

303,254,657

Accrued payroll and welfare expenses

51,649,188

29,495,181

Income tax payable

8,936,390

2,559,614

Deferred revenue

15,747,984

15,530,968

Other current liabilities

27,259,639

15,227,247

Non-current uncertain tax position liabilities

1,793,459

1,650,399

Total liabilities

118,449,478

68,059,704

Revenue:

Third-party revenues

129,454,969

95,989,067

65,780,848

Related party revenues

132,793,592

77,329,868

25,982,724

Total revenues

262,248,561

173,318,935

91,763,572

Less: business taxes and related surcharges

(14,380,469)

(9,547,102)

(5,068,066)

Net revenues

247,868,092

163,771,833

86,695,506

Other income

7,863,620

7,539,142

5,426,421

Net income

72,406,504

51,435,171

22,826,454

Cash flows provided by operating activities

95,135,759

93,969,758

29,953,666

Cash flows used in investing activities

(14,798,221)

(17,141,870)

(34,565,150)

Cash flows provided by financing activities

9,729,099

(3,103,229)

(13,791,999)

One Time Commissions

Revenue:

Third-party revenues

68,698,354

57,972,609

39,486,943

Related party revenues

29,322,581

20,841,594

9,392,131

Recurring Service Fees

Revenue:

Third-party revenues

51,892,138

32,951,345

25,321,982

Related party revenues

90,885,669

55,508,435

16,590,593

Other Service

Revenue:

Third-party revenues

8,864,477

5,065,113

971,923

Related party revenues

12,585,342

979,839

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity [Line Items]

Cash and cash equivalents

76,252,171

45,443,856

Restricted cash

161,171

165,188

Short-term investments

6,248,761

13,872,921

Accounts receivable, net of allowance for doubtful accounts

3,775,420

1,784,726

Amounts due from related parties

12,988,022

3,532,343

Deferred tax assets

1,841,876

604,377

Other current assets

1,438,158

1,195,057

Long-term investments

483,512

6,302,362

Investment in affiliates

39,662,915

18,893,396

Property and equipment, net

3,627,715

1,109,738

Other non-current assets

182,262

299,378

Total assets

146,661,983

93,203,342

Accrued payroll and welfare expenses

11,059,108

3,078,297

Income tax payable

4,518,462

2,167,268

Amounts due to the Group's subsidiaries

27,289,801

34,660,524

Deferred revenue

6,105,780

8,377,979

Other current liabilities

4,475,798

961,140

Non-current uncertain tax position liabilities

1,019,175

1,044,580

Total liabilities

54,468,124

50,289,788

Revenue:

Third-party revenues

35,188,916

11,731,295

2,190,467

^[1]

Related party revenues

62,130,226

24,978,882

5,459,969

^[1]

Total revenues

97,319,142

36,710,177

7,650,436

^[1]

Less: business taxes and related surcharges

(5,457,850)

(2,043,086)

(416,525)

^[1]

Net revenues

91,861,292

34,667,091

7,233,911

^[1]

Operating cost and expenses

(29,655,461)

(13,836,442)

(6,409,491)

^[1]

Other income

1,930,322

2,503,612

200,319

^[1]

Net income

50,387,400

19,250,180

1,168,218

^[1]

Cash flows provided by operating activities

^[2]

39,849,513

40,988,172

29,624,846

^[1]

Cash flows used in investing activities

(8,659,151)

(15,809,672)

(21,368,983)

^[1]

Cash flows provided by financing activities

220,017

6,265,618

2,178,103

^[1]

Variable Interest Entity, Primary Beneficiary | One Time Commissions

Revenue:

Third-party revenues

13,072,826

1,171,253

31,859

^[1]

Related party revenues

3,485,958

465,360

331,712

^[1]

Variable Interest Entity, Primary Beneficiary | Recurring Service Fees

Revenue:

Third-party revenues

18,163,030

6,070,762

1,200,863

^[1]

Related party revenues

46,376,791

23,597,359

5,128,257

^[1]

Variable Interest Entity, Primary Beneficiary | Other Service

Revenue:

Third-party revenues

3,953,060

4,489,280

957,745

^[1]

Related party revenues

12,267,477

916,163

Variable Interest Entity, Primary Beneficiary | Noah Holdings Limited

Revenue:

Net income

$ 47,379,799

$ 17,644,412

$ 1,086,355

^[1]

[1]	Tianjin Gopher's result of operations and cash flows are included in the presentation starting from March 2012.
[2]	Cash flows provided by operating activities in 2013 and 2014 include amounts due to the Group's subsidiaries of $34,660,524 and $27,289,801.

Amounts in Noah Investment and its Subsidiaries Included in Consolidated Financial Statements (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Variable Interest Entity [Line Items]
Increase in amounts due to the Group's subsidiaries	$ 27,289,801	$ 34,660,524

Estimated Useful Lives of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2014
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	Shorter of the lease term or expected useful life
Furniture, fixtures, and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Furniture, fixtures, and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Motor Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Software \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	2 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years

Computation of Basic and Diluted Net Income per Share Attributable to Ordinary Shareholders (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Computation of Earnings Per Share [Line Items]
Net income attributable to ordinary shareholders-basic and diluted	$ 72,406,504	$ 51,435,171	$ 22,826,454
Weighted average number of ordinary shares outstanding-basic	27,873,501	27,480,150	27,751,335
Weighted average number of ordinary shares outstanding-diluted	28,227,823	28,008,386	28,073,731
Basic net income per share	$ 2.60	$ 1.87	$ 0.82
Diluted net income per share	$ 2.57	$ 1.84	$ 0.81
Stock Options
Computation of Earnings Per Share [Line Items]
Additional shares included in the calculation of diluted EPS	178,203	229,339	249,756
Restricted Stock
Computation of Earnings Per Share [Line Items]
Additional shares included in the calculation of diluted EPS	176,119	298,897	72,640

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Antidilutive Securities Excluded from Computation of Earning Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	304,045	22,994	570,432
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	304,045	20,000	121,784
Restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		2,994	448,648

Investment (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Short-term investments
Trading securities investments		$ 11,341,097
Held-to-maturity investments	$ 7,435,461	16,846,309
Available for sale investments	14,746,551
Total short-term investments	22,182,012	28,187,406
Long-term investments
Held-to-maturity investments	5,157,464	10,480,964
Other long-term investments	4,713,475	3,197,218
Total long-term investments	9,870,939	13,678,182
Total investments	32,052,951	41,865,588
Fixed Income Products
Short-term investments
Trading securities investments		11,341,097
Held-to-maturity investments	7,435,461	16,846,309
Available for sale investments	14,357,845
Long-term investments
Held-to-maturity investments	483,512	10,480,964
Other Products
Short-term investments
Available for sale investments	388,706
Long-term investments
Held-to-maturity investments	4,673,952
Other long-term investments	2,224,999
Private Equity Funds Products
Long-term investments
Other long-term investments	$ 2,488,476	$ 3,197,218

Investments - Additional Information (Detail) - USD ($)	12 Months Ended
Investments - Additional Information (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Held-to-maturity Securities [Line Items]
Investment income	$ 6,312,498	$ 3,302,545	$ 2,451,731
Held-to-maturity investments, long-term	5,157,464	10,480,964
Other comprehensive income-change in fair value of available-for-sale investments	832,372
Other comprehensive income-realized gains reclassified from other comprehensive income to "investment income"	410,048
Other comprehensive income-net unrealized gains on the available-for-sale investments	422,324
Amortized cost of the available-for-sale investments	14,324,227
Held-to-maturity investments
Schedule of Held-to-maturity Securities [Line Items]
Investment income	2,027,454	2,510,647	3,044,856
Interest receivable	862,001	856,068	539,586
Held-to-maturity investments \| Debt Securities of Certain Real Estate Funds
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities		7,100,203	11,917,947
Held-to-maturity securities, 2016
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity investments, long-term	2,095,220
Held-to-maturity securities, 2017
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity investments, long-term	1,450,536
Held-to-maturity securities, 2019
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity investments, long-term	1,611,708
Trading Securities
Schedule of Held-to-maturity Securities [Line Items]
Investment income	1,390,200	$ 1,413,810
PPDAI Group Inc. \| Series B Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Payment to acquire investment	$ 2,224,999
Percentage of investee's issued share capital	2.62%

Fair Value Measurements of Company's Assets and Liabilities that Measured at Fair Value on A Recurring Basis (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities investments		$ 11,341,097
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities investments		11,341,097
Available-for-sale investments	$ 14,746,551
Significant Other Observable Inputs (Level 2) \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities investments		$ 11,341,097
Available-for-sale investments	$ 14,746,551

Fair Value Measurement - Additional Information (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets reported at fair value on a non-recurring basis	$ 0	$ 0
Liabilities reported at fair value on a non-recurring basis	$ 0	$ 0

Fair Value Measurements of Company's Long-Term Financial Instruments (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Private Equity Funds Products
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - cost method investment, Carrying Value	$ 2,488,476	$ 3,197,218
Long-term investment - cost method investment, Fair Value	3,470,339	3,061,319
Fixed Income Products
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - held-to-maturity, Carrying Value	483,512	10,480,964
Long-term investment - held-to-maturity, Fair Value	493,237	10,774,099
Other Products
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - cost method investment, Carrying Value	2,224,999
Long-term investment - held-to-maturity, Carrying Value	4,673,952
Long-term investment - cost method investment, Fair Value	2,224,999
Long-term investment - held-to-maturity, Fair Value	4,920,793
Significant Other Observable Inputs (Level 2) \| Fixed Income Products
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - held-to-maturity, Fair Value	493,237	10,774,099
Significant Other Observable Inputs (Level 2) \| Other Products
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - held-to-maturity, Fair Value	4,920,793
Significant Unobservable Inputs (Level 3) \| Private Equity Funds Products
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - cost method investment, Fair Value	3,470,339	$ 3,061,319
Significant Unobservable Inputs (Level 3) \| Other Products
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - cost method investment, Fair Value	$ 2,224,999

Property and Equipment, Net (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Leasehold improvements	$ 9,027,914	$ 6,284,893
Furniture, fixtures and equipment	6,756,800	4,217,114
Motor vehicles	1,168,695	1,053,463
Software	4,344,738	2,593,932
Property, Plant and Equipment, Gross, Total	21,298,147	14,149,402
Accumulated depreciation	(8,107,758)	(5,409,226)
Property Plant And Equipment Net Excluding Construction In Progress, Total	13,190,389	8,740,176
Construction in progress	1,662,177	672,137
Property and equipment, net	$ 14,852,566	$ 9,412,313

Property and Equipment, Net - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 3,635,799	$ 2,469,922	$ 1,814,528

Other Current Liabilities (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Other Liabilities Current [Line Items]
Accrued expenses	$ 10,763,075	$ 5,231,299
Other payables	7,816,735	2,391,233
Other tax payable	4,105,539	1,675,452
Accrued professional fees	2,557,954	5,003,932
Accrued client service fees	1,279,587	736,165
Conference fees payable	736,749	189,166
Other liabilities, current	$ 27,259,639	$ 15,227,247

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Taxes [Line Items]
Income tax rate	25.00%	25.00%
Operating loss carry forward	$ 3,600,000
Operating loss carry forwards expiration year	2017
Operating loss carry forward, valuation allowance	$ 0
Undistributed profits that the Group has both the intent and ability to permanently reinvest	190,700,000
Unrecognized deferred tax liabilities	16,000,000
Unrecognized tax benefit, accrued interest in current period	$ 774,284	$ 605,820
Reversal of unrecognized tax benefits previously recorded, statute of limitations			$ 322,378
Minimum
Income Taxes [Line Items]
Withholding income tax rate	5.00%
Maximum
Income Taxes [Line Items]
Withholding income tax rate	10.00%
If the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent
Income Taxes [Line Items]
Unrecognized tax benefit, statute of limitations	3 years
If underpayment of tax liability exceeding RMB0.1 million
Income Taxes [Line Items]
Unrecognized tax benefit, statute of limitations	5 years
In the case of a related party transaction
Income Taxes [Line Items]
Unrecognized tax benefit, statute of limitations	10 years
State Administration of Taxation, People's Republic of China
Income Taxes [Line Items]
Income tax rate	25.00%
Inland Revenue, Hong Kong
Income Taxes [Line Items]
Income tax rate	16.50%
Interest Related To Uncertain Tax Positions
Income Taxes [Line Items]
Unrecognized tax benefit, accrued interest in current period	$ 168,464	$ 168,926	$ 169,389

Tax Expense Benefit (Detail) - USD ($)	12 Months Ended
Tax Expense Benefit (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Taxes [Line Items]
Current Tax	$ 28,018,330	$ 16,324,841
Deferred Tax	(3,486,826)	(61,549)
Total	$ 24,531,504	$ 16,263,292	$ 8,979,649

Reconciliation Between Statutory Tax Rate to Income Before Income Taxes and Actual Provision for Income Taxes (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Tax Rate Reconciliation [Line Items]
PRC income tax rate	25.00%	25.00%
Expenses not deductible for tax purposes	0.38%	0.29%
Effect of tax-free investment income	(0.62%)	(1.35%)
Effect of uncertain tax positions	0.17%	0.25%
Effect of different tax rate of subsidiary operation in other jurisdiction	(0.07%)	(0.60%)
Effect of reversal of deferred tax asset allowance		(0.78%)
Effect of nondeductible accumulative losses	0.00%	0.00%
Effect of others	0.29%	1.07%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent, Total	25.15%	23.88%

Principal Components of Deferred Income Tax Asset and Liabilities (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Accrued expenses	$ 4,409,145	$ 1,534,183
Tax loss carry forward	904,927	619,395
Unrealized other income	509,152	454,370
Others	219,705	544
Gross deferred tax assets	6,042,929	2,608,492
Valuation allowance	0	0
Net deferred tax assets	6,042,929	2,608,492
Current	3,780,440	1,113,723
Non-current	2,262,489	1,494,769
Deferred tax liabilities:
Unrealized investment income	258,386	329,660
Total deferred tax liabilities	258,386	329,660
Current	258,386	329,660
Non-current	$ 0	$ 0

Movement of Uncertain Tax Positions (Detail) - USD ($)	12 Months Ended
Movement of Uncertain Tax Positions (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Unrecognized Tax Benefits [Line Items]
Unrecognized tax benefit, beginning balance	$ 1,650,399	$ 1,451,897	$ 1,594,597
Gross increases-accrued interest in current period	168,464	168,926	169,389
Settlements	0	0	0
Reverse due to lapse of statute of limitation			(322,378)
Exchange rate translation		29,576	10,289
Exchange rate translation	(25,404)
Unrecognized tax benefit, ending balance	$ 1,793,459	$ 1,650,399	$ 1,451,897

Loans Receivable (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Loans receivable:
Total loans receivable	$ 7,120,523	$ 15,519,434
Allowance for loan losses	(188,054)	(155,194)
Loans receivable, net	6,932,469	15,364,240
Within Credit Term Loans
Loans receivable:
Total loans receivable	$ 7,120,523	$ 15,519,434

Loans Receivable, Net - Additional Information (Detail)	Dec. 31, 2014
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan interest rate	8.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan interest rate	15.20%

Activity in Allowance for Loan Losses (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance	$ 155,194
Provisions	249,057	$ 155,194
Recoveries	(212,423)
Charge-offs	0	0
Exchange rate translation	(3,774)
Ending balance	$ 188,054	$ 155,194

Share Repurchase - Additional Information (Detail)	12 Months Ended
Share Repurchase - Additional Information (Detail)	Dec. 31, 2014 USD ($) shares
Equity, Class of Treasury Stock [Line Items]
Treasury stock acquired, shares \| shares	1,067,816
Payment for purchase of treasury stock \| $	$ 11,675,955

Share Based Compensation Expense by Type of Award (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 5,298,729	$ 5,245,947	$ 3,998,548
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	1,464,233	205,699	1,437,201
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 3,834,496	$ 5,040,248	$ 2,561,347

Share-Based Compensation - Additional Information (Detail) - USD ($)		12 Months Ended
	Aug. 06, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of options granted		$ 27.87	$ 39.64
Options exercised		128,457	153,014	75,694
Option exercise price		$ 26.21	$ 13.23
Unrecognized compensation expense related to unvested share options		$ 5,452,347
Unrecognized compensation expense, period for recognition		3 years 3 months 15 days
Restricted shares granted		83,000
Converted to restricted shares		$ 37.03
Conversion of Options to restricted shares \| After Modification
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option exercise price		0
Conversion of Options to restricted shares \| Before Modification
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option exercise price		9.52
Stock Options \| Modification of Exercise Price \| After Modification
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option exercise price		12.12
Stock Options \| Modification of Exercise Price \| After Modification \| American Depositary Share
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option exercise price		6.06
Stock Options \| Modification of Exercise Price \| Before Modification
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option exercise price		$ 19.81
Nonvested Stock Option \| Modification of Exercise Price
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental compensation cost related to plan modified		$ 700,000
Vested Stock Options \| Modification of Exercise Price
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental compensation cost related to plan modified		$ 200,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition		1 year 11 months 9 days
Total fair value of non-vested restricted shares		$ 3,543,512	$ 2,702,791	$ 2,144,851
Unrecognized compensation expense related to non-vested restricted shares		4,526,236
Restricted Stock \| Modification of Exercise Price
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental compensation cost related to plan modified	$ 300,000	$ 200,000
Unrecognized compensation expense, period for recognition	2 years	2 years
Restricted shares granted		150,000
Restricted Stock \| Modification of Exercise Price \| Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted	19,375
Restricted Stock \| Modification of Exercise Price \| After Modification
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option exercise price		$ 0
Converted to restricted shares	$ 0
Restricted Stock \| Modification of Exercise Price \| Before Modification
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option exercise price		$ 5.58
Converted to restricted shares	$ 37.03
Restricted Stock \| Conversion of Options to restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental compensation cost related to plan modified		$ 2,200,000
Stock Incentive Plan 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares that may be issued as a percentage of outstanding stock		8.00%
Stock Incentive Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares that may be issued as a percentage of outstanding stock		10.00%
Maximum number of shares that may be issued		2,315,000
Stock Incentive Plan 2010 \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive plans, term		10 years
Vesting period for remaining the 75% of options granted		36 months
Stock Incentive Plan 2010 \| Stock Options \| First anniversary of the grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive vesting ratably over the following 36 months		25.00%
Stock Incentive Plan 2010 \| Stock Options \| Vesting ratably over the following 36 months
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive vesting ratably over the following 36 months		75.00%

Black Scholes Pricing Model Assumptions used to Estimate Fair Value of Options Granted (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free rate of return	1.89%	1.55%	2.00%
Weighted average expected option life	6 years	5 years 7 months 6 days	5 years 3 months 18 days
Estimated volatility	82.20%	80.50%	53.70%
Average dividend yield		1.90%

Stock Option Activity (Detail) - USD ($)	12 Months Ended
Stock Option Activity (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Number of options
Outstanding as of January 1, 2014	266,915
Granted	407,667
Exercised	(128,457)
Forfeited	(40,869)
Converted to restricted shares	(19,375)
Outstanding as of December 31, 2014	485,881	266,915
Vested and expected to vest as of December 31, 2014	410,958
Exercisable as of December 31, 2014	192,329
Weighted-Average Exercise Price
Outstanding as of January 1, 2014	$ 13.23
Granted	27.87
Exercised	5.43
Forfeited	18.19
Converted to restricted shares	37.03
Outstanding as of December 31, 2014	26.21	$ 13.23
Vested and expected to vest as of December 31, 2014	26.21
Exercisable as of December 31, 2014	$ 23.76
Weighted-Average Remaining Contractual Term
Outstanding	8 years 4 months 24 days	6 years 3 months 18 days
Outstanding as of December 31, 2014	8 years 4 months 24 days	6 years 3 months 18 days
Vested and expected to vest as of December 31, 2014	8 years 4 months 24 days
Exercisable as of December 31, 2014	6 years 10 months 24 days
Aggregate Intrinsic Value of Options
Outstanding as of January 1, 2014	$ 7,356,916
Outstanding as of December 31, 2014	9,076,068	$ 7,356,916
Vested and expected to vest as of December 31, 2014	7,676,538
Exercisable as of December 31, 2014	$ 3,623,721

Summary of Non Vested Restricted Share Activity (Detail)	12 Months Ended
	Dec. 31, 2014 $ / shares shares
Number of non-vested restricted shares
Beginning Balance \| shares	555,282
Granted \| shares	83,000
Vested \| shares	(278,779)
Forfeited \| shares	(118,561)
Converted from options \| shares	19,375
Ending Balance \| shares	260,317
Weighted-average grant-date fair value
Beginning Balance \| $ / shares	$ 11.90
Granted \| $ / shares	27.81
Vested \| $ / shares	12.71
Forfeited \| $ / shares	19.66
Converted from options \| $ / shares	31.64
Ending Balance \| $ / shares	$ 14.03

Employee Benefit Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Contribution for multi-employer defined contribution plan	$ 4,923,483	$ 2,958,400	$ 2,277,079

Distribution of Profits - Additional Information (Detail) - USD ($)					12 Months Ended
	Apr. 09, 2013	Feb. 25, 2013	Apr. 15, 2012	Feb. 28, 2012	Dec. 31, 2014	Dec. 31, 2013
Workers' Compensation Insurance and Reserves [Line Items]
Profit after taxation transferred to general reserve fund					10.00%
Maximum profit after taxation transferred to general reserve fund					50.00%
General reserve fund of PRC subsidiaries					$ 15,893,941	$ 8,638,712
Restricted share capital of PRC subsidiaries					105,571,519	86,907,832
Restricted net assets					121,465,460	95,546,544
Cash dividend declared		$ 0.28		$ 0.28
Number of american depositary shares in each ordinary share		2		2
Dividend distribution	$ 7,700,000		$ 7,900,000
Dividend, date of record		Mar. 20, 2013		Mar. 20, 2012
American Depositary Shares
Workers' Compensation Insurance and Reserves [Line Items]
Cash dividend declared		$ 0.14		$ 0.14
Variable Interest Entity, Primary Beneficiary
Workers' Compensation Insurance and Reserves [Line Items]
Restricted net assets					$ 49,330,429	$ 21,254,726

Segment Reporting (Detail)	12 Months Ended
Segment Reporting (Detail)	Dec. 31, 2014 Segment
Segment Reporting Information [Line Items]
Number of reportable segments	3

Segment Information (Detail) - USD ($)	12 Months Ended
Segment Information (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Total third-party revenues	$ 129,454,969	$ 95,989,067	$ 65,780,848
Total related party revenues	132,793,592	77,329,868	25,982,724
Total revenues	262,248,561	173,318,935	91,763,572
Less: business taxes and related surcharges	(14,380,469)	(9,547,102)	(5,068,066)
Net revenues	247,868,092	163,771,833	86,695,506
Operating cost and expenses:
Relationship manager compensation	(52,246,943)	(33,436,866)	(17,551,483)
Performance fee compensation	(3,536,240)
Other compensations	(63,826,889)	(39,606,754)	(24,823,446)
Total compensation and benefits	(119,610,072)	(73,043,620)	(42,374,929)
Selling expenses	(23,896,620)	(16,660,044)	(13,449,421)
General and administrative expenses	(24,611,880)	(18,087,184)	(8,901,330)
Other operating expenses	(4,861,700)	(734,300)	(419,822)
Government subsidies	14,792,142	5,323,670	4,295,029
Total operating cost and expenses	(158,188,130)	(103,201,478)	(60,850,473)
Income from operations	89,679,962	60,570,355	25,845,033
One Time Commissions
Revenues:
Total third-party revenues	68,698,354	57,972,609	39,486,943
Total related party revenues	29,322,581	20,841,594	9,392,131
Recurring Service Fees
Revenues:
Total third-party revenues	51,892,138	32,951,345	25,321,982
Total related party revenues	90,885,669	55,508,435	16,590,593
Other Service
Revenues:
Total third-party revenues	8,864,477	5,065,113	971,923
Total related party revenues	12,585,342	979,839
Wealth Management
Revenues:
Total third-party revenues	111,653,144	91,138,933	65,521,321
Total related party revenues	85,319,728	58,088,317	22,004,151
Total revenues	196,972,872	149,227,250	87,525,472
Less: business taxes and related surcharges	(11,129,939)	(8,237,942)	(4,833,186)
Net revenues	185,842,933	140,989,308	82,692,286
Operating cost and expenses:
Relationship manager compensation	(51,843,587)	(33,362,053)	(17,551,483)
Other compensations	(34,851,929)	(31,077,968)	(22,810,897)
Total compensation and benefits	(86,695,516)	(64,440,021)	(40,362,380)
Selling expenses	(21,951,311)	(15,117,644)	(13,407,087)
General and administrative expenses	(12,117,434)	(14,037,239)	(8,385,882)
Other operating expenses	(3,836,816)	(694,460)	(414,959)
Government subsidies	10,943,240	4,997,145	4,295,029
Total operating cost and expenses	(113,657,837)	(89,292,219)	(58,275,279)
Income from operations	72,185,096	51,697,089	24,417,007
Wealth Management \| One Time Commissions
Revenues:
Total third-party revenues	68,698,354	57,760,283	39,486,943
Total related party revenues	29,322,581	20,404,683	9,392,131
Wealth Management \| Recurring Service Fees
Revenues:
Total third-party revenues	39,462,923	28,434,140	25,062,455
Total related party revenues	55,589,582	37,492,722	12,612,020
Wealth Management \| Other Service
Revenues:
Total third-party revenues	3,491,867	4,944,510	971,923
Total related party revenues	407,565	190,912
Asset Management Business
Revenues:
Total third-party revenues	15,084,936	4,850,134	259,527
Total related party revenues	47,329,945	19,241,551	3,978,573
Total revenues	62,414,881	24,091,685	4,238,100
Less: business taxes and related surcharges	(3,127,877)	(1,309,160)	(234,880)
Net revenues	59,287,004	22,782,525	4,003,220
Operating cost and expenses:
Relationship manager compensation	(38,246)	(74,813)
Performance fee compensation	(3,536,240)
Other compensations	(20,282,224)	(8,528,786)	(2,012,549)
Total compensation and benefits	(23,856,710)	(8,603,599)	(2,012,549)
Selling expenses	(1,583,422)	(1,542,400)	(42,334)
General and administrative expenses	(9,755,093)	(4,049,945)	(515,448)
Other operating expenses	(272,047)	(39,840)	(4,863)
Government subsidies	3,844,512	326,525
Total operating cost and expenses	(31,622,760)	(13,909,259)	(2,575,194)
Income from operations	27,664,244	8,873,266	1,428,026
Asset Management Business \| One Time Commissions
Revenues:
Total third-party revenues		212,326
Total related party revenues		436,911
Asset Management Business \| Recurring Service Fees
Revenues:
Total third-party revenues	12,429,215	4,517,205	259,527
Total related party revenues	35,291,220	18,015,713	$ 3,978,573
Asset Management Business \| Other Service
Revenues:
Total third-party revenues	2,655,721	120,603
Total related party revenues	12,038,725	$ 788,927
Internet Finance Business
Revenues:
Total third-party revenues	2,716,889
Total related party revenues	143,919
Total revenues	2,860,808
Less: business taxes and related surcharges	(122,653)
Net revenues	2,738,155
Operating cost and expenses:
Relationship manager compensation	(365,110)
Other compensations	(8,692,736)
Total compensation and benefits	(9,057,846)
Selling expenses	(361,887)
General and administrative expenses	(2,739,353)
Other operating expenses	(752,837)
Government subsidies	4,390
Total operating cost and expenses	(12,907,533)
Income from operations	(10,169,378)
Internet Finance Business \| Recurring Service Fees
Revenues:
Total related party revenues	4,867
Internet Finance Business \| Other Service
Revenues:
Total third-party revenues	2,716,889
Total related party revenues	$ 139,052

Significant Related Party Transactions (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]
Related party revenues	$ 132,793,592	$ 77,329,868	$ 25,982,724
One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	29,322,581	20,841,594	9,392,131
Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	90,885,669	55,508,435	16,590,593
Shanghai Gopher Asset Management Co., Ltd. \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	9,264,250
Shanghai Gopher Asset Management Co., Ltd. \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	10,276,509
Shanghai Gopher Asset Management Co., Ltd. \| Other Service Fee
Related Party Transaction [Line Items]
Related party revenues	48,654
Gopher Asset Management Co., Ltd. \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	5,093,514	2,161,933	3,866,439
Gopher Asset Management Co., Ltd. \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	15,790,524	11,827,050	2,504,815
Gopher Asset Management Co., Ltd. \| Other Service Fee
Related Party Transaction [Line Items]
Related party revenues	10,607,614
Gopher Capital GP \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	3,502,034	20,004	159,257
Gopher Capital GP \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	5,091,211	34,003	14,002
Gopher- Nuobao (Shanghai) Asset Management Co., Ltd. \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	2,738,586
Gopher- Nuobao (Shanghai) Asset Management Co., Ltd. \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	184,414
Gopher- Nuobao (Shanghai) Asset Management Co., Ltd. \| Other Service Fee
Related Party Transaction [Line Items]
Related party revenues	11,294
Wanjia Win-Win Assets Management Co., Ltd. \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	2,224,784	433,024
Wanjia Win-Win Assets Management Co., Ltd. \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	15,333,971	5,047,542
Wuhu Gopher Asset Management Co., Ltd. \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	2,168,853	5,570,754	1,226,227
Wuhu Gopher Asset Management Co., Ltd. \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	12,925,380	10,665,773	191,757
Wuhu Gopher Asset Management Co., Ltd. \| Other Service Fee
Related Party Transaction [Line Items]
Related party revenues		336,107
Shanghai Gopher Languang Investment Management Co., Ltd. \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	1,106,637	3,489,082	819,199
Shanghai Gopher Languang Investment Management Co., Ltd. \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	3,301,240	4,885,604	459,439
Shanghai Gopher Languang Investment Management Co., Ltd. \| Other Service Fee
Related Party Transaction [Line Items]
Related party revenues	1,145,515	561,458
Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd. \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	582,521
Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd. \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	798,399
Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership) \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	513,558	131,164	1,024,790
Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership) \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	906,687
Sequoia Capital Investment Management (Tianjin) Co., Ltd \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	481,461	127,965	218,860
Hangzhou Vanke Investment Management Co., Ltd. \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	427,429	5,077,871
Hangzhou Vanke Investment Management Co., Ltd. \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	6,058,713	3,151,268
Hangzhou Vanke Investment Management Co., Ltd. \| Other Service Fee
Related Party Transaction [Line Items]
Related party revenues	10,225
Shareholder transaction \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	426,154
Shareholder transaction \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	59,481
Shareholder transaction \| Other Service Fee
Related Party Transaction [Line Items]
Related party revenues	2,541
Tianjin Gopher Asset Management Co., Ltd. \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	403,099	31,991	645,699
Tianjin Gopher Asset Management Co., Ltd. \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	4,082,036	3,876,955	3,622,393
Kunshan Jingzhao Equity Investment Management Co., Ltd. \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	248,201	717,565	215,657
Kunshan Jingzhao Equity Investment Management Co., Ltd. \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	2,552,337	2,742,184	2,111,583
Kunshan Jingzhao Equity Investment Management Co., Ltd. \| Other Service Fee
Related Party Transaction [Line Items]
Related party revenues	1,299
Gopher RE Credit Fund SP \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	123,847
Shaoxing Sequoia Huiyuan Capital Investment Fund (Limited Partnership) \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	16,049	359,671	411,614
Financial Products Held By Shareholders \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	1,604	21,906
Wuhu Bona Film Investment Management Co., Ltd. \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues		1,037,354
Wuhu Bona Film Investment Management Co., Ltd. \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	1,142,560	331,157
Chongqing Gopher Longxin Equity Investment Management Co., Ltd. \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues		807,242	748,914
Chongqing Gopher Longxin Equity Investment Management Co., Ltd. \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	1,675,845	2,893,066	268,632
Gopher investment Fund SPC \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues		761,105
Gopher investment Fund SPC \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues		528,338
Financial Products Invested By Group And Affiliates \| One Time Commissions
Related Party Transaction [Line Items]
Related party revenues		92,962	55,475
Financial Products Invested By Group And Affiliates \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	313	1,140,375	1,010,330
Sequoia Capital Investment Management Tianjin Company Limited \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	8,546,576	8,385,120	$ 6,407,642
Shanghai Gopher Investment Management Company Limited \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	1,283,681
Beijing Sequoia Heyuan Capital Investment Fund Limited Partnership \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	850,019
Noah Holdings (Hong Kong) Limited \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	25,260
Gopher Asset Management Co., Ltd., Subsidiary \| Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	513
Wanjia Win-Win Assets Management Co., Ltd. \| Other Service Fee
Related Party Transaction [Line Items]
Related party revenues	756,696	$ 82,275
Yiwu Xinguang Equity Investment Fund Management Co., Ltd. \| Other Service Fee
Related Party Transaction [Line Items]
Related party revenues	$ 1,504

Amounts Due from Related Parties (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Amounts due from related parties	$ 31,085,548	$ 8,924,824
Wanjia Win-Win Assets Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	8,330,419	3,005,600
Wuhu Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	3,731,866	856,879
Gopher Capital GP
Related Party Transaction [Line Items]
Amounts due from related parties	3,535,483	738,725
Kunshan Jingzhao Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	3,264,336	2,704,988
Shanghai Gopher Languang Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	2,244,540	729,933
Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	1,494,061
Hangzhou Vanke Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	1,054,369	778,562
Gopher Nuobao Asset Management Company Limited
Related Party Transaction [Line Items]
Amounts due from related parties	174,865
Chongqing Gopher Longxin Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	1,057	1,082
Shanghai Nuobang Asset Management Company Limited
Related Party Transaction [Line Items]
Amounts due from related parties	280
Yiwu Xinguang Equity Investment Fund Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	7,254,174
Tianjin Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	$ 98	$ 109,055

Deferred Revenues Related to Recurring Management Fee Received in Advance from Related Parties (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Deferred revenue from related parties	$ 13,426,881	$ 9,187,091
Shanghai Gopher Languang Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	5,189,571	292,272
Wuhu Gopher Investment Management Company Limited
Related Party Transaction [Line Items]
Deferred revenue from related parties	2,881,465	924,018
Wanjia Win-Win Assets Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	2,624,558	1,774,667
Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	671,541	1,100,107
Hangzhou Vanke Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	559,587	2,130,255
Kunshan Jingzhao Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	643,641	201,902
Gopher Nuobao Asset Management Company Limited
Related Party Transaction [Line Items]
Deferred revenue from related parties	383,320
Chongqing Gopher Longxin Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	337,917	236,586
Gopher Capital GP
Related Party Transaction [Line Items]
Deferred revenue from related parties	$ 135,281	576,937
Sequoia Capital Investment Management Tianjin Company Limited
Related Party Transaction [Line Items]
Deferred revenue from related parties		$ 1,950,347

Related Party Transactions (Detail) $ in Millions	12 Months Ended
Related Party Transactions (Detail) $ in Millions	Dec. 31, 2014 USD ($) Subsidiary	Dec. 31, 2013 USD ($)
Related Party Transaction [Line Items]
Donations \| $	$ 2.4
Shanghai Yafu Investment Consulting Co., Ltd.
Related Party Transaction [Line Items]
Ownership percentage	10.00%
Shanghai Yafu Investment Consulting Co., Ltd. \| Subsidiaries
Related Party Transaction [Line Items]
Number of businesses acquired \| Subsidiary	4

Purchase Price Allocations (Detail) - 12 months ended Dec. 31, 2014 - Shanghai Yafu Investment Consulting Co., Ltd.	USD ($)	CNY (¥)
Business Combination Allocation of Purchase Price [Line Items]
Purchase price	$ 1,934,049	¥ 12,000,000
Noah Ark (Shanghai) Financial Service Co., Ltd.
Business Combination Allocation of Purchase Price [Line Items]
Purchase price	805,854	5,000,000
Shanghai Noah Yijie Finance Technology Co., Ltd.
Business Combination Allocation of Purchase Price [Line Items]
Purchase price	483,512	3,000,000
Shanghai Noah Jintong Data Services Co., Ltd.
Business Combination Allocation of Purchase Price [Line Items]
Purchase price	483,512	3,000,000
Enoch Education Training Shanghai Co., Ltd.
Business Combination Allocation of Purchase Price [Line Items]
Purchase price	$ 161,171	¥ 1,000,000

Future Minimum Lease Payments Under Non-Cancelable Operating Lease (Detail)	Dec. 31, 2014 USD ($)
Leases Future Minimum Payments [Line Items]
2015	$ 6,076,979
2016	4,975,209
2017	3,258,704
2018	4,129,875
2019 and after	4,762,088
Total	$ 23,202,855

Commitments - Additional Information (Detail) - USD ($)	12 Months Ended
Commitments - Additional Information (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Leases Disclosure [Line Items]
Rental expenses	$ 7,604,551	$ 7,054,682	$ 5,175,287

Subsequent Events - Additional Information (Detail) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Mar. 31, 2015	Feb. 28, 2015
Shanghai Noah Yijie Finance Technology Co., Ltd. \| SCC Venture V Holdco I, Ltd.
Subsequent Event [Line Items]
Percentage of equity shares	9.80%
Purchase consideration	$ 5.0
Convertible notes
Subsequent Event [Line Items]
Debt instrument, face amount		$ 80.0
Debt instrument, interest rate		3.50%
Debt instrument, maturity period		February 2020
Debt instrument, initial conversion price		$ 23.03

Condensed Balance Sheets (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Current assets
Cash and cash equivalents	$ 282,081,829	$ 196,113,315	$ 119,561,152	$ 136,859,336
Deferred tax assets	3,522,054	784,063
Other current assets	9,430,135	4,695,947
Total current assets	366,365,993	262,706,996
Investment in subsidiaries and VIEs	35,817,261	14,742,364
Non-current deferred tax assets	2,262,489	1,494,769
Other non-current assets	1,930,814	1,220,033
Total assets	431,100,062	303,254,657
Current liabilities
Other current liabilities	27,259,639	15,227,247
Total current liabilities	111,651,738	62,813,010
Uncertain tax position liabilities	1,793,459	1,650,399
Other non-current liabilities	5,004,281	3,596,295
Total liabilities	118,449,478	68,059,704
Shareholders' equity
Ordinary shares ($0.0005 par value): 94,100,000 shares authorized, 28,715,882 shares issued and 27,648,066 shares outstanding as of December 31, 2013 and 29,123,118 shares issued and 28,055,302 shares outstanding as of December 31, 2014	14,561	14,358
Treasury stock (1,067,816 ordinary shares at both December 31, 2013 and December 31, 2014)	(11,675,955)	(11,675,955)
Additional paid-in capital	135,640,392	129,687,092
Retained earnings	169,525,124	97,118,620
Accumulated other comprehensive income	5,118,141	9,281,049
Total shareholders' equity	298,622,263	224,425,164
Total Liabilities and Equity	431,100,062	303,254,657
Parent Company
Current assets
Cash and cash equivalents	28,871,793	42,689,231	$ 50,987,910	$ 84,371,832
Due from subsidiaries and VIEs	36,220,656	38,453,506
Deferred tax assets	78,574	64,755
Other current assets	4,143,658	730,102
Total current assets	69,314,681	81,937,594
Investment in subsidiaries and VIEs	232,083,557	144,678,555
Non-current deferred tax assets	430,578	389,615
Other non-current assets	50,000
Total assets	301,878,816	227,005,764
Current liabilities
Other current liabilities	1,185,921	691,734
Total current liabilities	1,185,921	691,734
Uncertain tax position liabilities	774,284	605,820
Other non-current liabilities	1,296,348	1,283,046
Total liabilities	3,256,553	2,580,600
Shareholders' equity
Ordinary shares ($0.0005 par value): 94,100,000 shares authorized, 28,715,882 shares issued and 27,648,066 shares outstanding as of December 31, 2013 and 29,123,118 shares issued and 28,055,302 shares outstanding as of December 31, 2014	14,561	14,358
Treasury stock (1,067,816 ordinary shares at both December 31, 2013 and December 31, 2014)	(11,675,955)	(11,675,955)
Additional paid-in capital	135,640,392	129,687,092
Retained earnings	169,525,124	97,118,620
Accumulated other comprehensive income	5,118,141	9,281,049
Total shareholders' equity	298,622,263	224,425,164
Total Liabilities and Equity	$ 301,878,816	$ 227,005,764

Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares	Dec. 31, 2014	Dec. 31, 2013
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value	$ 0.0005	$ 0.0005
Ordinary shares, shares authorized	94,100,000	94,100,000
Ordinary shares, shares issued	29,123,118	28,715,882
Ordinary shares, shares outstanding	28,055,302	27,648,066
Ordinary shares, treasury stock	1,067,816	1,067,816
Parent Company
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value	$ 0.0005	$ 0.0005
Ordinary shares, shares authorized	94,100,000	94,100,000
Ordinary shares, shares issued	29,123,118	28,715,882
Ordinary shares, shares outstanding	28,055,302	27,648,066
Ordinary shares, treasury stock	1,067,816	1,067,816

Condensed Statement of Operations (Detail) - USD ($)	12 Months Ended
Condensed Statement of Operations (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Net revenues	$ 247,868,092	$ 163,771,833	$ 86,695,506
Operating cost and expenses
Compensation and benefits	119,610,072	73,043,620	42,374,929
Selling expenses	23,896,620	16,660,044	13,449,421
General and administrative expenses	24,611,880	18,087,184	8,901,330
Total operating cost and expenses	158,188,130	103,201,478	60,850,473
Loss from operations	89,679,962	60,570,355	25,845,033
Other income (expenses):
Interest income	6,312,498	3,302,545	2,451,731
Investment income	3,821,469	3,924,457	3,044,856
Other income (expenses)	(2,386,171)	3,423	110,690
Total other income	7,863,620	7,539,142	5,426,421
(Loss) gain before taxes and income from equity in subsidiaries and VIEs	97,543,582	68,109,497	31,271,454
Income tax expenses	(24,531,504)	(16,263,292)	(8,979,649)
Equity in profit of subsidiaries and VIEs	2,200,504	1,191,833	617,361
Net income attributable to Noah Holdings Limited shareholders	72,406,504	51,435,171	22,826,454
Parent Company
Condensed Financial Statements, Captions [Line Items]
Net revenues	0	0	0
Operating cost and expenses
Compensation and benefits	1,643,361		487,435
Selling expenses	27,217	24,281	15,995
General and administrative expenses	1,569,786	815,650	1,263,771
Total operating cost and expenses	3,240,364	839,931	1,767,201
Loss from operations	(3,240,364)	(839,931)	(1,767,201)
Other income (expenses):
Interest income	900,413	352,072	1,157,512
Investment income		107,019
Other income (expenses)	(73,235)	815,020	118,539
Total other income	827,178	1,274,111	1,276,051
(Loss) gain before taxes and income from equity in subsidiaries and VIEs	(2,413,186)	434,180	(491,150)
Income tax expenses	(205,810)	(232,692)	(222,265)
Equity in profit of subsidiaries and VIEs	75,025,500	51,233,683	23,539,869
Net income attributable to Noah Holdings Limited shareholders	$ 72,406,504	$ 51,435,171	$ 22,826,454

Condensed Statement of Comprehensive Income (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Condensed Statement of Income Captions [Line Items]
Net income	$ 72,406,504	$ 51,435,171	$ 22,826,454
Other comprehensive income, net of tax
Change in cumulative foreign currency translation adjustment	(5,163,862)	4,508,372	1,370,387
Fair value fluctuation of available-for-sale investment	422,324
Other comprehensive income	(4,741,538)	4,508,372	1,370,387
Comprehensive income	70,471,044	57,546,410	24,279,553
Parent Company
Condensed Statement of Income Captions [Line Items]
Net income	72,406,504	51,435,171	22,826,454
Other comprehensive income, net of tax
Change in cumulative foreign currency translation adjustment	(4,585,232)	4,231,071	1,336,728
Fair value fluctuation of available-for-sale investment	422,324
Other comprehensive income	(4,162,908)	4,231,071	1,336,728
Comprehensive income	$ 68,243,596	$ 55,666,242	$ 24,163,182

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Statements of Cash flows (Detail) - USD ($)			12 Months Ended
Condensed Statements of Cash flows (Detail) - USD ($)	Apr. 09, 2013	Apr. 15, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income attributable to Noah shareholders			$ 72,406,504	$ 51,435,171	$ 22,826,454
Adjustment to reconcile net income to net cash provided by operating activities:
Share-based compensation			5,298,729	5,245,947	3,998,548
Gain from equity in subsidiaries and VIE			(2,200,504)	(1,191,833)	(617,361)
Changes in operating assets and liabilities:
Amount due from related party			(15,107,132)	(4,306,913)	(2,740,357)
Other current assets			(4,895,013)	(1,524,067)	(1,090,320)
Deferred tax assets			(3,545,825)	1,761,367	(476,354)
Uncertain tax position liabilities			168,465	168,926	(156,289)
Other current liabilities			12,728,660	7,690,762	2,706,750
Other non-current liabilities			1,464,246	1,483,015	227,196
Net cash provided by (used in) operating activities			95,135,759	93,969,758	29,953,666
Cash flows from investing activities:
Proceeds from sale of available for sale			7,397,738	4,949,984
Purchases of available for sale			(18,112,567)	(4,949,984)
Investment in subsidiaries and VIEs			(19,568,814)	(8,483,375)	(3,198,240)
Net cash used in investing activities			(14,798,221)	(17,141,870)	(34,565,150)
Cash flows from financing activities:
Dividends paid	$ (7,700,000)	$ (7,900,000)
Proceeds from issuance of ordinary shares upon exercise of stock options			654,774	1,130,401	407,569
Share repurchase			(11,675,955)
Net cash (used in) provided by financing activities			9,729,099	(3,103,229)	(13,791,999)
Net increase (decrease) in cash and cash equivalents			85,968,514	76,552,163	(17,298,184)
Cash and cash equivalents-beginning of the period			196,113,315	119,561,152	136,859,336
Cash and cash equivalents-end of the period			282,081,829	196,113,315	119,561,152
Parent Company
Cash flows from operating activities:
Net income attributable to Noah shareholders			72,406,504	51,435,171	22,826,454
Adjustment to reconcile net income to net cash provided by operating activities:
Share-based compensation			1,643,361		487,435
Gain from equity in subsidiaries and VIE			(75,025,500)	(51,233,683)	(23,539,869)
Changes in operating assets and liabilities:
Amount due from related party			2,232,850	929,736	405,905
Other current assets			(3,463,556)	(309,674)	(223,065)
Deferred tax assets			(54,782)	(40,153)	52,879
Uncertain tax position liabilities			168,464	168,926	169,389
Other current liabilities			494,187	352,432	(419,372)
Other non-current liabilities			13,302	96,942	(173,576)
Net cash provided by (used in) operating activities			(1,585,170)	1,399,697	(413,820)
Cash flows from investing activities:
Proceeds from sale of available for sale				4,949,984
Purchases of available for sale				(4,949,984)
Increase in amount due from subsidiaries and VIEs					(17,000,000)
Investment in subsidiaries and VIEs			(12,887,042)
Net cash used in investing activities			(12,887,042)		(17,000,000)
Cash flows from financing activities:
Dividends paid				(7,673,585)	(7,856,908)
Proceeds from issuance of ordinary shares upon exercise of stock options			654,774	1,130,401	407,569
Share repurchase				(3,155,192)	(8,520,763)
Net cash (used in) provided by financing activities			654,774	(9,698,376)	(15,970,102)
Net increase (decrease) in cash and cash equivalents			(13,817,438)	(8,298,679)	(33,383,922)
Cash and cash equivalents-beginning of the period			42,689,231	50,987,910	84,371,832
Cash and cash equivalents-end of the period			$ 28,871,793	$ 42,689,231	$ 50,987,910