Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2016 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
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	28,231,328

Consolidated Balance Sheets	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Current assets:
Cash and cash equivalents	$ 429,570,728	¥ 2,982,509,565	¥ 2,132,923,674
Restricted cash	144,030	1,000,000	1,000,000
Short-term investments (including short-term investments measured at fair value of RMB496,565,847 and RMB154,594,435, as of December 31, 2015 and 2016, respectively)	43,090,081	299,174,435	560,073,899
Accounts receivable, net of allowance for doubtful accounts of nil as of December 31, 2015 and December 31, 2016	29,401,097	204,131,815	122,346,687
Amounts due from related parties	63,206,041	438,839,542	238,236,268
Loans receivable, net of allowance for loan losses of RMB1,334,502 and RMB1,150,707 as of December 31, 2015 and December 31, 2016, respectively	16,407,887	113,919,956	132,109,897
Factoring receivables	87,019,444	604,176,000
Deferred tax assets	0	0	0
Other current assets	12,786,819	88,778,883	75,141,655
Total current assets	681,626,127	4,732,530,196	3,261,832,080
Long-term investments (including long-term investments measured at fair value of RMB10,069,729 and nil, as of December 31, 2015 and 2016, respectively)	49,966,920	346,920,327	251,781,945
Investment in affiliates	77,657,570	539,176,511	326,155,843
Property and equipment, net	35,069,784	243,489,512	196,475,249
Other non-current assets	5,566,233	38,646,355	16,885,730
Non-current deferred tax assets	8,026,329	55,726,799	43,863,568
Total assets	857,912,963	5,956,489,700	4,096,994,415
Current liabilities:
Accrued payroll and welfare expenses (including accrued payroll and welfare expense of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB181,685,160 and RMB72,212,423 as of December 31, 2015 and December 31, 2016, respectively)	79,969,482	555,228,116	494,688,785
Income tax payable (including income tax payable of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB55,966,327 and RMB-5,036,501 as of December 31, 2015 and December 31, 2016, respectively)	3,336,020	23,161,986	61,650,980
Deferred revenues (including deferred revenue of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB29,021,820 and RMB29,834,124 as of December 31, 2015 and December 31, 2016, respectively)	13,431,134	93,252,362	68,425,735
Payable to individual investors of factoring receivables	82,007,033	569,374,828
Other current liabilities (including other current liabilities of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB76,026,370 and RMB31,079,003 as of December 31, 2015 and December 31, 2016, respectively)	48,206,031	334,694,476	340,905,107
Deferred tax liabilities	641,846	4,456,335	1,159,774
Total current liabilities	226,949,700	1,575,711,768	966,830,381
Non-current uncertain tax position liabilities (including uncertain tax position liabilities of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB67,248 an nil as of December 31, 2015 and December 31, 2016, respectively)			67,248
Deferred tax liabilities	641,846	4,456,335	1,159,774
Other non-current liabilities (including other non-current liabilities of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB39,635,057 and nil as of December 31, 2015 and December 31, 2016, respectively)	14,251,168	98,945,858	77,876,237
Convertible notes	80,000,000	555,440,000	518,224,000
Total Liabilities	321,842,714	2,234,553,961	1,562,997,866
Mezzanine Equity
Redeemable Non-controlling Interest of a Subsidiary	47,625,568	330,664,322
Total Mezzanine Equity	47,625,568	330,664,322
Shareholders' equity:
Treasury stock (1,246,073 ordinary shares as of December 31, 2015 and 1,287,205 ordinary shares as of December 31, 2016)	(18,787,083)	(130,438,720)	(117,836,564)
Additional paid-in capital	176,611,794	1,226,215,683	990,515,956
Retained earnings	322,871,055	2,241,693,736	1,597,865,303
Accumulated other comprehensive loss	(782,553)	(5,433,263)	(21,757,099)
Total Noah Holdings Limited shareholders' equity	479,927,444	3,332,136,241	2,448,885,729
Non-controlling interests	8,517,237	59,135,176	85,110,820
Total Shareholders' Equity	488,444,681	3,391,271,417	2,533,996,549
Total Liabilities and Equity	857,912,963	5,956,489,700	4,096,994,415
Class A
Shareholders' equity:
Ordinary shares	10,047	69,758	69,086
Total Shareholders' Equity		69,758	69,086
Class B
Shareholders' equity:
Ordinary shares	$ 4,184	29,047	29,047
Total Shareholders' Equity		¥ 29,047	¥ 29,047

Consolidated Balance Sheets (Parenthetical)	Dec. 31, 2016 CNY (¥) ¥ / shares shares	Dec. 31, 2015 CNY (¥) ¥ / shares shares
Available for sale investments	¥ 154,594,435	¥ 496,565,847
Accounts receivable, allowance for doubtful accounts \| ¥
Loans receivable, allowance for loan losses	1,150,707	1,334,502
Available for sale investments \| ¥		10,069,729
Accrued payroll and welfare expenses	555,228,116	494,688,785
Income tax payable	23,161,986	61,650,980
Deferred revenues	93,252,362	68,425,735
Other current liabilities	334,694,476	340,905,107
Non-current uncertain tax position liabilities \| ¥		67,248
Other non-current liabilities	¥ 98,945,858	¥ 77,876,237
Ordinary shares, treasury stock	1,287,205	1,246,073
Variable Interest Entity, Primary Beneficiary
Accrued payroll and welfare expenses	¥ 72,212,423	¥ 181,685,160
Income tax payable	(5,036,501)	55,966,327
Deferred revenues	29,834,124	29,021,820
Other current liabilities	31,079,003	76,026,370
Non-current uncertain tax position liabilities \| ¥		67,248
Other non-current liabilities \| ¥		¥ 39,635,057
Class A
Ordinary shares, par value \| (per share)	¥ 0.0005	¥ 0.0005
Ordinary shares, shares authorized	91,394,900	91,394,900
Ordinary shares, shares issued	21,003,533	20,802,611
Ordinary shares, shares outstanding	19,716,328	19,556,538
Class B
Ordinary shares, par value \| (per share)	¥ 0.0005	¥ 0.0005
Ordinary shares, shares authorized	8,605,100	8,605,100
Ordinary shares, shares issued	8,515,000	8,515,000
Ordinary shares, shares outstanding	8,515,000	8,515,000

Consolidated Statements of Operations	12 Months Ended
Consolidated Statements of Operations	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2016 CNY (¥) ¥ / shares shares	Dec. 31, 2015 CNY (¥) ¥ / shares shares	Dec. 31, 2014 CNY (¥) ¥ / shares shares
Third-party revenues
Total third-party revenues	$ 204,980,513	¥ 1,423,179,705	¥ 1,114,710,141	¥ 797,763,861
Related party revenues
Total related party revenues	163,971,821	1,138,456,364	1,117,985,965	819,394,401
Total revenues	368,952,334	2,561,636,069	2,232,696,106	1,617,158,262
Less: business taxes and related surcharges	(6,922,555)	(48,063,299)	(112,768,265)	(88,673,371)
Net revenues	362,029,779	2,513,572,770	2,119,927,841	1,528,484,891
Operating cost and expenses:
Relationship manager compensation	(81,178,135)	(563,619,789)	(524,629,723)	(322,052,574)
Performance fee compensation	(1,173,126)	(8,145,016)	(24,786,763)	(22,034,438)
Other compensations	(104,945,867)	(728,639,155)	(615,075,893)	(393,373,326)
Total compensation and benefits	(187,297,128)	(1,300,403,960)	(1,164,492,379)	(737,460,338)
Selling expenses	(46,473,789)	(322,667,518)	(263,815,409)	(147,265,810)
General and administrative expenses	(33,773,306)	(234,488,066)	(170,929,513)	(151,626,278)
Other operating expenses	(21,761,115)	(151,087,419)	(94,624,304)	(29,961,830)
Government subsidies	23,385,319	162,364,268	132,709,712	90,931,462
Total operating cost and expenses	(265,920,019)	(1,846,282,695)	(1,561,151,893)	(975,382,794)
Income from operations	96,109,760	667,290,075	558,775,948	553,102,097
Other income (expenses):
Interest income	5,694,624	39,537,775	39,698,790	38,901,980
Interest expenses	(2,778,167)	(19,288,813)	(16,050,359)
Investment income	6,990,888	48,537,737	51,954,918	23,552,297
Other (expense) income	(364,629)	(2,531,621)	455,030	(13,961,307)
Total other income	9,542,716	66,255,078	76,058,379	48,492,970
Income before taxes and income from equity in affiliates	105,652,476	733,545,153	634,834,327	601,595,067
Income tax expense	(22,756,242)	(157,996,588)	(129,885,747)	(151,293,021)
Income from equity in affiliates	3,218,046	22,342,896	21,352,767	13,583,865
Net income	86,114,280	597,891,461	526,301,347	463,885,911
Less: net income (loss) attributable to non-controlling interests	(5,847,803)	(40,601,294)	(9,522,737)	17,333,060
Less: Loss attributable to redeemable non-controlling interest of a subsidiary	(768,498)	(5,335,678)
Net income attributable to Noah Holdings Limited shareholders	$ 92,730,581	¥ 643,828,433	¥ 535,824,084	¥ 446,552,851
Net income per share:
Basic \| (per share)	$ 3.29	¥ 22.87	¥ 19.08	¥ 16.02
Diluted \| (per share)	$ 3.18	¥ 22.08	¥ 18.31	¥ 15.82
Weighted average number of shares used in computation:
Basic	28,150,139	28,150,139	28,085,521	27,873,501
Diluted	30,036,763	30,036,763	30,145,976	28,227,823
One Time Commissions
Third-party revenues
Total third-party revenues	$ 116,757,217	¥ 810,645,359	¥ 391,188,385	¥ 423,218,934
Related party revenues
Total related party revenues	46,297,239	321,441,733	428,687,491	180,943,785
Recurring Service Fees
Third-party revenues
Total third-party revenues	68,414,270	475,000,278	401,292,465	319,933,077
Related party revenues
Total related party revenues	111,727,830	775,726,326	634,913,375	560,071,763
Performance Based Income
Third-party revenues
Total third-party revenues	2,843,182	19,740,213	193,939,030	24,632,724
Related party revenues
Total related party revenues	5,689,238	39,500,382	53,825,293	76,342,053
Other Service
Third-party revenues
Total third-party revenues	16,965,844	117,793,855	128,290,261	29,979,126
Related party revenues
Total related party revenues	$ 257,514	¥ 1,787,923	¥ 559,806	¥ 2,036,800

Consolidated Statements of Comprehensive Income	12 Months Ended
Consolidated Statements of Comprehensive Income	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)
Net income	$ 86,114,280	¥ 597,891,461	¥ 526,301,347	¥ 463,885,911
Other comprehensive income, net of tax
Change in foreign currency translation adjustment	2,771,433	19,242,060	4,884,837	6,426,044
Fair value fluctuation of available-for-sale investment (Note 4)	(678,401)	(4,710,140)	718,414	2,620,351
Fair value fluctuation of available-for-sale investment held by affiliates	246,206	1,709,411
Other comprehensive income	2,339,238	16,241,331	5,603,251	9,046,395
Comprehensive income	88,453,518	614,132,792	531,904,598	472,932,306
Less: comprehensive income attributable to non-controlling interest	(5,859,686)	(40,683,799)	(9,520,184)	17,331,172
Less: Loss attributable to redeemable non-controlling interest of a subsidiary	(768,498)	(5,335,678)
Comprehensive income attributable to Noah Holdings Limited shareholders	$ 95,081,702	¥ 660,152,269	¥ 541,424,782	¥ 455,601,134

Consolidated Statements of Changes in Equity	USD ($) shares	CNY (¥) shares	Class A CNY (¥) shares	Class B CNY (¥) shares	Treasury Stock CNY (¥) shares	Additional Paid-in Capital CNY (¥)	Retained earnings CNY (¥)	Accumulated other comprehensive income CNY (¥)	Total Noah Holdings Limited shareholders' equity USD ($)	Total Noah Holdings Limited shareholders' equity CNY (¥)	Noncontrolling Interest CNY (¥)
Balance (in shares) at Dec. 31, 2013 \| shares			20,200,882	8,515,000	(1,067,816)
Balance at Dec. 31, 2013		¥ 1,423,799,687	¥ 67,224	¥ 29,047	¥ (73,250,528)	¥ 852,663,581	¥ 615,488,368	¥ (36,406,080)		¥ 1,358,591,612	¥ 65,208,075
Net Income		463,885,911					446,552,851			446,552,851	17,333,060
Dividends distribution by subsidiaries		(1,614,489)									(1,614,489)
Share-based compensation		¥ 32,691,687				32,691,687				32,691,687
Vesting of restricted shares (in shares) \| shares			278,779
Vesting of restricted shares			¥ 862			(862)
Issuance of ordinary shares upon exercise of options (in shares) \| shares	128,457	128,457	128,457
Issuance of ordinary shares upon exercise of options		¥ 4,062,622	¥ 397			4,062,225				4,062,622
Other comprehensive income-foreign currency translation adjustments		6,426,044						6,427,932		6,427,932	(1,888)
Other comprehensive income-change in fair value of available-for-sale investments		5,164,535						5,164,535		5,164,535
Other comprehensive income-realized gains on the available-for-sale investments		(2,544,184)						(2,544,184)		(2,544,184)
Non-controlling interest capital injection		8,000,000									8,000,000
Balance (in shares) at Dec. 31, 2014 \| shares			20,608,118	8,515,000	(1,067,816)
Balance at Dec. 31, 2014		1,939,871,813	¥ 68,483	¥ 29,047	¥ (73,250,528)	889,416,631	1,062,041,219	(27,357,797)		1,850,947,055	88,924,758
Net Income		526,301,347					535,824,084			535,824,084	(9,522,737)
Share-based compensation		¥ 67,672,488				67,672,488				67,672,488
Vesting of restricted shares (in shares) \| shares			144,606
Vesting of restricted shares			¥ 446			(446)
Issuance of ordinary shares upon exercise of options (in shares) \| shares	49,887	49,887	49,887
Issuance of ordinary shares upon exercise of options		¥ 4,351,330	¥ 157			4,351,173				4,351,330
Repurchase of ordinary shares (in shares) \| shares					(178,257)
Repurchase of ordinary shares (Note 13)		(44,586,036)			¥ (44,586,036)					(44,586,036)
Other comprehensive income-foreign currency translation adjustments		4,884,837						4,882,284		4,882,284	2,553
Other comprehensive income-change in fair value of available-for-sale investments		44,166,013						44,166,013		44,166,013
Other comprehensive income-realized gains on the available-for-sale investments		(43,447,599)						(43,447,599)		(43,447,599)
Non-controlling interest capital injection		5,882,000									5,882,000
Non-controlling Interest capital return		(4,000,000)									(4,000,000)
Changes in equity ownership on partial disposal of subsidiaries		32,900,356				29,076,110				29,076,110	3,824,246
Balance (in shares) at Dec. 31, 2015 \| shares			20,802,611	8,515,000	(1,246,073)
Balance at Dec. 31, 2015		2,533,996,549	¥ 69,086	¥ 29,047	¥ (117,836,564)	990,515,956	1,597,865,303	(21,757,099)		2,448,885,729	85,110,820
Net Income		603,227,139					643,828,433			643,828,433	(40,601,294)
Share-based compensation		¥ 79,171,317				79,171,317				79,171,317
Vesting of restricted shares (in shares) \| shares			138,492
Vesting of restricted shares			¥ 466			(466)
Issuance of ordinary shares upon exercise of options (in shares) \| shares	62,430	62,430	62,430
Issuance of ordinary shares upon exercise of options		¥ 4,539,237	¥ 206			4,539,031				4,539,237
Repurchase of ordinary shares (in shares) \| shares					(41,132)
Repurchase of ordinary shares (Note 13)	$ (1,800,000)	(12,602,156)			¥ (12,602,156)					(12,602,156)
Other comprehensive income-foreign currency translation adjustments	2,771,433	19,242,060						19,324,565		19,324,565	(82,505)
Other comprehensive income-change in fair value of available-for-sale investments		24,692,207						24,692,207		24,692,207
Other comprehensive income-realized gains on the available-for-sale investments		(27,692,936)						(27,692,936)		(27,692,936)
Non-controlling interest capital injection		5,698,000									5,698,000
Changes in equity ownership on partial disposal of subsidiaries		161,000,000				151,989,845			$ 21,891,091	151,989,845	9,010,155
Balance (in shares) at Dec. 31, 2016 \| shares			21,003,533	8,515,000	(1,287,205)
Balance at Dec. 31, 2016	$ 488,444,681	¥ 3,391,271,417	¥ 69,758	¥ 29,047	¥ (130,438,720)	¥ 1,226,215,683	¥ 2,241,693,736	¥ (5,433,263)		¥ 3,332,136,241	¥ 59,135,176

Consolidated Statements of Cash Flows	12 Months Ended
Consolidated Statements of Cash Flows	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)
Cash flows from operating activities:
Net income	$ 86,114,280	¥ 597,891,461	¥ 526,301,347	¥ 463,885,911
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from disposal of property and equipment	683,625	4,746,406	211,270	169,166
Depreciation and amortization	8,831,965	61,320,332	34,417,668	22,398,968
Share-based compensation	11,403,042	79,171,317	67,672,488	32,691,687
Income from equity in affiliates	(3,218,046)	(22,342,896)	(21,352,767)	(13,583,865)
Provision for loan losses	(26,472)	(183,795)	167,702	227,300
Income from amortization of discount on held-to-maturity investments	17,004	118,058		(877,825)
Changes in operating assets and liabilities:
Accounts receivable	(11,779,508)	(81,785,128)	(54,277,414)
Amounts due from related parties	(13,554,408)	(94,108,258)	(86,362,877)	(93,845,185)
Other current assets	(1,964,169)	(13,637,228)	(16,631,435)	(30,082,367)
Other non-current assets	(1,766,285)	(12,263,319)	(3,411,463)	(5,072,761)
Accrued payroll and welfare expenses	11,911,325	82,700,331	174,226,234	141,907,574
Income taxes payable	(5,543,568)	(38,488,994)	6,204,254	39,951,591
Deferred revenues	3,575,778	24,826,627	(29,284,206)	3,690,121
Other current liabilities	(3,634,616)	(25,235,138)	167,615,661	79,151,660
Other non-current liabilities	(157,192)	(1,091,381)	46,826,675	9,278,672
Amounts due to related parties	1,767,527	12,271,940
Uncertain tax position liabilities	(9,685)	(67,246)	(11,060,449)	1,136,675
Deferred tax assets and liabilities	(1,809,843)	(12,565,739)	(7,770,022)	(22,095,408)
Acquisitions and sales of financial products through internet financial service business	17,999,464	124,970,281	(118,360,318)	(22,511,765)
Net cash provided by (used in) operating activities	98,840,218	686,247,631	675,132,348	589,637,901
Cash flows from investing activities:
Purchases of property and equipment	(14,600,231)	(101,369,405)	(136,290,010)	(59,462,184)
Purchase of held-to-maturity investments	(82,699,121)	(574,180,000)	(25,240,000)	(39,000,003)
Proceeds from redemption of held-to-maturity investments	65,510,586	454,840,000	46,400,000	121,999,998
Purchases of trading securities investments			(95,000,000)	(218,287,169)
Proceeds on trading securities investments			95,000,000	306,142,599
Purchases of available-for-sale investments	(97,770,054)	(678,817,482)	(3,670,107,653)	(111,876,970)
Proceeds from sale or redemption of available-for-sale investments	130,869,617	908,627,753	3,346,540,000	45,487,686
Purchase of long-term investments	(13,132,421)	(91,178,400)	(222,368,846)	(53,805,229)
Proceeds from sale of long-term investments			32,440,000	29,915,000
Increase in investment in affiliates	(27,709,518)	(192,387,183)	(94,422,851)	(121,486,049)
Capital return from investment in affiliates			11,851,553	2,083,982
Purchase of factoring receivables	(667,320,936)	(4,633,209,259)
Proceeds on factoring receivables	593,691,539	4,122,000,357
Net cash used in investing activities	(127,292,943)	(883,794,899)	(759,462,206)	(93,518,339)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares upon exercise of stock options	653,786	4,539,237	4,351,330	4,062,622
Contribution from non-controlling shareholders of subsidiaries	24,009,506	166,698,000	38,782,356	8,000,000
Increase in Mezzanine Equity - Redeemable non-controlling Interest of a Subsidiary	48,394,066	336,000,000
Return of non-controlling interests of subsidiaries			(4,000,000)
Transfer of factoring receivables recorded as secured borrowing	619,935,145	4,304,209,715
Repayment of transferred factoring receivables recorded as secured borrowing	(547,920,166)	(3,804,209,715)
Dividend distribution				(1,614,489)
Payment for repurchase of ordinary shares	(1,815,088)	(12,602,156)	(44,586,036)
Proceeds from short-term bank loan				50,000,000
Repayment of short-term bank loan			(50,000,000)
Proceeds from convertible notes			518,224,000
Net cash (used in) provided by financing activities	143,257,249	994,635,081	462,771,650	60,448,133
Effect of exchange rate changes	7,561,296	52,498,078	4,276,967	6,426,044
Net increases in cash and cash equivalents	122,365,820	849,585,891	382,718,759	562,993,739
Cash and cash equivalents-beginning of the period	307,204,908	2,132,923,674	1,750,204,915	1,187,211,176
Cash and cash equivalents-end of the period	429,570,728	2,982,509,565	2,132,923,674	1,750,204,915
Supplemental disclosure of cash flow information:
Cash paid for income taxes	27,962,327	205,052,252	130,494,511	133,436,838
Cash paid for interest expenses	2,647,286	18,380,107	9,068,920	2,875,000
Supplemental disclosure of non-cash investing and financing activities:
Purchase of property and equipment in accounts payable	1,614,418	11,208,902	13,391,314	3,531,311
Related Parties
Cash flows from investing activities:
Loans disbursement	(15,338,473)	(106,495,016)	(4,000,000)	(45,000,000)
Principal collection of loans originated from third parties			45,000,000
Third Parties
Cash flows from investing activities:
Loans disbursement	(244,598,913)	(1,698,250,250)	(960,113,463)	(1,117,206,667)
Principal collection of loans originated from third parties	$ 245,804,982	¥ 1,706,623,986	¥ 870,849,064	¥ 1,166,976,667

Organization and Principal Activities

12 Months Ended

Dec. 31, 2016

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 a focus on global wealth investment and asset allocation services for 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, 2016 include the following:


	Date of Incorporation	Place of Incorporation	Percentage of Ownership
Shanghai Noah Rongyao Investment Consulting Co., Ltd.	August 24, 2007	PRC		100	%
Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd.	September 29, 2007	PRC		100	%
Shanghai Noah Financial Services Co., Ltd.	April 18, 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	%
Zigong Noah Financial Service Co., Ltd.	October 22, 2012	PRC		100	%
Noah Financial Express (Wuhu) Microfinance Co., Ltd.	August 13, 2013	PRC		100	%
Shanghai Noah Chuangying Enterprise Management Co., Ltd.	December 14, 2015	PRC		100	%
Shanghai Noah Yijie Finance Technology Co., Ltd	March 17, 2014	PRC		54.93	%
Noah Commercial Factoring Co., Ltd.	April 1, 2014	PRC		95	%
Noah (Shanghai) Financial Leasing Co., Ltd	December 20, 2014	PRC		100	%
Noah Holdings International Limited	January 7, 2015	Hong Kong		100	%
Kunshan Noah Rongyao Investment Management Co., Ltd.	December 2, 2015	PRC		100	%
Noah Insurance (Hong Kong) Limited	January 3, 2011	Hong Kong		100	%
Gopher Holdings (Hong Kong) Limited	April 5, 2016	Hong Kong		100	%
Gopher International Investment Management (Shanghai) Limited	November 14, 2016	PRC		92	%

Noah Investment’s significant subsidiaries as of December 31, 2016 include the following:


	Date of Incorporation	Place of Incorporation	Percentage of Ownership
Shanghai Noah Investment Management Co., Ltd.	August 26, 2005	PRC		100	%
Shanghai Noah Rongyao Insurance Broker Co., Ltd.	September 24, 2008	PRC		100	%
Gopher Asset Management Co., Ltd.	February 9, 2012	PRC		100	%
Wuhu Gopher Asset Management Co., Ltd.	October 10, 2012	PRC		100	%
Gopher Nuobao (Shanghai) Asset Management Co., Ltd.	April 10, 2013	PRC		100	%

In March 2016, Shanghai Noah Financial Service Co., Ltd. (“Noah Financial Services”) acquired 100% equity interest of Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd. (“Noah Upright”) from Noah Investment at a premium. The premium was recorded as investment income of Noah Investment and eliminated in the Group’s consolidated financial statement. The transaction was recorded as equity transaction between entities under common control with no impact on the consolidated financial statements, other than the tax incurred on the premium recorded in income tax expense.

Summary of Principal Accounting Policies

12 Months Ended

Dec. 31, 2016

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.

U.S. 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.

The Company had been engaged in the fund distribution business and distribution of asset management plans sponsored by mutual fund management companies as part of its business through contractual arrangements among its PRC subsidiary, Shanghai Noah Rongyao Investment Consulting Co., Ltd. (“Noah Rongyao”), its PRC variable interest entity, Noah Investment, and Noah Investment’s shareholders because it was difficult for foreign investor entities and subsidiaries of foreign investor entities to apply for a fund distribution license. Noah Upright, a subsidiary of Noah Investment before March 2016, holds the licenses and permits necessary to conduct fund distribution and distribution of asset management plans sponsored by mutual fund management companies in China. However, as the license and permit approval authorities relaxed their requirements for foreign investor entities to apply for fund distribution license, Noah Upright was restructured to be a subsidiary of Shanghai Noah Financial Services Corp., or Noah Financial Services, through equity transfer in March 2016.

In addition, 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, 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 conducts the insurance brokerage business in China through Noah Investment and its subsidiaries which are PRC domestic companies beneficially owned by the Founders.

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 US$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 restructure of fund distribution business from Noah Investment to Noah Financial Service in 2016 and the transfer of Tianjin Gopher Asset Management Co., Ltd and Gopher Asset Management Co., Ltd 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 the 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
	2015		2016			2016
	RMB		RMB			US$
Cash and cash equivalents		585,191,507		312,278,112			44,977,403
Restricted cash		1,000,000		1,000,000			144,030
Short-term investments		167,583,165		—			—
Accounts receivable, net of allowance for doubtful accounts		52,715,369		14,828,126			2,135,694
Amounts due from related parties		135,302,942		209,034,051			30,107,166
Deferred tax assets		26,071,201		11,158,149			1,607,108
Other current assets		23,410,853		33,452,455			4,818,156
Long-term investments		113,390,404		81,168,283			11,690,664
Investment in affiliates		298,229,612		488,263,302			70,324,542
Property and equipment, net		40,161,068		28,804,397			4,148,696
Other non-current assets		5,611,229		13,775,274			1,984,052
Total assets		1,448,667,350		1,193,762,149			171,937,511
Accrued payroll and welfare expenses		181,685,160		72,212,423			10,400,753
Income tax payable		55,966,327		(5,036,501	)		(725,407	)
Amount due to related parties		—		12,000,000			1,728,360
Amounts due to the Group’s subsidiaries		161,666,257		125,713,660			18,106,533
Deferred revenue		29,021,820		29,834,124			4,297,008
Other current liabilities		76,026,370		31,079,003			4,476,307
Non-current uncertain tax position liabilities		67,248		—			—
Other non-current liabilities		39,635,057		—			—
Total liabilities		544,068,239		265,802,709			38,283,554


	Years Ended December 31,
	2014			2015			2016			2016
	RMB			RMB			RMB			US$
Revenue:
Third-party revenues
One-time commissions		80,516,730			145,325,240			1,184,222			170,563
Recurring service fees		111,927,921			181,288,609			56,997,896			8,209,405
Performance-based income		22,994,446			165,971,926			8,596,435			1,238,144
Other service fees		1,346,667			9,616,062			38,881,405			5,600,087
Total third-party revenues		216,785,764			502,201,837			105,659,958			15,218,199
Related party revenues
One-time commissions		21,471,381			122,949,788			2,887,327			415,862
Recurring service fees		285,753,554			348,870,146			278,460,025			40,106,586
Performance-based income		75,204,704			53,825,292			38,413,825			5,532,742
Other service fees		1,217,894			2,102,882			19,856,658			2,859,954
Total related party revenues		383,647,533			527,748,108			339,617,835			48,915,144
Total revenues		600,433,297			1,029,949,945			445,277,793			64,133,343
Less: business taxes and related surcharges		(33,672,899	)		(57,713,861	)		(10,206,252	)		(1,470,006	)
Net revenues		566,760,398			972,236,084			435,071,541			62,663,337
Operating cost and expenses		(183,003,728	)		(624,541,431	)		(452,182,413	)		(65,127,814	)
Other income		11,888,078			39,115,317			67,038,384			9,665,536
Net income		310,817,616			327,597,694			24,381,722			3,511,698
Net income attributable to Noah Holding Limited shareholders		292,244,283			326,209,370			22,123,106			3,186,390
Cash flows provided by (used in) operating activities*		250,372,200			402,492,302			(316,764,831	)		(45,623,625	)
Cash flows (used in) provided by investing activities		(53,726,568	)		(293,697,015	)		28,995,441			4,176,212
Cash flows provided by financing activities		1,365,117			3,282,000			14,855,995			2,139,708

*	Cash flows provided by operating activities in 2014, 2015 and 2016 include amounts due to the Group’s subsidiaries of RMB169,322,299, RMB161,666,257 and RMB125,713,660 (US$18,106,533).

The VIEs contributed an aggregate of 37.1%, 45.9% and 17.3% of the consolidated net revenues for the years ended December 31, 2014, 2015 and 2016, respectively and an aggregate of 67.0%, 62.2% and 4.1% of the consolidated net income for the years ended December 31, 2014, 2015 and 2016, respectively. As of December 31, 2015 and 2016, the VIEs accounted for an aggregate of 35.4% and 20.1%, 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 16 for disclosure of restricted net assets.

(c) Consolidation policy Upon Adoption of ASU No. 2015-02 and 2016-17

In February 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-02, “Amendments to the Consolidation Analysis”. The guidance amends the current consolidation guidance and ends the deferral granted to investment companies from applying the VIE guidance. The revised consolidation guidance, among other things, (i) modifies the evaluation of whether limited partnerships and similar legal entities are VIEs, (ii) eliminated the presumption that a general partner should consolidate a limited partnership, and (iii) modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships.

The Group early adopted ASU 2015-02 in 2015. In adopting the guidance, the Group re-evaluated the existing consolidated VIEs and assessed that the adoption neither changes the conclusion of the consolidated VIEs and nor bring about new VIEs to be consolidated.

Under ASU 2015-02, the service fees the Group earns, including carried interest earned in the capacity of general partner or fund manager, are commensurate with the level of effort required to provide such services and are at arm’s length and therefore are not deemed as variable interests.

In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810): Interests Held through Related Parties under Common Control (“ASU 2016-17”). The Group has adopted this new guidance and has applied the guidance retrospectively beginning with the annual period in which the amendments in ASU 2015-02 were adopted in 2015. This guidance in ASU 2016-17 states that reporting entities deciding whether they are primary beneficiaries no longer have to consider indirect interests held through related parties that are under common control to be the equivalent of direct interests in their entirety. Reporting entities would include those indirect interests on a proportionate basis.

In evaluating whether the investment funds in the legal form of limited partnership the Group managed as general partner are VIEs or not, the Group firstly assessed whether a simple majority or lower threshold of limited partnership interests, excluding interests held by the general partner, parties under common control of the general partner, or parties acting on behalf of the general partner, have substantive kick-out rights or participating rights. If such rights exist, the limited partnership is not deemed as a VIE and no further analysis will be performed. If it’s assessed to be a VIE, the Group further assesses whether there is any interest it has constitutes a variable interest. Before 2015, all limited partnerships the Group managed as general partner have substantive kick-out rights exercisable by a simple-majority of non-related limited partners and therefore are not deemed as VIEs. Since 2015, not all the newly formed limited partnerships the Group manages as general partners have substantive kick-out rights exercisable by a simple-majority of non-related limited partners and therefore constitute VIEs. As a result, such limited partnerships are deemed as VIEs not consolidated by the Group due to the fact that the general partner interest to absorb losses or receive benefits is not potentially significant to the VIEs.

The Group started to manage the contractual funds which it manages as fund manager and earns management fee and/or carried interest from second half of 2014. The contractual funds are VIEs as the fund investors do not have substantive kick-out rights or participating rights. The Group from time to time invested in the contractual funds it manages for investment income. Such investments constitute variable interests to the contractual funds which are believed to be VIEs. The Group performed a qualitative analysis to determine if its interest could absorb losses or receive benefits that could potentially be significant to the VIEs and concluded it’s not the primary beneficiary.

As of December 31, 2015 and 2016, the Group had variable interests in various investment funds and contractual funds that are VIEs but determined that it was not the primary beneficiary and, therefore, was not consolidating the VIEs. The maximum potential financial statement loss the Group could incur if the investment funds and contractual funds were to default on all of their obligations is (i) the loss of value of the interests in such investments that the Group holds, including equity investments recorded in investment in affiliates as well as debt securities investments recorded in short-term investments and long-term investments in the consolidated balance sheet, and (ii) any management fee and/or carried interest receivables recorded in accounts receivable. The following table summarizes the Group’s maximum exposure to loss associated with identified nonconsolidated VIEs in which it holds variable interests as of December 31, 2016 and 2015, respectively.


	As of December 31,
	2015		2016		2016
	RMB		RMB		US$
Accounts receivable		14,007,287		32,492,199		505,621
Investments		383,778,327		508,010,848		73,168,781
Maximum exposure to loss in non-consolidated VIEs		397,785,614		540,503,047		73,674,402

The Group has not provided financial support to these nonconsolidated VIEs during the years ended December 31, 2015 and 2016, and had no liabilities, contingent liabilities, or guarantees (implicit or explicit) related to these nonconsolidated VIEs as of December 31, 2015 and 2016.

(d) 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 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.

(e) Concentration of Credit Risk

The Group is subject to potential significant concentrations of credit risk consisting principally of cash and cash equivalents, accounts receivable, amounts due from related parties, loan receivables 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, 2014, 2015, and 2016.

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.

(f) 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 that it serves as general partner or fund manager. For funds that the Group is not deemed the primary beneficiary of these funds. 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.

(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, contractual funds and real estate funds those have a stated maturity and normally pay a prospective fixed rate of return and secondary market equity fund products, the underlying assets of which are portfolios of equity investments in listed enterprises. 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 and secondary market equity fund products 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 RMB85,110,820 and RMB59,135,176, respectively as of December 31, 2015 and 2016. The net income attributable to non-controlling interest was RMB17,333,060 for years ended December 2014, and the net loss attributable to non-controlling interest was RMB9,522,737 and RMB40,601,294, respectively for the year ended December 31, 2015 and 2016.

The following schedule shows the effects of changes in the Company’s ownership interest in less than wholly owned subsidiaries on equity attributable to Noah Holdings Limited shareholders:


	Years Ended December 31,
	2014		2015		2016		2016
	RMB		RMB		RMB		US$
Net income attributable to Noah Holdings Limited shareholders		446,552,851		535,824,084		643,828,433		92,730,581
Transfers from (to) the non-controlling interest:
Increase in Noah’s equity by partial disposal of subsidiaries		—		29,076,110		151,989,845		21,891,091
Net transfers from (to) non-controlling interest		—		29,076,110		151,989,845		21,891,091
Change from net income (loss) attributable to Noah and transfers (to) from non-controlling interest		446,552,851		564,900,194		795,818,278		114,621,672

(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 services 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 services in a timely manner and can reliably estimate the remaining costs.

The Group also earns one-time commissions from insurance brokerage business, and recognizes revenues when the underlying insurance contracts become effective. To realign the Company’s services provided under different business segments, starting from the first quarter of 2016, revenue from insurance brokerage business was reclassified from “other service fees” to “one-time commissions” in 2016.

Recurring Service Fees

Recurring service fees depend on the types of wealth management products the Company distributes and/or manages and are calculated as either (i) a percentage of the total capital commitments of investments made by the investors 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 product distribution and recurring services. The Group also provides both wealth management product distribution and recurring services to funds that it serves as general partner, or fund manager.

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. The Group historically had provided wealth management product distribution services on a stand-alone basis but the volume of such services has been significantly decreased in recent years. Therefore VSOE is no longer available for its wealth management product distribution services. The Group has not sold its recurring services on a stand-alone basis, no VSOE exists for recurring services.

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, product lifecycles, and pricing strategies and practices. The Group has used BESP to allocate the selling price of wealth management product distribution service and recurring services under these multiple element arrangements. Revenue for the respective units of accounting is also recognized in the same manner as described above.

Performance-based Income

In a typical arrangement in which the Group serves as fund manager, and in some cases in which the Company serves as distributor, except for secondary market funds of funds, the Group is entitled to a performance-based fee based on the extent by which the fund’s investment performance exceeds a certain threshold at the end of the contract term. Such performance-based fee is typically calculated and distributed at the end of the contract term when the cumulative return of the fund can be determined, and is not subject to clawback provisions. The Group does not record any performance-based income until the end of the contract term.

Beginning in 2015, for certain secondary market products for which the Group provides recurring services, including both the funds for which the Group serves as the distribution channel and the funds of funds for which the Group acts as the fund manager, the performance-based income may also include a variable performance fee contingent upon the performance of the underlying investment in the measurement period, typically calculated at the end of the measurement period and settled subsequently. Such performance-based fee is not subject to clawback provisions and is recognized when the contingent criteria are met at the end of the measurement period.

Other Service Fees

The Group also derived revenues from 1) interest payment from small short-term loan, 2) internet financial service business and 3) payment related service, which were recorded as other service fees and represented 1%, 0.4% and 0.6% of the Group’s total net revenue for the year ended December 31, 2016.

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. Interest income is recorded as part of other service fees in the consolidated statement of operations. The Group does not charge prepayment penalties from its customers.

In 2014, the Group started internet financial service business to provide financial products and services to high net worth individuals and enterprise and institutional clients as well as mass affluent individuals in China through its proprietary internet financial platforms. Revenues derived from internet financial service 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 5.65%. 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. On March 23, 2016, the Ministry of Finance and the State Administration of Taxation jointly issued the Circular on the Pilot Program for Overall Implementation of the Collection of Value Added Tax Instead of Business Tax, or Circular 36, which took effect on May 1, 2016. Pursuant to Circular 36, all companies operating in construction industry, real estate industry, finance industry, modern service industry or other industries which were required to pay business tax are required to pay VAT, in lieu of business tax. With the rollout of the Value-added Tax (“VAT”) reform on May 1, 2016, business tax is no longer applicable to the Group, and the applicable VAT rate for the Group is 3%, 6% and 17%.

(o) Compensation and benefits

Compensation and benefits mainly include salaries and commissions for relationship managers, share-based compensation expenses, bonus related to performance based income, and salaries and bonuses for middle office and back office employees.

(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 the fluctuation of the historical share price. 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.

The Group treated a modification of the terms or conditions of an equity award as an exchange of the original award for a new award. The incremental compensation cost as an effect of a modification is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the share price and other pertinent factors at that date. Total recognized compensation cost for an equity award shall at least equal the fair value of the award at the grant date unless at the date of the modification the performance or service conditions of the original award are not expected to be satisfied. Thus, the total compensation cost measured at the date of a modification shall be the sum of the portion of the grant-date fair value of the original award for which the requisite service is expected to be rendered (or has already been rendered) at that date, and the incremental cost resulting from the modification. The Group records the incremental fair value of the modified award, as compensation cost on the date of modification for vested awards, or over the remaining service period for unvested awards.

(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 are RMB90,931,462, RMB132,709,712 and RMB162,364,268 for the years ended December 31, 2014, 2015, and 2016, 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 share 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 and change in reporting currency

The Company’s reporting currency is Renminbi (“RMB”). The Company’s functional currency is the United States dollar (“U.S. dollar or US$”). The Company’s operations are principally conducted through the subsidiaries and VIEs located in the PRC where the local currency is the functional currency. For those subsidiaries and VIEs which are not located in the PRC and have the functional currency other than RMB, the financial statements are translated from their respective functional currencies into RMB.

Assets and liabilities of the Group’s overseas entities denominated in currencies other than the RMB are translated into RMB 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.

Translations of amounts from RMB into US$ are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.943 on December 31, 2016, representing the certificated exchange rate published by the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2016, or at any other rate.

(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, change in fair value of available-for-sale investments and foreign currency translation adjustments.

(w) Loans receivable, net

Loans receivable represent loans offered to the clients in the small loan business. 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. Net changes in the allowance for loan losses are recorded as part of other operating expenses in the consolidated statement of operations. The allowance is based on factors such as the size and current risk characteristics of the individual loans and actual loss, delinquency, and/or risk rating experience of the loans. Generally the period of the loans last for no more than 1 year, and are considered to be a homogenous population of similar credit quality. In addition, the Group also considers the loan allowance benchmarks periodically published by regulators for financial institutions in the PRC for loans with similar risks as a proxy for macroeconomic conditions that could have an impact on the performance of loans prospectively. Specific reserves are provided when and to the extent a credit event occurs with respect to an individual loan. The allowance for loan losses is increased by charges to income and decreased by charge-offs (net of recoveries). Loans are charged off when they are delinquent for more than 120 days. The Group evaluates its allowances for loan losses on a quarterly basis or more often as deemed necessary. The Group has followed the same methodology for estimating the loan losses since inception. The provision rate for loans outstanding as of December 31, 2015 and 2016 were both 1%.

The Group performed a “back test” of the allowance for loan losses estimate by comparing the actual loan losses in 2016 to the estimated loan losses as of December 31, 2015. No significant difference was identified. In case significant variance is identified through the back test, the estimate methodology will be modified to reflect expected loan losses.

(y) Factoring

The Company started to offer factoring products in 2016 through one of its subsidiaries, whereas the Company acquires accounts receivable from unrelated third parties at a discount to the face amount on a recourse basis, and immediately transfers the right to the receivables (“factoring receivables”) on its internet financial service platform in smaller tranches to individual investors. The Company accounts for the transfer of factoring receivables in accordance with ASC 860, “Transfers and Servicing” (“ASC 860”). For a transfer to be considered a sale, cash receipts and cash payments resulting from the acquisitions and sales are classified as operating cash flows.

Transfers that do not qualify sale accounting in accordance with ASC 860 are accounted for as secured borrowings with the proceeds received from the individual investors as “factoring payables” on the consolidated balance sheets, and the advancements to the original holders of the accounts receivables as factoring receivables on the consolidated balance sheets. The cash flows related to purchases and collections of the pledged factoring receivables are included within the cash flows from investing activities category, and the proceeds and payments related to the transfer of the right to the receivables are included within the cash flows from financing activities in the consolidated statement of cash flows.

(z) Recently issued accounting pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued, ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The accounting guidance also requires additional disclosure regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 can be adopted using one of two retrospective application methods. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606), Deferral of the Effective Date”, which defers the effective date of ASU 2014-09 by one year, to fiscal years beginning after December 15, 2017, and interim periods therein. The Group currently expects to adopt ASU 2014-09 and related topics in its first quarter of 2018, and is evaluating which transition approach to use.

Additionally, the FASB issued the following various updates affecting the guidance in ASU 2014-09. The effective dates and transition requirements are the same as those in ASC Topic 606 above. In March 2016, FASB issued an amendment to the standard, ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations” Under the amendment, an entity is required to determine whether the nature of its promise is to provide the specified good or service itself (that is, the entity is a principal) or to arrange for that good or service to be provided by the other party (as an agent). In April 2016, FASB issued ASU 2016-10,“Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”, to clarify identifying performance obligations and the licensing implementation guidance, which retaining the related principles for those areas. In May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”. This update addresses narrow-scope improvements to the guidance on collectability, noncash consideration and completed contracts at transition. The update provides a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers. Then, in December 2016, the FASB issued ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers”. The updates in ASU 2016-20 affect narrow aspects of the guidance issued in ASU 2014-09.

In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which requires deferred income tax liabilities and assets to be classified as noncurrent on the balance sheet rather than being separated into current and noncurrent. The guidance is effective for public entities for annual periods beginning after December 15, 2016, and interim periods within those annual periods with early adoption being permitted. The ASU will only have impact on the Group’s consolidated balance sheets classification upon adoption.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires that equity investments, except for those accounted for under the equity method or those that result in consolidation of the investee, be measured at fair value, with subsequent changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 also impacts the presentation and disclosure requirements for financial instruments. ASU 2016-01 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted only for certain provisions. The Group is in the process of evaluating the impact of adoption of this guidance on the Group’s consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires lessees to recognize most leases on the balance sheet. This ASU requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Lessees are permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of twelve months or less. The ASU does not significantly change the lessees’ recognition, measurement and presentation of expenses and cash flows from the previous accounting standard. Lessors’ accounting under the ASC is largely unchanged from the previous accounting standard. In addition, the ASU expands the disclosure requirements of lease arrangements. Lessees and lessors will use a modified retrospective transition approach, which includes a number of practical expedients. The provisions of this guidance are effective for annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Group is in the process of evaluating the impact of adoption of this guidance on the Group’s consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-06, “Contingent Put and Call Options in Debt Instruments” clarifying the assessment of whether contingent call or put options that can accelerate the payment of principal on debt instruments are clearly and closely related to the economic characteristics and risks of their debt hosts, a criteria in assessing whether to bifurcate an embedded derivative. The new pronouncement clarifies the exercise contingency and the event triggering the contingency does not need to be evaluated in the clearly and closely analysis relative to interest rates or credit risks. Rather, the call or put would be evaluated as a derivative regardless of the exercise contingency. Further, if an entity is no longer required to bifurcate a put or call option per the new guidance, the entity has a one-time option to irrevocably elect to measure that debt instrument in its entirety at fair value with changes in fair value recognized in earnings. ASU No. 2016-06 is effective for annual periods beginning after December 15, 2016 and early adoption is permitted. The ASU should be applied using the modified retrospective basis to existing instruments as of the beginning of the annual period of adoption. The Group early adopted ASU No. 2016-06 as of December 31, 2016. The adoption of this pronouncement did not have a material impact on the Company’s consolidated financial statements of the prior reporting period.

In March 2016, the FASB issued ASU 2016-07, which eliminates the requirement to retroactively adopt the equity method of accounting. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. The ASU will not impact on the Group’s consolidated balance sheets upon adoption.

In March 2016, the FASB issued ASU 2016-09, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. For public entities, the ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Early adoption will be permitted in any interim or annual period for which financial statements have not yet been issued or have not been made available for issuance. The Group is in the process of evaluating the impact of adoption of this guidance on the consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). The update is intended to improve financial reporting in regards to how certain transactions are classified in the statement of cash flows. This update requires that debt extinguishment costs be classified as cash outflows for financing activities and provides additional classification guidance for the statement of cash flows. The update also requires that the classification of cash receipts and payments that have aspects of more than one class of cash flows to be determined by applying specific guidance under generally accepted accounting principles. The update also requires that each separately identifiable source or use within the cash receipts and payments be classified on the basis of their nature in financing, investing or operating activities. The update is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Group is in the process of evaluating the impact of adoption of this guidance on the consolidated financial statements.

In October 2016, FASB issued ASU 2016-16, Income Taxes (Topic 740). Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. Under the new standard, an entity is to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The new standard does not include new disclosure requirements; however, existing disclosure requirements might be applicable when accounting for the current and deferred income taxes for an intra-entity transfer of an asset other than inventory. The new standard is effective for annual periods beginning after December 15, 2017, including interim reporting periods within those annual periods. The ASU will not impact on the Group’s consolidated balance sheets upon adoption.

In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810): Interests Held through Related Parties under Common Control (“ASU 2016-17”). This guidance in ASU 2016-17 states that reporting entities deciding whether they are primary beneficiaries no longer have to consider indirect interests held through related parties that are under common control to be the equivalent of direct interests in their entirety. Reporting entities would include those indirect interests on a proportionate basis. The Group has adopted this new guidance and has applied the guidance retrospectively beginning with the annual period in which the amendments in ASU 2015-02 were adopted in 2015.

In October 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. The update applies to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows. The update addresses diversity in practice that exists in the classification and presentation of changes in restricted cash on the statement of cash flows, and requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The update is effective for public companies for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The updates should be applied using a retrospective transition method to each period presented. The Group is in the process of evaluating the impact of adoption of this guidance on the consolidated financial statements.

In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The update affects all companies and other reporting organizations that must determine whether they have acquired or sold a business. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The update is intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The update provides a more robust framework to use in determining when a set of assets and activities is a business, and also provides more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. For public companies, the update is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Group is in the process of evaluating the impact of adoption of this guidance on the consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The update simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The update also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The update should be applied on a prospective basis. The nature of and reason for the change in accounting principle should be disclosed upon transition. For public companies, the update is effective for any annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Group is in the process of evaluating the impact of adoption of this guidance on the consolidated financial statements.

Net Income per Share

12 Months Ended

Dec. 31, 2016

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,
	2014		2015		2016		2016
	Class A and Class B		Class A and Class B		Class A and Class B		Class A and Class B
	RMB		RMB		RMB		US$
Net income attributable to Class A and Class B ordinary shareholders—basic		446,552,851		535,824,084		643,828,433		92,730,581
Plus: interest expense for convertible notes		—		16,050,359		19,288,813		2,778,167
Net income attributable to Class A and Class B ordinary shareholders—diluted		446,552,851		551,874,443		663,117,246		95,508,748
Weighted average number of Class A and Class B ordinary shares outstanding—basic		27,873,501		28,085,521		28,150,139		28,150,139
Plus: share options		178,203		207,354		133,295		133,295
Plus: non-vested restricted shares		176,119		278,027		16,465		16,465
Plus: shares outstanding for convertible notes		—		1,575,074		1,736,864		1,736,864
Weighted average number of Class A and Class B ordinary shares outstanding—diluted		28,227,823		30,145,976		30,036,763		30,036,763
Basic net income per share		16.02		19.08		22.87		3.29
Diluted net income per share		15.82		18.31		22.08		3.18

In January, 2016, the Company’s shareholders voted in favor of a proposal to adopt a dual-class share structure, pursuant to which authorized share capital was reclassified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to four votes on all matters that are subject to shareholder vote. As economic rights and obligations are applied equally to both Class A and Class B ordinary shares, earnings are allocated between the two classes of ordinary shares evenly with the same allocation on a per share basis.

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


	Years Ended December 31,
	2014		2015		2016
Share options		304,045		343,750		316,510
Non-vested restricted shares		—		—		—
Total		304,045		343,750		316,510

Investments

12 Months Ended

Dec. 31, 2016

Investments

4. Investments

The following table summarizes the Group’s investment balances:


	As of December 31,
	2015		2016		2016
	RMB		RMB		US$
Short-term investments
- Held-to-maturity investments
- Fixed income products		25,240,000		144,580,000		20,823,851
Total held-to-maturity investments		25,240,000		144,580,000		20,823,851
- Available-for-sale investments
- Fixed income products		496,565,847		154,594,435		22,266,230
Total available-for-sale investments		496,565,847		154,594,435		22,266,230
- Other short-term investments		38,268,052		—		—
Total short-term investments		560,073,899		299,174,435		43,090,081
Long-term investments
- Held-to-maturity investments
- Fixed income products		56,180,000		134,500,000		19,372,029
Total held-to-maturity investments		56,180,000		134,500,000		19,372,029
- Available-for-sale investments		10,069,729		—		—
- Other long-term investments
- Private equity funds products		78,390,404		95,568,533		13,764,732
- Other investments		107,141,812		116,851,794		16,830,159
Total other long-term investments		185,532,216		212,420,327		30,594,891
Total long-term investments		251,781,945		346,920,327		49,966,920
Total investments		811,855,844		646,094,762		93,057,001

Held-to-maturity investments consist of investments in fixed income 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 RMB12,496,501, RMB4,856,760 and RMB21,393,276 for the years ended December 31, 2014, 2015 and 2016, respectively. As of December 2015, the gross unrecognized holding loss was RMB2,375,351. As of December 2016, the gross unrecognized holding gain was RMB1,360,819. Of the long-term held-to-maturity investments, RMB133,500,000 and RMB1,000,000 will mature in 2019 and 2021, respectively. Held-to-maturity investments also include investments in debt securities managed by the Group of RMB 46,180,000 and RMB 124,500,000 as of December 31, 2015 and 2016, 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, net of tax, for the year ended December 31, 2015 and 2016 was RMB44,166,013 and RMB22,982,796, recorded in the other comprehensive income, of which RMB43,447,599 and RMB27,692,936 was realized and reclassified from other comprehensive income to “investment income” in the consolidated statements of operations during the year. As of December 31, 2015 and 2016, the net unrealized gain, net of tax, remained in other comprehensive income was RMB3,393,019 and RMB392,290, respectively. The amortized cost of the available-for-sale investments as of December 31, 2015 and 2016 was RMB495,847,433 and RMB152,950,000, respectively. There’s no investment with realized or unrealized losses during the periods presented.

Other short-term investments consist of investments in secondary market equity funds of funds that are not publicly traded. The Group accounted for these secondary market equity funds of funds using the cost method of accounting due to the fact that the Group does not have significant influence over the funds and the investment is not more than minor.

Other long-term investments consist of investments in three private equity funds as a limited partner with less than 3% equity interest, equity investment of common shares of three companies with less than 15% interest and equity investments of series B preferred share in PPDAI Group Inc. In 2014, the Company invested RMB14,413,099 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 equity interests in PPDAI Group Inc., held by the Company was diluted to 1.96% as of December 31, 2016. 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, 2016

Fair Value Measurement

5. Fair Value Measurement

As of December 31, 2015 and December 31, 2016, 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,
2015

Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

RMB

Short-term investment

Available-for-sale investments

496,565,847

—

496,565,847

—

Long-term investment

Available-for-sale investments

10,069,729

—

10,069,729

—

Fair Value Measurements at Reporting Date Using

Description

As of
December 31,
2016

Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

RMB

Short-term investment

Available-for-sale investments

154,594,435

—

154,594,435

—

Long-term investment

Available-for-sale investments

—

Available-for-sale investments consist of investments in trust products, asset management plans, contractual funds 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 practicable to estimate. The Group believes the fair value of its financial instruments: principally cash and cash equivalents, restricted cash, accounts receivable, amount due from related parties, factoring receivables, short-term held-to-maturity investments, other short-term investments, loans receivable, short-term bank loan, payable to individual investors of factoring receivables 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, held-to-maturity long-term fixed income products, and equity investments. As of December 31, 2015 and 2016, 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, 2015				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)
	RMB		RMB		RMB		RMB		RMB
Long-term investment – cost method investment:
Investment in private equity funds products		78,390,404		78,235,701		—		—		78,235,701
Investment in other investments		107,141,812		111,841,541		—		—		111,841,541
Long-term investment – held-to-maturity:
Investment in fixed income products		56,180,000		53,804,649		—		53,804,649		—

	As of December 31, 2016				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)
	RMB		RMB		RMB		RMB		RMB
Long-term investment – cost method investment:
Investment in private equity funds products		95,568,533		95,419,830		—		—		95,419,830
Investment in other investments		116,851,794		238,803,980		—		—		238,803,980
Long-term investment – held-to-maturity:
Investment in fixed income products		134,500,000		135,860,819		—		135,860,819		—

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 investment in fixed income 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 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

Investment in Affiliates

12 Months Ended

Dec. 31, 2016

Investment in Affiliates

6. Investment in Affiliates

The following table summarizes the Group’s balances of investment in affiliates:


	As of December 31,
	2015		2016		2016
	RMB		RMB		US$
Kunshan Jingzhao		11,068,436		11,541,091		1,662,262
Kunshan Vantone		5,424,558		5,225,900		752,686
Wanjia Win-Win		51,077,862		60,130,744		8,660,629
Wuhu Bona		885,264		807,385		116,288
Beijing Shengyi		1,954,914		1,623,110		233,776
Shanghai Weiying		—		1,058,886		152,511
Wuhu Hongxing		—		9,800,000		1,411,494
Hainan Alibaba		—		4,000,000		576,120
Shanghai Nuoya		—		2,000,000		288,060
Funds that the Company serves as general partner		255,744,809		442,989,395		63,803,744
-Gopher Transform Private Fund		—		150,000,000		21,604,494
-Real estate funds and real estate funds of funds		46,924,414		50,373,389		7,255,277
-Private equity funds of funds		208,778,546		242,573,595		34,937,865
-Other fixed income funds of funds		41,849		42,411		6,108
Total investment in affiliates		326,155,843		539,176,511		77,657,570

In May 2011, Tianjin Gopher injected RMB4.0 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 Management injected RMB3.8 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 influence over Kunshan Vantone due to the level of its participation on the board of directors.

In February 2013, Gopher Asset Management injected RMB21.0 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 Management injected RMB0.8 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 the level of its participation on the board of directors.

In July 2015, Shanghai Noah Rongyao Investment Consulting Co., Ltd. injected RMB2.7 million into Beijing Shengyi Technology and Art Co., Ltd. (“Beijing Shengyi”), a newly established joint venture, for 25% of the equity interest. Beijing Shengyi principally engages in culture and art business.

In January 2016, Shanghai Gopher Asset Management injected RMB1.2 million into Shanghai Weiying Gopher Investment Management Co., Ltd (“Shanghai Weiying”), a newly setup joint venture, for 30% of equity interest. Shanghai Weiying principally engages in film industry investment.

In April 2016, Shanghai Gopher Asset Management injected RMB9.8 million into Wuhu Hongxing Meikailong Equity Investment Management Co., Ltd (“Wuhu Hongxing”), a newly setup joint venture, for 50% of equity interest. Wuhu Hongixng principally engages in equity investment, asset management and investment consulting related to commercial properties.

In August 2016, Gopher Asset Management injected RMB4 million into Hainan Alibaba Picture Investment Management Co., Ltd (“Hainan Alibaba), a newly setup joint venture, for 40% of equity interest. Hainan Alibaba principally engages in PE fund management and film industry investment, etc.

In October 2016, Wuhu Gopher Asset Management injected RMB2 million into Shanghai Nuoya Commercial Operation Management Co., Ltd (“Shanghai Nuoya”), a newly setup joint venture, for 30% of equity interest. Shanghai Nuoya principally engages in enterprise management and consulting.

Gopher Asset Management and its subsidiaries invested in private equity funds of funds, real estate funds and real estate funds of funds, and other fixed income funds of funds that the Group serves as general partner or fund manager. Gopher Asset Management 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 the fourth quarter of 2016, Gopher Asset Management injected RMB150 million into Gopher Transformation Private Fund, accounted for 48% of total actual distribution volume. The fund principally invested in a limited partnership to invest one real-estate company. Although managed by Gopher Asset Management, the fund are not consolidated by the Group based on the facts that substantive kick-out rights exist which are exercisable by a simple-majority of non-related limited partners of the fund to dissolve (liquidate) the fund or remove the company as the general partner of the fund without cause.

The Group accounts for these investments using the equity method of accounting due to the fact that the Company can exercise significant influence on these investees in the capacity of general partner or fund manager.

The Group recorded income from equity in affiliates of RMB13,583,865, RMB21,352,767 and RMB22,342,896 for the years ended December 31, 2014, 2015 and 2016, respectively.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2016

Property and Equipment, Net

7. Property and Equipment, Net

Property and equipment, net consists of the following:


	As of December 31,
	2015			2016			2016
	RMB			RMB			US$
Leasehold improvements		109,826,051			138,813,271			19,993,270
Furniture, fixtures and equipment		63,763,654			85,469,351			12,310,147
Motor vehicles		23,019,817			49,940,181			7,192,882
Software		39,034,783			64,016,790			9,220,336
		235,644,305			338,239,593			48,716,635
Accumulated depreciation		(79,150,194	)		(129,855,593	)		(18,703,096	)
		156,494,111			208,384,000			30,013,539
Construction in progress		39,981,138			35,105,512			5,056,245
Property and equipment, net		196,475,249			243,489,512			35,069,784

Depreciation expense was RMB22,398,968, RMB34,417,668 and RMB61,320,332 for the years ended December 31, 2014, 2015 and 2016, respectively.

Other Current Liabilities

12 Months Ended

Dec. 31, 2016

Other Current Liabilities

8. Other Current Liabilities

Components of other current liabilities are as follows:


	As of December 31,
	2015		2016		2016
	RMB		RMB		US$
Accrued expenses		82,870,781		126,698,212		18,248,338
Advance from customers		19,587,242		20,227,161		2,913,317
Interest payable for convertible notes		7,461,952		8,370,658		1,205,625
Other payables		32,661,326		78,341,632		11,283,542
Payable to individual investors of internet financial service business		143,234,477		29,031,169		4,181,358
Payable for purchases of property and equipment		13,391,314		11,208,902		1,614,418
Other tax payable		41,698,015		48,816,742		7,031,073
Amount due to related party		—		12,000,000		1,728,360
Total		340,905,107		334,694,476		48,206,031

Accrued expenses mainly consist of payables for marketing expenses and professional service fees.

Payable to individual investors of internet financial service business consists of interests and principals payable to individual investors who purchased internet financial products distributed by the Group.

Amount due to related party is the loan due to Beijing Sequoia Mingde Equity Investment Center (Limited Partnership). See Note 12 for details.

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Taxes

9. 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, the Company’s 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 Hong Kong subsidiaries to us are not subject to any Hong Kong withholding tax.

PRC

Under the Law of the People’s Republic of China on Enterprise Income Tax (“EIT Law”), 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,
	2014			2015			2016			2016
	RMB			RMB			RMB			US$
Current Tax		173,388,429			136,698,765			166,563,258			23,990,099
Deferred Tax		(22,095,408	)		(6,813,018	)		(8,566,670	)		(1,233,857	)
Total		151,293,021			129,885,747			157,996,588			22,756,242

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,
	2014			2015			2016
PRC income tax rate		25.00	%		25.00	%		25.00	%
Expenses not deductible for tax purposes		0.38	%		0.00	%		0.17	%
Effect of tax-free investment income		(0.62	%)		(2.97	%)		(4.44	%)
Effect of uncertain tax positions		0.17	%		(1.75	%)		(0.01	%)
Effect of different tax rate of subsidiary operation in other jurisdiction		(0.07	%)		(0.70	%)		(3.96	%)
Effect of deferred tax asset allowance		—			2.00	%		4.70	%
Effect of tax holidays		(0.67	%)		(1.28	%)		(1.82	%)
Effect of intra-group share transfer		—			—			1.96	%
Effect of others		0.96	%		0.16	%		(0.06	%)
		25.15	%		20.46	%		21.54	%

The aggregate amount and per share effect of the Tax Holiday (including effect of timing difference reversed in the year with different rate) are as follows:


	Years Ended December 31,
	2014		2015		2016		2016
	RMB		RMB		RMB		US$
Aggregate		4,007,311		8,103,295		13,363,068		1,924,682
Per share effect-basic		0.14		0.29		0.47		0.07
Per share effect-diluted		0.14		0.27		0.44		0.06

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


	As of December 31,
	2015			2016			2016
	RMB			RMB			US$
Deferred tax assets:
Accrued expenses		18,992,967			24,107,150			3,472,152
Tax loss carry forward		36,546,645			63,023,249			9,077,236
Unrealized other income		3,734,748			3,105,198			447,241
Others		358,881			83			12
Gross deferred tax assets		59,633,241			90,235,680			12,996,641
Valuation allowance		(12,665,420	)		(34,508,881	)		(4,970,312	)
Net deferred tax assets		46,967,821			55,726,799			8,026,329
Analysis as:
Current		3,104,253			—			—
Non-current		43,863,568			55,726,799			8,026,329
Deferred tax liabilities:
Unrealized investment income		4,264,027			4,456,335			641,846
Net deferred tax liabilities (after offsetting)		1,159,774			4,456,335			641,846
Analysis as:
Current		1,159,774			—			—
Non-current		—			4,456,335			641,846

Deferred tax assets and liabilities have been offset where the Company has a legally enforceable right to do so, and intends to settle on a net basis.

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, 2016, operating loss carry forward amounted to RMB247 million for the PRC and Hong Kong income tax purpose, the tax loss carryforward of RMB572,253 will begin to expire in 2017. During the year ended December 31, 2015 and 2016, the Group recorded an allowance of RMB12,665,420 and RMB34,508,881 for deferred tax assets which are not more likely than not to be realized. 76.1% of the deferred tax asset allowance as of December 31, 2016 was related to the net operating loss from internet financial service business.

In accordance with the 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 accumulated undistributed earnings of the Group’s PRC subsidiaries were RMB1.9 billion as of December 31, 2016. The Group intends to indefinitely reinvest the remaining undistributed earnings of the Group’s PRC subsidiaries, and therefore, no additional provision for PRC dividend withholding tax was accrued.

The Group did not record any uncertain tax positions during the years ended December 31, 2014, 2015 and 2016. The Group classifies interest and/or penalties related to income tax matters in income tax expense. The Group accrued interest of RMB1,038,963, nil and nil related to the uncertain tax positions in 2014, 2015 and 2016, respectively. Accrued interest was RMB29,033 and nil as of December 31, 2015 and 2016, respectively. The uncertain tax positions of RMB67,248 was released in 2016 due to the lapse of statute of limitations. 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. .

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


	RMB			US$
Unrecognized tax benefit—December 31, 2013		9,991,022			1,542,348
Gross increases—accrued interest in current period		1,038,963			160,388
Settlements		—			—
Reverse due to lapse of statute of limitations		—			—
Exchange rate translation		97,712			15,084
Unrecognized tax benefit—December 31, 2014		11,127,697			1,717,820
Gross increases—accrued interest in current period		—			—
Settlements		—			—
Reverse due to lapse of statute of limitations		(11,202,168	)		(1,729,317	)
Exchange rate translation		141,719			21,878
Unrecognized tax benefit—December 31, 2015		67,248			10,381
Gross increases—accrued interest in current period		—			—
Settlements		—			—
Reverse due to lapse of statute of limitations		(67,248	)		(10,381	)
Exchange rate translation		—			—
Unrecognized tax benefit—December 31, 2016		—			—

Loans Receivable, Net

12 Months Ended

Dec. 31, 2016

Loans Receivable, Net

10. Loans Receivable, Net

Loans receivable as of December 31, 2015 and 2016 consist of the following:


	2015			2016			2016
	RMB			RMB			US$
Loans receivable:
-Within credit term		133,444,399			115,070,663			16,573,623
-Past due		—			—			—
Total loans receivable		133,444,399			115,070,663			16,573,623
Allowance for loan losses		(1,334,502	)		(1,150,707	)		(165,736	)
Loans receivable, net		132,109,897			113,919,956			16,407,887

The loan interest rate ranging between 4%-14.4% for the years ended December 31, 2016. All loans are short-term loans, and RMB93,170,665 of the balance is secured by collateral.

The following table presents the activity in the allowance for loan losses as of and for the years ended December 31, 2015 and 2016.


	RMB			US$
Loans receivable—December 31, 2014		1,166,800			180,123
Provisions		1,225,597			189,200
Reversal of allowance provided		(1,057,895	)		(163,311	)
Charge-offs		—			—
Loans receivable—December 31, 2015		1,334,502			206,012
Provisions		1,150,707			165,736
Reversal of allowance provided		(1,334,502	)		(206,012	)
Charge-offs
Loans receivable—December 31, 2016		1,150,707			165,736

- 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

Convertible Notes

12 Months Ended

Dec. 31, 2016

Convertible Notes

11. Convertible notes

On February 3, 2015, the Company issued an aggregate principal amount of US$80 million (RMB555 million as of December 31, 2016) of convertible notes (“Notes”) through private placement to Greenwoods Asset Management, Hillhouse Capital Management and Keywise Capital Management. The Notes bear interest at a rate of 3.5% per annum from the issuance date through maturity in February 3, 2020 (the “maturity date”), and is payable semiannually in arrears on February 3 and August 3 of each year, beginning on August 3, 2015. The Notes will be convertible, at the holders’ option, into the Company’s ADSs, two of which represent one ordinary share of the Company, at a conversion price of US$23.03 (RMB159.90 as of December 31, 2016) per ADS, representing an initial conversion rate of 43.4216 ADSs per US$1,000 principal amount of the Notes, subject to customary adjustments. The conversion feature requires physical settlement, and can only be exercised when the portion to be converted is at least US$10 million or a lesser amount then held by the holder. The holders will have the right, at the holders’ option, to require the Company to repurchase for cash on February 3, 2018 or on the maturity date, or upon a fundamental change or default, all of the Notes at a repurchase price that is equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. Events of default include failure to pay principal or interest, breach of conversion obligation, suspension from trading or failure of ADSs to be listed, bankruptcy, etc. Debt issuance costs of nil is recorded as a direct deduction from the face amount of convertible notes.

The Company recorded the Notes as a liability in their entirety, and neither conversion feature nor any other feature is required to be bifurcated and accounted for separately. In addition, as the effective conversion price is greater than the fair value of underlying ADS, there was no beneficial conversion feature to be recognized. As of December 31, 2016, none of the Notes have been converted.

Redeemable Non-controlling Interest of a Subsidiary

12 Months Ended

Dec. 31, 2016

Redeemable Non-controlling Interest of a Subsidiary

12. Redeemable Non-controlling Interest of a Subsidiary

In December 2016, Beijing Sequoia Mingde Equity Investment Center (Limited Partnership), or Sequoia Mingde, an affiliate of Sequoia Capital China, acquired 8% of the equity interest of Gopher International Limited (“New Gopher”), a newly established subsidiary of the Company, at purchase price of RMB336 million, with a precondition that all unrestricted asset management business should be transferred from Gopher Asset Management Co., (“Old Gopher”) to the New Gopher (the “business restructure”). In addition, Sequoia Mingde provided RMB 12 million no-interest bearing loan to Gopher Asset Management, and has the right to convert the loan to no less than 8% of equity interests of Old Gopher before finalization of the business restructure. The total investment, including the loan, is redeemable by Sequoia Mingde at a price equal to the initial investment plus a compound annual interest rate of 8% if the business restructure fails. Given the existence of such redemption right, the equity investment was recorded as redeemable non-controlling interest classified as mezzanine equity outside of stockholders’ equity in the consolidated balance sheets. No accretion to the redemption value is provided as of December 31, 2016 as the Company considers the redemption is not probable based on the current status of the business restructure. The loan is recorded within other current liabilities in the consolidated balance sheets. No embedded feature is required to be bifurcated, nor is there any beneficial conversion feature to be recognized for the equity investment or the loan.


	2015		2016			2016
	RMB		RMB			US$
Beginning of the year		—		—			—
Issuance of redeemable non-controlling interest of a subsidiary		—		336,000,000			48,394,066
Loss attributable to redeemable non-controlling interest of a subsidiary		—		(5,335,678	)		(768,498	)
Redeemable non-controlling interest - end of the year		—		330,664,322			47,625,568

Share-Based Compensation

12 Months Ended

Dec. 31, 2016

Share-Based Compensation

14. Share-Based Compensation

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


	Years Ended December 31,
	2014		2015		2016		2016
	RMB		RMB		RMB		US$
Share options		9,043,829		33,912,040		39,008,208		5,618,351
Non-vested restricted shares		23,647,858		33,760,448		40,163,109		5,784,691
Total share-based compensation		32,691,687		67,672,488		79,171,317		11,403,042

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, 2014, 2015 and 2016 was RMB RMB172.92 (US$27.87), RMB294.76 (US$45.50) and RMB319.16 (US$47.96) per share, respectively. There were 128,457, 49,887 and 62,430 options exercised during the years ended December 31, 2014, 2015 and 2016 respectively.

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


	2014			2015			2016
Average risk-free rate of return		1.89	%		1.73	%		1.14	%
Weighted average expected option life		6.0 years			6.1 years			6.1 years
Estimated volatility		82.2	%		54.1	%		55.8	%
Average dividend yield		Nil			Nil			Nil

The following table summarizes option activity during the year ended December 31, 2016:


	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value of Options
				RMB				RMB
Outstanding as of January 1, 2016		762,890			202.91		8.3		133,866,535
Granted		186,425			268.83
Exercised		(62,430	)		90.69
Forfeited		(53,172	)		263.00
Converted to restricted shares		(11,495	)		392.06
Outstanding as of December 31, 2016		822,218			233.37		7.8		76,643,947
Vested and expected to vest as of December 31, 2016		702,914			233.37		7.8		63,813,110
Exercisable as of December 31, 2016		167,812			177.01		7.5		20,634,707

As of December 31, 2016, there was RMB117,690,049 of unrecognized compensation expense related to unvested share options, which is expected to be recognized over a weighted average period of 2.66 years.

Non-vested Restricted Shares:

A summary of non-vested restricted share activity during the year ended December 31, 2016 is presented below:


Non-vested restricted shares	Number of non-vested restricted shares			Weighted-average grant-date fair value
				RMB
Non-vested as of January 1, 2016		249,026			237.14
Granted		122,719			329.22
Conversion from option		5,748			368.40
Vested		(138,492	)		225.45
Forfeited		(23,813	)		442.23
Non-vested as of December 31, 2016		215,188			297.69

The total fair value of non-vested restricted shares vested in 2014, 2015 and 2016 was RMB22,954,162, RMB24,959,520 and RMB31,223,067, 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 (or date of modification, as applicable). As of December 31, 2016, there was RMB59,313,954 in total unrecognized compensation expense related to such non-vested restricted shares, which is expected to be recognized over a weighted-average period of 2.38 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 RMB229.76 (US$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 RMB1.9 million (US$0.3 million) incremental compensation cost to be recognized in the next 2 years.

The company issued 5,748 non-vested restricted shares to replace 11,495 options that were granted under the Company’s 2015 share incentive plans but unvested as of September 13, 2016, and modified the purchase price for the restricted shares to zero with other vesting conditions remaining unchanged. The Company compared the fair value of the modified awards against the original awards as of the modification date and concluded that there is $150,494 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 $56.25 and nil per ordinary share, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Restricted Assets

12 Months Ended

Dec. 31, 2016

Restricted Assets

16. Restricted Assets

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 RMB168,697,072 and RMB208,825,136 as of December 31, 2015 and 2016, 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 RMB1,065,321,750 and RMB1,116,574,950 as of December 31, 2015 and 2016, 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 RMB1,234,018,822 and RMB1,325,400,086 as of December 31, 2015 and 2016, respectively. The restricted assets of the Company’s VIEs amounted to RMB438,896,279 and RMB344,383,556 as of December 31, 2015 and 2016, respectively.

Segment Information

12 Months Ended

Dec. 31, 2016

Segment Information

17. 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 three years, the Group has gradually transitioned from a wealth management consulting services provider to an integrated financial services group with capabilities in wealth management, asset management and internet financial service. 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 financial service. 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, 2014
	Wealth Management Business			Assets Management Business			Internet Financial Service Business			Total
	RMB			RMB			RMB			RMB
Revenues:
One-time commissions		423,218,934			—			—			423,218,934
Recurring service fees		243,619,600			76,313,477			—			319,933,077
Performance-based income		7,952,243			16,680,481			—			24,632,724
Other service fees		13,246,685			—			16,732,441			29,979,126
Total third-party revenues		688,037,462			92,993,958			16,732,441			797,763,861
One-time commissions		180,943,785			—			—			180,943,785
Recurring service fees		342,603,359			217,438,078			30,326			560,071,763
Performance-based income		2,444,365			73,897,688						76,342,053
Other service fees		75,050			1,105,055			856,695			2,036,800
Total related party revenues		526,066,559			292,440,821			887,021			819,394,401
Total revenues		1,214,104,021			385,434,779			17,619,462			1,617,158,262
Less: business taxes and related surcharges		(68,598,144	)		(19,319,443	)		(755,784	)		(88,673,371	)
Net revenues		1,145,505,877			366,115,336			16,863,678			1,528,484,891
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(319,572,173	)		(235,762	)		(2,244,639	)		(322,052,574	)
Performance Fee Compensation		—			(22,034,438	)		—			(22,034,438	)
Other Compensation		(214,841,520	)		(124,968,021	)		(53,563,785	)		(393,373,326	)
Total compensation and benefits		(534,413,693	)		(147,238,221	)		(55,808,424	)		(737,460,338	)
Selling expenses		(135,282,336	)		(9,756,483	)		(2,226,991	)		(147,265,810	)
General and administrative expenses		(74,673,516	)		(60,090,462	)		(16,862,300	)		(151,626,278	)
Other operating expenses		(23,641,595	)		(1,674,417	)		(4,645,818	)		(29,961,830	)
Government subsidies		67,303,362			23,601,038			27,062			90,931,462
Total operating cost and expenses		(700,707,778	)		(195,158,545	)		(79,516,471	)		(975,382,794	)
Income (loss) from operations		444,798,099			170,956,791			(62,652,793	)		553,102,097

	Years Ended December 31, 2015
	Wealth Management Business			Assets Management Business			Internet Financial Service Business			Total
	RMB			RMB			RMB			RMB
Revenues:
One-time commissions		390,668,384			520,001			—			391,188,385
Recurring service fees		334,983,117			66,309,348			—			401,292,465
Performance-based income		141,773,493			52,165,537			—			193,939,030
Other service fees		69,447,545			512,475			58,330,241			128,290,261
Total third-party revenues		936,872,539			119,507,361			58,330,241			1,114,710,141
One-time commissions		424,354,473			4,333,018			—			428,687,491
Recurring service fees		324,182,643			310,730,732			—			634,913,375
Performance –based income		—			53,825,293			—			53,825,293
Other service fees		393,683			—			166,123			559,806
Total related party revenues		748,930,799			368,889,043			166,123			1,117,985,965
Total revenues		1,685,803,338			488,396,404			58,496,364			2,232,696,106
Less: business taxes and related surcharges		(88,285,200	)		(23,408,513	)		(1,074,552	)		(112,768,265	)
Net revenues		1,597,518,138			464,987,891			57,421,812			2,119,927,841
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(507,400,087	)		(8,044,612	)		(9,185,024	)		(524,629,723	)
Performance Fee Compensation		—			(24,786,763	)		—			(24,786,763	)
Other Compensation		(348,504,061	)		(150,661,189	)		(115,910,643	)		(615,075,893	)
Total compensation and benefits		(855,904,148	)		(183,492,564	)		(125,095,667	)		(1,164,492,379	)
Selling expenses		(219,286,283	)		(17,278,343	)		(27,250,783	)		(263,815,409	)
General and administrative expenses		(78,850,681	)		(53,554,038	)		(38,524,794	)		(170,929,513	)
Other operating expenses		(53,374,913	)		(19,411,331	)		(21,838,060	)		(94,624,304	)
Government subsidies		75,960,496			56,304,348			444,868			132,709,712
Total operating cost and expenses		(1,131,455,529	)		(217,431,928	)		(212,264,436	)		(1,561,151,893	)
Income (loss) from operations		466,062,609			247,555,963			(154,842,624	)		558,775,948


	Years Ended December 31, 2016
	Wealth Management Business			Assets Management Business			Internet Financial Service Business			Total
	RMB			RMB			RMB			RMB
Revenues:
One-time commissions		809,461,138			1,184,221			—			810,645,359
Recurring service fees		413,085,113			61,915,165			—			475,000,278
Performance-based income		11,143,779			8,596,434			—			19,740,213
Other service fees		67,435,787			—			50,358,068			117,793,855
Total third-party revenues		1,301,125,817			71,695,820			50,358,068			1,423,179,705
One-time commissions		318,554,406			2,887,327			—			321,441,733
Recurring service fees		347,818,641			427,907,685			—			775,726,326
Performance –based income		706,390			38,793,992			—			39,500,382
Other service fees		722,009			—			1,065,914			1,787,923
Total related party revenues		667,801,446			469,589,004			1,065,914			1,138,456,364
Total revenues		1,968,927,263			541,284,824			51,423,982			2,561,636,069
Less: business taxes and related surcharges		(37,274,715	)		(9,474,316	)		(1,314,268	)		(48,063,299	)
Net revenues		1,931,652,548			531,810,508			50,109,714			2,513,572,770
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(556,553,499	)		(1,452,611	)		(5,613,679	)		(563,619,789	)
Performance Fee Compensation					(8,145,016	)		—			(8,145,016	)
Other Compensation		(443,704,242	)		(155,567,371	)		(129,367,542	)		(728,639,155	)
Total compensation and benefits		(1,000,257,741	)		(165,164,998	)		(134,981,221	)		(1,300,403,960	)
Selling expenses		(280,993,783	)		(16,171,723	)		(25,502,012	)		(322,667,518	)
General and administrative expenses		(120,763,794	)		(77,200,486	)		(36,523,786	)		(234,488,066	)
Other operating expenses		(82,058,856	)		(35,922,504	)		(33,106,059	)		(151,087,419	)
Government subsidies		78,444,752			83,919,516			—			162,364,268
Total operating cost and expenses		(1,405,629,422	)		(210,540,195	)		(230,113,078	)		(1,846,282,695	)
Income (loss) from operations		526,023,126			321,270,313			(180,003,364	)		667,290,075

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=68060357&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=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=68060357&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=68060357&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=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2016

Related Party Transactions

18. 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

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

Wuhu Bona		Investee of Gopher Asset Management Co., Ltd.

Yiwu Xinguang Equity Investment Fund Management Co., Ltd.		Investees of Shanghai Gopher Weiqin Equity Investment Center (Limited Partnership), fund invested and managed by Shanghai Gopher Asset Management Co., Ltd.

Gopher RE Credit Fund SP		Fund managed by Gopher Capital GP Ltd., a subsidiary

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

Investees of Shanghai Gopher Fangduoduo Investment Management Co., Ltd., a consolidated VIE of the Company		Investees of Gopher Asset Management Co., Ltd.

Investees of Shanghai Gopher Nuotie Investment Management Co., Ltd., a consolidated VIE of the Company		Investees of Gopher Asset Management Co., Ltd.

Investees of Shanghai Gopher Yuanhao Investment Management Co., Ltd., a consolidated VIE of the Company		Investees of Gopher Asset Management Co., Ltd.

Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd.		Investees of Gopher Asset Management Co., Ltd.

Investees of Gopher Captial GP Ltd.		Investees of Gopher Asset Management Co., Ltd.

Investee funds of Shanghai Gefei Languang Investment Management Co., Ltd.		Investees of Gopher Asset Management Co., Ltd.

Investee funds of Wuhu Gefeiyintai Investment Management Co., Ltd.		Investees of Gopher Asset Management Co., Ltd.

Investee funds of Wuhu Gopher Investment Management Co., Ltd.		Investees of Gopher Asset Management Co., Ltd.

Investee of Tianjin Gopher Asset Management Co., Ltd, a consolidated VIE of the Company		Investees of Gopher Asset Management Co., Ltd.

Investees of Shanghai Gopher Asset Management Co., Ltd, a consolidated VIE of the Company		Investees of Gopher Asset Management Co., Ltd.

Investee funds of Hangzhou Wanke Investment Management Co., Ltd.		Investees of Gopher Asset Management Co., Ltd.

Investees of Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		Investees of Gopher Asset Management Co., Ltd.

During the years ended December 31, 2015 and 2016, related party transactions were as follows:


	Years Ended December 31
	2014		2015		2016		2016
	RMB		RMB		RMB		US$
One-time commissions
Investees of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		57,167,835		1,601,930		65,975,239		9,502,410
Investees of Gopher Asset Management Co., Ltd.		31,431,057		87,103,829		29,143,028		4,197,469
Investees of Gopher Capital GP Ltd.		21,610,352		163,062,723		42,830,956		6,168,941
Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company		16,899,267		90,178,715		14,709,830		2,118,656
Wanjia Win-Win		13,728,697		126,706		—		—
Investee funds of Wuhu Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		13,383,558		20,569,000		166,757,151		24,018,026
Investees of Shanghai Gopher Fangduoduo Investment Management Co., Ltd., a consolidated VIE of the Company		—		—		1,129,717		162,713
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company		6,828,836		65,958,819		—		—
Investee funds of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a consolidated VIE of the Company		3,594,621		—		—		—
Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership)		3,169,064		—		—		—
Sequoia Capital Investment Management (Tianjin) Co., Ltd.		2,971,000		—		—		—
Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company		2,637,579		—		—		—
One-time commissions earned from funds subscribed by shareholders		2,639,607		85,769		895,812		129,024
Investee funds of Tianjin Gopher Asset Management Co., Ltd.		2,487,443		—		—		—
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		1,531,599		—		—		—
Gopher RE Credit Fund SP		764,235		—		—		—
Shaoxing Sequoia Huiyuan Capital Investment Fund (Limited Partnership)		99,035		—		—		—
Total one-time commissions		180,943,785		428,687,491		321,441,733		46,297,239
Recurring services fee
Investees of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		71,238,249		17,368,889		226,486,527		32,620,845
Investee funds of Gopher Asset Management Co., Ltd.		97,310,324		109,191,795		128,636,314		18,527,483
Wanjia Win-Win		94,493,711		44,791,972		7,440,558		1,071,663
Investee funds of Wuhu Gopher Asset Management Co., Ltd.		79,651,065		51,807,324		79,315,287		11,423,777
Investees of Shanghai Gopher Investment Management Co., Ltd., a consolidated VIE of the Company		—		—		16,870,674		2,429,882
Sequoia Capital Investment Management (Tianjin) Co., Ltd.		52,667,224		47,850,038		42,404,469		6,107,514
Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company		37,336,074		3,774,933		2,598,464		374,257
Investees of Gopher Capital GP Ltd.		31,373,962		116,225,782		164,488,522		23,691,275
Investee funds of Tianjin Gopher Asset Management Co., Ltd.		25,155,045		25,043,197		34,939,104		5,032,278
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company		20,343,486		148,421,108		—		—
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		15,728,463		7,824,920		5,448,537		784,753
Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a consolidated VIE of the Company		10,327,189		2,682,159		5,567,900		801,944
Wuhu Bona		7,040,886		8,842,927		7,728,080		1,113,075
Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership)		5,587,347		—		—		—
Beijing Sequoia Heyuan Capital Investment Fund (Limited Partnership)		5,238,138		—		—		—
Investee funds of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a consolidated VIE of the Company		4,920,036		4,498,656		—		—
Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd.		1,136,429		38,343,622		44,415,932		6,397,225
Recurring services fee earned from funds subscribed by shareholders		368,473		7,812,281		1,553,624		223,768
Investee funds of Noah Holdings (Hong Kong) Limited		155,662		—		—		—
Investee funds of Kunming Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		—		433,772		1,109,537		159,807
Investees of Shanghai Gopher Fangduoduo Investment Management Co., Ltd., a consolidated VIE of the Company		—		—		3,703,044		533,349
Investees of Shanghai Gopher NuoTie Investment Management Co., Ltd., a consolidated VIE of the Company						2,309,209		332,595
Investees of Shanghai Gopher Yuanhao Investment Management Co., Ltd., a consolidated VIE of the Company						710,544		102,340
Total recurring services fee		560,071,763		634,913,375		775,726,326		111,727,830
Performance-based income
Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company		57,659		23,085,688		4,711,247		678,559
Investee funds of Gopher Capital GP Ltd., a subsidiary		—		—		380,167		54,756
Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a consolidated VIE of the Company		—		10,700,504		—		—
Investee funds of Gopher Asset Management Co., Ltd.		65,100,808		—		6,039,336		869,845
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company		7,044,583		5,690,366		—		—
Investee funds of Wuhu Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		—		14,348,735		16,110,757		2,320,432
Wanjia Win-Win		4,139,003		—		6,913,756		995,788
Investee funds of Kunshan Jingzhao Equity Investment Management Limited		—		—		649,764		93,586
Investee of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		—		—		4,695,355		676,272
Total performance-based income		76,342,053		53,825,293		39,500,382		5,689,238
Other service fee
Investee funds of Gopher Asset Management Co., Ltd.		961,173		—		—		—
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company		89,443		—		—		—
Wanjia Win-Win		573,540		—		—		—
Investee funds of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		303,005		—		—		—
Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company		12,678		—		—		—
Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company		63,679		—		—		—
Other services subscribed by shareholders		15,825		554,596		1,706,065		245,724
Yiwu Xinguang Equity Investment Fund Management Co., Ltd.		9,367		—		—		—
Kunshan Jingzhao		8,090		—		—		—
Investee funds of Gopher Capital GP Ltd., a subsidiary		—		5,210		81,858		11,790
Total other service fee		2,036,800		559,806		1,787,923		257,514
Total		819,394,401		1,117,985,965		1,138,456,364		163,971,821

As of December 31, 2015 and 2016, amounts due from related parties associated with the above transactions were comprised of the following:


	As of December 31,
	2015		2016		2016
	RMB		RMB		US$
Wanjia Win-Win		30,687,837		9,702,246		1,397,414
Investee funds of Wuhu Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		18,428,721		158,270,393		22,795,678
Investee funds of Gopher Capital GP Ltd., a subsidiary		50,617,764		50,043,708		7,207,793
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		20,322,711		10,193,071		1,468,108
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company		33,423,362		—		—
Investee funds of Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		61,364,006		76,730,690		11,051,518
Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company		935,529		375,130		54,030
Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company		9,629,670		24,635,070		3,548,188
Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a consolidated VIE of the Company		76,647		—		—
Investee funds of Wuhu Gopher Yintai Investment Management Co., Ltd., a consolidated VIE of the Company		22,657		—		—
Investee funds of Tianjin Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		1,473,097		5,679,578		818,029
Investee funds of Kunming Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		50,202		30,391		4,377
Investee funds of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		209,830		75,685,406		10,900,966
Wuhu Bona Film Investment Management Co., Ltd.		1,180,268		4,996,325		719,621
Investees of Shanghai Gopher Fangduoduo Investment Management Co., Ltd., a consolidated VIE of the Company		—		3,828,248		551,382
Investees of Shanghai Gopher Nuo Tie Investment Management Co., Ltd., a consolidated VIE of the Company		—		2,424,197		349,157
Yiwu Xinguang Equity Investment Fund Management Co., Ltd.		—		4,009,600		577,503
Investees of Noah Holdings (Hong Kong) Limited				5,346,413		770,044
Other funds managed by the Group and affiliates		9,813,967		6,889,076		992,233
Total		238,236,268		438,839,542		63,206,041

As of December 31, 2015 and 2016, deferred revenues related to the recurring management fee received in advance from related parties were comprised of the following:


	As of December 31,
	2015		2016		2016
	RMB		RMB		US$
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company		10,911,322		—		—
Investee funds of Wuhu Gopher Asset Management Co., Ltd.		28,000		8,881,566		1,279,212
Wanjia Win-Win		69,956		542,734		78,170
Investee funds of Gopher Asset Management Co., Ltd.		12,871,000		2,438,991		351,288
Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company		140,676		—		—
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		7,338		—		—
Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company		5,247,490		—		—
Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a consolidated VIE of the Company		36,472		12,848		1,851
Investee funds of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		28,000		—		—
Investee funds of Gopher Capital GP Ltd., a subsidiary		2,669,774		981,329		141,341
Investee of Tianjin Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		—		194,335		27,990
Investee of Wuhu Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		—		16,766,477		2,414,874
Total		32,010,028		29,818,280		4,294,726

In 2014, Shanghai Yafu Investment Consulting Co., Ltd.(“Shanghai Yafu”), an investment vehicle of Noah’s employees, acquired 10% of the equity interests of Shanghai Noah Yijie Finance Technology Co., Ltd upon formation of the entity. In July 2015, Sequoia Mingde, acquired 9.8% of equity interests in Shanghai Noah Yijie Finance Technology Co., Ltd., at purchase price of RMB31.6 million. The capital injection of Sequoia Mingde in 2015 into Shanghai Noah Yijie Finance Technology Co., Ltd. diluted the shares of Shanghai Yafu from 10.00% to 8.55%.

In December 2016, Shanghai Qinjie Investment (Limited Partnership), a fund managed by Shanghai Gopher, acquired 9.88% of the equity interests of Shanghai Noah Yijie Finance Technology Co., Ltd, at purchase price of RMB150 million through the issuance of Series B shares. This acquisition diluted the shares of Shanghai Yafu to 7.5% and the shares of Sequoia Mingde to 8.6%.

During the year ended December 31, 2015 and 2016, donation made to Shanghai Noah Charity Fund were RMB3.5 million and RMB6.0 million, respectively.

Commitments

12 Months Ended

Dec. 31, 2016

Commitments

19. 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, 2016 were as follows:


Years Ended December 31	RMB		US$
2017		71,839,452		10,347,033
2018		61,417,714		8,845,991
2019		50,316,494		7,247,083
2020		43,588,626		6,278,068
2021 and after		131,776,349		18,979,742
Total		358,938,635		51,697,917

Rental expenses were RMB 46,852,399, RMB 75,964,160 and RMB 92,971,662 for the years ended December 31, 2014, 2015 and 2016, respectively.

Additional Financial Information of Parent Company - Financial Statements Schedule I

12 Months Ended

Dec. 31, 2016

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, 2016, was more than 25% of the Company’s consolidated net assets as of December 31, 2016.

a) Condensed balance sheets


	As of December 31
	2015			2016			2016
	RMB			RMB			US$
ASSETS
Current assets
Cash and cash equivalents		321,418,159			364,864,405			52,551,405
Due from subsidiaries and VIEs		543,918,770			504,906,811			72,721,707
Deferred tax assets		755,246			—			—
Other current assets		31,146,365			32,821,866			4,727,332
Total current assets		897,238,540			902,593,082			130,000,444
Investment in subsidiaries and VIEs		2,091,409,293			3,000,710,841			432,192,257
Non-current deferred tax assets		2,979,502			2,794,810			402,536
Other non-current assets		647,780			694,300			100,000
TOTAL ASSETS		2,992,275,115			3,906,793,033			562,695,237
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Other current liabilities		15,300,517			10,443,302			1,504,148
Total current liabilities		15,300,517			10,443,302			1,504,148
Convertible notes		518,224,000			555,440,000			80,000,000
Other non-current liabilities		9,864,869			8,773,490			1,263,645
Total liabilities		543,389,386			574,656,792			82,767,793
Shareholders’ equity
Class A ordinary shares (US$0.0005 par value): 91,394,900 shares authorized, 20,802,611 shares issued and 19,556,538 shares outstanding as of December 31, 2015 and 21,003,533 shares issued and 19,716,328 shares outstanding as of December 31, 2016		69,086			69,758			10,047
Class B ordinary shares (US$0.0005 par value): 8,605,100 shares authorized, 8,515,000 shares issued and outstanding as of December 31, 2015 and 2016		29,047			29,047			4,184
Treasury stock (1,246,073 ordinary shares as of December 31, 2015 and 1,287,205 ordinary shares as of December 31, 2016)		(117,836,564	)		(130,438,720	)		(18,787,083	)
Additional paid-in capital		990,515,956			1,226,215,683			176,611,794
Retained earnings		1,597,865,303			2,241,693,736			322,871,055
Accumulated other comprehensive income		(21,757,099	)		(5,433,263	)		(782,553	)
Total shareholders’ equity		2,448,885,729			3,332,136,241			479,927,444
TOTAL LIABILITIES AND SHAREHOLERS’ EQUITY		2,992,275,115			3,906,793,033			562,695,237

b) Condensed statement of operations


	Years ended December 31,
	2014			2015			2016			2016
	RMB			RMB			RMB			US$
Net revenues		—			—			—			—
Operating cost and expenses
Compensation and benefits		10,125,102			10,979,206			9,828,485			1,415,596
Selling expenses		167,690			373,752			89,785			12,932
General and administrative expenses		9,671,790			10,549,109			4,368,239			629,157
Total operating cost and expenses		19,964,582			21,902,067			14,286,509			2,057,685
Loss from operations		19,964,582			21,902,067			14,286,509			2,057,685
Other income (expenses):
Interest income		5,547,639			8,336,138			10,412,533			1,499,717
Interest expense		—			(16,050,359	)		(19,288,813	)		(2,778,167	)
Investment income		—			25,506,549			—			—
Other income (expenses)		(451,217	)		112,762			(968,676	)		(139,518	)
Total other income		5,096,422			17,905,090			(9,844,956	)		(1,417,968	)
Income before taxes and income from equity in subsidiaries and VIEs		(14,868,160	)		(3,996,977	)		(24,131,465	)		(3,475,653	)
Income tax (benefit)/expenses		(1,268,040	)		3,524,413			3,298,731			475,115
Income from equity in affiliates		—			—			1,393,685			200,732
Equity in profit of subsidiaries and VIEs		462,689,051			536,296,648			663,267,482			95,530,387
Net income attributable to Noah shareholders		446,552,851			535,824,084			643,828,433			92,730,581

c) Condensed statement of comprehensive income


	Years Ended December 31,
	2014		2015		2016			2016
	RMB		RMB		RMB			US$
Net income		446,552,851		535,824,084		643,828,433			92,730,581
Other comprehensive income, net of tax
Change in cumulative foreign currency translation adjustment		6,427,932		4,882,284		19,324,565			2,783,317
Fair value fluctuation of available-for-sale investment (Note 4)		2,620,351		718,414		(1,291,318	)		(185,988	)
Fair value fluctuation of available-for-sale investment of affiliates		—		—		(1,709,411	)		(246,206	)
Other comprehensive income		9,048,283		5,600,698		16,323,836			2,351,123
Comprehensive income attributable to Noah Holdings Ltd. shareholders		455,601,134		541,424,782		660,152,269			95,081,704

d) Condensed statements of cash flows


	Years ended December 31,
	2014			2015			2016			2016
	RMB			RMB			RMB			US$
Cash flows from operating activities:
Net income attributable to Noah shareholders		446,552,851			535,824,084			643,828,433			92,730,581
Adjustment to reconcile net income to net cash provided by operating activities:
Share-based compensation		10,125,102			10,979,206			9,828,485			1,415,596
Gain from equity in subsidiaries and VIE		(462,689,051	)		(536,296,648	)		(663,267,482	)		(95,530,387	)
Changes in operating assets and liabilities:
Amount due from subsidiaries and VIEs		13,853,941			(319,184,087	)		39,011,959			5,618,892
Other current assets		(21,489,980	)		(5,774,175	)		(1,722,021	)		(248,023	)
Deferred tax assets		(339,900	)		(575,664	)		939,938			135,379
Uncertain tax position liabilities		1,016,786			(4,804,123	)		—			—
Other current liabilities		3,066,233			7,942,352			(4,857,215	)		(699,584	)
Other non-current liabilities		82,534			1,821,548			(1,091,379	)		(157,191	)
Net cash provided by (used in) operating activities		(9,821,484	)		(310,067,507	)		22,670,718			3,265,263
Cash flows from investing activities:
Investment in subsidiaries and VIEs		(79,958,941	)		(7,851,539	)		—			—
Increase in investment in affiliates		—			(22,672,300	)		(27,702,118	)		(3,989,935	)
Net cash used in investing activities		(79,958,941	)		(30,523,839	)		(27,702,118	)		(3,989,935	)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares upon exercise of stock options		4,062,622			4,351,330			4,539,237			653,786
Share repurchase		—			(44,586,036	)		(12,602,156	)		(1,815,088	)
Proceeds from convertible notes		—			518,224,000			—			—
Net cash provided by financing activities		4,062,622			477,989,294			(8,062,919	)		(1,161,302	)
Effect of exchange rate changes		6,427,932			4,882,284			56,540,565			8,143,533
Net (decrease) increase in cash and cash equivalents		(79,289,871	)		142,280,232			43,446,246			6,257,559
Cash and cash equivalents—beginning of year		258,427,798			179,137,927			321,418,159			46,293,846
Cash and cash equivalents—end of year		179,137,927			321,418,159			364,864,405			52,551,405

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, 2015 and 2016, 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.

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details

Summary of Principal Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

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
	2015		2016			2016
	RMB		RMB			US$
Cash and cash equivalents		585,191,507		312,278,112			44,977,403
Restricted cash		1,000,000		1,000,000			144,030
Short-term investments		167,583,165		—			—
Accounts receivable, net of allowance for doubtful accounts		52,715,369		14,828,126			2,135,694
Amounts due from related parties		135,302,942		209,034,051			30,107,166
Deferred tax assets		26,071,201		11,158,149			1,607,108
Other current assets		23,410,853		33,452,455			4,818,156
Long-term investments		113,390,404		81,168,283			11,690,664
Investment in affiliates		298,229,612		488,263,302			70,324,542
Property and equipment, net		40,161,068		28,804,397			4,148,696
Other non-current assets		5,611,229		13,775,274			1,984,052
Total assets		1,448,667,350		1,193,762,149			171,937,511
Accrued payroll and welfare expenses		181,685,160		72,212,423			10,400,753
Income tax payable		55,966,327		(5,036,501	)		(725,407	)
Amount due to related parties		—		12,000,000			1,728,360
Amounts due to the Group’s subsidiaries		161,666,257		125,713,660			18,106,533
Deferred revenue		29,021,820		29,834,124			4,297,008
Other current liabilities		76,026,370		31,079,003			4,476,307
Non-current uncertain tax position liabilities		67,248		—			—
Other non-current liabilities		39,635,057		—			—
Total liabilities		544,068,239		265,802,709			38,283,554


	Years Ended December 31,
	2014			2015			2016			2016
	RMB			RMB			RMB			US$
Revenue:
Third-party revenues
One-time commissions		80,516,730			145,325,240			1,184,222			170,563
Recurring service fees		111,927,921			181,288,609			56,997,896			8,209,405
Performance-based income		22,994,446			165,971,926			8,596,435			1,238,144
Other service fees		1,346,667			9,616,062			38,881,405			5,600,087
Total third-party revenues		216,785,764			502,201,837			105,659,958			15,218,199
Related party revenues
One-time commissions		21,471,381			122,949,788			2,887,327			415,862
Recurring service fees		285,753,554			348,870,146			278,460,025			40,106,586
Performance-based income		75,204,704			53,825,292			38,413,825			5,532,742
Other service fees		1,217,894			2,102,882			19,856,658			2,859,954
Total related party revenues		383,647,533			527,748,108			339,617,835			48,915,144
Total revenues		600,433,297			1,029,949,945			445,277,793			64,133,343
Less: business taxes and related surcharges		(33,672,899	)		(57,713,861	)		(10,206,252	)		(1,470,006	)
Net revenues		566,760,398			972,236,084			435,071,541			62,663,337
Operating cost and expenses		(183,003,728	)		(624,541,431	)		(452,182,413	)		(65,127,814	)
Other income		11,888,078			39,115,317			67,038,384			9,665,536
Net income		310,817,616			327,597,694			24,381,722			3,511,698
Net income attributable to Noah Holding Limited shareholders		292,244,283			326,209,370			22,123,106			3,186,390
Cash flows provided by (used in) operating activities*		250,372,200			402,492,302			(316,764,831	)		(45,623,625	)
Cash flows (used in) provided by investing activities		(53,726,568	)		(293,697,015	)		28,995,441			4,176,212
Cash flows provided by financing activities		1,365,117			3,282,000			14,855,995			2,139,708

*	Cash flows provided by operating activities in 2014, 2015 and 2016 include amounts due to the Group’s subsidiaries of RMB169,322,299, RMB161,666,257 and RMB125,713,660 (US$18,106,533).

Consolidation policy Upon Adoption of ASU No. 2015-02 and 2016-17

(c) Consolidation policy Upon Adoption of ASU No. 2015-02 and 2016-17


	As of December 31,
	2015		2016		2016
	RMB		RMB		US$
Accounts receivable		14,007,287		32,492,199		505,621
Investments		383,778,327		508,010,848		73,168,781
Maximum exposure to loss in non-consolidated VIEs		397,785,614		540,503,047		73,674,402

Use of Estimates

(d) Use of Estimates

Concentration of Credit Risk

(e) 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, 2014, 2015, and 2016.

Investments in Affiliates

(f) Investments in Affiliates

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

Non-controlling interests

(k) Non-controlling interests

The following schedule shows the effects of changes in the Company’s ownership interest in less than wholly owned subsidiaries on equity attributable to Noah Holdings Limited shareholders:


	Years Ended December 31,
	2014		2015		2016		2016
	RMB		RMB		RMB		US$
Net income attributable to Noah Holdings Limited shareholders		446,552,851		535,824,084		643,828,433		92,730,581
Transfers from (to) the non-controlling interest:
Increase in Noah’s equity by partial disposal of subsidiaries		—		29,076,110		151,989,845		21,891,091
Net transfers from (to) non-controlling interest		—		29,076,110		151,989,845		21,891,091
Change from net income (loss) attributable to Noah and transfers (to) from non-controlling interest		446,552,851		564,900,194		795,818,278		114,621,672

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

Performance-based Income

Other Service Fees

Business Tax and Related Surcharges

(n) Business Tax and Related Surcharges

Compensation and benefits

(o) Compensation and benefits

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 share options.

Operating Leases

(t) Operating Leases

Foreign Currency Translation and change in reporting currency

(u) Foreign Currency Translation and change in reporting currency

Comprehensive Income

(v) Comprehensive Income

Loans receivable, net

(w) Loans receivable, net

Allowance for loan losses

(x) Allowance for loan losses

Factoring

(y) Factoring

Recently issued accounting pronouncements

(z) Recently issued accounting pronouncements

Additionally, the FASB issued the following various updates affecting the guidance in ASU 2014-09. The effective dates and transition requirements are the same as those in ASC Topic 606 above. In March 2016, FASB issued an amendment to the standard, ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations” Under the amendment, an entity is required to determine whether the nature of its promise is to provide the specified good or service itself (that is, the entity is a principal) or to arrange for that good or service to be provided by the other party (as an agent). In April 2016, FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”, to clarify identifying performance obligations and the licensing implementation guidance, which retaining the related principles for those areas. In May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”. This update addresses narrow-scope improvements to the guidance on collectability, noncash consideration and completed contracts at transition. The update provides a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers. Then, in December 2016, the FASB issued ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers”. The updates in ASU 2016-20 affect narrow aspects of the guidance issued in ASU 2014-09.

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Subsidiaries

The Company’s significant subsidiaries as of December 31, 2016 include the following:


	Date of Incorporation	Place of Incorporation	Percentage of Ownership
Shanghai Noah Rongyao Investment Consulting Co., Ltd.	August 24, 2007	PRC		100	%
Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd.	September 29, 2007	PRC		100	%
Shanghai Noah Financial Services Co., Ltd.	April 18, 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	%
Zigong Noah Financial Service Co., Ltd.	October 22, 2012	PRC		100	%
Noah Financial Express (Wuhu) Microfinance Co., Ltd.	August 13, 2013	PRC		100	%
Shanghai Noah Chuangying Enterprise Management Co., Ltd.	December 14, 2015	PRC		100	%
Shanghai Noah Yijie Finance Technology Co., Ltd	March 17, 2014	PRC		54.93	%
Noah Commercial Factoring Co., Ltd.	April 1, 2014	PRC		95	%
Noah (Shanghai) Financial Leasing Co., Ltd	December 20, 2014	PRC		100	%
Noah Holdings International Limited	January 7, 2015	Hong Kong		100	%
Kunshan Noah Rongyao Investment Management Co., Ltd.	December 2, 2015	PRC		100	%
Noah Insurance (Hong Kong) Limited	January 3, 2011	Hong Kong		100	%
Gopher Holdings (Hong Kong) Limited	April 5, 2016	Hong Kong		100	%
Gopher International Investment Management (Shanghai) Limited	November 14, 2016	PRC		92	%

Noah Investment’s significant subsidiaries as of December 31, 2016 include the following:


	Date of Incorporation	Place of Incorporation	Percentage of Ownership
Shanghai Noah Investment Management Co., Ltd.	August 26, 2005	PRC		100	%
Shanghai Noah Rongyao Insurance Broker Co., Ltd.	September 24, 2008	PRC		100	%
Gopher Asset Management Co., Ltd.	February 9, 2012	PRC		100	%
Wuhu Gopher Asset Management Co., Ltd.	October 10, 2012	PRC		100	%
Gopher Nuobao (Shanghai) Asset Management Co., Ltd.	April 10, 2013	PRC		100	%

Summary of Principal Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

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
	2015		2016			2016
	RMB		RMB			US$
Cash and cash equivalents		585,191,507		312,278,112			44,977,403
Restricted cash		1,000,000		1,000,000			144,030
Short-term investments		167,583,165		—			—
Accounts receivable, net of allowance for doubtful accounts		52,715,369		14,828,126			2,135,694
Amounts due from related parties		135,302,942		209,034,051			30,107,166
Deferred tax assets		26,071,201		11,158,149			1,607,108
Other current assets		23,410,853		33,452,455			4,818,156
Long-term investments		113,390,404		81,168,283			11,690,664
Investment in affiliates		298,229,612		488,263,302			70,324,542
Property and equipment, net		40,161,068		28,804,397			4,148,696
Other non-current assets		5,611,229		13,775,274			1,984,052
Total assets		1,448,667,350		1,193,762,149			171,937,511
Accrued payroll and welfare expenses		181,685,160		72,212,423			10,400,753
Income tax payable		55,966,327		(5,036,501	)		(725,407	)
Amount due to related parties		—		12,000,000			1,728,360
Amounts due to the Group’s subsidiaries		161,666,257		125,713,660			18,106,533
Deferred revenue		29,021,820		29,834,124			4,297,008
Other current liabilities		76,026,370		31,079,003			4,476,307
Non-current uncertain tax position liabilities		67,248		—			—
Other non-current liabilities		39,635,057		—			—
Total liabilities		544,068,239		265,802,709			38,283,554


	Years Ended December 31,
	2014			2015			2016			2016
	RMB			RMB			RMB			US$
Revenue:
Third-party revenues
One-time commissions		80,516,730			145,325,240			1,184,222			170,563
Recurring service fees		111,927,921			181,288,609			56,997,896			8,209,405
Performance-based income		22,994,446			165,971,926			8,596,435			1,238,144
Other service fees		1,346,667			9,616,062			38,881,405			5,600,087
Total third-party revenues		216,785,764			502,201,837			105,659,958			15,218,199
Related party revenues
One-time commissions		21,471,381			122,949,788			2,887,327			415,862
Recurring service fees		285,753,554			348,870,146			278,460,025			40,106,586
Performance-based income		75,204,704			53,825,292			38,413,825			5,532,742
Other service fees		1,217,894			2,102,882			19,856,658			2,859,954
Total related party revenues		383,647,533			527,748,108			339,617,835			48,915,144
Total revenues		600,433,297			1,029,949,945			445,277,793			64,133,343
Less: business taxes and related surcharges		(33,672,899	)		(57,713,861	)		(10,206,252	)		(1,470,006	)
Net revenues		566,760,398			972,236,084			435,071,541			62,663,337
Operating cost and expenses		(183,003,728	)		(624,541,431	)		(452,182,413	)		(65,127,814	)
Other income		11,888,078			39,115,317			67,038,384			9,665,536
Net income		310,817,616			327,597,694			24,381,722			3,511,698
Net income attributable to Noah Holding Limited shareholders		292,244,283			326,209,370			22,123,106			3,186,390
Cash flows provided by (used in) operating activities*		250,372,200			402,492,302			(316,764,831	)		(45,623,625	)
Cash flows (used in) provided by investing activities		(53,726,568	)		(293,697,015	)		28,995,441			4,176,212
Cash flows provided by financing activities		1,365,117			3,282,000			14,855,995			2,139,708

*	Cash flows provided by operating activities in 2014, 2015 and 2016 include amounts due to the Group’s subsidiaries of RMB169,322,299, RMB161,666,257 and RMB125,713,660 (US$18,106,533).

Summary of Maximum Exposure to Loss Associated with Identified Nonconsolidated VIEs

The following table summarizes the Group’s maximum exposure to loss associated with identified nonconsolidated VIEs in which it holds variable interests as of December 31, 2016 and 2015, respectively.


	As of December 31,
	2015		2016		2016
	RMB		RMB		US$
Accounts receivable		14,007,287		32,492,199		505,621
Investments		383,778,327		508,010,848		73,168,781
Maximum exposure to loss in non-consolidated VIEs		397,785,614		540,503,047		73,674,402

Summary of Effects of Changes in Company's Ownership Interest in Less than Wholly Owned Subsidiaries on Equity Attributable to Noah Holdings Limited Shareholders

The following schedule shows the effects of changes in the Company’s ownership interest in less than wholly owned subsidiaries on equity attributable to Noah Holdings Limited shareholders:


	Years Ended December 31,
	2014		2015		2016		2016
	RMB		RMB		RMB		US$
Net income attributable to Noah Holdings Limited shareholders		446,552,851		535,824,084		643,828,433		92,730,581
Transfers from (to) the non-controlling interest:
Increase in Noah’s equity by partial disposal of subsidiaries		—		29,076,110		151,989,845		21,891,091
Net transfers from (to) non-controlling interest		—		29,076,110		151,989,845		21,891,091
Change from net income (loss) attributable to Noah and transfers (to) from non-controlling interest		446,552,851		564,900,194		795,818,278		114,621,672

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, 2016

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,
	2014		2015		2016		2016
	Class A and Class B		Class A and Class B		Class A and Class B		Class A and Class B
	RMB		RMB		RMB		US$
Net income attributable to Class A and Class B ordinary shareholders—basic		446,552,851		535,824,084		643,828,433		92,730,581
Plus: interest expense for convertible notes		—		16,050,359		19,288,813		2,778,167
Net income attributable to Class A and Class B ordinary shareholders—diluted		446,552,851		551,874,443		663,117,246		95,508,748
Weighted average number of Class A and Class B ordinary shares outstanding—basic		27,873,501		28,085,521		28,150,139		28,150,139
Plus: share options		178,203		207,354		133,295		133,295
Plus: non-vested restricted shares		176,119		278,027		16,465		16,465
Plus: shares outstanding for convertible notes		—		1,575,074		1,736,864		1,736,864
Weighted average number of Class A and Class B ordinary shares outstanding—diluted		28,227,823		30,145,976		30,036,763		30,036,763
Basic net income per share		16.02		19.08		22.87		3.29
Diluted net income per share		15.82		18.31		22.08		3.18

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,
	2014		2015		2016
Share options		304,045		343,750		316,510
Non-vested restricted shares		—		—		—
Total		304,045		343,750		316,510

Investments (Tables)

12 Months Ended

Dec. 31, 2016

Investment

The following table summarizes the Group’s investment balances:


	As of December 31,
	2015		2016		2016
	RMB		RMB		US$
Short-term investments
- Held-to-maturity investments
- Fixed income products		25,240,000		144,580,000		20,823,851
Total held-to-maturity investments		25,240,000		144,580,000		20,823,851
- Available-for-sale investments
- Fixed income products		496,565,847		154,594,435		22,266,230
Total available-for-sale investments		496,565,847		154,594,435		22,266,230
- Other short-term investments		38,268,052		—		—
Total short-term investments		560,073,899		299,174,435		43,090,081
Long-term investments
- Held-to-maturity investments
- Fixed income products		56,180,000		134,500,000		19,372,029
Total held-to-maturity investments		56,180,000		134,500,000		19,372,029
- Available-for-sale investments		10,069,729		—		—
- Other long-term investments
- Private equity funds products		78,390,404		95,568,533		13,764,732
- Other investments		107,141,812		116,851,794		16,830,159
Total other long-term investments		185,532,216		212,420,327		30,594,891
Total long-term investments		251,781,945		346,920,327		49,966,920
Total investments		811,855,844		646,094,762		93,057,001

- 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, 2016

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,
2015

Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

RMB

Short-term investment

Available-for-sale investments

496,565,847

—

496,565,847

—

Long-term investment

Available-for-sale investments

10,069,729

—

10,069,729

—

Fair Value Measurements at Reporting Date Using

Description

As of
December 31,
2016

Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

RMB

Short-term investment

Available-for-sale investments

154,594,435

—

154,594,435

—

Long-term investment

Available-for-sale investments

—

Fair Value Measurements of Long-term Financial Instruments

As of December 31, 2015 and 2016, 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, 2015				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)
	RMB		RMB		RMB		RMB		RMB
Long-term investment – cost method investment:
Investment in private equity funds products		78,390,404		78,235,701		—		—		78,235,701
Investment in other investments		107,141,812		111,841,541		—		—		111,841,541
Long-term investment – held-to-maturity:
Investment in fixed income products		56,180,000		53,804,649		—		53,804,649		—

	As of December 31, 2016				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)
	RMB		RMB		RMB		RMB		RMB
Long-term investment – cost method investment:
Investment in private equity funds products		95,568,533		95,419,830		—		—		95,419,830
Investment in other investments		116,851,794		238,803,980		—		—		238,803,980
Long-term investment – held-to-maturity:
Investment in fixed income products		134,500,000		135,860,819		—		135,860,819		—

Investment in Affiliates (Tables)

12 Months Ended

Dec. 31, 2016

Investments in and Advances to Affiliates

The following table summarizes the Group’s balances of investment in affiliates:


	As of December 31,
	2015		2016		2016
	RMB		RMB		US$
Kunshan Jingzhao		11,068,436		11,541,091		1,662,262
Kunshan Vantone		5,424,558		5,225,900		752,686
Wanjia Win-Win		51,077,862		60,130,744		8,660,629
Wuhu Bona		885,264		807,385		116,288
Beijing Shengyi		1,954,914		1,623,110		233,776
Shanghai Weiying		—		1,058,886		152,511
Wuhu Hongxing		—		9,800,000		1,411,494
Hainan Alibaba		—		4,000,000		576,120
Shanghai Nuoya		—		2,000,000		288,060
Funds that the Company serves as general partner		255,744,809		442,989,395		63,803,744
-Gopher Transform Private Fund		—		150,000,000		21,604,494
-Real estate funds and real estate funds of funds		46,924,414		50,373,389		7,255,277
-Private equity funds of funds		208,778,546		242,573,595		34,937,865
-Other fixed income funds of funds		41,849		42,411		6,108
Total investment in affiliates		326,155,843		539,176,511		77,657,570

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

Other Current Liabilities

Components of other current liabilities are as follows:


	As of December 31,
	2015		2016		2016
	RMB		RMB		US$
Accrued expenses		82,870,781		126,698,212		18,248,338
Advance from customers		19,587,242		20,227,161		2,913,317
Interest payable for convertible notes		7,461,952		8,370,658		1,205,625
Other payables		32,661,326		78,341,632		11,283,542
Payable to individual investors of internet financial service business		143,234,477		29,031,169		4,181,358
Payable for purchases of property and equipment		13,391,314		11,208,902		1,614,418
Other tax payable		41,698,015		48,816,742		7,031,073
Amount due to related party		—		12,000,000		1,728,360
Total		340,905,107		334,694,476		48,206,031

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Tax Expense (Benefit)

The tax expense (benefit) comprises:


	Years Ended December 31,
	2014			2015			2016			2016
	RMB			RMB			RMB			US$
Current Tax		173,388,429			136,698,765			166,563,258			23,990,099
Deferred Tax		(22,095,408	)		(6,813,018	)		(8,566,670	)		(1,233,857	)
Total		151,293,021			129,885,747			157,996,588			22,756,242

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,
	2014			2015			2016
PRC income tax rate		25.00	%		25.00	%		25.00	%
Expenses not deductible for tax purposes		0.38	%		0.00	%		0.17	%
Effect of tax-free investment income		(0.62	%)		(2.97	%)		(4.44	%)
Effect of uncertain tax positions		0.17	%		(1.75	%)		(0.01	%)
Effect of different tax rate of subsidiary operation in other jurisdiction		(0.07	%)		(0.70	%)		(3.96	%)
Effect of deferred tax asset allowance		—			2.00	%		4.70	%
Effect of tax holidays		(0.67	%)		(1.28	%)		(1.82	%)
Effect of intra-group share transfer		—			—			1.96	%
Effect of others		0.96	%		0.16	%		(0.06	%)
		25.15	%		20.46	%		21.54	%

Aggregate Amount and Per Share Effect of the Tax Holiday

The aggregate amount and per share effect of the Tax Holiday (including effect of timing difference reversed in the year with different rate) are as follows:


	Years Ended December 31,
	2014		2015		2016		2016
	RMB		RMB		RMB		US$
Aggregate		4,007,311		8,103,295		13,363,068		1,924,682
Per share effect-basic		0.14		0.29		0.47		0.07
Per share effect-diluted		0.14		0.27		0.44		0.06

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,
	2015			2016			2016
	RMB			RMB			US$
Deferred tax assets:
Accrued expenses		18,992,967			24,107,150			3,472,152
Tax loss carry forward		36,546,645			63,023,249			9,077,236
Unrealized other income		3,734,748			3,105,198			447,241
Others		358,881			83			12
Gross deferred tax assets		59,633,241			90,235,680			12,996,641
Valuation allowance		(12,665,420	)		(34,508,881	)		(4,970,312	)
Net deferred tax assets		46,967,821			55,726,799			8,026,329
Analysis as:
Current		3,104,253			—			—
Non-current		43,863,568			55,726,799			8,026,329
Deferred tax liabilities:
Unrealized investment income		4,264,027			4,456,335			641,846
Net deferred tax liabilities (after offsetting)		1,159,774			4,456,335			641,846
Analysis as:
Current		1,159,774			—			—
Non-current		—			4,456,335			641,846

Movement of Uncertain Tax Positions

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


	RMB			US$
Unrecognized tax benefit—December 31, 2013		9,991,022			1,542,348
Gross increases—accrued interest in current period		1,038,963			160,388
Settlements		—			—
Reverse due to lapse of statute of limitations		—			—
Exchange rate translation		97,712			15,084
Unrecognized tax benefit—December 31, 2014		11,127,697			1,717,820
Gross increases—accrued interest in current period		—			—
Settlements		—			—
Reverse due to lapse of statute of limitations		(11,202,168	)		(1,729,317	)
Exchange rate translation		141,719			21,878
Unrecognized tax benefit—December 31, 2015		67,248			10,381
Gross increases—accrued interest in current period		—			—
Settlements		—			—
Reverse due to lapse of statute of limitations		(67,248	)		(10,381	)
Exchange rate translation		—			—
Unrecognized tax benefit—December 31, 2016		—			—

Loans Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2016

Loans Receivable, Net

Loans receivable as of December 31, 2015 and 2016 consist of the following:


	2015			2016			2016
	RMB			RMB			US$
Loans receivable:
-Within credit term		133,444,399			115,070,663			16,573,623
-Past due		—			—			—
Total loans receivable		133,444,399			115,070,663			16,573,623
Allowance for loan losses		(1,334,502	)		(1,150,707	)		(165,736	)
Loans receivable, net		132,109,897			113,919,956			16,407,887

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, 2015 and 2016.


	RMB			US$
Loans receivable—December 31, 2014		1,166,800			180,123
Provisions		1,225,597			189,200
Reversal of allowance provided		(1,057,895	)		(163,311	)
Charge-offs		—			—
Loans receivable—December 31, 2015		1,334,502			206,012
Provisions		1,150,707			165,736
Reversal of allowance provided		(1,334,502	)		(206,012	)
Charge-offs
Loans receivable—December 31, 2016		1,150,707			165,736

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

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,
	2014		2015		2016		2016
	RMB		RMB		RMB		US$
Share options		9,043,829		33,912,040		39,008,208		5,618,351
Non-vested restricted shares		23,647,858		33,760,448		40,163,109		5,784,691
Total share-based compensation		32,691,687		67,672,488		79,171,317		11,403,042

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:


	2014			2015			2016
Average risk-free rate of return		1.89	%		1.73	%		1.14	%
Weighted average expected option life		6.0 years			6.1 years			6.1 years
Estimated volatility		82.2	%		54.1	%		55.8	%
Average dividend yield		Nil			Nil			Nil

Summary of Stock Option Activity

The following table summarizes option activity during the year ended December 31, 2016:


	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value of Options
				RMB				RMB
Outstanding as of January 1, 2016		762,890			202.91		8.3		133,866,535
Granted		186,425			268.83
Exercised		(62,430	)		90.69
Forfeited		(53,172	)		263.00
Converted to restricted shares		(11,495	)		392.06
Outstanding as of December 31, 2016		822,218			233.37		7.8		76,643,947
Vested and expected to vest as of December 31, 2016		702,914			233.37		7.8		63,813,110
Exercisable as of December 31, 2016		167,812			177.01		7.5		20,634,707

Summary of Non Vested Restricted Share Activity

A summary of non-vested restricted share activity during the year ended December 31, 2016 is presented below:


Non-vested restricted shares	Number of non-vested restricted shares			Weighted-average grant-date fair value
				RMB
Non-vested as of January 1, 2016		249,026			237.14
Granted		122,719			329.22
Conversion from option		5,748			368.40
Vested		(138,492	)		225.45
Forfeited		(23,813	)		442.23
Non-vested as of December 31, 2016		215,188			297.69

Segment Information (Tables)

12 Months Ended

Dec. 31, 2016

Segment Information

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


	Years Ended December 31, 2014
	Wealth Management Business			Assets Management Business			Internet Financial Service Business			Total
	RMB			RMB			RMB			RMB
Revenues:
One-time commissions		423,218,934			—			—			423,218,934
Recurring service fees		243,619,600			76,313,477			—			319,933,077
Performance-based income		7,952,243			16,680,481			—			24,632,724
Other service fees		13,246,685			—			16,732,441			29,979,126
Total third-party revenues		688,037,462			92,993,958			16,732,441			797,763,861
One-time commissions		180,943,785			—			—			180,943,785
Recurring service fees		342,603,359			217,438,078			30,326			560,071,763
Performance-based income		2,444,365			73,897,688						76,342,053
Other service fees		75,050			1,105,055			856,695			2,036,800
Total related party revenues		526,066,559			292,440,821			887,021			819,394,401
Total revenues		1,214,104,021			385,434,779			17,619,462			1,617,158,262
Less: business taxes and related surcharges		(68,598,144	)		(19,319,443	)		(755,784	)		(88,673,371	)
Net revenues		1,145,505,877			366,115,336			16,863,678			1,528,484,891
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(319,572,173	)		(235,762	)		(2,244,639	)		(322,052,574	)
Performance Fee Compensation		—			(22,034,438	)		—			(22,034,438	)
Other Compensation		(214,841,520	)		(124,968,021	)		(53,563,785	)		(393,373,326	)
Total compensation and benefits		(534,413,693	)		(147,238,221	)		(55,808,424	)		(737,460,338	)
Selling expenses		(135,282,336	)		(9,756,483	)		(2,226,991	)		(147,265,810	)
General and administrative expenses		(74,673,516	)		(60,090,462	)		(16,862,300	)		(151,626,278	)
Other operating expenses		(23,641,595	)		(1,674,417	)		(4,645,818	)		(29,961,830	)
Government subsidies		67,303,362			23,601,038			27,062			90,931,462
Total operating cost and expenses		(700,707,778	)		(195,158,545	)		(79,516,471	)		(975,382,794	)
Income (loss) from operations		444,798,099			170,956,791			(62,652,793	)		553,102,097

	Years Ended December 31, 2015
	Wealth Management Business			Assets Management Business			Internet Financial Service Business			Total
	RMB			RMB			RMB			RMB
Revenues:
One-time commissions		390,668,384			520,001			—			391,188,385
Recurring service fees		334,983,117			66,309,348			—			401,292,465
Performance-based income		141,773,493			52,165,537			—			193,939,030
Other service fees		69,447,545			512,475			58,330,241			128,290,261
Total third-party revenues		936,872,539			119,507,361			58,330,241			1,114,710,141
One-time commissions		424,354,473			4,333,018			—			428,687,491
Recurring service fees		324,182,643			310,730,732			—			634,913,375
Performance –based income		—			53,825,293			—			53,825,293
Other service fees		393,683			—			166,123			559,806
Total related party revenues		748,930,799			368,889,043			166,123			1,117,985,965
Total revenues		1,685,803,338			488,396,404			58,496,364			2,232,696,106
Less: business taxes and related surcharges		(88,285,200	)		(23,408,513	)		(1,074,552	)		(112,768,265	)
Net revenues		1,597,518,138			464,987,891			57,421,812			2,119,927,841
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(507,400,087	)		(8,044,612	)		(9,185,024	)		(524,629,723	)
Performance Fee Compensation		—			(24,786,763	)		—			(24,786,763	)
Other Compensation		(348,504,061	)		(150,661,189	)		(115,910,643	)		(615,075,893	)
Total compensation and benefits		(855,904,148	)		(183,492,564	)		(125,095,667	)		(1,164,492,379	)
Selling expenses		(219,286,283	)		(17,278,343	)		(27,250,783	)		(263,815,409	)
General and administrative expenses		(78,850,681	)		(53,554,038	)		(38,524,794	)		(170,929,513	)
Other operating expenses		(53,374,913	)		(19,411,331	)		(21,838,060	)		(94,624,304	)
Government subsidies		75,960,496			56,304,348			444,868			132,709,712
Total operating cost and expenses		(1,131,455,529	)		(217,431,928	)		(212,264,436	)		(1,561,151,893	)
Income (loss) from operations		466,062,609			247,555,963			(154,842,624	)		558,775,948


	Years Ended December 31, 2016
	Wealth Management Business			Assets Management Business			Internet Financial Service Business			Total
	RMB			RMB			RMB			RMB
Revenues:
One-time commissions		809,461,138			1,184,221			—			810,645,359
Recurring service fees		413,085,113			61,915,165			—			475,000,278
Performance-based income		11,143,779			8,596,434			—			19,740,213
Other service fees		67,435,787			—			50,358,068			117,793,855
Total third-party revenues		1,301,125,817			71,695,820			50,358,068			1,423,179,705
One-time commissions		318,554,406			2,887,327			—			321,441,733
Recurring service fees		347,818,641			427,907,685			—			775,726,326
Performance –based income		706,390			38,793,992			—			39,500,382
Other service fees		722,009			—			1,065,914			1,787,923
Total related party revenues		667,801,446			469,589,004			1,065,914			1,138,456,364
Total revenues		1,968,927,263			541,284,824			51,423,982			2,561,636,069
Less: business taxes and related surcharges		(37,274,715	)		(9,474,316	)		(1,314,268	)		(48,063,299	)
Net revenues		1,931,652,548			531,810,508			50,109,714			2,513,572,770
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(556,553,499	)		(1,452,611	)		(5,613,679	)		(563,619,789	)
Performance Fee Compensation					(8,145,016	)		—			(8,145,016	)
Other Compensation		(443,704,242	)		(155,567,371	)		(129,367,542	)		(728,639,155	)
Total compensation and benefits		(1,000,257,741	)		(165,164,998	)		(134,981,221	)		(1,300,403,960	)
Selling expenses		(280,993,783	)		(16,171,723	)		(25,502,012	)		(322,667,518	)
General and administrative expenses		(120,763,794	)		(77,200,486	)		(36,523,786	)		(234,488,066	)
Other operating expenses		(82,058,856	)		(35,922,504	)		(33,106,059	)		(151,087,419	)
Government subsidies		78,444,752			83,919,516			—			162,364,268
Total operating cost and expenses		(1,405,629,422	)		(210,540,195	)		(230,113,078	)		(1,846,282,695	)
Income (loss) from operations		526,023,126			321,270,313			(180,003,364	)		667,290,075

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2016

Related Party Transactions

During the years ended December 31, 2015 and 2016, related party transactions were as follows:


	Years Ended December 31
	2014		2015		2016		2016
	RMB		RMB		RMB		US$
One-time commissions
Investees of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		57,167,835		1,601,930		65,975,239		9,502,410
Investees of Gopher Asset Management Co., Ltd.		31,431,057		87,103,829		29,143,028		4,197,469
Investees of Gopher Capital GP Ltd.		21,610,352		163,062,723		42,830,956		6,168,941
Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company		16,899,267		90,178,715		14,709,830		2,118,656
Wanjia Win-Win		13,728,697		126,706		—		—
Investee funds of Wuhu Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		13,383,558		20,569,000		166,757,151		24,018,026
Investees of Shanghai Gopher Fangduoduo Investment Management Co., Ltd., a consolidated VIE of the Company		—		—		1,129,717		162,713
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company		6,828,836		65,958,819		—		—
Investee funds of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a consolidated VIE of the Company		3,594,621		—		—		—
Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership)		3,169,064		—		—		—
Sequoia Capital Investment Management (Tianjin) Co., Ltd.		2,971,000		—		—		—
Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company		2,637,579		—		—		—
One-time commissions earned from funds subscribed by shareholders		2,639,607		85,769		895,812		129,024
Investee funds of Tianjin Gopher Asset Management Co., Ltd.		2,487,443		—		—		—
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		1,531,599		—		—		—
Gopher RE Credit Fund SP		764,235		—		—		—
Shaoxing Sequoia Huiyuan Capital Investment Fund (Limited Partnership)		99,035		—		—		—
Total one-time commissions		180,943,785		428,687,491		321,441,733		46,297,239
Recurring services fee
Investees of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		71,238,249		17,368,889		226,486,527		32,620,845
Investee funds of Gopher Asset Management Co., Ltd.		97,310,324		109,191,795		128,636,314		18,527,483
Wanjia Win-Win		94,493,711		44,791,972		7,440,558		1,071,663
Investee funds of Wuhu Gopher Asset Management Co., Ltd.		79,651,065		51,807,324		79,315,287		11,423,777
Investees of Shanghai Gopher Investment Management Co., Ltd., a consolidated VIE of the Company		—		—		16,870,674		2,429,882
Sequoia Capital Investment Management (Tianjin) Co., Ltd.		52,667,224		47,850,038		42,404,469		6,107,514
Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company		37,336,074		3,774,933		2,598,464		374,257
Investees of Gopher Capital GP Ltd.		31,373,962		116,225,782		164,488,522		23,691,275
Investee funds of Tianjin Gopher Asset Management Co., Ltd.		25,155,045		25,043,197		34,939,104		5,032,278
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company		20,343,486		148,421,108		—		—
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		15,728,463		7,824,920		5,448,537		784,753
Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a consolidated VIE of the Company		10,327,189		2,682,159		5,567,900		801,944
Wuhu Bona		7,040,886		8,842,927		7,728,080		1,113,075
Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership)		5,587,347		—		—		—
Beijing Sequoia Heyuan Capital Investment Fund (Limited Partnership)		5,238,138		—		—		—
Investee funds of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a consolidated VIE of the Company		4,920,036		4,498,656		—		—
Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd.		1,136,429		38,343,622		44,415,932		6,397,225
Recurring services fee earned from funds subscribed by shareholders		368,473		7,812,281		1,553,624		223,768
Investee funds of Noah Holdings (Hong Kong) Limited		155,662		—		—		—
Investee funds of Kunming Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		—		433,772		1,109,537		159,807
Investees of Shanghai Gopher Fangduoduo Investment Management Co., Ltd., a consolidated VIE of the Company		—		—		3,703,044		533,349
Investees of Shanghai Gopher NuoTie Investment Management Co., Ltd., a consolidated VIE of the Company						2,309,209		332,595
Investees of Shanghai Gopher Yuanhao Investment Management Co., Ltd., a consolidated VIE of the Company						710,544		102,340
Total recurring services fee		560,071,763		634,913,375		775,726,326		111,727,830
Performance-based income
Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company		57,659		23,085,688		4,711,247		678,559
Investee funds of Gopher Capital GP Ltd., a subsidiary		—		—		380,167		54,756
Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a consolidated VIE of the Company		—		10,700,504		—		—
Investee funds of Gopher Asset Management Co., Ltd.		65,100,808		—		6,039,336		869,845
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company		7,044,583		5,690,366		—		—
Investee funds of Wuhu Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		—		14,348,735		16,110,757		2,320,432
Wanjia Win-Win		4,139,003		—		6,913,756		995,788
Investee funds of Kunshan Jingzhao Equity Investment Management Limited		—		—		649,764		93,586
Investee of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		—		—		4,695,355		676,272
Total performance-based income		76,342,053		53,825,293		39,500,382		5,689,238
Other service fee
Investee funds of Gopher Asset Management Co., Ltd.		961,173		—		—		—
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company		89,443		—		—		—
Wanjia Win-Win		573,540		—		—		—
Investee funds of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		303,005		—		—		—
Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company		12,678		—		—		—
Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company		63,679		—		—		—
Other services subscribed by shareholders		15,825		554,596		1,706,065		245,724
Yiwu Xinguang Equity Investment Fund Management Co., Ltd.		9,367		—		—		—
Kunshan Jingzhao		8,090		—		—		—
Investee funds of Gopher Capital GP Ltd., a subsidiary		—		5,210		81,858		11,790
Total other service fee		2,036,800		559,806		1,787,923		257,514
Total		819,394,401		1,117,985,965		1,138,456,364		163,971,821

Amounts Due from Related Parties

As of December 31, 2015 and 2016, amounts due from related parties associated with the above transactions were comprised of the following:


	As of December 31,
	2015		2016		2016
	RMB		RMB		US$
Wanjia Win-Win		30,687,837		9,702,246		1,397,414
Investee funds of Wuhu Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		18,428,721		158,270,393		22,795,678
Investee funds of Gopher Capital GP Ltd., a subsidiary		50,617,764		50,043,708		7,207,793
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		20,322,711		10,193,071		1,468,108
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company		33,423,362		—		—
Investee funds of Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		61,364,006		76,730,690		11,051,518
Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company		935,529		375,130		54,030
Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company		9,629,670		24,635,070		3,548,188
Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a consolidated VIE of the Company		76,647		—		—
Investee funds of Wuhu Gopher Yintai Investment Management Co., Ltd., a consolidated VIE of the Company		22,657		—		—
Investee funds of Tianjin Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		1,473,097		5,679,578		818,029
Investee funds of Kunming Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		50,202		30,391		4,377
Investee funds of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		209,830		75,685,406		10,900,966
Wuhu Bona Film Investment Management Co., Ltd.		1,180,268		4,996,325		719,621
Investees of Shanghai Gopher Fangduoduo Investment Management Co., Ltd., a consolidated VIE of the Company		—		3,828,248		551,382
Investees of Shanghai Gopher Nuo Tie Investment Management Co., Ltd., a consolidated VIE of the Company		—		2,424,197		349,157
Yiwu Xinguang Equity Investment Fund Management Co., Ltd.		—		4,009,600		577,503
Investees of Noah Holdings (Hong Kong) Limited				5,346,413		770,044
Other funds managed by the Group and affiliates		9,813,967		6,889,076		992,233
Total		238,236,268		438,839,542		63,206,041

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

As of December 31, 2015 and 2016, deferred revenues related to the recurring management fee received in advance from related parties were comprised of the following:


	As of December 31,
	2015		2016		2016
	RMB		RMB		US$
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company		10,911,322		—		—
Investee funds of Wuhu Gopher Asset Management Co., Ltd.		28,000		8,881,566		1,279,212
Wanjia Win-Win		69,956		542,734		78,170
Investee funds of Gopher Asset Management Co., Ltd.		12,871,000		2,438,991		351,288
Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company		140,676		—		—
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		7,338		—		—
Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company		5,247,490		—		—
Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a consolidated VIE of the Company		36,472		12,848		1,851
Investee funds of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		28,000		—		—
Investee funds of Gopher Capital GP Ltd., a subsidiary		2,669,774		981,329		141,341
Investee of Tianjin Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		—		194,335		27,990
Investee of Wuhu Gopher Asset Management Co., Ltd., a consolidated VIE of the Company		—		16,766,477		2,414,874
Total		32,010,028		29,818,280		4,294,726

Commitments (Tables)

12 Months Ended

Dec. 31, 2016

Future Minimum Lease Payments Under Non Cancelable Operating Lease Agreements

Future minimum lease payments under non-cancelable operating lease agreements as of December 31, 2016 were as follows:


Years Ended December 31	RMB		US$
2017		71,839,452		10,347,033
2018		61,417,714		8,845,991
2019		50,316,494		7,247,083
2020		43,588,626		6,278,068
2021 and after		131,776,349		18,979,742
Total		358,938,635		51,697,917

Summary of Subsidiaries (Detail)	12 Months Ended
Summary of Subsidiaries (Detail)	Dec. 31, 2016
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%
Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Sep. 29, 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
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%
Zigong Noah Financial Service Co., Ltd.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Oct. 22, 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%
Shanghai Noah Chuangying Enterprise Management Co., Ltd.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Dec. 14, 2015
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	54.93%
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	95.00%
Noah (Shanghai) Financial Leasing Co., Ltd
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Dec. 20, 2014
Place of Incorporation	PRC
Percentage of Ownership	100.00%
Noah Holdings International Limited
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jan. 07, 2015
Place of Incorporation	Hong Kong
Percentage of Ownership	100.00%
Kunshan Noah Rongyao Investment Management Co., Ltd.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Dec. 02, 2015
Place of Incorporation	PRC
Percentage of Ownership	100.00%
Noah Insurance (Hong Kong) Limited
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jan. 03, 2011
Place of Incorporation	Hong Kong
Percentage of Ownership	100.00%
Gopher Holdings (Hong Kong) Limited
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Apr. 05, 2016
Place of Incorporation	Hong Kong
Percentage of Ownership	100.00%
Gopher International Investment Management (Shanghai) Limited
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Nov. 14, 2016
Place of Incorporation	PRC
Percentage of Ownership	92.00%

Noah Investments Subsidiaries (Detail)	12 Months Ended
Noah Investments Subsidiaries (Detail)	Dec. 31, 2016
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%
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%
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%
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%
Gopher- Nuobao (Shanghai) Asset Management Co., Ltd.
Variable Interest Entity [Line Items]
Date of Incorporation	Apr. 10, 2013
Place of Incorporation	PRC
Percentage of Ownership	100.00%

Organization and Principal Activities - Additional Information (Detail)	Dec. 31, 2016
Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd.
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Equity interest sold to Shanghai Noah Financial Service	100.00%

Summary of Principal Accounting Policies - Additional Information (Detail)		12 Months Ended
	May 01, 2016	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)	Dec. 31, 2016 CNY (¥)
Significant Accounting Policies [Line Items]
Interest-free loans extended to VIE founders		$ 3,600,000				¥ 27,000,000
Interest-free loans agreements expiry date		2023-12	2023-12
Non-controlling interests		$ 8,517,237		¥ 85,110,820		¥ 59,135,176
Net income (loss) attributable to non-controlling interests		(5,847,803)	¥ (40,601,294)	(9,522,737)	¥ 17,333,060
Government subsidies		$ 23,385,319	¥ 162,364,268	¥ 132,709,712	¥ 90,931,462
Foreign currency exchange rate, translation		6.943				6.943
Loans charge off period		120 days	120 days
Loan loss provision rate		1.00%		1.00%		1.00%
Variable Interest Entity, Primary Beneficiary \| Credit Concentration Risk \| Net Revenue
Significant Accounting Policies [Line Items]
Concentration risk, percentage		17.30%	17.30%	45.90%	37.10%
Variable Interest Entity, Primary Beneficiary \| Credit Concentration Risk \| Net Income (Loss)
Significant Accounting Policies [Line Items]
Concentration risk, percentage		4.10%	4.10%	62.20%	67.00%
Variable Interest Entity, Primary Beneficiary \| Credit Concentration Risk \| Total Assets
Significant Accounting Policies [Line Items]
Concentration risk, percentage		20.10%	20.10%	35.40%
CHINA
Significant Accounting Policies [Line Items]
VAT rate one (as a percent)	3.00%
VAT rate two (as a percent)	6.00%
VAT rate three (as a percent)	17.00%
Internet Financial Service Business
Significant Accounting Policies [Line Items]
Other service fees as percentage of total net revenue		0.40%	0.40%
Short-term Loans
Significant Accounting Policies [Line Items]
Other service fees as percentage of total net revenue		1.00%	1.00%
Other Businesses
Significant Accounting Policies [Line Items]
Other service fees as percentage of total net revenue		0.60%	0.60%
Minimum
Significant Accounting Policies [Line Items]
Ownership percentage in affiliate to represent influence		20.00%	20.00%
Minimum \| CHINA
Significant Accounting Policies [Line Items]
Business tax and related surcharges		5.35%	5.35%
Maximum \| CHINA
Significant Accounting Policies [Line Items]
Business tax and related surcharges		5.65%	5.65%

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

12 Months Ended

Dec. 31, 2016

USD ($)

Dec. 31, 2016

CNY (¥)

Dec. 31, 2015

CNY (¥)

Dec. 31, 2014

CNY (¥)

Dec. 31, 2016

CNY (¥)

Dec. 31, 2015

USD ($)

Dec. 31, 2015

CNY (¥)

Dec. 31, 2013

CNY (¥)

Variable Interest Entity [Line Items]

Cash and cash equivalents

$ 429,570,728

¥ 1,750,204,915

¥ 2,982,509,565

$ 307,204,908

¥ 2,132,923,674

¥ 1,187,211,176

Restricted cash

144,030

1,000,000

Short-term investments

43,090,081

299,174,435

560,073,899

Accounts receivable, net of allowance for doubtful accounts

29,401,097

204,131,815

122,346,687

Amounts due from related parties

63,206,041

438,839,542

238,236,268

Deferred tax assets

Other current assets

12,786,819

88,778,883

75,141,655

Long-term investments

49,966,920

346,920,327

251,781,945

Property and equipment, net

35,069,784

243,489,512

196,475,249

Other non-current assets

5,566,233

38,646,355

16,885,730

Total assets

857,912,963

5,956,489,700

4,096,994,415

Accrued payroll and welfare expenses

79,969,482

555,228,116

494,688,785

Income tax payable

3,336,020

23,161,986

61,650,980

Deferred revenue

13,431,134

93,252,362

68,425,735

Other current liabilities

48,206,031

334,694,476

340,905,107

Non-current uncertain tax position liabilities

67,248

Other non-current liabilities

14,251,168

98,945,858

77,876,237

Total Liabilities

321,842,714

2,234,553,961

1,562,997,866

Revenue:

Third-party revenues

204,980,513

¥ 1,423,179,705

¥ 1,114,710,141

797,763,861

Related party revenues

163,971,821

1,138,456,364

1,117,985,965

819,394,401

Total revenues

368,952,334

2,561,636,069

2,232,696,106

1,617,158,262

Less: business taxes and related surcharges

(6,922,555)

(48,063,299)

(112,768,265)

(88,673,371)

Net revenues

362,029,779

2,513,572,770

2,119,927,841

1,528,484,891

Other income

9,542,716

66,255,078

76,058,379

48,492,970

Net income

92,730,581

643,828,433

535,824,084

446,552,851

Cash flows provided by (used in) operating activities

98,840,218

686,247,631

675,132,348

589,637,901

Cash flows (used in) provided by investing activities

(127,292,943)

(883,794,899)

(759,462,206)

(93,518,339)

Cash flows provided by financing activities

143,257,249

994,635,081

462,771,650

60,448,133

One Time Commissions

Revenue:

Third-party revenues

116,757,217

810,645,359

391,188,385

423,218,934

Related party revenues

46,297,239

321,441,733

428,687,491

180,943,785

Recurring Service Fees

Revenue:

Third-party revenues

68,414,270

475,000,278

401,292,465

319,933,077

Related party revenues

111,727,830

775,726,326

634,913,375

560,071,763

Performance Based Income

Revenue:

Third-party revenues

2,843,182

19,740,213

193,939,030

24,632,724

Related party revenues

5,689,238

39,500,382

53,825,293

76,342,053

Other Service

Revenue:

Third-party revenues

16,965,844

117,793,855

128,290,261

29,979,126

Related party revenues

257,514

1,787,923

559,806

2,036,800

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity [Line Items]

Cash and cash equivalents

44,977,403

312,278,112

585,191,507

Restricted cash

144,030

1,000,000

Short-term investments

167,583,165

Accounts receivable, net of allowance for doubtful accounts

2,135,694

14,828,126

52,715,369

Amounts due from related parties

30,107,166

209,034,051

135,302,942

Deferred tax assets

1,607,108

11,158,149

26,071,201

Other current assets

4,818,156

33,452,455

23,410,853

Long-term investments

11,690,664

81,168,283

113,390,404

Investment in affiliates

70,324,542

488,263,302

298,229,612

Property and equipment, net

4,148,696

28,804,397

40,161,068

Other non-current assets

1,984,052

13,775,274

5,611,229

Total assets

171,937,511

1,193,762,149

1,448,667,350

Accrued payroll and welfare expenses

10,400,753

72,212,423

181,685,160

Income tax payable

(725,407)

(5,036,501)

55,966,327

Amount due to related parties

1,728,360

12,000,000

Amounts due to the Group's subsidiaries

18,106,533

125,713,660

161,666,257

Deferred revenue

4,297,008

29,834,124

29,021,820

Other current liabilities

4,476,307

31,079,003

76,026,370

Non-current uncertain tax position liabilities

67,248

Other non-current liabilities

39,635,057

Total Liabilities

38,283,554

¥ 265,802,709

¥ 544,068,239

Revenue:

Third-party revenues

15,218,199

105,659,958

502,201,837

216,785,764

Related party revenues

48,915,144

339,617,835

527,748,108

383,647,533

Total revenues

64,133,343

445,277,793

1,029,949,945

600,433,297

Less: business taxes and related surcharges

(1,470,006)

(10,206,252)

(57,713,861)

(33,672,899)

Net revenues

62,663,337

435,071,541

972,236,084

566,760,398

Operating cost and expenses

(65,127,814)

(452,182,413)

(624,541,431)

(183,003,728)

Other income

9,665,536

67,038,384

39,115,317

11,888,078

Net income

3,511,698

24,381,722

327,597,694

310,817,616

Cash flows provided by (used in) operating activities

^[1]

(45,623,625)

(316,764,831)

402,492,302

250,372,200

Cash flows (used in) provided by investing activities

4,176,212

28,995,441

(293,697,015)

(53,726,568)

Cash flows provided by financing activities

2,139,708

14,855,995

3,282,000

1,365,117

Variable Interest Entity, Primary Beneficiary | One Time Commissions

Revenue:

Third-party revenues

170,563

1,184,222

145,325,240

80,516,730

Related party revenues

415,862

2,887,327

122,949,788

21,471,381

Variable Interest Entity, Primary Beneficiary | Recurring Service Fees

Revenue:

Third-party revenues

8,209,405

56,997,896

181,288,609

111,927,921

Related party revenues

40,106,586

278,460,025

348,870,146

285,753,554

Variable Interest Entity, Primary Beneficiary | Performance Based Income

Revenue:

Third-party revenues

1,238,144

8,596,435

165,971,926

22,994,446

Related party revenues

5,532,742

38,413,825

53,825,292

75,204,704

Variable Interest Entity, Primary Beneficiary | Other Service

Revenue:

Third-party revenues

5,600,087

38,881,405

9,616,062

1,346,667

Related party revenues

2,859,954

19,856,658

2,102,882

1,217,894

Variable Interest Entity, Primary Beneficiary | Noah Holdings Limited

Revenue:

Net income

$ 3,186,390

¥ 22,123,106

¥ 326,209,370

¥ 292,244,283

[1]	Cash flows provided by operating activities in 2014, 2015 and 2016 include amounts due to the Group's subsidiaries of RMB169,322,299, RMB161,666,257 and RMB125,713,660 (US$18,106,533).

Amounts in Noah Investment and its Subsidiaries Included in Consolidated Financial Statements (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)
Variable Interest Entity [Line Items]
Increase in amounts due to the Group's subsidiaries	$ 18,106,533	¥ 125,713,660	¥ 161,666,257	¥ 169,322,299

Summary of Maximum Exposure to Loss Associated with Identified Nonconsolidated VIEs (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Variable Interest Entity [Line Items]
Maximum exposure to loss in non-consolidated VIEs	$ 73,674,402	¥ 540,503,047	¥ 397,785,614
Accounts Receivable
Variable Interest Entity [Line Items]
Maximum exposure to loss in non-consolidated VIEs	505,621	32,492,199	14,007,287
Investments
Variable Interest Entity [Line Items]
Maximum exposure to loss in non-consolidated VIEs	$ 73,168,781	¥ 508,010,848	¥ 383,778,327

Summary of Effects of Changes in Company's Ownership Interest in Less than Wholly Owned Subsidiaries on Equity Attributable to Noah Holdings Limited Shareholders (Detail)	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income attributable to Noah Holdings Limited shareholders	$ 92,730,581	¥ 643,828,433	¥ 535,824,084	¥ 446,552,851
Transfers from (to) the non-controlling interest:
Increase in Noah's equity by partial disposal of subsidiaries		161,000,000	32,900,356
Net transfers from (to) non-controlling interest	21,891,091	151,989,845	29,076,110
Change from net income (loss) attributable to Noah and transfers (to) from non-controlling interest	114,621,672	795,818,278	564,900,194	¥ 446,552,851
Parent
Transfers from (to) the non-controlling interest:
Increase in Noah's equity by partial disposal of subsidiaries	$ 21,891,091	¥ 151,989,845	¥ 29,076,110

Estimated Useful Lives of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2016
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)	12 Months Ended
	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2016 CNY (¥) ¥ / shares shares	Dec. 31, 2015 CNY (¥) ¥ / shares shares	Dec. 31, 2014 CNY (¥) ¥ / shares shares
Computation of Earnings Per Share [Line Items]
Net income attributable to Class A and Class B ordinary shareholders-basic	$ 92,730,581	¥ 643,828,433	¥ 535,824,084	¥ 446,552,851
Plus: interest expense for convertible notes	2,778,167	19,288,813	16,050,359
Net income attributable to Class A and Class B ordinary shareholders-diluted	$ 95,508,748	¥ 663,117,246	¥ 551,874,443	¥ 446,552,851
Weighted average number of Class A and Class B ordinary shares outstanding-basic	28,150,139	28,150,139	28,085,521	27,873,501
Plus: shares outstanding for convertible notes	1,736,864	1,736,864	1,575,074
Weighted average number of Class A and Class B ordinary shares outstanding-diluted	30,036,763	30,036,763	30,145,976	28,227,823
Basic net income per share \| (per share)	$ 3.29	¥ 22.87	¥ 19.08	¥ 16.02
Diluted net income per share \| (per share)	$ 3.18	¥ 22.08	¥ 18.31	¥ 15.82
Stock Options
Computation of Earnings Per Share [Line Items]
Additional shares included in the calculation of diluted EPS	133,295	133,295	207,354	178,203
Restricted Stock
Computation of Earnings Per Share [Line Items]
Additional shares included in the calculation of diluted EPS	16,465	16,465	278,027	176,119

Antidilutive Securities Excluded from Computation of Earning Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	316,510	343,750	304,045
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	316,510	343,750	304,045

Investment (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Short-term investments
Held-to-maturity investments	$ 20,823,851	¥ 144,580,000	¥ 25,240,000
Available for sale investments	22,266,230	154,594,435	496,565,847
Other short-term investments			38,268,052
Total short-term investments	43,090,081	299,174,435	560,073,899
Long-term investments
Held-to-maturity investments	19,372,029	134,500,000	56,180,000
Available-for-sale investments			10,069,729
Other long-term investments	30,594,891	212,420,327	185,532,216
Total long-term investments	49,966,920	346,920,327	251,781,945
Total investments	93,057,001	646,094,762	811,855,844
Fixed Income Products
Short-term investments
Held-to-maturity investments	20,823,851	144,580,000	25,240,000
Available for sale investments	22,266,230	154,594,435	496,565,847
Long-term investments
Held-to-maturity investments	19,372,029	134,500,000	56,180,000
Private Equity Funds Products
Long-term investments
Other long-term investments	13,764,732	95,568,533	78,390,404
Other Investments
Long-term investments
Other long-term investments	$ 16,830,159	¥ 116,851,794	¥ 107,141,812

Investments - Additional Information (Detail)	12 Months Ended
Investments - Additional Information (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)	Dec. 31, 2016 CNY (¥)
Schedule of Held-to-maturity Securities [Line Items]
Investment income	$ 5,694,624	¥ 39,537,775	¥ 39,698,790	¥ 38,901,980
Held-to-maturity investments, long-term	19,372,029		56,180,000		¥ 134,500,000
Other comprehensive income-change in fair value of available-for-sale investments		24,692,207	44,166,013	5,164,535
Other comprehensive income-realized gains reclassified from other comprehensive income to "investment income"		27,692,936	43,447,599	2,544,184
Other comprehensive income-net unrealized gains on the available-for-sale investments	$ (678,401)	(4,710,140)	718,414	¥ 2,620,351
Amortized cost of the available-for-sale investments			495,847,433		¥ 152,950,000
PPDAI Group Inc. \| Private Equity Funds Products \| Maximum
Schedule of Held-to-maturity Securities [Line Items]
Percentage of investee's issued share capital	3.00%				3.00%
PPDAI Group Inc. \| Series B Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Percentage of investee's issued share capital	1.96%			2.62%	1.96%
Payment to acquire investment				¥ 14,413,099
PPDAI Group Inc. \| Series B Preferred Stock \| Maximum
Schedule of Held-to-maturity Securities [Line Items]
Percentage of investee's issued share capital	15.00%				15.00%
Held-to-maturity investments
Schedule of Held-to-maturity Securities [Line Items]
Investment income		¥ 21,393,276	4,856,760	¥ 12,496,501
Held to maturity investment, gross unrecognized holding gain					¥ 1,360,819
Held to maturity investment, gross unrecognized holding Loss			2,375,351
Held-to-maturity investments \| Debt Securities of Certain Real Estate Funds
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities			¥ 46,180,000		124,500,000
Held-to-maturity securities, 2017
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity investments, long-term					133,500,000
Held-to-maturity securities, 2019
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity investments, long-term					¥ 1,000,000

Fair Value Measurements of Company's Assets and Liabilities that Measured at Fair Value on A Recurring Basis (Detail) - CNY (¥)	Dec. 31, 2016	Dec. 31, 2015
Long-term investment
Available-for-sale investments		¥ 10,069,729
Recurring Basis
Short-term investment
Available-for-sale investments	154,594,435	496,565,847
Long-term investment
Available-for-sale investments		10,069,729
Recurring Basis \| Significant Other Observable Inputs (Level 2)
Short-term investment
Available-for-sale investments	¥ 154,594,435	496,565,847
Long-term investment
Available-for-sale investments		¥ 10,069,729

- Definition

Investments in debt and equity securities which are categorized neither as held-to-maturity nor trading and which are intended to be sold or mature more than one year from the balance sheet date or operating cycle, if longer. Such securities are reported at fair value; unrealized gains (losses) related to Available-for-sale Securities are excluded from earnings and reported in a separate component of shareholders' equity (other comprehensive income), unless the Available-for-sale security is designated as a hedge or is determined to have had an other than temporary decline in fair value below its amortized cost basis. All or a portion of the unrealized holding gain (loss) of an Available-for-sale security that is designated as being hedged in a fair value hedge is recognized in earnings during the period of the hedge, as are other than temporary declines in fair value below the cost basis for investments in equity securities and debt securities that an entity intends to sell or it is more likely than not that it will be required to sell before the recovery of its amortized cost basis. Other than temporary declines in fair value below the cost basis for debt securities categorized as Available-for-sale that an entity does not intend to sell and for which it is not more likely than not that the entity will be required to sell before the recovery of its amortized cost basis are bifurcated into credit losses and losses related to all other factors. Other than temporary declines in fair value below cost basis related to credit losses are recognized in earnings, and losses related to all other factors are recognized in other comprehensive income.

+ References + Details

Fair Value Measurement - Additional Information (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
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) - CNY (¥)	Dec. 31, 2016	Dec. 31, 2015
Private Equity Funds Products
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - cost method investment, Carrying Value	¥ 95,568,533	¥ 78,390,404
Long-term investment - cost method investment, Fair Value	95,419,830	78,235,701
Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - cost method investment, Carrying Value	116,851,794	107,141,812
Long-term investment - cost method investment, Fair Value	238,803,980	111,841,541
Fixed Income Products
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - held-to-maturity, Carrying Value	134,500,000	56,180,000
Long-term investment - held-to-maturity, Fair Value	135,860,819	53,804,649
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	135,860,819	53,804,649
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	95,419,830	78,235,701
Significant Unobservable Inputs (Level 3) \| Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - cost method investment, Fair Value	¥ 238,803,980	¥ 111,841,541

Balances of Investments in Affiliates (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Schedule of Investments [Line Items]
Funds that the Company serves as general partner	$ 63,803,744	¥ 442,989,395	¥ 255,744,809
Total investment in affiliates	77,657,570	539,176,511	326,155,843
Kunshan Jingzhao Equity Investment Management Co., Ltd.
Schedule of Investments [Line Items]
Equity investments	1,662,262	11,541,091	11,068,436
Kunshan Vantone Zhengyuan Private Equity Fund Management Co., Ltd
Schedule of Investments [Line Items]
Equity investments	752,686	5,225,900	5,424,558
Wanjia Win-Win Assets Management Co., Ltd.
Schedule of Investments [Line Items]
Equity investments	8,660,629	60,130,744	51,077,862
Wuhu Bona Film Investment Management Limited
Schedule of Investments [Line Items]
Equity investments	116,288	807,385	885,264
Beijing Shengyi Technology And Art Company Limited [Member]
Schedule of Investments [Line Items]
Equity investments	233,776	1,623,110	1,954,914
Shanghai Weiying Gopher Investment Management Co., Ltd
Schedule of Investments [Line Items]
Equity investments	152,511	1,058,886
Wuhu Hongxing Meikailong Equity Investment Management Co., Ltd
Schedule of Investments [Line Items]
Equity investments	1,411,494	9,800,000
Hainan Alibaba Picture Investment Management Co., Ltd
Schedule of Investments [Line Items]
Equity investments	576,120	4,000,000
Shanghai Nuoya Commercial Operation Management Co., Ltd
Schedule of Investments [Line Items]
Equity investments	288,060	2,000,000
Gopher Transform Private Fund
Schedule of Investments [Line Items]
Funds that the Company serves as general partner	21,604,494	150,000,000
Real Estate Funds
Schedule of Investments [Line Items]
Funds that the Company serves as general partner	7,255,277	50,373,389	46,924,414
Private Equity Funds Products
Schedule of Investments [Line Items]
Funds that the Company serves as general partner	34,937,865	242,573,595	208,778,546
Other Fixed Income Investments [Member]
Schedule of Investments [Line Items]
Funds that the Company serves as general partner	$ 6,108	¥ 42,411	¥ 41,849

Investment in Affiliates - Additional Information (Detail)	1 Months Ended									3 Months Ended	12 Months Ended
	Oct. 31, 2016 CNY (¥)	Aug. 31, 2016 CNY (¥)	Apr. 30, 2016 CNY (¥)	Jan. 31, 2016 CNY (¥)	Jul. 31, 2015 CNY (¥)	Jul. 31, 2013 CNY (¥)	Feb. 28, 2013 CNY (¥)	Nov. 30, 2012 CNY (¥)	May 31, 2011 CNY (¥)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)
Investments in and Advances to Affiliates [Line Items]
Income (loss) from equity in affiliates											$ 3,218,046	¥ 22,342,896	¥ 21,352,767	¥ 13,583,865
Kunshan Jingzhao Equity Investment Management Co., Ltd.
Investments in and Advances to Affiliates [Line Items]
Capital Injected in to a joint venture									¥ 4,000,000
Equity Interest ownership									40.00%
Kunshan Vantone Zhengyuan Private Equity Fund Management Co., Ltd
Investments in and Advances to Affiliates [Line Items]
Capital Injected in to a joint venture								¥ 3,800,000
Equity Interest ownership								15.00%
Wanjia Win-Win Assets Management Co., Ltd.
Investments in and Advances to Affiliates [Line Items]
Capital Injected in to a joint venture							¥ 21,000,000
Equity Interest ownership							35.00%
Wuhu Bona Film Investment Management Limited
Investments in and Advances to Affiliates [Line Items]
Capital Injected in to a joint venture						¥ 800,000
Equity Interest ownership						15.00%
Beijing Shengyi Technology And Art Company Limited [Member]
Investments in and Advances to Affiliates [Line Items]
Capital Injected in to a joint venture					¥ 2,700,000
Equity Interest ownership					25.00%
Shanghai Weiying Gopher Investment Management Co., Ltd
Investments in and Advances to Affiliates [Line Items]
Capital Injected in to a joint venture				¥ 1,200,000
Equity Interest ownership				30.00%
Wuhu Hongxing Meikailong Equity Investment Management Co., Ltd
Investments in and Advances to Affiliates [Line Items]
Capital Injected in to a joint venture			¥ 9,800,000
Equity Interest ownership			50.00%
Hainan Alibaba Picture Investment Management Co., Ltd
Investments in and Advances to Affiliates [Line Items]
Capital Injected in to a joint venture		¥ 4,000,000
Equity Interest ownership		40.00%
Shanghai Nuoya Commercial Operation Management Co., Ltd
Investments in and Advances to Affiliates [Line Items]
Capital Injected in to a joint venture	¥ 2,000,000
Equity Interest ownership	30.00%
Gopher Transform Private Fund
Investments in and Advances to Affiliates [Line Items]
Capital injected in to a joint venture										¥ 150,000,000
Investment at cost, percentage										48.00%
Maximum \| Gopher Asset Management Co., Ltd. \| Real Estate Funds
Investments in and Advances to Affiliates [Line Items]
Equity Interest ownership										1.70%	1.70%	1.70%
Maximum \| Gopher Asset Management Co., Ltd. \| Private Equity Funds Products
Investments in and Advances to Affiliates [Line Items]
Equity Interest ownership										5.00%	5.00%	5.00%

Property and Equipment, Net (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Property, Plant and Equipment [Line Items]
Leasehold improvements	$ 19,993,270	¥ 138,813,271	¥ 109,826,051
Furniture, fixtures and equipment	12,310,147	85,469,351	63,763,654
Motor vehicles	7,192,882	49,940,181	23,019,817
Software	9,220,336	64,016,790	39,034,783
Property, Plant and Equipment, Gross, Total	48,716,635	338,239,593	235,644,305
Accumulated depreciation	(18,703,096)	(129,855,593)	(79,150,194)
Property Plant And Equipment Net Excluding Construction In Progress, Total	30,013,539	208,384,000	156,494,111
Construction in progress	5,056,245	35,105,512	39,981,138
Property and equipment, net	$ 35,069,784	¥ 243,489,512	¥ 196,475,249

Property and Equipment, Net - Additional Information (Detail) - CNY (¥)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Depreciation expense	¥ 61,320,332	¥ 34,417,668	¥ 22,398,968

Other Current Liabilities (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Other Liabilities Current [Line Items]
Accrued expenses	$ 18,248,338	¥ 126,698,212	¥ 82,870,781
Advance from customers	2,913,317	20,227,161	19,587,242
Interest payable for convertible notes	1,205,625	8,370,658	7,461,952
Other payables	11,283,542	78,341,632	32,661,326
Payable for purchases of property and equipment	1,614,418	11,208,902	13,391,314
Other tax payable	7,031,073	48,816,742	41,698,015
Amount due to related party	1,728,360	12,000,000
Total	48,206,031	334,694,476	340,905,107
Investor One
Other Liabilities Current [Line Items]
Payable to individual investors of internet financial service business	$ 4,181,358	¥ 29,031,169	¥ 143,234,477

Income Taxes - Additional Information (Detail)	12 Months Ended
Income Taxes - Additional Information (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 USD ($)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)	Dec. 31, 2016 CNY (¥)
Income Taxes [Line Items]
Income tax rate	25.00%	25.00%	25.00%	25.00%	25.00%
Operating loss carry forward						¥ 572,253
Operating loss carry forwards expiration year	2017	2017
Deferred tax asset allowance	$ 4,970,312			¥ 12,665,420		34,508,881
Deferred tax asset allowance rate	4.70%	4.70%	2.00%	2.00%
Accumulated undistributed earnings of Group's PRC subsidiaries						1,900,000,000
Increase in unrecognized tax benefit		¥ 0		¥ 0	¥ 0
Unrecognized tax benefit, interest on income tax expense					¥ 1,038,963
Unrecognized tax benefit, accrued interest in current period				29,033
Reverse due to lapse of statute of limitations	$ 10,381	¥ 67,248	$ 1,729,317	¥ 11,202,168
Minimum
Income Taxes [Line Items]
Withholding income tax rate	5.00%	5.00%
Maximum
Income Taxes [Line Items]
Withholding income tax rate	10.00%	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	3 years
If underpayment of tax liability exceeding RMB0.1 million
Income Taxes [Line Items]
Unrecognized tax benefit, statute of limitations	5 years	5 years
In the case of a related party transaction
Income Taxes [Line Items]
Unrecognized tax benefit, statute of limitations	10 years	10 years
Inland Revenue, Hong Kong
Income Taxes [Line Items]
Income tax rate	16.50%	16.50%
State Administration of Taxation, People's Republic of China
Income Taxes [Line Items]
Income tax rate	25.00%	25.00%
Estimated Effective Income Tax Rate
Income Taxes [Line Items]
Deferred tax asset allowance rate	76.10%	76.10%
Peoples Republic of China and Hong Kong
Income Taxes [Line Items]
Operating loss carry forward						¥ 247,000,000

Tax Expense Benefit (Detail)	12 Months Ended
Tax Expense Benefit (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)
Income Taxes [Line Items]
Current Tax	$ 23,990,099	¥ 166,563,258	¥ 136,698,765	¥ 173,388,429
Deferred Tax	(1,233,857)	(8,566,670)	(6,813,018)	(22,095,408)
Total	$ 22,756,242	¥ 157,996,588	¥ 129,885,747	¥ 151,293,021

Reconciliation Between Statutory Tax Rate to Income Before Income Taxes and Actual Provision for Income Taxes (Detail)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Rate Reconciliation [Line Items]
PRC income tax rate	25.00%	25.00%	25.00%
Expenses not deductible for tax purposes	0.17%	0.00%	0.38%
Effect of tax-free investment income	(4.44%)	(2.97%)	(0.62%)
Effect of uncertain tax positions	(0.01%)	(1.75%)	0.17%
Effect of different tax rate of subsidiary operation in other jurisdiction	(3.96%)	(0.70%)	(0.07%)
Effect of deferred tax asset allowance	4.70%	2.00%
Effect of tax holidays	(1.82%)	(1.28%)	(0.67%)
Effect of intra-group share transfer	1.96%
Effect of others	(0.06%)	0.16%	0.96%
Effective Income Tax Rate Reconciliation, Percent, Total	21.54%	20.46%	25.15%

Aggregate Amount and Per Share Effect of the Tax Holiday (Detail)	12 Months Ended
	Dec. 31, 2016 USD ($) $ / shares	Dec. 31, 2016 CNY (¥) ¥ / shares	Dec. 31, 2015 CNY (¥) ¥ / shares	Dec. 31, 2014 CNY (¥) ¥ / shares
Income Tax Holiday [Line Items]
Aggregate	$ 1,924,682	¥ 13,363,068	¥ 8,103,295	¥ 4,007,311
Per share effect-basic \| (per share)	$ 0.07	¥ 0.47	¥ 0.29	¥ 0.14
Per share effect-diluted \| (per share)	$ 0.06	¥ 0.44	¥ 0.27	¥ 0.14

Principal Components of Deferred Income Tax Asset and Liabilities (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Deferred tax assets:
Accrued expenses	$ 3,472,152	¥ 24,107,150	¥ 18,992,967
Tax loss carry forward	9,077,236	63,023,249	36,546,645
Unrealized other income	447,241	3,105,198	3,734,748
Others	12	83	358,881
Gross deferred tax assets	12,996,641	90,235,680	59,633,241
Valuation allowance	(4,970,312)	(34,508,881)	(12,665,420)
Net deferred tax assets	8,026,329	55,726,799	46,967,821
Current			3,104,253
Non-current	8,026,329	55,726,799	43,863,568
Deferred tax liabilities:
Unrealized investment income	641,846	4,456,335	4,264,027
Net deferred tax liabilities (after offsetting)	641,846	4,456,335	1,159,774
Current			¥ 1,159,774
Non-current	$ 641,846	¥ 4,456,335

Movement of Uncertain Tax Positions (Detail)	12 Months Ended
Movement of Uncertain Tax Positions (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 USD ($)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 USD ($)	Dec. 31, 2014 CNY (¥)
Schedule of Unrecognized Tax Benefits [Line Items]
Unrecognized tax benefit, beginning balance	$ 10,381	¥ 67,248	$ 1,717,820	¥ 11,127,697	$ 1,542,348	¥ 9,991,022
Gross increases-accrued interest in current period					160,388	1,038,963
Settlements	0	0	0	0	0	0
Reverse due to lapse of statute of limitations	$ (10,381)	¥ (67,248)	(1,729,317)	(11,202,168)
Exchange rate translation			21,878	141,719	15,084	97,712
Unrecognized tax benefit, ending balance			$ 10,381	¥ 67,248	$ 1,717,820	¥ 11,127,697

Loans Receivable (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Loans receivable:
Total loans receivable	$ 16,573,623	¥ 115,070,663	¥ 133,444,399
Allowance for loan losses	(165,736)	(1,150,707)	(1,334,502)
Loans receivable, net	16,407,887	113,919,956	132,109,897
Within Credit Term Loans
Loans receivable:
Total loans receivable	$ 16,573,623	¥ 115,070,663	¥ 133,444,399

Loans Receivable, Net - Additional Information (Detail)	Dec. 31, 2016 CNY (¥)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Securities received as collateral	¥ 93,170,665
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan interest rate	4.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan interest rate	14.40%

Activity in Allowance for Loan Losses (Detail)	12 Months Ended
Activity in Allowance for Loan Losses (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 USD ($)	Dec. 31, 2015 CNY (¥)
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance	$ 206,012	¥ 1,334,502	$ 180,123	¥ 1,166,800
Provisions	165,736	1,150,707	189,200	1,225,597
Reversal of allowance provided	(206,012)	(1,334,502)	(163,311)	(1,057,895)
Charge-offs	0	0	0	0
Ending balance	$ 165,736	¥ 1,150,707	$ 206,012	¥ 1,334,502

Convertible Notes - Additional Information (Detail) - Convertible notes (Notes)		12 Months Ended
	Feb. 03, 2015 USD ($) $ / shares	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥) ¥ / shares
Debt Instrument [Line Items]
Debt instrument, face amount	$ 80,000,000		¥ 555,000,000
Debt instrument, interest rate	3.50%
Debt instrument, maturity date	Feb. 03, 2020
Debt Instrument, frequency of periodic payment	Semiannually
Debt instrument, initial conversion price \| (per share)	$ 23.03		¥ 159.90
Debt Instrument, initial conversion rate	0.0434216
Debt Instrument, repurchase price as a percentage of principal amount	100.00%
Debt issuance costs	$ 0		¥ 0
Number of ADS that each ordinary share represents	2
Portion of debt to be converted	$ 10,000,000
Amount of convertible notes converted		$ 0

Redeemable Non-controlling Interest of a Subsidiary - Additional Information (Detail)	1 Months Ended	12 Months Ended
	Dec. 31, 2016 CNY (¥)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)
Redeemable Noncontrolling Interest [Line Items]
Selling price of redeemable non-controlling interest holders		$ 48,394,066	¥ 336,000,000
Beijing Sequoia Mingde Equity Investment Center (Limited Partnership) \| Gopher International Limited
Redeemable Noncontrolling Interest [Line Items]
Percentage of equity shares sold	8.00%		8.00%
Selling price of redeemable non-controlling interest holders	¥ 336,000,000
No-interest bearing loan	¥ 12,000,000		¥ 12,000,000
Percentage of loan covert to equity interests	8.00%
Compound annual interest rate	8.00%
Accretion to redemption value	¥ 0

Summary of Redeemable Non-controlling Interest (Detail)	12 Months Ended
Summary of Redeemable Non-controlling Interest (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)
Redeemable Noncontrolling Interest [Line Items]
Issuance of redeemable non-controlling interest of a subsidiary	$ 48,394,066	¥ 336,000,000
Loss attributable to redeemable non-controlling interest of a subsidiary	(768,498)	(5,335,678)
Redeemable non-controlling interest - end of the year	$ 47,625,568	¥ 330,664,322

Share Repurchase - Additional Information (Detail)	12 Months Ended
Share Repurchase - Additional Information (Detail)	Dec. 31, 2016 USD ($) shares	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥) shares	Dec. 31, 2016 CNY (¥) shares
Equity, Class of Treasury Stock [Line Items]
Repurchase of ordinary shares	$ 1,800,000	¥ 12,602,156	¥ 44,586,036
Ordinary shares, treasury stock \| shares	1,287,205		1,246,073	1,287,205
Ordinary shares purchased on open market, total cash consideration \| $	$ 20,500,000
Treasury stock	$ 18,787,083		¥ 117,836,564	¥ 130,438,720

Share Based Compensation Expense by Type of Award (Detail)	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 11,403,042	¥ 79,171,317	¥ 67,672,488	¥ 32,691,687
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	5,618,351	39,008,208	33,912,040	9,043,829
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 5,784,691	¥ 40,163,109	¥ 33,760,448	¥ 23,647,858

Share-Based Compensation - Additional Information (Detail)			12 Months Ended
	Aug. 06, 2014 USD ($) $ / shares shares	Aug. 06, 2014 CNY (¥) ¥ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2016 CNY (¥) ¥ / shares shares	Dec. 31, 2015 $ / shares	Dec. 31, 2015 CNY (¥) ¥ / shares shares	Dec. 31, 2014 $ / shares	Dec. 31, 2014 CNY (¥) ¥ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of options granted \| (per share)			$ 47.96	¥ 319.16	$ 45.50	¥ 294.76	$ 27.87	¥ 172.92
Options exercised			62,430	62,430		49,887		128,457
Unrecognized compensation expense related to unvested share options \| ¥				¥ 117,690,049
Unrecognized compensation expense, period for recognition			2 years 7 months 28 days	2 years 7 months 28 days
Restricted shares granted			122,719	122,719
Incremental compensation cost related to plan modified \| $			$ 150,494
Conversion from option			5,748	5,748
Converted to restricted shares			11,495	11,495
Weighted average exercise price \| ¥ / shares				¥ 90.69
Before Modification
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price \| $ / shares			$ 56.25
After Modification
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price \| $ / shares			$ 0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition			2 years 4 months 17 days	2 years 4 months 17 days
Total fair value of non-vested restricted shares \| ¥				¥ 31,223,067		¥ 24,959,520		¥ 22,954,162
Unrecognized compensation expense related to non-vested restricted shares \| ¥				¥ 59,313,954
Restricted Stock \| Modification of Exercise Price
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition	2 years	2 years
Incremental compensation cost related to plan modified	$ 300,000	¥ 1,900,000
Restricted Stock \| Modification of Exercise Price \| Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted	19,375	19,375
Restricted Stock \| Modification of Exercise Price \| Before Modification
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Converted to restricted shares \| (per share)	$ 37.03	¥ 229.76
Restricted Stock \| Modification of Exercise Price \| After Modification
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Converted to restricted shares \| $ / shares	$ 0
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%	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%	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	10 years
Vesting period for remaining the 75% of options granted			36 months	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%	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%	75.00%

Black Scholes Pricing Model Assumptions used to Estimate Fair Value of Options Granted (Detail)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free rate of return	1.14%	1.73%	1.89%
Weighted average expected option life	6 years 1 month 6 days	6 years 1 month 6 days	6 years
Estimated volatility	55.80%	54.10%	82.20%
Average dividend yield

Stock Option Activity (Detail) - CNY (¥)	12 Months Ended
Stock Option Activity (Detail) - CNY (¥)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Number of options
Outstanding as of January 1, 2016	762,890
Granted	186,425
Exercised	(62,430)	(49,887)	(128,457)
Forfeited	(53,172)
Converted to restricted shares	(11,495)
Outstanding as of December 31, 2016	822,218	762,890
Vested and expected to vest as of December 31, 2016	702,914
Exercisable as of December 31, 2016	167,812
Weighted-Average Exercise Price
Outstanding as of January 1, 2016	¥ 202.91
Granted	268.83
Exercised	90.69
Forfeited	263.00
Converted to restricted shares	392.06
Outstanding as of December 31, 2016	233.37	¥ 202.91
Vested and expected to vest as of December 31, 2016	233.37
Exercisable as of December 31, 2016	¥ 177.01
Weighted-Average Remaining Contractual Term
Outstanding	7 years 9 months 18 days	8 years 3 months 18 days
Vested and expected to vest as of December 31, 2016	7 years 9 months 18 days
Exercisable as of December 31, 2016	7 years 6 months
Aggregate Intrinsic Value of Options
Outstanding as of January 1, 2016	¥ 133,866,535
Outstanding as of December 31, 2016	76,643,947	¥ 133,866,535
Vested and expected to vest as of December 31, 2016	63,813,110
Exercisable as of December 31, 2016	¥ 20,634,707

Summary of Non Vested Restricted Share Activity (Detail)	12 Months Ended
	Dec. 31, 2016 ¥ / shares shares
Number of non-vested restricted shares
Beginning Balance \| shares	249,026
Granted \| shares	122,719
Conversion from option \| shares	5,748
Vested \| shares	(138,492)
Forfeited \| shares	(23,813)
Ending Balance \| shares	215,188
Weighted-average grant-date fair value
Beginning Balance \| ¥ / shares	¥ 237.14
Granted \| ¥ / shares	329.22
Conversion from option \| ¥ / shares	368.40
Vested \| ¥ / shares	225.45
Forfeited \| ¥ / shares	442.23
Ending Balance \| ¥ / shares	¥ 297.69

Employee Benefit Plans - Additional Information (Detail) - CNY (¥)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Contribution for multi-employer defined contribution plan	¥ 140,992,601	¥ 115,004,962	¥ 71,135,997

Restricted Assets - Additional Information (Detail) - CNY (¥)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
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	¥ 208,825,136	¥ 168,697,072
Restricted share capital of PRC subsidiaries	1,116,574,950	1,065,321,750
Restricted net assets	1,325,400,086	1,234,018,822
Variable Interest Entity, Primary Beneficiary
Workers' Compensation Insurance and Reserves [Line Items]
Restricted net assets	¥ 344,383,556	¥ 438,896,279

Segment Information (Detail)	12 Months Ended
Segment Information (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)
Revenues:
Total third-party revenues	$ 204,980,513	¥ 1,423,179,705	¥ 1,114,710,141	¥ 797,763,861
Total related party revenues	163,971,821	1,138,456,364	1,117,985,965	819,394,401
Total revenues	368,952,334	2,561,636,069	2,232,696,106	1,617,158,262
Less: business taxes and related surcharges	(6,922,555)	(48,063,299)	(112,768,265)	(88,673,371)
Net revenues	362,029,779	2,513,572,770	2,119,927,841	1,528,484,891
Operating cost and expenses:
Relationship manager compensation	(81,178,135)	(563,619,789)	(524,629,723)	(322,052,574)
Performance fee compensation	(1,173,126)	(8,145,016)	(24,786,763)	(22,034,438)
Other Compensation	(104,945,867)	(728,639,155)	(615,075,893)	(393,373,326)
Total compensation and benefits	(187,297,128)	(1,300,403,960)	(1,164,492,379)	(737,460,338)
Selling expenses	(46,473,789)	(322,667,518)	(263,815,409)	(147,265,810)
General and administrative expenses	(33,773,306)	(234,488,066)	(170,929,513)	(151,626,278)
Other operating expenses	(21,761,115)	(151,087,419)	(94,624,304)	(29,961,830)
Government subsidies	23,385,319	162,364,268	132,709,712	90,931,462
Total operating cost and expenses	(265,920,019)	(1,846,282,695)	(1,561,151,893)	(975,382,794)
Income (loss) from operations	96,109,760	667,290,075	558,775,948	553,102,097
One Time Commissions
Revenues:
Total third-party revenues	116,757,217	810,645,359	391,188,385	423,218,934
Total related party revenues	46,297,239	321,441,733	428,687,491	180,943,785
Recurring Service Fees
Revenues:
Total third-party revenues	68,414,270	475,000,278	401,292,465	319,933,077
Total related party revenues	111,727,830	775,726,326	634,913,375	560,071,763
Performance Based Income
Revenues:
Total third-party revenues	2,843,182	19,740,213	193,939,030	24,632,724
Total related party revenues	5,689,238	39,500,382	53,825,293	76,342,053
Other Service
Revenues:
Total third-party revenues	16,965,844	117,793,855	128,290,261	29,979,126
Total related party revenues	$ 257,514	1,787,923	559,806	2,036,800
Wealth Management
Revenues:
Total third-party revenues		1,301,125,817	936,872,539	688,037,462
Total related party revenues		667,801,446	748,930,799	526,066,559
Total revenues		1,968,927,263	1,685,803,338	1,214,104,021
Less: business taxes and related surcharges		(37,274,715)	(88,285,200)	(68,598,144)
Net revenues		1,931,652,548	1,597,518,138	1,145,505,877
Operating cost and expenses:
Relationship manager compensation		(556,553,499)	(507,400,087)	(319,572,173)
Other Compensation		(443,704,242)	(348,504,061)	(214,841,520)
Total compensation and benefits		(1,000,257,741)	(855,904,148)	(534,413,693)
Selling expenses		(280,993,783)	(219,286,283)	(135,282,336)
General and administrative expenses		(120,763,794)	(78,850,681)	(74,673,516)
Other operating expenses		(82,058,856)	(53,374,913)	(23,641,595)
Government subsidies		78,444,752	75,960,496	67,303,362
Total operating cost and expenses		(1,405,629,422)	(1,131,455,529)	(700,707,778)
Income (loss) from operations		526,023,126	466,062,609	444,798,099
Wealth Management \| One Time Commissions
Revenues:
Total third-party revenues		809,461,138	390,668,384	423,218,934
Total related party revenues		318,554,406	424,354,473	180,943,785
Wealth Management \| Recurring Service Fees
Revenues:
Total third-party revenues		413,085,113	334,983,117	243,619,600
Total related party revenues		347,818,641	324,182,643	342,603,359
Wealth Management \| Performance Based Income
Revenues:
Total third-party revenues		11,143,779	141,773,493	7,952,243
Total related party revenues		706,390		2,444,365
Wealth Management \| Other Service
Revenues:
Total third-party revenues		67,435,787	69,447,545	13,246,685
Total related party revenues		722,009	393,683	75,050
Asset Management Business
Revenues:
Total third-party revenues		71,695,820	119,507,361	92,993,958
Total related party revenues		469,589,004	368,889,043	292,440,821
Total revenues		541,284,824	488,396,404	385,434,779
Less: business taxes and related surcharges		(9,474,316)	(23,408,513)	(19,319,443)
Net revenues		531,810,508	464,987,891	366,115,336
Operating cost and expenses:
Relationship manager compensation		(1,452,611)	(8,044,612)	(235,762)
Performance fee compensation		(8,145,016)	(24,786,763)	(22,034,438)
Other Compensation		(155,567,371)	(150,661,189)	(124,968,021)
Total compensation and benefits		(165,164,998)	(183,492,564)	(147,238,221)
Selling expenses		(16,171,723)	(17,278,343)	(9,756,483)
General and administrative expenses		(77,200,486)	(53,554,038)	(60,090,462)
Other operating expenses		(35,922,504)	(19,411,331)	(1,674,417)
Government subsidies		83,919,516	56,304,348	23,601,038
Total operating cost and expenses		(210,540,195)	(217,431,928)	(195,158,545)
Income (loss) from operations		321,270,313	247,555,963	170,956,791
Asset Management Business \| One Time Commissions
Revenues:
Total third-party revenues		1,184,221	520,001
Total related party revenues		2,887,327	4,333,018
Asset Management Business \| Recurring Service Fees
Revenues:
Total third-party revenues		61,915,165	66,309,348	76,313,477
Total related party revenues		427,907,685	310,730,732	217,438,078
Asset Management Business \| Performance Based Income
Revenues:
Total third-party revenues		8,596,434	52,165,537	16,680,481
Total related party revenues		38,793,992	53,825,293	73,897,688
Asset Management Business \| Other Service
Revenues:
Total third-party revenues			512,475
Total related party revenues				1,105,055
Internet Financial Service Business
Revenues:
Total third-party revenues		50,358,068	58,330,241	16,732,441
Total related party revenues		1,065,914	166,123	887,021
Total revenues		51,423,982	58,496,364	17,619,462
Less: business taxes and related surcharges		(1,314,268)	(1,074,552)	(755,784)
Net revenues		50,109,714	57,421,812	16,863,678
Operating cost and expenses:
Relationship manager compensation		(5,613,679)	(9,185,024)	(2,244,639)
Other Compensation		(129,367,542)	(115,910,643)	(53,563,785)
Total compensation and benefits		(134,981,221)	(125,095,667)	(55,808,424)
Selling expenses		(25,502,012)	(27,250,783)	(2,226,991)
General and administrative expenses		(36,523,786)	(38,524,794)	(16,862,300)
Other operating expenses		(33,106,059)	(21,838,060)	(4,645,818)
Government subsidies			444,868	27,062
Total operating cost and expenses		(230,113,078)	(212,264,436)	(79,516,471)
Income (loss) from operations		(180,003,364)	(154,842,624)	(62,652,793)
Internet Financial Service Business \| Recurring Service Fees
Revenues:
Total related party revenues				30,326
Internet Financial Service Business \| Other Service
Revenues:
Total third-party revenues		50,358,068	58,330,241	16,732,441
Total related party revenues		¥ 1,065,914	¥ 166,123	¥ 856,695

Related Party Transactions (Detail)	12 Months Ended
Related Party Transactions (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)
Related Party Transaction [Line Items]
Related party revenues	$ 163,971,821	¥ 1,138,456,364	¥ 1,117,985,965	¥ 819,394,401
One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	46,297,239	321,441,733	428,687,491	180,943,785
One Time Commissions \| Shanghai Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	9,502,410	65,975,239	1,601,930	57,167,835
One Time Commissions \| Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	4,197,469	29,143,028	87,103,829	31,431,057
One Time Commissions \| Gopher Capital GP Ltd
Related Party Transaction [Line Items]
Related party revenues	6,168,941	42,830,956	163,062,723	21,610,352
One Time Commissions \| Gopher- Nuobao (Shanghai) Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	2,118,656	14,709,830	90,178,715	16,899,267
One Time Commissions \| Wanjia Win-Win.
Related Party Transaction [Line Items]
Related party revenues			126,706	13,728,697
One Time Commissions \| Wuhu Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	24,018,026	166,757,151	20,569,000	13,383,558
One Time Commissions \| Shanghai Gopher Fangduoduo Investment Management Co., Ltd
Related Party Transaction [Line Items]
Related party revenues	162,713	1,129,717
One Time Commissions \| Shanghai Gopher Languang Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			65,958,819	6,828,836
One Time Commissions \| Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues				3,594,621
One Time Commissions \| Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership)
Related Party Transaction [Line Items]
Related party revenues				3,169,064
One Time Commissions \| Sequoia Capital Investment Management (Tianjin) Co., Ltd
Related Party Transaction [Line Items]
Related party revenues				2,971,000
One Time Commissions \| Hangzhou Vanke Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues				2,637,579
One Time Commissions \| One-Time Commissions Earned from Funds Subscribed by Shareholders
Related Party Transaction [Line Items]
Related party revenues	129,024	895,812	85,769	2,639,607
One Time Commissions \| Tianjin Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues				2,487,443
One Time Commissions \| Kunshan Jingzhao Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues				1,531,599
One Time Commissions \| Gopher RE Credit Fund SP
Related Party Transaction [Line Items]
Related party revenues				764,235
One Time Commissions \| Shaoxing Sequoia Huiyuan Capital Investment Fund (Limited Partnership)
Related Party Transaction [Line Items]
Related party revenues				99,035
Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	111,727,830	775,726,326	634,913,375	560,071,763
Recurring Service Fees \| Shanghai Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	32,620,845	226,486,527	17,368,889	71,238,249
Recurring Service Fees \| Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	18,527,483	128,636,314	109,191,795	97,310,324
Recurring Service Fees \| Gopher Capital GP Ltd
Related Party Transaction [Line Items]
Related party revenues	23,691,275	164,488,522	116,225,782	31,373,962
Recurring Service Fees \| Gopher- Nuobao (Shanghai) Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	6,397,225	44,415,932	38,343,622	1,136,429
Recurring Service Fees \| Wanjia Win-Win.
Related Party Transaction [Line Items]
Related party revenues	1,071,663	7,440,558	44,791,972	94,493,711
Recurring Service Fees \| Wuhu Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	11,423,777	79,315,287	51,807,324	79,651,065
Recurring Service Fees \| Shanghai Gopher Fangduoduo Investment Management Co., Ltd
Related Party Transaction [Line Items]
Related party revenues	533,349	3,703,044
Recurring Service Fees \| Shanghai Gopher Languang Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			148,421,108	20,343,486
Recurring Service Fees \| Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			4,498,656	4,920,036
Recurring Service Fees \| Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership)
Related Party Transaction [Line Items]
Related party revenues				5,587,347
Recurring Service Fees \| Hangzhou Vanke Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	374,257	2,598,464	3,774,933	37,336,074
Recurring Service Fees \| Tianjin Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	5,032,278	34,939,104	25,043,197	25,155,045
Recurring Service Fees \| Kunshan Jingzhao Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	784,753	5,448,537	7,824,920	15,728,463
Recurring Service Fees \| Shanghai Gopher Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	2,429,882	16,870,674
Recurring Service Fees \| Sequoia Capital Investment Management Tianjin Company Limited
Related Party Transaction [Line Items]
Related party revenues	6,107,514	42,404,469	47,850,038	52,667,224
Recurring Service Fees \| Chongqing Gopher Longxin Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	801,944	5,567,900	2,682,159	10,327,189
Recurring Service Fees \| Wuhu Bona Film Investment Management Limited
Related Party Transaction [Line Items]
Related party revenues	1,113,075	7,728,080	8,842,927	7,040,886
Recurring Service Fees \| Beijing Sequoia Heyuan Capital Investment Fund Limited Partnership
Related Party Transaction [Line Items]
Related party revenues				5,238,138
Recurring Service Fees \| Recurring Services Fee Earned from Funds Subscribed by Shareholders
Related Party Transaction [Line Items]
Related party revenues	223,768	1,553,624	7,812,281	368,473
Recurring Service Fees \| Noah Holdings (Hong Kong) Limited
Related Party Transaction [Line Items]
Related party revenues				155,662
Recurring Service Fees \| Kunming Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	159,807	1,109,537	433,772
Recurring Service Fees \| Shanghai Gopher Nuo Tie Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	332,595	2,309,209
Recurring Service Fees \| Shanghai Gopher Yuanhao Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	102,340	710,544
Performance Based Income
Related Party Transaction [Line Items]
Related party revenues	5,689,238	39,500,382	53,825,293	76,342,053
Performance Based Income \| Shanghai Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	676,272	4,695,355
Performance Based Income \| Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	869,845	6,039,336		65,100,808
Performance Based Income \| Gopher Capital GP Ltd
Related Party Transaction [Line Items]
Related party revenues	54,756	380,167
Performance Based Income \| Gopher- Nuobao (Shanghai) Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	678,559	4,711,247	23,085,688	57,659
Performance Based Income \| Wanjia Win-Win.
Related Party Transaction [Line Items]
Related party revenues	995,788	6,913,756		4,139,003
Performance Based Income \| Wuhu Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	2,320,432	16,110,757	14,348,735
Performance Based Income \| Shanghai Gopher Languang Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			5,690,366	7,044,583
Performance Based Income \| Kunshan Jingzhao Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	93,586	649,764
Performance Based Income \| Chongqing Gopher Longxin Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			10,700,504
Other Service Fee
Related Party Transaction [Line Items]
Related party revenues	257,514	1,787,923	559,806	2,036,800
Other Service Fee \| Shanghai Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues				303,005
Other Service Fee \| Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues				961,173
Other Service Fee \| Gopher Capital GP Ltd
Related Party Transaction [Line Items]
Related party revenues	11,790	81,858	5,210
Other Service Fee \| Gopher- Nuobao (Shanghai) Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues				12,678
Other Service Fee \| Wanjia Win-Win.
Related Party Transaction [Line Items]
Related party revenues				573,540
Other Service Fee \| Shanghai Gopher Languang Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues				89,443
Other Service Fee \| Hangzhou Vanke Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues				63,679
Other Service Fee \| Other Services Subscribed by Shareholders
Related Party Transaction [Line Items]
Related party revenues	$ 245,724	¥ 1,706,065	¥ 554,596	15,825
Other Service Fee \| Yiwu Xinguang Equity Investment Fund Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues				9,367
Other Service Fee \| Kunshan Jingzhao
Related Party Transaction [Line Items]
Related party revenues				¥ 8,090

Amounts Due from Related Parties (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Related Party Transaction [Line Items]
Amounts due from related parties	$ 63,206,041	¥ 438,839,542	¥ 238,236,268
Wanjia Win-Win.
Related Party Transaction [Line Items]
Amounts due from related parties	1,397,414	9,702,246	30,687,837
Wuhu Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	22,795,678	158,270,393	18,428,721
Gopher Capital GP Ltd
Related Party Transaction [Line Items]
Amounts due from related parties	7,207,793	50,043,708	50,617,764
Kunshan Jingzhao Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	1,468,108	10,193,071	20,322,711
Shanghai Gopher Languang Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties			33,423,362
Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	11,051,518	76,730,690	61,364,006
Hangzhou Vanke Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	54,030	375,130	935,529
Gopher Nuobao Asset Management Company Limited
Related Party Transaction [Line Items]
Amounts due from related parties	3,548,188	24,635,070	9,629,670
Chongqing Gopher Longxin Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties			76,647
Wuhu Gopher Yintai Investment Management Company Limited
Related Party Transaction [Line Items]
Amounts due from related parties			22,657
Tianjin Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	818,029	5,679,578	1,473,097
Kunming Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	4,377	30,391	50,202
Shanghai Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	10,900,966	75,685,406	209,830
Wuhu Bona Film Investment Management Limited
Related Party Transaction [Line Items]
Amounts due from related parties	719,621	4,996,325	1,180,268
Shanghai Gopher Fangduoduo Investment Management Co., Ltd
Related Party Transaction [Line Items]
Amounts due from related parties	551,382	3,828,248
Shanghai Gopher Nuo Tie Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	349,157	2,424,197
Yiwu Xinguang Equity Investment Fund Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	577,503	4,009,600
Noah Holdings (Hong Kong) Limited
Related Party Transaction [Line Items]
Amounts due from related parties	770,044	5,346,413
Other Funds Managed by Group and Affiliates
Related Party Transaction [Line Items]
Amounts due from related parties	$ 992,233	¥ 6,889,076	¥ 9,813,967

Deferred Revenues Related to Recurring Management Fee Received in Advance from Related Parties (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Related Party Transaction [Line Items]
Deferred revenue from related parties	$ 4,294,726	¥ 29,818,280	¥ 32,010,028
Shanghai Gopher Languang Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties			10,911,322
Wuhu Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	1,279,212	8,881,566	28,000
Wanjia Win-Win.
Related Party Transaction [Line Items]
Deferred revenue from related parties	78,170	542,734	69,956
Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	351,288	2,438,991	12,871,000
Hangzhou Vanke Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties			140,676
Kunshan Jingzhao Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties			7,338
Gopher Nuobao Asset Management Company Limited
Related Party Transaction [Line Items]
Deferred revenue from related parties			5,247,490
Chongqing Gopher Longxin Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	1,851	12,848	36,472
Shanghai Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties			28,000
Gopher Capital GP Ltd
Related Party Transaction [Line Items]
Deferred revenue from related parties	141,341	981,329	¥ 2,669,774
Investee of Tianjin Gopher Asset Management Company Limited
Related Party Transaction [Line Items]
Deferred revenue from related parties	27,990	194,335
Investee of Wuhu Gopher Asset Management Company Limited
Related Party Transaction [Line Items]
Deferred revenue from related parties	$ 2,414,874	¥ 16,766,477

Related Party Transactions - Additional Information (Detail) - CNY (¥) ¥ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Percentage of share ownership diluted			8.55%
Donations		¥ 6.0	¥ 3.5
Shanghai Yafu Investment Consulting Co., Ltd.
Related Party Transaction [Line Items]
Ownership percentage				10.00%
Percentage of share ownership diluted		7.50%
Sequoia Mingde Capital
Related Party Transaction [Line Items]
Percentage of share ownership diluted		8.60%
Shanghai Noah Yijie Finance Technology Co., Ltd. \| Sequoia Mingde Capital
Related Party Transaction [Line Items]
Percentage of equity shares	9.80%
Purchase price	¥ 31.6
Shanghai Noah Yijie Finance Technology Co., Ltd. \| Shanghai Qinjie Investment
Related Party Transaction [Line Items]
Percentage of equity shares		9.88%
Purchase price		¥ 150.0

Future Minimum Lease Payments Under Non-Cancelable Operating Lease (Detail) - Dec. 31, 2016	USD ($)	CNY (¥)
Leases Future Minimum Payments [Line Items]
2017	$ 10,347,033	¥ 71,839,452
2018	8,845,991	61,417,714
2019	7,247,083	50,316,494
2020	6,278,068	43,588,626
2021 and after	18,979,742	131,776,349
Total	$ 51,697,917	¥ 358,938,635

Subsequent Events - Additional Information (Detail)	Apr. 13, 2017 shares
Subsequent Event
Subsequent Event [Line Items]
Treasury shares cancelled	2,492,146

Condensed Balance Sheets (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 USD ($)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)	Dec. 31, 2013 CNY (¥)
Current assets
Cash and cash equivalents	$ 429,570,728	¥ 2,982,509,565	$ 307,204,908	¥ 2,132,923,674	¥ 1,750,204,915	¥ 1,187,211,176
Deferred tax assets	0	0		0
Other current assets	12,786,819	88,778,883		75,141,655
Total current assets	681,626,127	4,732,530,196		3,261,832,080
Investment in subsidiaries and VIEs	77,657,570	539,176,511		326,155,843
Non-current deferred tax assets	8,026,329	55,726,799		43,863,568
Other non-current assets	5,566,233	38,646,355		16,885,730
Total assets	857,912,963	5,956,489,700		4,096,994,415
Current liabilities
Other current liabilities	48,206,031	334,694,476		340,905,107
Total current liabilities	226,949,700	1,575,711,768		966,830,381
Convertible notes	80,000,000	555,440,000		518,224,000
Other non-current liabilities	14,251,168	98,945,858		77,876,237
Total Liabilities	321,842,714	2,234,553,961		1,562,997,866
Shareholders' equity
Treasury stock (1,246,073 ordinary shares as of December 31, 2015 and 1,287,205 ordinary shares as of December 31, 2016)	(18,787,083)	(130,438,720)		(117,836,564)
Additional paid-in capital	176,611,794	1,226,215,683		990,515,956
Retained earnings	322,871,055	2,241,693,736		1,597,865,303
Accumulated other comprehensive income	(782,553)	(5,433,263)		(21,757,099)
Total shareholders' equity	479,927,444	3,332,136,241		2,448,885,729
Total Liabilities and Equity	857,912,963	5,956,489,700		4,096,994,415
Class A
Shareholders' equity
Ordinary shares	10,047	69,758		69,086
Class B
Shareholders' equity
Ordinary shares	4,184	29,047		29,047
Parent Company
Current assets
Cash and cash equivalents	52,551,405	364,864,405	$ 46,293,846	321,418,159	¥ 179,137,927	¥ 258,427,798
Due from subsidiaries and VIEs	72,721,707	504,906,811		543,918,770
Deferred tax assets				755,246
Other current assets	4,727,332	32,821,866		31,146,365
Total current assets	130,000,444	902,593,082		897,238,540
Investment in subsidiaries and VIEs	432,192,257	3,000,710,841		2,091,409,293
Non-current deferred tax assets	402,536	2,794,810		2,979,502
Other non-current assets	100,000	694,300		647,780
Total assets	562,695,237	3,906,793,033		2,992,275,115
Current liabilities
Other current liabilities	1,504,148	10,443,302		15,300,517
Total current liabilities	1,504,148	10,443,302		15,300,517
Convertible notes	80,000,000	555,440,000		518,224,000
Other non-current liabilities	1,263,645	8,773,490		9,864,869
Total Liabilities	82,767,793	574,656,792		543,389,386
Shareholders' equity
Treasury stock (1,246,073 ordinary shares as of December 31, 2015 and 1,287,205 ordinary shares as of December 31, 2016)	(18,787,083)	(130,438,720)		(117,836,564)
Additional paid-in capital	176,611,794	1,226,215,683		990,515,956
Retained earnings	322,871,055	2,241,693,736		1,597,865,303
Accumulated other comprehensive income	(782,553)	(5,433,263)		(21,757,099)
Total shareholders' equity	479,927,444	3,332,136,241		2,448,885,729
Total Liabilities and Equity	562,695,237	3,906,793,033		2,992,275,115
Parent Company \| Class A
Shareholders' equity
Ordinary shares	10,047	69,758		69,086
Parent Company \| Class B
Shareholders' equity
Ordinary shares	$ 4,184	¥ 29,047		¥ 29,047

Condensed Balance Sheets (Parenthetical) (Detail)	Dec. 31, 2016 $ / shares shares	Dec. 31, 2016 ¥ / shares shares	Dec. 31, 2015 $ / shares shares	Dec. 31, 2015 ¥ / shares shares
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, treasury stock	1,287,205	1,287,205	1,246,073	1,246,073
Class A
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value \| (per share)	$ 0.0005	¥ 0.0005		¥ 0.0005
Ordinary shares, shares authorized	91,394,900	91,394,900	91,394,900	91,394,900
Ordinary shares, shares issued	21,003,533	21,003,533	20,802,611	20,802,611
Ordinary shares, shares outstanding	19,716,328	19,716,328	19,556,538	19,556,538
Class B
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value \| (per share)	$ 0.0005	¥ 0.0005		¥ 0.0005
Ordinary shares, shares authorized	8,605,100	8,605,100	8,605,100	8,605,100
Ordinary shares, shares issued	8,515,000	8,515,000	8,515,000	8,515,000
Ordinary shares, shares outstanding	8,515,000	8,515,000	8,515,000	8,515,000
Parent Company
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, treasury stock	1,287,205	1,287,205	1,246,073	1,246,073
Parent Company \| Class A
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value \| $ / shares	$ 0.0005		$ 0.0005
Ordinary shares, shares authorized	91,394,900	91,394,900	91,394,900	91,394,900
Ordinary shares, shares issued	21,003,533	21,003,533	20,802,611	20,802,611
Ordinary shares, shares outstanding	19,716,328	19,716,328	19,556,538	19,556,538
Parent Company \| Class B
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value \| $ / shares	$ 0.0005		$ 0.0005
Ordinary shares, shares authorized	8,605,100	8,605,100	8,605,100	8,605,100
Ordinary shares, shares issued	8,515,000	8,515,000	8,515,000	8,515,000
Ordinary shares, shares outstanding	8,515,000	8,515,000	8,515,000	8,515,000

Condensed Statement of Operations (Detail)	12 Months Ended
Condensed Statement of Operations (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)
Condensed Financial Statements, Captions [Line Items]
Net revenues	$ 362,029,779	¥ 2,513,572,770	¥ 2,119,927,841	¥ 1,528,484,891
Operating cost and expenses
Compensation and benefits	(187,297,128)	(1,300,403,960)	(1,164,492,379)	(737,460,338)
Selling expenses	(46,473,789)	(322,667,518)	(263,815,409)	(147,265,810)
General and administrative expenses	(33,773,306)	(234,488,066)	(170,929,513)	(151,626,278)
Total operating cost and expenses	265,920,019	1,846,282,695	1,561,151,893	975,382,794
Loss from operations	96,109,760	667,290,075	558,775,948	553,102,097
Other income (expenses):
Interest income	5,694,624	39,537,775	39,698,790	38,901,980
Interest expense	(2,778,167)	(19,288,813)	(16,050,359)
Investment income	6,990,888	48,537,737	51,954,918	23,552,297
Other income (expenses)	(364,629)	(2,531,621)	455,030	(13,961,307)
Total other income	9,542,716	66,255,078	76,058,379	48,492,970
Income before taxes and income from equity in affiliates	105,652,476	733,545,153	634,834,327	601,595,067
Income tax (benefit)/expenses	(22,756,242)	(157,996,588)	(129,885,747)	(151,293,021)
Equity in profit of subsidiaries and VIEs	3,218,046	22,342,896	21,352,767	13,583,865
Net income attributable to Noah Holdings Limited shareholders	92,730,581	643,828,433	535,824,084	446,552,851
Parent Company
Condensed Financial Statements, Captions [Line Items]
Net revenues	0	0	0	0
Operating cost and expenses
Compensation and benefits	1,415,596	9,828,485	10,979,206	10,125,102
Selling expenses	12,932	89,785	373,752	167,690
General and administrative expenses	629,157	4,368,239	10,549,109	9,671,790
Total operating cost and expenses	2,057,685	14,286,509	21,902,067	19,964,582
Loss from operations	2,057,685	14,286,509	21,902,067	19,964,582
Other income (expenses):
Interest income	1,499,717	10,412,533	8,336,138	5,547,639
Interest expense	(2,778,167)	(19,288,813)	(16,050,359)
Investment income			25,506,549
Other income (expenses)	(139,518)	(968,676)	112,762	(451,217)
Total other income	(1,417,968)	(9,844,956)	17,905,090	5,096,422
Income before taxes and income from equity in affiliates	(3,475,653)	(24,131,465)	(3,996,977)	(14,868,160)
Income tax (benefit)/expenses	475,115	3,298,731	3,524,413	(1,268,040)
Income from equity in affiliates	200,732	1,393,685
Equity in profit of subsidiaries and VIEs	95,530,387	663,267,482	536,296,648	462,689,051
Net income attributable to Noah Holdings Limited shareholders	$ 92,730,581	¥ 643,828,433	¥ 535,824,084	¥ 446,552,851

Condensed Statement of Comprehensive Income (Detail)	12 Months Ended
Condensed Statement of Comprehensive Income (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)
Condensed Statement of Income Captions [Line Items]
Net income	$ 92,730,581	¥ 643,828,433	¥ 535,824,084	¥ 446,552,851
Other comprehensive income, net of tax
Change in cumulative foreign currency translation adjustment	2,771,433	19,242,060	4,884,837	6,426,044
Fair value fluctuation of available-for-sale investment (Note 4)	(678,401)	(4,710,140)	718,414	2,620,351
Fair value fluctuation of available-for-sale investment held by affiliates	246,206	1,709,411
Other comprehensive income	2,339,238	16,241,331	5,603,251	9,046,395
Comprehensive income	88,453,518	614,132,792	531,904,598	472,932,306
Parent Company
Condensed Statement of Income Captions [Line Items]
Net income	92,730,581	643,828,433	535,824,084	446,552,851
Other comprehensive income, net of tax
Change in cumulative foreign currency translation adjustment	2,783,317	19,324,565	4,882,284	6,427,932
Fair value fluctuation of available-for-sale investment (Note 4)	(185,988)	(1,291,318)	718,414	2,620,351
Fair value fluctuation of available-for-sale investment held by affiliates	(246,206)	(1,709,411)
Other comprehensive income	2,351,123	16,323,836	5,600,698	9,048,283
Comprehensive income	$ 95,081,704	¥ 660,152,269	¥ 541,424,782	¥ 455,601,134

Condensed Statements of Cash flows (Detail)	12 Months Ended
Condensed Statements of Cash flows (Detail)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)
Cash flows from operating activities:
Net income attributable to Noah shareholders	$ 92,730,581	¥ 643,828,433	¥ 535,824,084	¥ 446,552,851
Adjustment to reconcile net income to net cash provided by operating activities:
Share-based compensation	11,403,042	79,171,317	67,672,488	32,691,687
Gain from equity in subsidiaries and VIE	(3,218,046)	(22,342,896)	(21,352,767)	(13,583,865)
Changes in operating assets and liabilities:
Amount due from subsidiaries and VIEs	(13,554,408)	(94,108,258)	(86,362,877)	(93,845,185)
Other current assets	(1,964,169)	(13,637,228)	(16,631,435)	(30,082,367)
Deferred tax assets	(1,809,843)	(12,565,739)	(7,770,022)	(22,095,408)
Uncertain tax position liabilities	(9,685)	(67,246)	(11,060,449)	1,136,675
Other current liabilities	(3,634,616)	(25,235,138)	167,615,661	79,151,660
Other non-current liabilities	(157,192)	(1,091,381)	46,826,675	9,278,672
Net cash provided by (used in) operating activities	98,840,218	686,247,631	675,132,348	589,637,901
Cash flows from investing activities:
Investment in subsidiaries and VIEs	(27,709,518)	(192,387,183)	(94,422,851)	(121,486,049)
Net cash used in investing activities	(127,292,943)	(883,794,899)	(759,462,206)	(93,518,339)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares upon exercise of stock options	653,786	4,539,237	4,351,330	4,062,622
Share repurchase	(1,815,088)	(12,602,156)	(44,586,036)
Proceeds from convertible notes			518,224,000
Net cash (used in) provided by financing activities	143,257,249	994,635,081	462,771,650	60,448,133
Effect of exchange rate changes	7,561,296	52,498,078	4,276,967	6,426,044
Net (decrease) increase in cash and cash equivalents	122,365,820	849,585,891	382,718,759	562,993,739
Cash and cash equivalents-beginning of the period	307,204,908	2,132,923,674	1,750,204,915	1,187,211,176
Cash and cash equivalents-end of the period	429,570,728	2,982,509,565	2,132,923,674	1,750,204,915
Parent Company
Cash flows from operating activities:
Net income attributable to Noah shareholders	92,730,581	643,828,433	535,824,084	446,552,851
Adjustment to reconcile net income to net cash provided by operating activities:
Share-based compensation	1,415,596	9,828,485	10,979,206	10,125,102
Gain from equity in subsidiaries and VIE	(95,530,387)	(663,267,482)	(536,296,648)	(462,689,051)
Changes in operating assets and liabilities:
Amount due from subsidiaries and VIEs	5,618,892	39,011,959	(319,184,087)	13,853,941
Other current assets	(248,023)	(1,722,021)	(5,774,175)	(21,489,980)
Deferred tax assets	135,379	939,938	(575,664)	(339,900)
Uncertain tax position liabilities			(4,804,123)	1,016,786
Other current liabilities	(699,584)	(4,857,215)	7,942,352	3,066,233
Other non-current liabilities	(157,191)	(1,091,379)	1,821,548	82,534
Net cash provided by (used in) operating activities	3,265,263	22,670,718	(310,067,507)	(9,821,484)
Cash flows from investing activities:
Investment in subsidiaries and VIEs			(7,851,539)	(79,958,941)
Increase in investment in affiliates	(3,989,935)	(27,702,118)	(22,672,300)
Net cash used in investing activities	(3,989,935)	(27,702,118)	(30,523,839)	(79,958,941)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares upon exercise of stock options	653,786	4,539,237	4,351,330	4,062,622
Share repurchase	(1,815,088)	(12,602,156)	(44,586,036)
Proceeds from convertible notes			518,224,000
Net cash (used in) provided by financing activities	(1,161,302)	(8,062,919)	477,989,294	4,062,622
Effect of exchange rate changes	8,143,533	56,540,565	4,882,284	6,427,932
Net (decrease) increase in cash and cash equivalents	6,257,559	43,446,246	(142,280,232)	(79,289,871)
Cash and cash equivalents-beginning of the period	46,293,846	321,418,159	179,137,927	258,427,798
Cash and cash equivalents-end of the period	$ 52,551,405	¥ 364,864,405	¥ 321,418,159	¥ 179,137,927

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

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2016
Subsequent Events	20. Subsequent events Effective on April 13, 2017, 2,492,146 of the Company’s ADSs held as treasury shares were cancelled.

Commitments - Additional Information (Detail) - CNY (¥)	12 Months Ended
Commitments - Additional Information (Detail) - CNY (¥)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Leases Disclosure [Line Items]
Rental expenses	¥ 92,971,662	¥ 75,964,160	¥ 46,852,399