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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2017 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
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	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	20,235,183
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	8,465,000

Consolidated Balance Sheets
¥ in Thousands, $ in Thousands

Dec. 31, 2017

CNY (¥)

Dec. 31, 2017

USD ($)

Dec. 31, 2016

CNY (¥)

Current assets:

Cash and cash equivalents

¥ 1,906,753

$ 293,063

¥ 2,982,510

Restricted cash

1,000

Short-term investments (including short-term investments measured at fair value of RMB154,594 and RMB95,345 as of December 31, 2016 and 2017, respectively)

160,345

24,645

299,174

Accounts receivable, net of allowance for doubtful accounts of nil as of December 31, 2016 and December 31, 2017

175,518

26,977

204,132

Amounts due from related parties

515,454

79,224

438,840

Loan receivables net of allowance for loan losses of RMB1,151 and RMB 3,244 as of December 31, 2016 and December 31, 2017, respectively

765,398

117,640

113,920

Loan receivables from factoring business

256,944

39,492

604,176

Other current assets

255,680

39,297

88,776

Total current assets

4,036,092

620,338

4,732,528

Long-term investments (including long-term investments measured at fair value of Nil and RMB 482,006, as of December 31, 2016 and 2017, respectively)

988,266

151,894

346,920

Investment in affiliates

968,622

148,875

539,177

Property and equipment, net

303,349

46,624

243,490

Other non-current assets

125,871

19,349

38,647

Deferred tax assets

72,654

11,167

55,727

Total Assets

6,494,854

998,247

5,956,489

Current liabilities:

Accrued payroll and welfare expenses (including accrued payroll and welfare expense of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB72,212 and RMB83,553 as of December 31, 2016 and December 31, 2017, respectively)

622,494

95,676

555,228

Income tax payable (including income tax payable of the consolidated VIEs without recourse to Noah Holdings Ltd. of nil as of December 31, 2016 and December 31, 2017)

18,360

2,822

23,162

Deferred revenues (including deferred revenue of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB29,834 and RMB33,301 as of December 31, 2016 and December 31, 2017, respectively)

201,254

30,932

93,252

Loan payables from factoring business

3,857

593

569,375

Other current liabilities (including other current liabilities of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB31,079 and RMB40,942 as of December 31, 2016 and December 31, 2017, respectively)

489,389

75,218

334,694

Convertible notes

487,973

75,000

Total current liabilities

1,823,327

280,241

1,575,711

Deferred tax liabilities

50,121

7,703

4,456

Other non-current liabilities (including other non-current liabilities of the consolidated VIEs without recourse to Noah Holdings Ltd. of nil as of December 31, 2016 and December 31, 2017)

113,660

17,469

98,946

Convertible notes

555,440

Total Liabilities

1,987,108

305,413

2,234,553

Mezzanine Equity

Redeemable Non-controlling Interest of a Subsidiary

330,664

Total Mezzanine Equity

330,664

Shareholders' equity:

Treasury stock (1,287,205 ordinary shares as of December 31, 2016 and 140,479 ordinary shares as of December 31, 2017)

(40,267)

(6,190)

(130,439)

Additional paid-in capital

1,372,838

211,001

1,226,216

Retained earnings

2,883,169

443,135

2,241,694

Accumulated other comprehensive (loss)/income

213,424

32,809

(5,433)

Total Noah Holdings Limited shareholders' equity

4,429,260

680,770

3,332,137

Non-controlling interests

78,486

12,064

59,135

Total Shareholders' Equity

4,507,746

692,834

3,391,272

Total Liabilities and Equity

6,494,854

998,247

5,956,489

Class A

Shareholders' equity:

Ordinary shares

Total Shareholders' Equity

^[1]

Class B

Shareholders' equity:

Ordinary shares

$ 5

Total Shareholders' Equity

¥ 29

[1]	The amount less than RMB 1 is rounded to zero.

Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2017 CNY (¥) ¥ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 CNY (¥) ¥ / shares shares
Available for sale investments	¥ 95,345	$ 14,655	¥ 154,594
Accounts receivable, allowance for doubtful accounts	0	0	0
Loan receivables, allowance for loan losses	3,244	498	1,151
Available for sale investments \| ¥	482,006		0
Accrued payroll and welfare expenses	622,494	95,676	555,228
Income tax payable	(18,360)	(2,822)	(23,162)
Deferred revenues	201,254	30,932	93,252
Other current liabilities	489,389	75,218	334,694
Other non-current liabilities	¥ 113,660	$ 17,469	¥ 98,946
Ordinary shares, treasury stock	140,479	140,479	1,287,205
Variable Interest Entity, Primary Beneficiary
Accrued payroll and welfare expenses	¥ 83,553	$ 12,842	¥ 72,212
Income tax payable \| ¥
Deferred revenues	33,301	5,118	29,834
Other current liabilities	40,942	$ 6,293	31,079
Other non-current liabilities \| ¥	¥ 0		¥ 0
Class A
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
Ordinary shares, shares issued	20,235,183	20,235,183	21,003,533
Ordinary shares, shares outstanding	20,094,704	20,094,704	19,716,328
Class B
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
Ordinary shares, shares issued	8,465,000	8,465,000	8,515,000
Ordinary shares, shares outstanding	8,465,000	8,465,000	8,515,000

Consolidated Statements of Operations ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥) ¥ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 CNY (¥) ¥ / shares shares	Dec. 31, 2015 CNY (¥) ¥ / shares shares
Third-party revenues
Total third-party revenues	¥ 1,346,400	$ 206,938	¥ 1,423,179	¥ 1,114,711
Related party revenues
Total related party revenues	1,499,606	230,485	1,138,457	1,117,985
Total revenues	2,846,006	437,423	2,561,636	2,232,696
Less: business taxes and related surcharges	(19,098)	(2,935)	(48,064)	(112,769)
Net revenues	2,826,908	434,488	2,513,572	2,119,927
Operating cost and expenses:
Relationship manager compensation	(616,064)	(94,687)	(563,620)	(524,629)
Performance fee compensation	(11,291)	(1,735)	(8,146)	(24,786)
Other compensations	(780,017)	(119,886)	(728,639)	(615,077)
Total compensation and benefits	(1,407,372)	(216,308)	(1,300,405)	(1,164,492)
Selling expenses	(320,462)	(49,254)	(322,667)	(263,815)
General and administrative expenses	(248,878)	(38,252)	(234,488)	(170,929)
Other operating expenses	(147,318)	(22,642)	(151,088)	(94,624)
Government subsidies	74,156	11,398	162,365	132,709
Total operating cost and expenses	(2,049,874)	(315,058)	(1,846,283)	(1,561,151)
Income from operations	777,034	119,430	667,289	558,776
Other income (expenses):
Interest income	45,020	6,919	39,539	39,699
Interest expenses	(24,128)	(3,708)	(19,289)	(16,050)
Investment income	67,343	10,350	48,537	51,955
Other income (expense)	3,542	544	(2,531)	456
Total other income	91,777	14,105	66,256	76,060
Income before taxes and income from equity in affiliates	868,811	133,535	733,545	634,836
Income tax expense	(199,085)	(30,599)	(157,997)	(129,887)
Income from equity in affiliates	92,136	14,161	22,343	21,353
Net income	761,862	117,097	597,891	526,302
Less: net (loss) attributable to non-controlling interests	(13,745)	(2,113)	(40,602)	(9,523)
Less: net (loss) income attributable to redeemable non-controlling interest of a subsidiary	6,483	996	(5,336)
Less: effect on retained earnings caused by termination of redeemable non-controlling interest of a subsidiary	6,201	953
Net income attributable to Noah Holdings Limited shareholders	¥ 762,923	$ 117,261	¥ 643,829	¥ 535,825
Net income per share:
Basic \| (per share)	¥ 26.98	$ 4.15	¥ 22.87	¥ 19.08
Diluted \| (per share)	¥ 25.90	$ 3.98	¥ 22.08	¥ 18.31
Weighted average number of shares used in computation:
Basic	28,275,637	28,275,637	28,150,139	28,085,521
Diluted	30,233,823	30,233,823	30,036,763	30,145,976
One Time Commissions
Third-party revenues
Total third-party revenues	¥ 541,024	$ 83,154	¥ 810,645	¥ 391,189
Related party revenues
Total related party revenues	561,060	86,233	321,442	428,687
Recurring Service Fees
Third-party revenues
Total third-party revenues	547,123	84,091	475,000	401,292
Related party revenues
Total related party revenues	860,730	132,292	775,726	634,913
Performance Based Income
Third-party revenues
Total third-party revenues	86,494	13,294	19,740	193,940
Related party revenues
Total related party revenues	54,502	8,377	39,501	53,825
Other Service
Third-party revenues
Total third-party revenues	171,759	26,399	117,794	128,290
Related party revenues
Total related party revenues	¥ 23,314	$ 3,583	¥ 1,788	¥ 560

Consolidated Statements of Comprehensive Income ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Net income	¥ 761,862	$ 117,097	¥ 597,891	¥ 526,302
Other comprehensive income, net of tax
Change in foreign currency translation adjustment	(33,876)	(5,208)	19,242	4,885
Fair value fluctuation of available-for-sale investment, net of tax of nil (Note 4)	250,425	38,490	(4,710)	718
Fair value fluctuation of available-for-sale investment held by affiliates, net of tax of nil	2,281	351	1,709
Other comprehensive income	218,830	33,633	16,241	5,603
Comprehensive income	980,692	150,730	614,132	531,905
Less: comprehensive (loss) income attributable to non-controlling interest	(13,776)	(2,117)	(40,684)	(9,520)
Less: (Loss) income attributable to redeemable non-controlling interest of a subsidiary	6,483	996	(5,336)
Less: effect on retained earnings caused by termination of redeemable non-controlling interest of a subsidiary	6,201	953
Comprehensive income attributable to Noah Holdings Limited shareholders	¥ 981,784	$ 150,898	¥ 660,152	¥ 541,425

Consolidated Statements of Comprehensive Income (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Fair value fluctuation of available-for-sale investment, net of tax	¥ 0	$ 0	¥ 0	¥ 0
Fair value fluctuation of available-for-sale investment held by affiliates, net of tax	¥ 0	$ 0	¥ 0

Consolidated Statements of Changes in Equity
¥ in Thousands, $ in Thousands

CNY (¥)

USD ($)

Class A

CNY (¥)

Class B

CNY (¥)

Treasury Stock

CNY (¥)

Additional Paid-in Capital

CNY (¥)

Retained Earnings

CNY (¥)

Accumulated other comprehensive (loss)/income

CNY (¥)

Parent

CNY (¥)

Parent

USD ($)

Noncontrolling Interest

CNY (¥)

Balance (in shares) at Dec. 31, 2014 | shares

20,608,118

8,515,000

(1,067,816)

Balance at Dec. 31, 2014

¥ 1,939,872

¥ 69

^[1]

¥ 29

¥ (73,251)

¥ 889,417

¥ 1,062,040

¥ (27,357)

¥ 1,850,947

¥ 88,925

Net Income

526,302

535,825

(9,523)

Share-based compensation

¥ 67,672

67,672

Vesting of restricted shares | shares

144,606

Issuance of ordinary shares upon exercise of options (in shares) | shares

49,887

Issuance of ordinary shares upon exercise of options

¥ 4,352

4,352

Repurchase of ordinary shares (in shares) | shares

(178,257)

Repurchase of ordinary shares (Note 13)

(44,586)

¥ (44,586)

(44,586)

Other comprehensive income-foreign currency translation adjustments

4,885

4,882

Other comprehensive income-change in fair value of available-for-sale investments

44,166

Other comprehensive income-realized gains on the available-for-sale investments

(43,448)

Non-controlling Interest capital injection

5,882

Non-controlling Interest capital return

(4,000)

Changes in equity ownership on partial disposal of subsidiaries

32,900

29,076

3,824

Balance (in shares) at Dec. 31, 2015 | shares

20,802,611

8,515,000

(1,246,073)

Balance at Dec. 31, 2015

2,533,997

¥ 69

^[1]

¥ 29

¥ (117,837)

990,517

1,597,865

(21,757)

2,448,886

85,111

Net Income

603,228

643,829

(40,601)

Share-based compensation

¥ 79,171

79,171

Vesting of restricted shares | shares

138,492

Issuance of ordinary shares upon exercise of options (in shares) | shares

62,430

Issuance of ordinary shares upon exercise of options

¥ 4,539

¥ 1

^[1]

4,538

4,539

Repurchase of ordinary shares (in shares) | shares

(41,132)

Repurchase of ordinary shares (Note 13)

(12,602)

¥ (12,602)

(12,602)

Other comprehensive income-foreign currency translation adjustments

19,242

19,325

(83)

Other comprehensive income-change in fair value of available-for-sale investments

(3,001)

Other comprehensive income-realized gains on the available-for-sale investments

(27,693)

Non-controlling interest capital injection

336,000

Non-controlling Interest capital injection

5,698

Changes in equity ownership on partial disposal of subsidiaries

161,000

151,990

9,010

Balance (in shares) at Dec. 31, 2016 | shares

21,003,533

8,515,000

(1,287,205)

Balance at Dec. 31, 2016

3,391,272

¥ 70

^[1]

¥ 29

¥ (130,439)

1,226,216

2,241,694

(5,433)

3,332,137

59,135

Net Income

755,379

769,124

(13,745)

Termination of redeemable non-controlling interest of a subsidiary (Note 12)

(6,201)

Share-based compensation

¥ 93,635

93,635

Vesting of restricted shares | shares

115,995

Issuance of ordinary shares upon exercise of options (in shares) | shares

203,174

Issuance of ordinary shares upon exercise of options

¥ 19,692

¥ 1

^[1]

19,691

19,692

Repurchase of ordinary shares (in shares) | shares

(99,347)

Repurchase of ordinary shares (Note 13)

¥ (31,280)

$ (4,809)

¥ (31,280)

(31,280)

Other comprehensive income-foreign currency translation adjustments

(33,876)

(5,208)

(33,849)

(27)

Other comprehensive income-change in fair value of available-for-sale investments

252,706

Other comprehensive income-realized gains on the available-for-sale investments

(22,149)

Non-controlling interest capital injection

35,123

Non-controlling Interest capital divestment

(1,970)

(2,000)

Conversion of convertible notes, Shares | shares

108,554

Changes in equity ownership on partial disposal of subsidiaries

$ 5

Conversion of convertible notes, Value

33,266

Transfer of Class B shares to Class A shares | shares

50,000

(50,000)

Retirement of treasury stock, Value

¥ (4)

^[1]

¥ 121,452

(121,448)

Retirement of treasury stock, Shares | shares

(1,246,073)

1,246,073

Balance (in shares) at Dec. 31, 2017 | shares

20,235,183

8,465,000

(140,479)

Balance at Dec. 31, 2017

¥ 4,507,746

$ 692,834

¥ 67

^[1]

¥ 29

¥ (40,267)

¥ 1,372,838

¥ 2,883,169

¥ 213,424

¥ 4,429,260

¥ 78,486

[1]	The amount less than RMB 1 is rounded to zero.

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Cash flows from operating activities:
Net income	¥ 761,862	$ 117,097	¥ 597,891	¥ 526,302
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from disposal of property and equipment	135	21	4,746	210
Depreciation and amortization	81,964	12,598	61,320	34,418
Share-based compensation	93,635	14,391	79,171	67,672
Income from equity in affiliates	(92,136)	(14,161)	(22,343)	(21,353)
Provision for loan losses	2,093	322	(184)	168
Amortization of unearned income for financial lease	(11,723)	(1,802)
Changes in investment fair value in the consolidated funds	3,608	555
Changes in operating assets and liabilities:
Accounts receivable	21,464	3,327	(81,785)	(54,277)
Amounts due from related parties	(173,775)	(26,709)	(94,108)	(86,363)
Other current assets	(96,470)	(14,827)	(13,637)	(16,631)
Other non-current assets	3,055	470	(12,263)	(3,411)
Accrued payroll and welfare expenses	53,140	8,167	82,700	174,226
Income taxes payable	(3,487)	(536)	(38,489)	6,204
Deferred revenues	108,002	16,600	24,827	(29,284)
Other current liabilities	124,293	19,074	(25,235)	167,616
Other non-current liabilities	31,882	4,900	(1,091)	46,826
Amounts due to related parties	(11,997)	(1,844)	12,272
Uncertain tax position liabilities			(67)	(11,060)
Deferred tax assets and liabilities	(16,928)	(2,602)	(12,566)	(7,770)
Acquisitions and sales of financial products	(250,068)	(38,435)	124,970	(118,360)
Other operating cash flows	(166)	(25)	118
Net cash (used in) provided by operating activities	628,383	96,581	686,247	675,133
Cash flows from investing activities:
Purchases of property and equipment	(152,712)	(23,471)	(101,369)	(136,290)
Purchase of held-to-maturity investments	(101,000)	(15,523)	(574,180)	(25,240)
Proceeds from redemption of held-to-maturity investments	180,580	27,755	454,840	46,400
Purchases of trading securities investments				(95,000)
Proceeds on trading securities investments				95,000
Purchases of available-for-sale investments	(663,537)	(101,984)	(678,817)	(3,670,108)
Proceeds from sale or redemption of available-for-sale investments	721,487	110,891	908,628	3,346,540
Purchase of long-term investments	(371,917)	(57,163)	(91,178)	(222,369)
Proceeds from sale of long-term investments	63,836	9,811		32,440
Purchase of investment held by consolidated fund	(52,638)	(8,090)
Increase in investment in affiliates	(341,951)	(52,557)	(192,387)	(94,423)
Capital return from investment in affiliates	49,099	7,546		11,852
Proceeds from disposal of a subsidiary, net of cash deconsolidated	(5,009)	(770)
Purchase of loan receivables from factoring business	(200,000)	(30,739)	(4,633,209)
Collection of loan receivables from factoring business	700,000	107,588	4,122,000
Net cash used in investing activities	(833,857)	(128,161)	(883,793)	(759,462)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares upon exercise of stock options	19,692	3,027	4,539	4,351
Contribution from non-controlling shareholders of subsidiaries	35,123	5,398	166,698	38,782
Increase in Mezzanine Equity - Redeemable non-controlling Interest of a Subsidiary			336,000
Decrease in Mezzanine Equity - Redeemable non-controlling Interest of a Subsidiary	(343,346)	(52,771)
Return of non-controlling interests of subsidiaries	(1,970)	(303)		(4,000)
Prepayment from an investor to acquire interest in one subsidiary	30,000	4,613
Payments related to transfer of rights to the loan receivables from factoring business	200,000	30,739	4,304,210
Proceeds related to transfer of rights to the loan receivables from factoring business	(700,000)	(107,588)	(3,804,210)
Payment for repurchase of ordinary shares	(31,288)	(4,809)	(12,602)	(44,586)
Repayment of short-term bank loan				(50,000)
Proceeds from convertible notes				518,224
Net cash provided by (used in) financing activities	(791,789)	(121,694)	994,635	462,771
Effect of exchange rate changes	(79,494)	(12,218)	52,497	4,277
Net increases (decrease) in cash, cash equivalents and restricted cash	(1,076,757)	(165,492)	849,586	382,719
Cash, cash equivalents and restricted cash-beginning of the period	2,983,510	458,555	2,133,924	1,751,205
Cash, cash equivalents and restricted cash-end of the period	1,906,753	293,063	2,983,510	2,133,924
Supplemental disclosure of cash flow information:
Cash paid for income taxes	205,039	31,544	205,052	130,495
Cash paid for interest expenses	23,737	3,648	18,380	9,069
Supplemental disclosure of non-cash investing and financing activities:
Purchase of property and equipment in accounts payable	3,577	550	11,209	13,391
Conversion of convertible notes	33,266	5,113
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents	1,906,753	293,063	2,982,510	2,132,924
Restricted cash	0		1,000	1,000
Cash, cash equivalents and restricted cash-end of the period	1,906,753	293,063	2,983,510	2,133,924
Related Parties
Cash flows from investing activities:
Loans disbursement	(101,639)	(15,622)	(106,495)	(4,000)
Principal collection of loans originated to third parties	95,116	14,619		45,000
Third Parties
Cash flows from investing activities:
Loans disbursement	(5,532,111)	(850,270)	(1,698,250)	(960,113)
Principal collection of loans originated to third parties	¥ 4,878,539	$ 749,818	¥ 1,706,624	¥ 870,849

Organization and Principal Activities

12 Months Ended

Dec. 31, 2017

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 and asset 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, 2017 include the following:


	Date of Incorporation	Place of Incorporation	Percentage of Ownership
Shanghai Noah Investment (Group) Co., Ltd (formerly known as 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 Corp.	April 18, 2008	PRC		100	%
Noah Insurance (Hong Kong) Limited	January 3, 2011	Hong Kong		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 Rongyitong (Wuhu) Microfinance Co., Ltd.	August 13, 2013	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 International (Hong Kong) Limited	January 7, 2015	Hong Kong		100	%
Kunshan Noah Rongyao Investment Management Co., Ltd.	December 2, 2015	PRC		100	%
Shanghai Noah Chuangying Enterprise Management Co., Ltd.	December 14, 2015	PRC		100	%
Gopher International Investment Management (Shanghai) Limited	November 14, 2016	PRC		100	%

Noah Investment’s significant subsidiaries as of December 31, 2017 include the following:


	Date of Incorporation	Place of Incorporation	Percentage of Ownership
Shanghai Noah Investment Management Co., Ltd.	August 26, 2005	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.

In the second quarter of 2017, the Company disposed 100% share of its subsidiary, Shanghai Noah Rongyao Insurance Broker Co., Ltd and subsequently acquired 40% beneficial right in the disposed entity in the fourth quarter (Note 6).

Summary of Principal Accounting Policies

12 Months Ended

Dec. 31, 2017

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 Investment (Group) Co., Ltd (formerly known as 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.

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.

In 2017, the Group invested in an investment fund which it served as general partner and subscribed 29% of equity interest with the intention of transferring the equity interest to other parties in the future. As the Group is deemed to have a controlling financial interest in the investment fund as of December 31, 2017, the Group consolidated the investment fund as a primary beneficiary.

The following amounts of Noah Investment and its subsidiaries and the consolidated fund were included in the Group’s consolidated financial statements and are presented before the elimination of intercompany transactions with the non-VIE subsidiaries of the Group.


	As of December 31 (Amount in Thousands)
	2016			2017			2017
	RMB			RMB			US$
Cash and cash equivalents (including cash and cash equivalents of the consolidated fund of RMB 11,641 as of December 31, 2017)		312,278			394,672			60,660
Restricted cash		1,000			—			—
Accounts receivable, net of allowance for doubtful accounts		14,828			2,795			430
Amounts due from related parties		209,034			155,570			23,911
Deferred tax assets		11,158			6,136			943
Other current assets		33,453			88,740			13,639
Long-term investments (including long-term investment of the consolidated fund of RMB 49,029 as of December 31, 2017)		81,168			192,920			29,651
Investment in affiliates		488,263			920,848			141,532
Property and equipment, net		28,804			25,458			3,913
Other non-current assets		13,776			12,641			1,943
Total assets		1,193,762			1,799,780			276,622
Accrued payroll and welfare expenses		72,212			83,553			12,842
Income tax payable		(5,037	)		(2,507	)		(385	)
Amount due to related parties		12,000			—			—
Amounts due to the Group’s subsidiaries (including amount due to Group’s subsidiaries of the consolidated fund of RMB 19,519 as of December 31, 2017)		125,714			498,557			76,627
Deferred revenue		29,834			33,301			5,118
Other current liabilities		31,079			40,942			6,293
Total liabilities		265,802			653,846			100,495


	Years Ended December 31 (Amount in Thousands)
	2015			2016			2017			2017
	RMB			RMB			RMB			US$
Revenue:
Third-party revenues
One-time commissions		145,325			1,184			16,521			2,539
Recurring service fees		181,289			56,998			24,275			3,731
Performance-based income		165,972			8,596			2,389			367
Other service fees		9,616			38,881			35,054			5,388
Total third-party revenues		502,202			105,659			78,239			12,025
Related party revenues
One-time commissions		122,950			2,887			1,012			156
Recurring service fees		348,870			278,460			306,883			47,167
Performance-based income		53,825			38,414			37,240			5,724
Other service fees		2,103			19,857			23,735			3,648
Total related party revenues		527,748			339,618			368,870			56,695
Total revenues		1,029,950			445,277			447,109			68,720
Less: business taxes and related surcharges		(57,714	)		(10,206	)		(2,792	)		(429	)
Net revenues		972,236			435,071			444,317			68,291
Operating cost and expenses (including operating cost and expenses of the consolidated fund of RMB -863 for year ended December 31, 2017)		(624,541	)		(452,182	)		(361,765	)		(55,602	)


Other income (including other income of the consolidated fund of RMB 3,667 for year ended December 31, 2017)	39,115		67,038		43,281		6,652
Net income	327,598		24,381		149,703		23,009
Net income attributable to Noah Holding Limited shareholders	326,209		22,122		147,483		22,668
Cash flows provided by (used in) operating activities*	402,492		(316,765	)	426,663		65,562
Cash flows (used in) provided by investing activities	(293,697	)	28,995		(372,590	)	(57,251	)
Cash flows provided by financing activities	3,282		14,856		15,680		2,410

*	Cash flows provided by operating activities in 2015, 2016 and 2017 include amounts due to the Group’s subsidiaries of RMB161,666, RMB125,714 and RMB 479,138 (US$74).

The VIEs contributed an aggregate of 45.9%, 17.3% and 15.7% of the consolidated net revenues for the years ended December 31, 2015, 2016 and 2017, respectively and an aggregate 62.2%, 4.1% and 19.4% of the consolidated net income for the years ended December 31, 2015, 2016 and 2017, respectively. As of December 31, 2016 and 2017, the VIEs accounted for an aggregate of 20.1% and 26.8%, 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, except for the cash held by the consolidated fund of which cash could only be used by the consolidated fund. 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. In 2017, the Group invested in an investment fund which it served as general partner and subscribed 29% of equity interest with the intention of transferring the equity interest to other parties in the future. As the Group is deemed to have a controlling financial interest in the investment fund as of December 31, 2017, the Group consolidated the investment fund as a primary beneficiary. The related financial impact of this investment has been disclosed in note 2(b).

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 quantitative 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, 2016 and 2017, the Group had some 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 amounts due from related parties. 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 2017, respectively.


	As of December 31, (Amount in Thousands)
	2016		2017		2017
	RMB		RMB		US$
Amounts due from related parties		32,492		36,792		5,655
Investments		508,011		610,386		93,815
Maximum exposure to loss in non-consolidated VIEs		540,503		647,178		99,470

The Group has not provided financial support to these nonconsolidated VIEs during the years ended December 31, 2016 and 2017, and had no liabilities, contingent liabilities, or guarantees (implicit or explicit) related to these nonconsolidated VIEs as of December 31, 2016 and 2017.

(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 financial product providers which accounted for 10% or more of total revenues for the years ended December 31, 2015, 2016, and 2017.

Credit of lending 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.

As of December 31, 2017, cash and cash equivalents of RMB 11,641 was held by the consolidated fund (see note 2(b)). Cash and cash equivalents held by the consolidated fund represents cash that, although not legally restricted, is not available to general liquidity needs of the Company as the use of such funds is generally limited to the investment activities of the consolidated fund.

(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. The Company sold the subsidiary which was doing the insurance agency business in 2017 and there was no restricted cash balance as of December 31, 2017 as a result.

The Group early adopted ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. According to this guidance, 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 Company applied the guidance on a retrospective basis and have applied the changes to the consolidated statements of cash flows for the years ended December 31, 2015, 2016 and 2017.

(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 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. 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 RMB59,135 and RMB78,486, respectively as of December 31, 2016 and 2017. The net loss attributable to non-controlling interest was RMB9,523, RMB40,602 and RMB13,745, respectively for the year ended December 31, 2015, 2016 and 2017.

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, (Amount in Thousands)
	2015		2016		2017		2017
	RMB		RMB		RMB		US$
Net income attributable to Noah Holdings Limited shareholders		535,825		643,829		762,923		117,261
Transfers from (to) the non-controlling interest:
Increase (decrease) in Noah’s equity by partial disposal (acquisition) of subsidiaries		29,076		151,990		30		5
Net transfers from (to) non-controlling interest		29,076		151,990		30		5
Change from net income attributable to Noah and transfers from non-controlling interest		564,901		795,819		762,953		117,266

(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
Building		30 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 financial product providers.

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 financial 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 financial product providers 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 financial product, the Group earns a one-time commission from financial product providers, calculated as a percentage of the financial products purchased by its clients. The Group defines the “establishment of a financial 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 financial product. Revenue is recorded upon the establishment of the financial products, 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 financial products’ life or other specified contingency. In such instances, the Group defers the contingent amount until the contingency has been resolved.

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 financial 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 financial products, 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 distributing financial products and recurring services. The Group also provides both distributing financial products 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 distributing financial products 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 distributing financial products 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 distributing financial products 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 equity fund products, 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 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

Other service fees constitutes less than 10% of total revenue of the Group. The Group mainly derived other service fees from online wealth management, lending services, payment technology services and investor education services.

The Group offers lending services. Interest income from such services is recognized monthly in accordance with their contractual terms and recorded as part of other service fees in the consolidated statement of operations. The Group does not charge prepayment penalties from its customers.

The Group also provides investor education services, offering various types of training programs to high net worth individuals and their families. Such programs normally last several days. The service fees charged to the attendees are not refundable. The revenues are recognized when the service is completed and the service fee collectability is reasonably assured.

(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.

In 2017, the Group adopted 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 non-current on the balance sheet rather than being separated into current and noncurrent. The presentation of deferred tax assets and liabilities has been applied retrospectively 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 RMB132,709, RMB162,365 and RMB74,156 for the years ended December 31, 2015, 2016, and 2017, 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$1.00 = RMB6.5063 on December 29, 2017, representing the certificated exchange rate published by the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 29, 2017, 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) Loan receivables, net

Loan receivables represent loans offered to the clients in the lending business. Loan receivables 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. The Company also transfers some of the loan receivables to unrelated third parties. The Company accounts for the transfer of loan receivables in accordance with ASC 860, Transfers and Servicing. Please refer to note 2(y) for the Company’s accounting policy for sales accounting.

(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, 2016 and 2017 were 1% and 0.42%.

The Group performed a “back test” of the allowance for loan losses estimate by comparing the actual loan losses in 2017 to the estimated loan losses as of December 31, 2016. 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) Sale accounting

The Company developed a new business model in 2016 through one of its subsidiaries, whereby the Company issues loans to unrelated third parties which are collateralized by trade receivables resulting from normal business transactions between the original creditor and their debtors. Legally, the Company has acquired the underlying trade receivables. However, given the nature of the recourse retained by the original creditor, the purchase of trade receivables does not meet the criteria in ASC 860, and is therefore accounted for as a secured lending arrangement. Upon origination, the loans are immediately transferred to individual investors on the Company’s other financial service platform. The Company accounts for the transfer of the loans in accordance with ASC 860. Such business through the Company’s online platform was terminated from the third quarter of 2017.

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

For transfers that qualify for sale accounting in accordance with ASC 860, cash receipts and cash payments resulting from their acquisition and sale are classified as operating cash flows. As the loans are sold at par value, no gain or loss is recorded as a result. The Company’s continuing involvement subsequent to the transfer is limited to the services performed as a collection agent to collect and disburse cash flows received from the underlying receivables to the individual investors, and does not provide guarantee on the return of the receivables. The Company has no retained interests, servicing assets, or servicing liabilities related to the loans sold.

In 2017, the Company extended such business model to receivables from other business. The transfers of receivables from other business also qualify for sale accounting in accordance with ASC 860. As a result, the Company adopted the same accounting policy as described in the preceding paragraph.

(z) Recently issued accounting pronouncements

In May 2014, the Financial Accounting Standards Board (“the “FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers Topic 606 (“ASU 2014-09”) which has subsequently been amended by ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2017-13. These ASUs outline a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. Revenue recorded under ASU 2014-09 will 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. In July 2015, the FASB deferred the effective date of ASU 2014-09 to annual reporting periods beginning after December 15, 2017. Early adoption will be permitted as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within those annual periods. A full retrospective or modified retrospective approach is required.

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.

The Group has substantially completed the assessment of all revenue from existing contracts with customers and expects to implement this standard on a modified retrospective approach. The timing and amount of revenue recognition under the new standard is not expected to differ materially from the current revenue standard. The Group will adopt the new revenue recognition guidance effective January 1, 2018.

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 and will adopt this guidance since January 1, 2018.

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 June 2016, the FASB issued ASU 2016-13, Credit Losses, Measurement of Credit Losses on Financial Instruments. This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace today’s incurred loss approach with an expected loss model for instruments measured at amortized cost. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2019. Early adoption is permitted for all entities for annual periods beginning after December 15, 2018, and interim periods therein. The Group is in the process of evaluating the impact on its consolidated financial statements upon adoption.

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 expects no material impact of adoption of this guidance on the consolidated financial statement.

In May 2017, the FASB issued ASU 2017-09, Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting, which amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting. The ASU is effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Group expects no material impact of adoption of this guidance on the consolidated financial statement.

Net Income per Share

12 Months Ended

Dec. 31, 2017

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, (Amount in Thousands, Except Shares Data)
	2015		2016		2017		2017
	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		535,825		643,829		762,923		117,261
Plus: interest expense for convertible notes		16,050		19,289		20,042		3,080
Net income attributable to Class A and Class B ordinary shareholders—diluted		551,875		663,118		782,965		120,341
Weighted average number of Class A and Class B ordinary shares outstanding—basic		28,085,521		28,150,139		28,275,637		28,275,637
Plus: share options		207,354		133,295		189,508		189,508
Plus: non-vested restricted shares		278,027		16,465		73,337		73,337
Plus: shares outstanding for convertible notes		1,575,074		1,736,864		1,695,341		1,695,341
Weighted average number of Class A and Class B ordinary shares outstanding—diluted		30,145,976		30,036,763		30,233,823		30,233,823
Basic net income per share		19.08		22.87		26.98		4.15
Diluted net income per share		18.31		22.08		25.90		3.98

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,
	2015		2016		2017
Share options		343,750		316,510		243,561
Non-vested restricted shares		—		—		—
Total		343,750		316,510		243,561

Investments

12 Months Ended

Dec. 31, 2017

Investments

4. Investments

The following table summarizes the Group’s investment balances:


	As of December 31, (Amount in Thousands)
	2016		2017		2017
	RMB		RMB		US$
Short-term investments
- Held-to-maturity investments
- Fixed income products		144,580		65,000		9,990
Total held-to-maturity investments		144,580		65,000		9,990
- Available-for-sale investments
- Fixed income products		154,594		95,345		14,655
Total available-for-sale investments		154,594		95,345		14,655
Total short-term investments		299,174		160,345		24,645
Long-term investments
- Held-to-maturity investments
- Fixed income products		134,500		205,500		31,585
Total held-to-maturity investments		134,500		205,500		31,585
- Available-for-sale investments
- Listed equity securities		—		294,080		45,199
- Fixed income product		—		138,897		21,348
Total available-for-sale investments		—		432,977		66,547
- Investments held by consolidated investment funds		—		49,029		7,536
- Other long-term investments
- Private equity funds products		95,569		147,800		22,716
- Other investments		116,851		152,960		23,510
Total other long-term investments		212,420		300,760		46,226
Total long-term investments		346,920		988,266		151,894
Total investments		646,094		1,148,611		176,539

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 RMB4,857, RMB21,393 and RMB22,090 for the years ended December 31, 2015, 2016 and 2017, respectively. The gross unrecognized holding gain was RMB1,361 and RMB 9,136 for the years ended December 31, 2016 and 2017. Of the long-term held-to-maturity investments, RMB204,500 and RMB1,000 will mature in 2019 and 2021, respectively. Held-to-maturity investments also include investments in debt securities managed by the Group of RMB 124,500 and RMB195,500 as of December 31, 2016 and 2017, 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 years ended December 31, 2016 and 2017 was RMB22,983 and RMB272,574, recorded in the other comprehensive income, of which RMB27,693 and RMB22,149 was realized and reclassified from other comprehensive income to investment income in the consolidated statements of operations during the year. As of December 31, 2016 and 2017, the net unrealized gain, net of tax, remained in other comprehensive income was RMB393 and RMB253,099, respectively. The amortized cost of the available-for-sale investments as of December 31, 2016 and 2017 was RMB152,950 and RMB 108,886, respectively. There’s no investment with realized or unrealized losses during the periods presented.

The consolidated investment funds are, for GAAP purposes, investment companies and reflect their investments at fair value. The Company has retained this specialized accounting for the consolidated funds in consolidation. Accordingly, the unrealized gains and losses resulting from changes in fair value of the investments held by the consolidated investment funds are recorded in the consolidated statements of operations as investment income.

Other long-term investments consist of investments in several private equity funds as a limited partner with insignificant equity interest, equity investments of common shares of several companies with less than 15% interest and equity investments of preferred shares in three overseas companies (Upgrade Inc., LendingHome Corporation, and Addepar Inc.) with less than 1% interest. 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.

In 2014, the Company invested RMB14,413 in PPDAI Group Inc. (“PPDAI”), by subscribing and purchasing Series B Preferred Shares, representing 2.62% of the investee’s issued share capital. PPDAI is a private entity primarily engaged in the P2P internet lending business. Since November 10, 2017, PPDAI ’s American Depositary Shares (ADSs) have been listed on the New York Stock Exchange under the symbol “PPDF”. Since all the preferred shares previously held by the Group were converted into newly issued ordinary shares of PPDAI, the Company reclassified this investment, which was previously recorded as cost method investment, under available-for-sale and measured it at fair value as a result. The equity interests in PPDAI held by the Company was diluted to 2.11% as of December 31, 2017.

Fair Value Measurement

12 Months Ended

Dec. 31, 2017

Fair Value Measurement

5. Fair Value Measurement

As of December 31, 2016 and December 31, 2017, 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
(Amount in Thousands)

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

—

154,594

—

Long-term investment

Available-for-sale investments

—


			Fair Value Measurements at Reporting Date Using (Amount in Thousands)
Description	As of December 31, 2017		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
Short-term investment
Available-for-sale investments		95,345		—		95,345		—
Long-term investment
Available-for-sale investments		432,977		294,080		138,897		—
Investments held by consolidated investment fund		49,029		—		49,029		—

Available-for-sale investments consist of investments in trust products, asset management plans, contractual funds, real estate funds and preferred shares 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 either 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, or using quoted prices in active markets which is classified within Level 1 measurement.

The investments held by the consolidated investment fund was established in 2017 and consisted of investment in limited partnership. As the limited partnership was newly established with limited operation, the fair value of the investments approximate the investments cost minus operating expense and 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, loan receivables from factoring business, short-term held-to-maturity investments, loan receivables, loan payables from factoring business and other payables approximate their recorded values due to the short-term nature of the instruments. The fair value of convertible note as of December 31, 2017 is RMB 980,589 (US$150,716), estimated by reference to the stock price of the Company by end of 2017.

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, 2016 and 2017, 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, 2016				Fair Value Measurements at Reporting Date Using (Amount in Thousands)
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		95,569		95,420		—		—		95,420
Investment in other investments		116,851		238,804		—		—		238,804
Long-term investment – held-to-maturity:
Investment in fixed income products		134,500		135,861		—		135,861		—

	As of December 31, 2017				Fair Value Measurements at Reporting Date Using (Amount in Thousands)
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		147,800		164,304		—		—		164,304
Investment in other investments		152,960		154,168		—		—		154,168
Long-term investment – held-to-maturity:
Investment in fixed income products		205,500		223,342		—		223,342		—

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, 2017

Investment in Affiliates

6. Investment in Affiliates

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


	As of December 31, (Amount in Thousands)
	2016		2017		2017
	RMB		RMB		US$
Kunshan Jingzhao		11,541		10,849		1,665
Kunshan Vantone		5,226		3,889		598
Wanjia Win-Win		60,131		86,465		13,289
Wuhu Bona		807		2,721		418
Shanghai Weiying		1,059		1,680		258
Wuhu Hongxing		9,800		9,577		1,472
Hainan Alibaba		4,000		4,000		615
Others		3,623		3,879		596
Rongyao Insurance Broker		—		21,049		3,235
Funds that the Company serves as general partner		442,990		824,513		126,729
-Gopher Transform Private Fund		150,000		145,150		22,309
-Real estate funds and real estate funds of funds		50,374		89,922		13,821
-Private equity funds of funds		242,574		589,398		90,592
-Other fixed income funds of funds		42		43		7
Total investment in affiliates		539,177		968,622		148,875

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 December 2017, the share owned by Gopher Asset Management had been diluted to 28%.

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 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 the second quarter of 2017, the Company transferred 100% shares of one subsidiary, Shanghai Noah Rongyao Insurance Broker Co., Ltd. to Shanghai Nifei Enterprise Management Co., Ltd, an entity owned by the Company’s shareholders, and two individuals, Tan Wenhong and Zhaoyi, senior executives of the Company’s subsidiaries, with consideration of RMB52,622 at a loss of RMB 12. In the fourth quarter of 2017, the Company obtained significant influence over Shanghai Noah Rongyao Insurance Broker by acquiring 40%beneficial right through an agreement at a price of RMB 21,049. As a result, Rongyao Insurance Broker was deconsolidated and recorded as investment in affiliates.

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.

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. 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 RMB21,353, RMB22,343 and RMB 92,136 for the years ended December 31, 2015, 2016 and 2017, respectively.

Summarized financial information

The following table shows summarized financial information relating to the statements of financial condition for the Company’s equity method investments assuming 100% ownership as of December 31, 2016 and 2017:


	As of December 31 (Amount in Thousands)
	2016		2017		2017
	RMB		RMB		US$
Balance sheet data:
Current assets		5,953,591		8,471,094		1,301,983
Non-current assets		22,439,892		22,795,565		3,503,614
Current liabilities		506,069		823,511		126,571
Non-current liabilities		1,716,211		1,703,350		261,800

The following table shows summarized financial information relating to the statements of operations for the Company’s equity method investments assuming 100% ownership for the years ended December 31, 2015, 2016 and 2017:


	Years Ended December 31, (Amount in Thousands)
	2015			2016		2017			2017
	RMB			RMB		RMB			US$
Operating data:
Revenue		338,606			685,603		237,589			36,517
Income (Loss) from operations		(276,327	)		33,706		(1,609,708	)		(247,408	)
Net Realized and Unrealized Gain from investments		901,294			5,222,287		1,846,396			283,786
Net income		624,083			5,263,296		247,865			38,096

Property and Equipment, Net

12 Months Ended

Dec. 31, 2017

Property and Equipment, Net

7. Property and Equipment, Net

Property and equipment, net consists of the following:


	As of December 31, (Amount in Thousands)
	2016			2017			2017
	RMB			RMB			US$
Leasehold improvements		138,813			150,388			23,114
Furniture, fixtures and equipment		85,469			106,061			16,301
Motor vehicles		49,940			83,309			12,804
Software		64,018			75,306			11,574
Property		—			53,266			8,188
		338,240			468,330			71,981
Accumulated depreciation		(129,856	)		(191,385	)		(29,415	)
		208,384			276,945			42,566
Construction in progress		35,106			26,404			4,058
Property and equipment, net		243,490			303,349			46,624

Depreciation expense was RMB34,418, RMB61,320 and RMB 81,964 for the years ended December 31, 2015, 2016 and 2017, respectively.

Other Current Liabilities

12 Months Ended

Dec. 31, 2017

Other Current Liabilities

8. Other Current Liabilities

Components of other current liabilities are as follows:


	As of December 31, (Amount in Thousands)
	2016		2017		2017
	RMB		RMB		US$
Accrued expenses		126,697		164,295		25,252
Advance from customers		20,227		80,401		12,357
Interest payable for convertible notes		8,371		7,600		1,168
Other payables		78,342		99,139		15,238
Payable to individual investors of other financial service business		29,031		77,387		11,894
Payable for purchases of property and equipment		11,209		3,577		550
Other tax payable		48,817		56,990		8,759
Amount due to related party		12,000		—		—
Total		334,694		489,389		75,218

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

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

Income Taxes

12 Months Ended

Dec. 31, 2017

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, (Amount in Thousands)
	2015			2016			2017		2017
	RMB			RMB			RMB		US$
Current Tax		136,700			166,564			198,841		30,561
Deferred Tax		(6,813	)		(8,567	)		244		38
Total		129,887			157,997			199,085		30,599

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,
	2015			2016			2017
PRC income tax rate		25.00	%		25.00	%		25.00	%
Expenses not deductible for tax purposes		0.00	%		0.17	%		0.14	%
Effect of tax-free investment income		(2.97	%)		(4.44	%)		(2.03	%)
Effect of uncertain tax positions		(1.75	%)		(0.01	%)		—
Effect of different tax rate of subsidiary operation in other jurisdiction		(0.70	%)		(3.96	%)		(3.30	%)
Effect of deferred tax asset allowance		2.00	%		4.70	%		1.07	%
Effect of tax holidays		(1.28	%)		(1.82	%)		(0.73	%)
Effect of intra-group share transfer		—			1.96	%		—
Effect of income from equity in Fund of Fund		—			—			1.92	%
Effect of others		0.16	%		(0.06	%)		0.85	%
		20.46	%		21.54	%		22.92	%

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, (Amount in Thousands Except Shares Data)
	2015		2016		2017		2017
	RMB		RMB		RMB		US$
Aggregate		8,103		13,363		6,367		979
Per share effect-basic		0.29		0.47		0.23		0.07
Per share effect-diluted		0.27		0.44		0.21		0.06

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


	As of December 31, (Amount in Thousands)
	2016			2017			2017
	RMB			RMB			US$
Deferred tax assets:
Accrued expenses		24,108			37,990			5,839
Tax loss carry forward		63,023			41,185			6,330
Unrealized other income		3,105			2,662			409
Others		—			—			—
Gross deferred tax assets		90,236			81,837			12,578
Valuation allowance		(34,509	)		(9,183	)		(1,411	)
Net deferred tax assets		55,727			72,654			11,167
Deferred tax liabilities:
Unrealized investment income		4,456			50,121			7,703
Net deferred tax liabilities (after offsetting)		4,456			50,121			7,703

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, 2017, operating loss carry forward amounted to RMB165,000 for the PRC and Hong Kong income tax purpose, the tax loss carryforward of RMB500 will begin to expire in 2018. During the years ended December 31, 2016 and 2017, the Group recorded an allowance of RMB34,509 and RMB9,183 for deferred tax assets which are not more likely than not to be realized. 57.7% of the deferred tax asset allowance as of December 31, 2017 was related to the net operating loss from other 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 RMB2.4 billion as of December 31, 2017. 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. Aggregate undistributed earnings of the Company’s VIE companies located in the PRC that are available for distribution to the Company were approximately RMB 951,444 million as of December 31, 2017. A deferred tax liability should be recorded for taxable temporary differences attributable to the excess of financial reporting amounts over tax basis amount in domestic subsidiaries. However, recognition is not required in situations where the tax law provides a means by which the reported amount of that investment can be recovered tax-free and the enterprise expects that it will ultimately use that means. The Company has not recorded any such deferred tax liability attributable to the undistributed earnings of its financial interest in VIEs because it believes such excess earnings can be distributed in a manner that would not be subject to income tax.

The Group did not record any uncertain tax positions during the years ended December 31, 2015, 2016 and 2017. 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 RMB 100 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:


	(Amount in Thousands)
	RMB			US$
Unrecognized tax benefit—December 31, 2014		11,128			1,718
Reverse due to lapse of statute of limitations		(11,202	)		(1,729	)
Exchange rate translation		142			22
Unrecognized tax benefit—December 31, 2015		68			11
Reverse due to lapse of statute of limitations		(68	)		(11	)
Unrecognized tax benefit—December 31, 2016		—			—
Unrecognized tax benefit—December 31, 2017		—			—

Loans Receivable, Net

12 Months Ended

Dec. 31, 2017

Loans Receivable, Net

10. Loans Receivable, Net

Loans receivable as of December 31, 2016 and 2017 consist of the following:


	2016			2017			2017
	RMB			RMB			US$
	(Amount in Thousands)
Loans receivable:
-Within credit term		115,071			768,642			118,138
-Past due		—			—			—
Total loans receivable		115,071			768,642			118,138
Allowance for loan losses		(1,151	)		(3,244	)		(498	)
Loans receivable, net		113,920			765,398			117,640

The loan interest rates range between 4% and 14.4% for the years ended December 31, 2017. All loans are short-term loans, and RMB 740,227 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, 2016 and 2017.


	RMB			US$
	(Amount in Thousands)
Loans receivable—December 31, 2015		1,335			206
Provisions		1,151			166
Reversal of allowance provided		(1,335	)		(206	)
Loans receivable—December 31, 2016		1,151			166
Provisions		3,244			498
Reversal of allowance provided		(1,151	)		(166	)
Loans receivable—December 31, 2017		3,244			498

- 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, 2017

Convertible Notes

11. Convertible notes

On February 3, 2015, the Company issued an aggregate principal amount of US$ 80million (RMB520 million as of December 31, 2017) 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 (RMB149.84 as of December 31, 2017) 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, 2017, US$ 5 million of the Notes have been converted to 217,108 ADS (108,554 shares) at a contractual conversion price of US$23.03 per ADS.

Redeemable Non-controlling Interest of a Subsidiary

12 Months Ended

Dec. 31, 2017

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., Ltd (“Old Gopher”) to the New Gopher (the “business restructure”). In addition, Sequoia Mingde provided RMB 12 million no-interest bearing loan to the Old Gopher, 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.

In the third quarter of 2017, Sequoia Mingde redeemed its investment in New Gopher and terminated the no-interest bearing loan to Old Gopher since the business restructuring can not be completed in accordance with the time stipulated in the initial contract. The parties unanimously agreed to terminate this investment cooperation and the settlement amount is RMB 355.6 million . This transaction was accounted for as an extinguishment of mezzanine equity by issuance of a debt with no gain or loss recognized in earnings. The difference between the carrying amount of redeemable non-controlling interest and the total settlements was recorded to retained earnings and deducted from net earnings available to common shareholders in EPS calculation.


	2016			2017			2017
	RMB			RMB			US$
	(Amount in Thousands)
Beginning of the year		—			330,664			50,822
Issuance of redeemable non-controlling interest of a subsidiary		336,000			—			—
Net (loss) income attributable to redeemable non-controlling interest of a subsidiary		(5,336	)		6,483			996
Termination of redeemable non-controlling interest of a subsidiary					(337,147	)		(51,818	)
Redeemable non-controlling interest - end of the year		330,664			—			—

Share Repurchase

12 Months Ended

Dec. 31, 2017

Share Repurchase

13. Share Repurchase

Treasury stock represents shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury stock is accounted for under the cost method. In 2017, the Company used US$ 4,809 (RMB 31,280) to repurchase 198,694 ADSs (99,347 ordinary shares). In April 2017, the Company cancelled 2,492,146 ADSs (1,246,073 ordinary shares) with a carrying amount of US$ 18,667 (RMB 121,452). As of December 31, 2017, the balance of treasury stock is 280,958 ADSs (140,479 ordinary shares), amounted to US$ 6,190 (RMB 40,267). The difference between the carrying value of the treasury stock and par value was recorded in retained earnings.

Share-Based Compensation

12 Months Ended

Dec. 31, 2017

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,
	2015		2016		2017		2017
	RMB		RMB		RMB		US$
Share options		33,912		39,008		51,054		7,847
Non-vested restricted shares		33,760		40,163		42,581		6,544
Total share-based compensation		67,672		79,171		93,635		14,391

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. During the year ended 31, 2017, the Company adopted its 2017 share incentive plan (the “2017 Plan”). Under the 2017 plan, the maximum aggregate number of shares which may be issued shall be 2,800,000. The term of any option granted under the 2017 Plan shall not exceed ten years 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, 2015, 2016 and 2017 was RMB RMB294.76 (US$45.50), RMB319.16 (US$47.96) and RMB388.45(US$57.30) per share, respectively. There were 49,887, and 62,430 203,174 options exercised during the years ended December 31, 2015, 2016 and 2017 respectively.

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


	2015			2016			2017
Average risk-free rate of return		1.73	%		1.14	%		1.93	%
Weighted average expected option life		6.1 years			6.1 years			6.1 years
Estimated volatility		54.1	%		55.8	%		68.8	%
Average dividend yield		Nil			Nil			Nil

The following table summarizes option activity during the year ended December 31, 2017:


	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value of Options
				RMB				RMB
Outstanding as of January 1, 2017		822,218			233.37		7.8		76,644
Granted		135,850			298.25
Exercised		(203,174	)		94.23
Forfeited		(65,064	)		195.46
Outstanding as of December 31, 2017		689,830			273.20		7.3		55,611
Vested and expected to vest as of December 31, 2017		583,872			273.20		7.3		47,069
Exercisable as of December 31, 2017		214,706			306.54		8.2		7,639

As of December 31, 2017, there was RMB76,529 of unrecognized compensation expense related to unvested share options, which is expected to be recognized over a weighted average period of 2.20 years.

Non-vested Restricted Shares:

A summary of non-vested restricted share activity during the year ended December 31, 2017 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, 2017		215,188			297.69
Granted		209,050			374.15
Vested		(115,995	)		341.59
Forfeited		(16,654	)		336.16
Non-vested as of December 31, 2017		291,589			319.03

The total fair value of non-vested restricted shares vested in 2015, 2016 and 2017 was RMB24,960, RMB31,223 and RMB39,622, 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, 2017, there was RMB84,896 in total unrecognized compensation expense related to such non-vested restricted shares, which is expected to be recognized over a weighted-average period of 2.56 years.

The company issued 5,748 non-vested restricted shares to replace 11,495 options that were granted under the Company’s 2011 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.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2017

Employee Benefit Plans

15. Employee Benefit Plans

Full time employees of the Group in the PRC participate in a government-mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits areprovided to employees. PRC labor regulations require the Group to accrue for these benefits based on a certain percentage of the employees’ salaries. The total contribution for such employee benefits were RMB115,005, RMB140,993 and RMB163,234 for the years ended December 31, 2015, 2016 and 2017, respectively. The Group has no ongoing obligation to its employees subsequent to its contributions to the PRC plan.

Restricted Assets

12 Months Ended

Dec. 31, 2017

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 RMB208,825 and RMB 250,702 as of December 31, 2016 and 2017, 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 RMB1,116,575 and RMB 1,315,753 as of December 31, 2016 and 2017, 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 RMB1,325,400 and RMB 1,566,455 as of December 31, 2016 and 2017, respectively. The restricted assets of the Company’s VIEs amounted to RMB344,384 and RMB 453,912 as of December 31, 2016 and 2017, respectively.

Segment Information

12 Months Ended

Dec. 31, 2017

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.

The Group believes it operates in three reportable segments: wealth management, asset management and other 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, 2015 (Amount in Thousands)
	Wealth Management Business			Assets Management Business			Other Financial Service Business			Total
	RMB			RMB			RMB			RMB
Revenues:
One-time commissions		390,668			521			—			391,189
Recurring service fees		334,982			66,310			—			401,292
Performance-based income		141,774			52,166			—			193,940
Other service fees		69,447			512			58,331			128,290
Total third-party revenues		936,871			119,509			58,331			1,114,711
One-time commissions		424,354			4,333			—			428,687
Recurring service fees		324,182			310,731			—			634,913
Performance –based income		—			53,825			—			53,825
Other service fees		394			—			166			560
Total related party revenues		748,930			368,889			166			1,117,985
Total revenues		1,685,801			488,398			58,497			2,232,696
Less: business taxes and related surcharges		(88,285	)		(23,409	)		(1,075	)		(112,769	)
Net revenues		1,597,516			464,989			57,422			2,119,927
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(507,400	)		(8,044	)		(9,185	)		(524,629	)
Performance Fee Compensation		—			(24,786	)		—			(24,786	)
Other Compensation		(348,504	)		(150,663	)		(115,910	)		(615,077	)
Total compensation and benefits		(855,904	)		(183,493	)		(125,095	)		(1,164,492	)
Selling expenses		(219,286	)		(17,279	)		(27,250	)		(263,815	)
General and administrative expenses		(78,849	)		(53,555	)		(38,525	)		(170,929	)
Other operating expenses		(53,375	)		(19,411	)		(21,838	)		(94,624	)
Government subsidies		75,960			56,304			445			132,709
Total operating cost and expenses		(1,131,454	)		(217,434	)		(212,263	)		(1,561,151	)
Income (loss) from operations		466,062			247,555			(154,841	)		558,776

	Years Ended December 31, 2016 (Amount in Thousands)
	Wealth Management Business			Assets Management Business			Other Financial Service Business			Total
	RMB			RMB			RMB			RMB
Revenues:
One-time commissions		809,460			1,185			—			810,645
Recurring service fees		413,085			61,915			—			475,000
Performance-based income		11,143			8,597			—			19,740
Other service fees		67,437			—			50,357			117,794
Total third-party revenues		1,301,125			71,697			50,357			1,423,179
One-time commissions		318,555			2,887			—			321,442
Recurring service fees		347,819			427,907			—			775,726
Performance –based income		707			38,794			—			39,501
Other service fees		722			—			1,066			1,788
Total related party revenues		667,803			469,588			1,066			1,138,457
Total revenues		1,968,928			541,285			51,423			2,561,636
Less: business taxes and related surcharges		(37,274	)		(9,475	)		(1,315	)		(48,064	)
Net revenues		1,931,654			531,810			50,108			2,513,572
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(556,554	)		(1,452	)		(5,614	)		(563,620	)
Performance Fee Compensation		—			(8,146	)		—			(8,146	)
Other Compensation		(443,705	)		(155,567	)		(129,367	)		(728,639	)
Total compensation and benefits		(1,000,259	)		(165,165	)		(134,981	)		(1,300,405	)
Selling expenses		(280,993	)		(16,172	)		(25,502	)		(322,667	)
General and administrative expenses		(120,764	)		(77,201	)		(36,523	)		(234,488	)
Other operating expenses		(82,059	)		(35,923	)		(33,106	)		(151,088	)
Government subsidies		78,445			83,920			—			162,365
Total operating cost and expenses		(1,405,630	)		(210,541	)		(230,112	)		(1,846,283	)
Income (loss) from operations		526,024			321,269			(180,004	)		667,289


	Years Ended December 31, 2017 (Amount in Thousands)
	Wealth Management Business			Assets Management Business			Other Financial Service Business			Total
	RMB			RMB			RMB			RMB
Revenues:
One-time commissions		539,936			1,088			—			541,024
Recurring service fees		519,575			27,548			—			547,123
Performance-based income		84,105			2,389			—			86,494
Other service fees		70,390			10,712			90,657			171,759
Total third-party revenues		1,214,006			41,737			90,657			1,346,400
One-time commissions		560,048			1,012			—			561,060
Recurring service fees		358,321			502,409			—			860,730
Performance –based income		9,020			45,482			—			54,502
Other service fees		—			—			23,314			23,314
Total related party revenues		927,389			548,903			23,314			1,499,606
Total revenues		2,141,395			590,640			113,971			2,846,006
Less: business taxes and related surcharges		(15,128	)		(2,599	)		(1,371	)		(19,098	)
Net revenues		2,126,267			588,041			112,600			2,826,908
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(611,550	)		(4	)		(4,510	)		(616,064	)
Performance Fee Compensation		—			(11,291	)		—			(11,291	)
Other Compensation		(463,370	)		(190,032	)		(126,615	)		(780,017	)
Total compensation and benefits		(1,074,920	)		(201,327	)		(131,125	)		(1,407,372	)
Selling expenses		(295,798	)		(9,271	)		(15,393	)		(320,462	)
General and administrative expenses		(146,122	)		(70,618	)		(32,138	)		(248,878	)
Other operating expenses		(77,490	)		(27,773	)		(42,055	)		(147,318	)
Government subsidies		49,008			23,848			1,300			74,156
Total operating cost and expenses		(1,545,322	)		(285,141	)		(219,411	)		(2,049,874	)
Income (loss) from operations		580,945			302,900			(106,811	)		777,034

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

Related Party Transactions

12 Months Ended

Dec. 31, 2017

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

Shanghai Noah Rongyao Insurance Broker Co., Ltd		Affiliate of the Group

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

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

Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		Investees of Kunshan Jingzhao Equity Investment Management Co., Ltd., an affiliate of the Group

Investee funds of Noah Holdings (Hong Kong) Limited		Investees of Noah Holdings (Hong Kong) Limited, a subsidiary of the Group

Investee funds of Gopher Assets		Investees of Gopher Asset Management Co., Ltd.(Gopher Assets), a consolidated VIE of the Group

Investee funds of Gopher Capital GP Ltd.		Investees of Gopher Capital GP Ltd., a subsidiary of the Group

Shanghai Noah Charity Fund		A charity fund established by the Group

During the years ended December 31, 2015, 2016 and 2017, related party transactions were as follows:


	Years Ended December 31 (Amount in Thousands)
	2015		2016		2017		2017
	RMB		RMB		RMB		US$
One-time commissions
Investee funds of Gopher Assets		428,475		320,546		558,543		85,846
Wanjia Win-Win		127		—		—		—
One-time commissions earned from funds subscribed by shareholders		85		896		2,517		387
Total one-time commissions		428,687		321,442		561,060		86,233
Recurring services fee
Investee funds of Gopher Assets		401,567		546,662		610,077		93,767
Wanjia Win-Win		44,792		7,441		1,079		166
Sequoia Capital Investment Management (Tianjin) Co., Ltd.		47,850		42,404		49,425		7,596
Investee funds of Gopher Capital GP Ltd.		116,226		164,489		200,149		30,763
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		7,825		5,449		—		—
Wuhu Bona		8,842		7,728		—		—
Recurring services fee earned from funds subscribed by shareholders		7,811		1,553		—		—
Total recurring services fee		634,913		775,726		860,730		132,292
Performance-based income
Investee funds of Gopher Assets		53,825		32,206		44,580		6,852
Investee funds of Gopher Capital GP Ltd.		—		380		9,922		1,525
Wanjia Win-Win		—		6,915
Total performance-based income		53,825		39,501		54,502		8,377
Other service fee
Other services subscribed by shareholders		555		1,706		23,313		3,583
Investee funds of Gopher Capital GP Ltd.		5		82		1		—
Total other service fee		560		1,788		23,314		3,583
Total		1,117,985		1,138,457		1,499,606		230,485

As of December 31, 2016 and 2017, amounts due from related parties associated with the above transactions were comprised of the following:


	As of December 31, (Amount in Thousands)
	2016		2017		2017
	RMB		RMB		US$
Wanjia Win-Win		9,702		5,526		849
Investee funds of Gopher Assets		304,603		448,794		68,980
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		10,193		627		96
Wuhu Bona		4,996		1,777		273
Investee funds of Gopher Capital GP Ltd.		5,346		39,903		6,133
Shanghai Noah Rongyao Insurance Broker Co., Ltd		—		8,304		1,276
Total		334,840		504,931		77,607

As of December 31, 2016 and 2017, amounts due from related parties associated with loan distributed were comprised of the following:


	As of December 31, (Amount in Thousands)
	2016		2017		2017
	RMB		RMB		US$
Investee funds of Gopher Assets		104,000		10,523		1,617
Total		104,000		10,523		1,617

As of December 31, 2016 and 2017, deferred revenues related to the recurring management fee received in advance from related parties were comprised of the following:


	As of December 31, (Amount in Thousands)
	2016		2017		2017
	RMB		RMB		US$
Investee funds of Gopher Assets		29,275		31,523		4,845
Wanjia Win-Win		543		—		—
Total		29,818		31,523		4,845

In December 2016, Shanghai Qinjie Investment (Limited Partnership), a investee fund managed by Gopher Asset, acquired 9.88% of the equity interests of Shanghai Noah Yijie Finance Technology Co., Ltd, one of the Company’s subsidiaries, at purchase price of RMB150 million..

In the second quarter of 2017, the Company transferred 100% shares of one subsidiary, Shanghai Noah Rongyao Insurance Broker Co., Ltd. to an entity owned by the Company’s shareholders, and two senior executives of the Company’s subsidiaries, at the price of RMB52,622. In the fourth quarter of 2017, the Company obtained significant influence over Shanghai Noah Rongyao Insurance Broker by acquiring 40% beneficial right through an agreement at a price of RMB 21,049.

During the years ended December 31, 2016 and 2017, donation made to Shanghai Noah Charity Fund were RMB6.0 million and RMB2.7 million, respectively.

Commitments

12 Months Ended

Dec. 31, 2017

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, 2017 were as follows:


Years Ended December 31	RMB		US$
	(Amount in Thousands)
2018		67,163		10,157
2019		57,860		8,750
2020		44,736		6,765
2021		29,304		4,432
2022 and after		60,037		9,079
Total		259,100		39,183

Rental expenses were RMB75,964, RMB 92,972 and RMB 93,693 for the years ended December 31, 2015, 2016 and 2017, respectively.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2017
Subsequent Events	20. Subsequent events On April 12, 2018, US$ 25 million of the Convertible Notes have been converted to 1,085,542 ADS (542,771 shares) at contractual conversion price of US$ 23.03 per ADS.

Additional Financial Information of Parent Company - Financial Statements Schedule I

12 Months Ended

Dec. 31, 2017

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, 2017, was more than 25% of the Company’s consolidated net assets as of December 31, 2017.

a) Condensed balance sheets (Amount in Thousands, Except Shares Data)


	As of December 31
	2016			2017			2017
	RMB			RMB			US$
ASSETS
Current assets
Cash and cash equivalents		364,864			612,867			94,196
Due from subsidiaries and VIEs		504,907			93,740			14,408
Other current assets		32,822			16,144			2,481
Total current assets		902,593			722,751			111,085
Investment in subsidiaries and VIEs		3,000,711			4,212,127			647,392
Non-current deferred tax assets		2,795			1,368			210
Other non-current assets		694			650			101
TOTAL ASSETS		3,906,793			4,936,896			758,788
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Convertible notes		—			487,973			75,000
Other current liabilities		10,443			13,660			2,100
Total current liabilities		10,443			501,633			77,100
Convertible notes		555,440			—			—
Other non-current liabilities		8,773			6,003			918
Total liabilities		574,656			507,636			78,018
Shareholders’ equity
Class A ordinary shares (US$0.0005 par value): 91,394,900 shares authorized, 21,003,533 shares issued and 19,716,328 shares outstanding as of December 31, 2016 and 20,235,183 shares issued and 20,094,704 shares outstanding as of December 31, 2017		70			67			10
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, 2016 and 8,465,000 shares issued and outstanding as of December 31, 2017		29			29			5
Treasury stock (1,287,205 ordinary shares as of December 31, 2016 and 140,479 ordinary shares as of December 31, 2017)		(130,439	)		(40,267	)		(6,190	)
Additional paid-in capital		1,226,216			1,372,838			211,001
Retained earnings		2,241,694			2,883,169			443,135
Accumulated other comprehensive income		(5,433	)		213,424			32,809
Total shareholders’ equity		3,332,137			4,429,260			680,770
TOTAL LIABILITIES AND SHAREHOLERS’ EQUITY		3,906,793			4,936,896			758,788

b) Condensed statement of operations (Amount in Thousands, Except Shares Data)


	Years ended December 31,
	2015			2016			2017			2017
	RMB			RMB			RMB			US$
Net revenues		—			—			—			—
Operating cost and expenses
Compensation and benefits		10,979			9,828			8,819			1,355
Selling expenses		374			90			34			5
General and administrative expenses		10,549			4,368			2,407			370
Total operating cost and expenses		21,902			14,286			11,260			1,730
Loss from operations		21,902			14,286			11,260			1,730
Other income (expenses):
Interest income		8,336			10,413			1,485			228
Interest expense		(16,050	)		(19,289	)		(20,858	)		(3,206	)
Investment income		25,507			—			886			136
Other income (expenses)		113			(969	)		5,940			913
Total other income (expense)		17,906			(9,845	)		(12,547	)		(1,929	)
Income before taxes and income from equity in subsidiaries and VIEs		(3,996	)		(24,131	)		(23,807	)		(3,659	)
Income tax expenses/(benefit)		3,524			3,299			(4,481	)		(689	)
Income from equity in affiliates		—			1,394			17,779			2,735
Equity in profit of subsidiaries and VIEs		536,297			663,267			773,432			118,874
Net income attributable to Noah shareholders		535,825			643,829			762,923			117,261

c) Condensed statement of comprehensive income (Amount in Thousands, Except Shares Data)


	Years Ended December 31,
	2015		2016			2017			2017
	RMB		RMB			RMB			US$
Net income		535,825		643,829			762,923			117,261
Other comprehensive income, net of tax										—
Change in cumulative foreign currency translation adjustment		4,882		19,324			(33,845	)		(5,204	)
Fair value fluctuation of available-for-sale investment (Note 4)		718		(4,710	)		250,425			38,490
Fair value fluctuation of available-for-sale investment of affiliates		—		1,709			2,281			351
Other comprehensive income		5,600		16,323			218,861			33,637
Comprehensive income attributable to Noah Holdings Ltd. shareholders		541,425		660,152			981,784			150,898

d) Condensed statements of cash flows (Amount in Thousands, Except Shares Data)


	Years ended December 31,
	2015			2016			2017			2017
	RMB			RMB			RMB			US$
Cash flows from operating activities:
Net income attributable to Noah shareholders		535,825			643,829			762,923			117,261
Adjustment to reconcile net income to net cash provided by operating activities:
Share-based compensation		10,979			9,828			8,819			1,353
Gain from equity in subsidiaries and VIEs		(536,297	)		(663,267	)		(773,432	)		(118,874	)
Equity in income of affiliates		—			—			(17,779	)		(2,735	)
Changes in operating assets and liabilities:
Amount due from subsidiaries and VIEs		(319,184	)		39,012			335,064			51,501
Other current assets		(5,774	)		(1,722	)		16,721			2,570
Deferred tax assets		(576	)		940			1,427			219
Uncertain tax position liabilities		(4,804	)		—			—			—
Other current liabilities		7,942			(4,857	)		3,217			494
Other non-current liabilities		1,822			(1,091	)		(2,768	)		(425	)
Net cash (used in) provided by operating activities		(310,067	)		22,672			334,192			51,364
Cash flows from investing activities:
Investment in subsidiaries and VIEs		(7,852	)		—			—			—
Increase in investment in affiliates		(22,672	)		(27,702	)		(16,962	)		(2,607	)
Net cash used in investing activities		(30,524	)		(27,702	)		(16,962	)		(2,607	)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares upon exercise of stock options		4,351			4,539			19,692			3,027
Share repurchase		(44,586	)		(12,602	)		(31,288	)		(4,809	)
Proceeds from convertible notes		518,224			—			—			—
Net cash provided by (used in) financing activities		477,989			(8,063	)		(11,596	)		(1,782	)
Effect of exchange rate changes		4,881			56,539			(57,631	)		(8,858	)
Net increase in cash and cash equivalents		142,279			43,446			248,003			38,117
Cash and cash equivalents—beginning of year		179,139			321,418			364,864			56,079
Cash and cash equivalents—end of year		321,418			364,864			612,867			94,196

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, 2016 and 2017, 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, 2017

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:

•


	As of December 31 (Amount in Thousands)
	2016			2017			2017
	RMB			RMB			US$
Cash and cash equivalents (including cash and cash equivalents of the consolidated fund of RMB 11,641 as of December 31, 2017)		312,278			394,672			60,660
Restricted cash		1,000			—			—
Accounts receivable, net of allowance for doubtful accounts		14,828			2,795			430
Amounts due from related parties		209,034			155,570			23,911
Deferred tax assets		11,158			6,136			943
Other current assets		33,453			88,740			13,639
Long-term investments (including long-term investment of the consolidated fund of RMB 49,029 as of December 31, 2017)		81,168			192,920			29,651
Investment in affiliates		488,263			920,848			141,532
Property and equipment, net		28,804			25,458			3,913
Other non-current assets		13,776			12,641			1,943
Total assets		1,193,762			1,799,780			276,622
Accrued payroll and welfare expenses		72,212			83,553			12,842
Income tax payable		(5,037	)		(2,507	)		(385	)
Amount due to related parties		12,000			—			—
Amounts due to the Group’s subsidiaries (including amount due to Group’s subsidiaries of the consolidated fund of RMB 19,519 as of December 31, 2017)		125,714			498,557			76,627
Deferred revenue		29,834			33,301			5,118
Other current liabilities		31,079			40,942			6,293
Total liabilities		265,802			653,846			100,495


	Years Ended December 31 (Amount in Thousands)
	2015			2016			2017			2017
	RMB			RMB			RMB			US$
Revenue:
Third-party revenues
One-time commissions		145,325			1,184			16,521			2,539
Recurring service fees		181,289			56,998			24,275			3,731
Performance-based income		165,972			8,596			2,389			367
Other service fees		9,616			38,881			35,054			5,388
Total third-party revenues		502,202			105,659			78,239			12,025
Related party revenues
One-time commissions		122,950			2,887			1,012			156
Recurring service fees		348,870			278,460			306,883			47,167
Performance-based income		53,825			38,414			37,240			5,724
Other service fees		2,103			19,857			23,735			3,648
Total related party revenues		527,748			339,618			368,870			56,695
Total revenues		1,029,950			445,277			447,109			68,720
Less: business taxes and related surcharges		(57,714	)		(10,206	)		(2,792	)		(429	)
Net revenues		972,236			435,071			444,317			68,291
Operating cost and expenses (including operating cost and expenses of the consolidated fund of RMB -863 for year ended December 31, 2017)		(624,541	)		(452,182	)		(361,765	)		(55,602	)


Other income (including other income of the consolidated fund of RMB 3,667 for year ended December 31, 2017)	39,115		67,038		43,281		6,652
Net income	327,598		24,381		149,703		23,009
Net income attributable to Noah Holding Limited shareholders	326,209		22,122		147,483		22,668
Cash flows provided by (used in) operating activities*	402,492		(316,765	)	426,663		65,562
Cash flows (used in) provided by investing activities	(293,697	)	28,995		(372,590	)	(57,251	)
Cash flows provided by financing activities	3,282		14,856		15,680		2,410

*	Cash flows provided by operating activities in 2015, 2016 and 2017 include amounts due to the Group’s subsidiaries of RMB161,666, RMB125,714 and RMB 479,138 (US$74).

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, (Amount in Thousands)
	2016		2017		2017
	RMB		RMB		US$
Amounts due from related parties		32,492		36,792		5,655
Investments		508,011		610,386		93,815
Maximum exposure to loss in non-consolidated VIEs		540,503		647,178		99,470

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 financial product providers which accounted for 10% or more of total revenues for the years ended December 31, 2015, 2016, and 2017.

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

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

Non-controlling interests

(k) Non-controlling interests

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, (Amount in Thousands)
	2015		2016		2017		2017
	RMB		RMB		RMB		US$
Net income attributable to Noah Holdings Limited shareholders		535,825		643,829		762,923		117,261
Transfers from (to) the non-controlling interest:
Increase (decrease) in Noah’s equity by partial disposal (acquisition) of subsidiaries		29,076		151,990		30		5
Net transfers from (to) non-controlling interest		29,076		151,990		30		5
Change from net income attributable to Noah and transfers from non-controlling interest		564,901		795,819		762,953		117,266

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
Building		30 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 financial product providers.

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 receivables, net

(w) Loan receivables, net

Allowance for loan losses

(x) Allowance for loan losses

Sale accounting

(y) Sale accounting

Recently issued accounting pronouncements

(z) Recently issued accounting pronouncements

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Subsidiaries

The Company’s significant subsidiaries as of December 31, 2017 include the following:


	Date of Incorporation	Place of Incorporation	Percentage of Ownership
Shanghai Noah Investment (Group) Co., Ltd (formerly known as 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 Corp.	April 18, 2008	PRC		100	%
Noah Insurance (Hong Kong) Limited	January 3, 2011	Hong Kong		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 Rongyitong (Wuhu) Microfinance Co., Ltd.	August 13, 2013	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 International (Hong Kong) Limited	January 7, 2015	Hong Kong		100	%
Kunshan Noah Rongyao Investment Management Co., Ltd.	December 2, 2015	PRC		100	%
Shanghai Noah Chuangying Enterprise Management Co., Ltd.	December 14, 2015	PRC		100	%
Gopher International Investment Management (Shanghai) Limited	November 14, 2016	PRC		100	%

Noah Investment’s significant subsidiaries as of December 31, 2017 include the following:


	Date of Incorporation	Place of Incorporation	Percentage of Ownership
Shanghai Noah Investment Management Co., Ltd.	August 26, 2005	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, 2017

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


	As of December 31 (Amount in Thousands)
	2016			2017			2017
	RMB			RMB			US$
Cash and cash equivalents (including cash and cash equivalents of the consolidated fund of RMB 11,641 as of December 31, 2017)		312,278			394,672			60,660
Restricted cash		1,000			—			—
Accounts receivable, net of allowance for doubtful accounts		14,828			2,795			430
Amounts due from related parties		209,034			155,570			23,911
Deferred tax assets		11,158			6,136			943
Other current assets		33,453			88,740			13,639
Long-term investments (including long-term investment of the consolidated fund of RMB 49,029 as of December 31, 2017)		81,168			192,920			29,651
Investment in affiliates		488,263			920,848			141,532
Property and equipment, net		28,804			25,458			3,913
Other non-current assets		13,776			12,641			1,943
Total assets		1,193,762			1,799,780			276,622
Accrued payroll and welfare expenses		72,212			83,553			12,842
Income tax payable		(5,037	)		(2,507	)		(385	)
Amount due to related parties		12,000			—			—
Amounts due to the Group’s subsidiaries (including amount due to Group’s subsidiaries of the consolidated fund of RMB 19,519 as of December 31, 2017)		125,714			498,557			76,627
Deferred revenue		29,834			33,301			5,118
Other current liabilities		31,079			40,942			6,293
Total liabilities		265,802			653,846			100,495


	Years Ended December 31 (Amount in Thousands)
	2015			2016			2017			2017
	RMB			RMB			RMB			US$
Revenue:
Third-party revenues
One-time commissions		145,325			1,184			16,521			2,539
Recurring service fees		181,289			56,998			24,275			3,731
Performance-based income		165,972			8,596			2,389			367
Other service fees		9,616			38,881			35,054			5,388
Total third-party revenues		502,202			105,659			78,239			12,025
Related party revenues
One-time commissions		122,950			2,887			1,012			156
Recurring service fees		348,870			278,460			306,883			47,167
Performance-based income		53,825			38,414			37,240			5,724
Other service fees		2,103			19,857			23,735			3,648
Total related party revenues		527,748			339,618			368,870			56,695
Total revenues		1,029,950			445,277			447,109			68,720
Less: business taxes and related surcharges		(57,714	)		(10,206	)		(2,792	)		(429	)
Net revenues		972,236			435,071			444,317			68,291
Operating cost and expenses (including operating cost and expenses of the consolidated fund of RMB -863 for year ended December 31, 2017)		(624,541	)		(452,182	)		(361,765	)		(55,602	)


Other income (including other income of the consolidated fund of RMB 3,667 for year ended December 31, 2017)	39,115		67,038		43,281		6,652
Net income	327,598		24,381		149,703		23,009
Net income attributable to Noah Holding Limited shareholders	326,209		22,122		147,483		22,668
Cash flows provided by (used in) operating activities*	402,492		(316,765	)	426,663		65,562
Cash flows (used in) provided by investing activities	(293,697	)	28,995		(372,590	)	(57,251	)
Cash flows provided by financing activities	3,282		14,856		15,680		2,410

*	Cash flows provided by operating activities in 2015, 2016 and 2017 include amounts due to the Group’s subsidiaries of RMB161,666, RMB125,714 and RMB 479,138 (US$74).

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 2017, respectively.


	As of December 31, (Amount in Thousands)
	2016		2017		2017
	RMB		RMB		US$
Amounts due from related parties		32,492		36,792		5,655
Investments		508,011		610,386		93,815
Maximum exposure to loss in non-consolidated VIEs		540,503		647,178		99,470

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, (Amount in Thousands)
	2015		2016		2017		2017
	RMB		RMB		RMB		US$
Net income attributable to Noah Holdings Limited shareholders		535,825		643,829		762,923		117,261
Transfers from (to) the non-controlling interest:
Increase (decrease) in Noah’s equity by partial disposal (acquisition) of subsidiaries		29,076		151,990		30		5
Net transfers from (to) non-controlling interest		29,076		151,990		30		5
Change from net income attributable to Noah and transfers from non-controlling interest		564,901		795,819		762,953		117,266

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
Building		30 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, 2017

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, (Amount in Thousands, Except Shares Data)
	2015		2016		2017		2017
	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		535,825		643,829		762,923		117,261
Plus: interest expense for convertible notes		16,050		19,289		20,042		3,080
Net income attributable to Class A and Class B ordinary shareholders—diluted		551,875		663,118		782,965		120,341
Weighted average number of Class A and Class B ordinary shares outstanding—basic		28,085,521		28,150,139		28,275,637		28,275,637
Plus: share options		207,354		133,295		189,508		189,508
Plus: non-vested restricted shares		278,027		16,465		73,337		73,337
Plus: shares outstanding for convertible notes		1,575,074		1,736,864		1,695,341		1,695,341
Weighted average number of Class A and Class B ordinary shares outstanding—diluted		30,145,976		30,036,763		30,233,823		30,233,823
Basic net income per share		19.08		22.87		26.98		4.15
Diluted net income per share		18.31		22.08		25.90		3.98

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,
	2015		2016		2017
Share options		343,750		316,510		243,561
Non-vested restricted shares		—		—		—
Total		343,750		316,510		243,561

Investments (Tables)

12 Months Ended

Dec. 31, 2017

Investment

The following table summarizes the Group’s investment balances:


	As of December 31, (Amount in Thousands)
	2016		2017		2017
	RMB		RMB		US$
Short-term investments
- Held-to-maturity investments
- Fixed income products		144,580		65,000		9,990
Total held-to-maturity investments		144,580		65,000		9,990
- Available-for-sale investments
- Fixed income products		154,594		95,345		14,655
Total available-for-sale investments		154,594		95,345		14,655
Total short-term investments		299,174		160,345		24,645
Long-term investments
- Held-to-maturity investments
- Fixed income products		134,500		205,500		31,585
Total held-to-maturity investments		134,500		205,500		31,585
- Available-for-sale investments
- Listed equity securities		—		294,080		45,199
- Fixed income product		—		138,897		21,348
Total available-for-sale investments		—		432,977		66,547
- Investments held by consolidated investment funds		—		49,029		7,536
- Other long-term investments
- Private equity funds products		95,569		147,800		22,716
- Other investments		116,851		152,960		23,510
Total other long-term investments		212,420		300,760		46,226
Total long-term investments		346,920		988,266		151,894
Total investments		646,094		1,148,611		176,539

- 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, 2017

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
(Amount in Thousands)

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

—

154,594

—

Long-term investment

Available-for-sale investments

—


			Fair Value Measurements at Reporting Date Using (Amount in Thousands)
Description	As of December 31, 2017		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
Short-term investment
Available-for-sale investments		95,345		—		95,345		—
Long-term investment
Available-for-sale investments		432,977		294,080		138,897		—
Investments held by consolidated investment fund		49,029		—		49,029		—

Fair Value Measurements of Long-term Financial Instruments

As of December 31, 2016 and 2017, 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, 2016				Fair Value Measurements at Reporting Date Using (Amount in Thousands)
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		95,569		95,420		—		—		95,420
Investment in other investments		116,851		238,804		—		—		238,804
Long-term investment – held-to-maturity:
Investment in fixed income products		134,500		135,861		—		135,861		—

	As of December 31, 2017				Fair Value Measurements at Reporting Date Using (Amount in Thousands)
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		147,800		164,304		—		—		164,304
Investment in other investments		152,960		154,168		—		—		154,168
Long-term investment – held-to-maturity:
Investment in fixed income products		205,500		223,342		—		223,342		—

Investment in Affiliates (Tables)

12 Months Ended

Dec. 31, 2017

Investments in and Advances to Affiliates

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


	As of December 31, (Amount in Thousands)
	2016		2017		2017
	RMB		RMB		US$
Kunshan Jingzhao		11,541		10,849		1,665
Kunshan Vantone		5,226		3,889		598
Wanjia Win-Win		60,131		86,465		13,289
Wuhu Bona		807		2,721		418
Shanghai Weiying		1,059		1,680		258
Wuhu Hongxing		9,800		9,577		1,472
Hainan Alibaba		4,000		4,000		615
Others		3,623		3,879		596
Rongyao Insurance Broker		—		21,049		3,235
Funds that the Company serves as general partner		442,990		824,513		126,729
-Gopher Transform Private Fund		150,000		145,150		22,309
-Real estate funds and real estate funds of funds		50,374		89,922		13,821
-Private equity funds of funds		242,574		589,398		90,592
-Other fixed income funds of funds		42		43		7
Total investment in affiliates		539,177		968,622		148,875

Summarized Financial Information


	As of December 31 (Amount in Thousands)
	2016		2017		2017
	RMB		RMB		US$
Balance sheet data:
Current assets		5,953,591		8,471,094		1,301,983
Non-current assets		22,439,892		22,795,565		3,503,614
Current liabilities		506,069		823,511		126,571
Non-current liabilities		1,716,211		1,703,350		261,800


	Years Ended December 31, (Amount in Thousands)
	2015			2016		2017			2017
	RMB			RMB		RMB			US$
Operating data:
Revenue		338,606			685,603		237,589			36,517
Income (Loss) from operations		(276,327	)		33,706		(1,609,708	)		(247,408	)
Net Realized and Unrealized Gain from investments		901,294			5,222,287		1,846,396			283,786
Net income		624,083			5,263,296		247,865			38,096

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2017

Property and Equipment, Net

Property and equipment, net consists of the following:


	As of December 31, (Amount in Thousands)
	2016			2017			2017
	RMB			RMB			US$
Leasehold improvements		138,813			150,388			23,114
Furniture, fixtures and equipment		85,469			106,061			16,301
Motor vehicles		49,940			83,309			12,804
Software		64,018			75,306			11,574
Property		—			53,266			8,188
		338,240			468,330			71,981
Accumulated depreciation		(129,856	)		(191,385	)		(29,415	)
		208,384			276,945			42,566
Construction in progress		35,106			26,404			4,058
Property and equipment, net		243,490			303,349			46,624

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Other Current Liabilities

Components of other current liabilities are as follows:


	As of December 31, (Amount in Thousands)
	2016		2017		2017
	RMB		RMB		US$
Accrued expenses		126,697		164,295		25,252
Advance from customers		20,227		80,401		12,357
Interest payable for convertible notes		8,371		7,600		1,168
Other payables		78,342		99,139		15,238
Payable to individual investors of other financial service business		29,031		77,387		11,894
Payable for purchases of property and equipment		11,209		3,577		550
Other tax payable		48,817		56,990		8,759
Amount due to related party		12,000		—		—
Total		334,694		489,389		75,218

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Tax Expense (Benefit)

The tax expense (benefit) comprises:


	Years Ended December 31, (Amount in Thousands)
	2015			2016			2017		2017
	RMB			RMB			RMB		US$
Current Tax		136,700			166,564			198,841		30,561
Deferred Tax		(6,813	)		(8,567	)		244		38
Total		129,887			157,997			199,085		30,599

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,
	2015			2016			2017
PRC income tax rate		25.00	%		25.00	%		25.00	%
Expenses not deductible for tax purposes		0.00	%		0.17	%		0.14	%
Effect of tax-free investment income		(2.97	%)		(4.44	%)		(2.03	%)
Effect of uncertain tax positions		(1.75	%)		(0.01	%)		—
Effect of different tax rate of subsidiary operation in other jurisdiction		(0.70	%)		(3.96	%)		(3.30	%)
Effect of deferred tax asset allowance		2.00	%		4.70	%		1.07	%
Effect of tax holidays		(1.28	%)		(1.82	%)		(0.73	%)
Effect of intra-group share transfer		—			1.96	%		—
Effect of income from equity in Fund of Fund		—			—			1.92	%
Effect of others		0.16	%		(0.06	%)		0.85	%
		20.46	%		21.54	%		22.92	%

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, (Amount in Thousands Except Shares Data)
	2015		2016		2017		2017
	RMB		RMB		RMB		US$
Aggregate		8,103		13,363		6,367		979
Per share effect-basic		0.29		0.47		0.23		0.07
Per share effect-diluted		0.27		0.44		0.21		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, (Amount in Thousands)
	2016			2017			2017
	RMB			RMB			US$
Deferred tax assets:
Accrued expenses		24,108			37,990			5,839
Tax loss carry forward		63,023			41,185			6,330
Unrealized other income		3,105			2,662			409
Others		—			—			—
Gross deferred tax assets		90,236			81,837			12,578
Valuation allowance		(34,509	)		(9,183	)		(1,411	)
Net deferred tax assets		55,727			72,654			11,167
Deferred tax liabilities:
Unrealized investment income		4,456			50,121			7,703
Net deferred tax liabilities (after offsetting)		4,456			50,121			7,703

Movement of Uncertain Tax Positions

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


	(Amount in Thousands)
	RMB			US$
Unrecognized tax benefit—December 31, 2014		11,128			1,718
Reverse due to lapse of statute of limitations		(11,202	)		(1,729	)
Exchange rate translation		142			22
Unrecognized tax benefit—December 31, 2015		68			11
Reverse due to lapse of statute of limitations		(68	)		(11	)
Unrecognized tax benefit—December 31, 2016		—			—
Unrecognized tax benefit—December 31, 2017		—			—

Loans Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2017

Loans Receivable, Net

Loans receivable as of December 31, 2016 and 2017 consist of the following:


	2016			2017			2017
	RMB			RMB			US$
	(Amount in Thousands)
Loans receivable:
-Within credit term		115,071			768,642			118,138
-Past due		—			—			—
Total loans receivable		115,071			768,642			118,138
Allowance for loan losses		(1,151	)		(3,244	)		(498	)
Loans receivable, net		113,920			765,398			117,640

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, 2016 and 2017.


	RMB			US$
	(Amount in Thousands)
Loans receivable—December 31, 2015		1,335			206
Provisions		1,151			166
Reversal of allowance provided		(1,335	)		(206	)
Loans receivable—December 31, 2016		1,151			166
Provisions		3,244			498
Reversal of allowance provided		(1,151	)		(166	)
Loans receivable—December 31, 2017		3,244			498

Redeemable Non-controlling Interest of a Subsidiary (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Redeemable Noncontrolling Interest


	2016			2017			2017
	RMB			RMB			US$
	(Amount in Thousands)
Beginning of the year		—			330,664			50,822
Issuance of redeemable non-controlling interest of a subsidiary		336,000			—			—
Net (loss) income attributable to redeemable non-controlling interest of a subsidiary		(5,336	)		6,483			996
Termination of redeemable non-controlling interest of a subsidiary					(337,147	)		(51,818	)
Redeemable non-controlling interest - end of the year		330,664			—			—

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

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,
	2015		2016		2017		2017
	RMB		RMB		RMB		US$
Share options		33,912		39,008		51,054		7,847
Non-vested restricted shares		33,760		40,163		42,581		6,544
Total share-based compensation		67,672		79,171		93,635		14,391

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:


	2015			2016			2017
Average risk-free rate of return		1.73	%		1.14	%		1.93	%
Weighted average expected option life		6.1 years			6.1 years			6.1 years
Estimated volatility		54.1	%		55.8	%		68.8	%
Average dividend yield		Nil			Nil			Nil

Summary of Stock Option Activity

The following table summarizes option activity during the year ended December 31, 2017:


	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value of Options
				RMB				RMB
Outstanding as of January 1, 2017		822,218			233.37		7.8		76,644
Granted		135,850			298.25
Exercised		(203,174	)		94.23
Forfeited		(65,064	)		195.46
Outstanding as of December 31, 2017		689,830			273.20		7.3		55,611
Vested and expected to vest as of December 31, 2017		583,872			273.20		7.3		47,069
Exercisable as of December 31, 2017		214,706			306.54		8.2		7,639

Summary of Non Vested Restricted Share Activity

A summary of non-vested restricted share activity during the year ended December 31, 2017 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, 2017		215,188			297.69
Granted		209,050			374.15
Vested		(115,995	)		341.59
Forfeited		(16,654	)		336.16
Non-vested as of December 31, 2017		291,589			319.03

Segment Information (Tables)

12 Months Ended

Dec. 31, 2017

Segment Information

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


	Years Ended December 31, 2015 (Amount in Thousands)
	Wealth Management Business			Assets Management Business			Other Financial Service Business			Total
	RMB			RMB			RMB			RMB
Revenues:
One-time commissions		390,668			521			—			391,189
Recurring service fees		334,982			66,310			—			401,292
Performance-based income		141,774			52,166			—			193,940
Other service fees		69,447			512			58,331			128,290
Total third-party revenues		936,871			119,509			58,331			1,114,711
One-time commissions		424,354			4,333			—			428,687
Recurring service fees		324,182			310,731			—			634,913
Performance –based income		—			53,825			—			53,825
Other service fees		394			—			166			560
Total related party revenues		748,930			368,889			166			1,117,985
Total revenues		1,685,801			488,398			58,497			2,232,696
Less: business taxes and related surcharges		(88,285	)		(23,409	)		(1,075	)		(112,769	)
Net revenues		1,597,516			464,989			57,422			2,119,927
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(507,400	)		(8,044	)		(9,185	)		(524,629	)
Performance Fee Compensation		—			(24,786	)		—			(24,786	)
Other Compensation		(348,504	)		(150,663	)		(115,910	)		(615,077	)
Total compensation and benefits		(855,904	)		(183,493	)		(125,095	)		(1,164,492	)
Selling expenses		(219,286	)		(17,279	)		(27,250	)		(263,815	)
General and administrative expenses		(78,849	)		(53,555	)		(38,525	)		(170,929	)
Other operating expenses		(53,375	)		(19,411	)		(21,838	)		(94,624	)
Government subsidies		75,960			56,304			445			132,709
Total operating cost and expenses		(1,131,454	)		(217,434	)		(212,263	)		(1,561,151	)
Income (loss) from operations		466,062			247,555			(154,841	)		558,776

	Years Ended December 31, 2016 (Amount in Thousands)
	Wealth Management Business			Assets Management Business			Other Financial Service Business			Total
	RMB			RMB			RMB			RMB
Revenues:
One-time commissions		809,460			1,185			—			810,645
Recurring service fees		413,085			61,915			—			475,000
Performance-based income		11,143			8,597			—			19,740
Other service fees		67,437			—			50,357			117,794
Total third-party revenues		1,301,125			71,697			50,357			1,423,179
One-time commissions		318,555			2,887			—			321,442
Recurring service fees		347,819			427,907			—			775,726
Performance –based income		707			38,794			—			39,501
Other service fees		722			—			1,066			1,788
Total related party revenues		667,803			469,588			1,066			1,138,457
Total revenues		1,968,928			541,285			51,423			2,561,636
Less: business taxes and related surcharges		(37,274	)		(9,475	)		(1,315	)		(48,064	)
Net revenues		1,931,654			531,810			50,108			2,513,572
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(556,554	)		(1,452	)		(5,614	)		(563,620	)
Performance Fee Compensation		—			(8,146	)		—			(8,146	)
Other Compensation		(443,705	)		(155,567	)		(129,367	)		(728,639	)
Total compensation and benefits		(1,000,259	)		(165,165	)		(134,981	)		(1,300,405	)
Selling expenses		(280,993	)		(16,172	)		(25,502	)		(322,667	)
General and administrative expenses		(120,764	)		(77,201	)		(36,523	)		(234,488	)
Other operating expenses		(82,059	)		(35,923	)		(33,106	)		(151,088	)
Government subsidies		78,445			83,920			—			162,365
Total operating cost and expenses		(1,405,630	)		(210,541	)		(230,112	)		(1,846,283	)
Income (loss) from operations		526,024			321,269			(180,004	)		667,289


	Years Ended December 31, 2017 (Amount in Thousands)
	Wealth Management Business			Assets Management Business			Other Financial Service Business			Total
	RMB			RMB			RMB			RMB
Revenues:
One-time commissions		539,936			1,088			—			541,024
Recurring service fees		519,575			27,548			—			547,123
Performance-based income		84,105			2,389			—			86,494
Other service fees		70,390			10,712			90,657			171,759
Total third-party revenues		1,214,006			41,737			90,657			1,346,400
One-time commissions		560,048			1,012			—			561,060
Recurring service fees		358,321			502,409			—			860,730
Performance –based income		9,020			45,482			—			54,502
Other service fees		—			—			23,314			23,314
Total related party revenues		927,389			548,903			23,314			1,499,606
Total revenues		2,141,395			590,640			113,971			2,846,006
Less: business taxes and related surcharges		(15,128	)		(2,599	)		(1,371	)		(19,098	)
Net revenues		2,126,267			588,041			112,600			2,826,908
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(611,550	)		(4	)		(4,510	)		(616,064	)
Performance Fee Compensation		—			(11,291	)		—			(11,291	)
Other Compensation		(463,370	)		(190,032	)		(126,615	)		(780,017	)
Total compensation and benefits		(1,074,920	)		(201,327	)		(131,125	)		(1,407,372	)
Selling expenses		(295,798	)		(9,271	)		(15,393	)		(320,462	)
General and administrative expenses		(146,122	)		(70,618	)		(32,138	)		(248,878	)
Other operating expenses		(77,490	)		(27,773	)		(42,055	)		(147,318	)
Government subsidies		49,008			23,848			1,300			74,156
Total operating cost and expenses		(1,545,322	)		(285,141	)		(219,411	)		(2,049,874	)
Income (loss) from operations		580,945			302,900			(106,811	)		777,034

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2017

Related Party Transactions

During the years ended December 31, 2015, 2016 and 2017, related party transactions were as follows:


	Years Ended December 31 (Amount in Thousands)
	2015		2016		2017		2017
	RMB		RMB		RMB		US$
One-time commissions
Investee funds of Gopher Assets		428,475		320,546		558,543		85,846
Wanjia Win-Win		127		—		—		—
One-time commissions earned from funds subscribed by shareholders		85		896		2,517		387
Total one-time commissions		428,687		321,442		561,060		86,233
Recurring services fee
Investee funds of Gopher Assets		401,567		546,662		610,077		93,767
Wanjia Win-Win		44,792		7,441		1,079		166
Sequoia Capital Investment Management (Tianjin) Co., Ltd.		47,850		42,404		49,425		7,596
Investee funds of Gopher Capital GP Ltd.		116,226		164,489		200,149		30,763
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		7,825		5,449		—		—
Wuhu Bona		8,842		7,728		—		—
Recurring services fee earned from funds subscribed by shareholders		7,811		1,553		—		—
Total recurring services fee		634,913		775,726		860,730		132,292
Performance-based income
Investee funds of Gopher Assets		53,825		32,206		44,580		6,852
Investee funds of Gopher Capital GP Ltd.		—		380		9,922		1,525
Wanjia Win-Win		—		6,915
Total performance-based income		53,825		39,501		54,502		8,377
Other service fee
Other services subscribed by shareholders		555		1,706		23,313		3,583
Investee funds of Gopher Capital GP Ltd.		5		82		1		—
Total other service fee		560		1,788		23,314		3,583
Total		1,117,985		1,138,457		1,499,606		230,485

Amounts Due from Related Parties

As of December 31, 2016 and 2017, amounts due from related parties associated with the above transactions were comprised of the following:


	As of December 31, (Amount in Thousands)
	2016		2017		2017
	RMB		RMB		US$
Wanjia Win-Win		9,702		5,526		849
Investee funds of Gopher Assets		304,603		448,794		68,980
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		10,193		627		96
Wuhu Bona		4,996		1,777		273
Investee funds of Gopher Capital GP Ltd.		5,346		39,903		6,133
Shanghai Noah Rongyao Insurance Broker Co., Ltd		—		8,304		1,276
Total		334,840		504,931		77,607

As of December 31, 2016 and 2017, amounts due from related parties associated with loan distributed were comprised of the following:


	As of December 31, (Amount in Thousands)
	2016		2017		2017
	RMB		RMB		US$
Investee funds of Gopher Assets		104,000		10,523		1,617
Total		104,000		10,523		1,617

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

As of December 31, 2016 and 2017, deferred revenues related to the recurring management fee received in advance from related parties were comprised of the following:


	As of December 31, (Amount in Thousands)
	2016		2017		2017
	RMB		RMB		US$
Investee funds of Gopher Assets		29,275		31,523		4,845
Wanjia Win-Win		543		—		—
Total		29,818		31,523		4,845

Commitments (Tables)

12 Months Ended

Dec. 31, 2017

Future Minimum Lease Payments Under Non Cancelable Operating Lease Agreements

Future minimum lease payments under non-cancelable operating lease agreements as of December 31, 2017 were as follows:


Years Ended December 31	RMB		US$
	(Amount in Thousands)
2018		67,163		10,157
2019		57,860		8,750
2020		44,736		6,765
2021		29,304		4,432
2022 and after		60,037		9,079
Total		259,100		39,183

Summary of Subsidiaries (Detail)	12 Months Ended
Summary of Subsidiaries (Detail)	Dec. 31, 2017
Shanghai Noah Investment (Group) 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 Corp.
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%
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%
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 Rongyitong (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 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 International (Hong Kong) 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%
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%
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	100.00%

Noah Investments Subsidiaries (Detail) - Variable Interest Entity, Primary Beneficiary	12 Months Ended
	Dec. 31, 2017
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%
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, 2010
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, 2017	Jun. 30, 2017
Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd.
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%
Shanghai Rongyao Information Technology Co., Ltd. \| Shanghai Noah Rongyao Insurance Broker Co., Ltd.
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Business acquisition, percentage of voting interests acquired	40.00%
Shanghai Rongyao Information Technology Co., Ltd. \| Shanghai Noah Rongyao Insurance Broker Co., Ltd. \| Shanghai Nifei Enterprise Advisory Ltd Wenhong Tan and Yi Zhao
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Business acquisition, percentage of voting interests acquired		100.00%

Summary of Principal Accounting Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands		12 Months Ended
	May 01, 2016	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 29, 2017
Significant Accounting Policies [Line Items]
Interest-free loans extended to VIE founders		¥ 27,000				$ 3,600
Interest-free loans agreements expiry date		2023-12	2023-12
Cash and cash equivalent		¥ 1,906,753		¥ 2,982,510	¥ 2,132,924	293,063
Restricted cash		0		1,000	1,000
Non-controlling interests		78,486		59,135		$ 12,064
Net income (loss) attributable to non-controlling interests		(13,745)	$ (2,113)	(40,602)	(9,523)
Government subsidies		¥ 74,156	$ 11,398	¥ 162,365	¥ 132,709
Foreign currency exchange rate, translation							6.5063
Loans charge off period		120 days	120 days
Loan loss provision rate		0.42%		1.00%		0.42%
Variable Interest Entity, Primary Beneficiary
Significant Accounting Policies [Line Items]
Equity interest sold to Shanghai Noah Financial Service		29.00%				29.00%
Cash and cash equivalent		¥ 394,672		¥ 312,278		$ 60,660
Restricted cash				¥ 1,000
Variable Interest Entity, Primary Beneficiary \| Credit Concentration Risk \| Net Revenue
Significant Accounting Policies [Line Items]
Concentration risk, percentage		15.70%	15.70%	17.30%	45.90%
Variable Interest Entity, Primary Beneficiary \| Credit Concentration Risk \| Net Income (Loss)
Significant Accounting Policies [Line Items]
Concentration risk, percentage		19.40%	19.40%	4.10%	62.20%
Variable Interest Entity, Primary Beneficiary \| Credit Concentration Risk \| Total Assets
Significant Accounting Policies [Line Items]
Concentration risk, percentage		26.80%	26.80%	20.10%
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%
Consolidated Fund \| Variable Interest Entity, Primary Beneficiary
Significant Accounting Policies [Line Items]
Cash and cash equivalent		¥ 11,641
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%
Maximum \| Other Service Fee
Significant Accounting Policies [Line Items]
Other service fees as percentage of total net revenue		10.00%	10.00%

Amounts in Noah Investment and its Subsidiaries and the Consolidated Fund Included in Consolidated Financial Statements (Detail)
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2017

CNY (¥)

Dec. 31, 2017

USD ($)

Dec. 31, 2016

CNY (¥)

Dec. 31, 2015

CNY (¥)

Dec. 31, 2017

USD ($)

Variable Interest Entity [Line Items]

Cash and cash equivalents (including cash and cash equivalents of the consolidated fund of RMB 11,641 as of December 31, 2017)

¥ 1,906,753

¥ 2,982,510

¥ 2,132,924

$ 293,063

Restricted cash

1,000

Accounts receivable, net of allowance for doubtful accounts

175,518

204,132

26,977

Amounts due from related parties

515,454

438,840

79,224

Other current assets

255,680

88,776

39,297

Long-term investments (including long-term investment of the consolidated fund of RMB 49,029 as of December 31, 2017)

988,266

346,920

151,894

Property and equipment, net

303,349

243,490

46,624

Other non-current assets

125,871

38,647

19,349

Total Assets

6,494,854

5,956,489

998,247

Accrued payroll and welfare expenses

622,494

555,228

95,676

Deferred revenue

201,254

93,252

30,932

Other current liabilities

489,389

334,694

75,218

Total Liabilities

1,987,108

2,234,553

305,413

Revenue:

Third-party revenues

1,346,400

$ 206,938

1,423,179

1,114,711

Related party revenues

1,499,606

230,485

1,138,457

1,117,985

Total revenues

2,846,006

437,423

2,561,636

2,232,696

Less: business taxes and related surcharges

(19,098)

(2,935)

(48,064)

(112,769)

Net revenues

2,826,908

434,488

2,513,572

2,119,927

Other income (including other income of the consolidated fund of RMB 3,667 for year ended December 31, 2017)

91,777

14,105

66,256

76,060

Net income

762,923

117,261

643,829

535,825

Cash flows provided by (used in) operating activities

628,383

96,581

686,247

675,133

Cash flows (used in) provided by investing activities

(833,857)

(128,161)

(883,793)

(759,462)

Cash flows provided by financing activities

(791,789)

(121,694)

994,635

462,771

One Time Commissions

Revenue:

Third-party revenues

541,024

83,154

810,645

391,189

Related party revenues

561,060

86,233

321,442

428,687

Recurring Service Fees

Revenue:

Third-party revenues

547,123

84,091

475,000

401,292

Related party revenues

860,730

132,292

775,726

634,913

Performance Based Income

Revenue:

Third-party revenues

86,494

13,294

19,740

193,940

Related party revenues

54,502

8,377

39,501

53,825

Other Service

Revenue:

Third-party revenues

171,759

26,399

117,794

128,290

Related party revenues

23,314

3,583

1,788

560

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity [Line Items]

Cash and cash equivalents (including cash and cash equivalents of the consolidated fund of RMB 11,641 as of December 31, 2017)

394,672

312,278

60,660

Restricted cash

1,000

Accounts receivable, net of allowance for doubtful accounts

2,795

14,828

430

Amounts due from related parties

155,570

209,034

23,911

Deferred tax assets

6,136

11,158

943

Other current assets

88,740

33,453

13,639

Long-term investments (including long-term investment of the consolidated fund of RMB 49,029 as of December 31, 2017)

192,920

81,168

29,651

Investment in affiliates

920,848

488,263

141,532

Property and equipment, net

25,458

28,804

3,913

Other non-current assets

12,641

13,776

1,943

Total Assets

1,799,780

1,193,762

276,622

Accrued payroll and welfare expenses

83,553

72,212

12,842

Income tax payable

(2,507)

(5,037)

(385)

Amount due to related parties

12,000

Amounts due to the Group's subsidiaries (including amount due to Group's subsidiaries of the consolidated fund of RMB 19,519 as of December 31, 2017)

498,557

125,714

76,627

Deferred revenue

33,301

29,834

5,118

Other current liabilities

40,942

31,079

6,293

Total Liabilities

653,846

265,802

$ 100,495

Revenue:

Third-party revenues

78,239

12,025

105,659

502,202

Related party revenues

368,870

56,695

339,618

527,748

Total revenues

447,109

68,720

445,277

1,029,950

Less: business taxes and related surcharges

(2,792)

(429)

(10,206)

(57,714)

Net revenues

444,317

68,291

435,071

972,236

Operating cost and expense (including operating cost and expenses of the consolidated fund of RMB -863 for year ended December 31, 2017)

(361,765)

(55,602)

(452,182)

(624,541)

Other income (including other income of the consolidated fund of RMB 3,667 for year ended December 31, 2017)

43,281

6,652

67,038

39,115

Net income

149,703

23,009

24,381

327,598

Cash flows provided by (used in) operating activities

^[1]

426,663

65,562

(316,765)

402,492

Cash flows (used in) provided by investing activities

(372,590)

(57,251)

28,995

(293,697)

Cash flows provided by financing activities

15,680

2,410

14,856

3,282

Variable Interest Entity, Primary Beneficiary | One Time Commissions

Revenue:

Third-party revenues

16,521

2,539

1,184

145,325

Related party revenues

1,012

156

2,887

122,950

Variable Interest Entity, Primary Beneficiary | Recurring Service Fees

Revenue:

Third-party revenues

24,275

3,731

56,998

181,289

Related party revenues

306,883

47,167

278,460

348,870

Variable Interest Entity, Primary Beneficiary | Performance Based Income

Revenue:

Third-party revenues

2,389

367

8,596

165,972

Related party revenues

37,240

5,724

38,414

53,825

Variable Interest Entity, Primary Beneficiary | Other Service

Revenue:

Third-party revenues

35,054

5,388

38,881

9,616

Related party revenues

23,735

3,648

19,857

2,103

Variable Interest Entity, Primary Beneficiary | Noah Holdings Limited

Revenue:

Net income

¥ 147,483

$ 22,668

¥ 22,122

¥ 326,209

[1]	Cash flows provided by operating activities in 2015, 2016 and 2017 include amounts due to the Group's subsidiaries of RMB161,666, RMB125,714 and RMB 479,138 (US$74).

Amounts in Noah Investment and its Subsidiaries and the Consolidated Fund Included in Consolidated Financial Statements (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2017 USD ($)
Variable Interest Entity [Line Items]
Cash and cash equivalents	¥ 1,906,753		¥ 2,982,510	¥ 2,132,924	$ 293,063
Long-term investments	988,266		346,920		151,894
Other income	91,777	$ 14,105	66,256	76,060
Increase in amounts due to the Group's subsidiaries	479,138	74	125,714	161,666
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents	394,672		312,278		60,660
Long-term investments	192,920		81,168		29,651
Amounts due to the Group's subsidiaries	498,557		125,714		$ 76,627
Operating cost and expenses	(361,765)	(55,602)	(452,182)	(624,541)
Other income	43,281	$ 6,652	¥ 67,038	¥ 39,115
Variable Interest Entity, Primary Beneficiary \| Consolidated Fund
Variable Interest Entity [Line Items]
Cash and cash equivalents	11,641
Long-term investments	49,029
Amounts due to the Group's subsidiaries	19,519
Operating cost and expenses	(863)
Other income	¥ 3,667

Summary of Maximum Exposure to Loss Associated with Identified Nonconsolidated VIEs (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)
Variable Interest Entity [Line Items]
Maximum exposure to loss in non-consolidated VIEs	¥ 647,178	$ 99,470	¥ 540,503
Amount due from related parties
Variable Interest Entity [Line Items]
Maximum exposure to loss in non-consolidated VIEs	36,792	5,655	32,492
Investments
Variable Interest Entity [Line Items]
Maximum exposure to loss in non-consolidated VIEs	¥ 610,386	$ 93,815	¥ 508,011

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) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income attributable to Noah Holdings Limited shareholders	¥ 762,923	$ 117,261	¥ 643,829	¥ 535,825
Transfers from (to) the non-controlling interest:
Increase (decrease) in Noah's equity by partial disposal (acquisition) of subsidiaries			161,000	32,900
Net transfers from (to) non-controlling interest	30	5	151,990	29,076
Change from net income attributable to Noah and transfers from non-controlling interest	762,953	117,266	795,819	564,901
Parent
Transfers from (to) the non-controlling interest:
Increase (decrease) in Noah's equity by partial disposal (acquisition) of subsidiaries	¥ 30	$ 5	¥ 151,990	¥ 29,076

Estimated Useful Lives of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2017
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
Building
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	30 years

Computation of Basic and Diluted Net Income per Share Attributable to Ordinary Shareholders (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥) ¥ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 CNY (¥) ¥ / shares shares	Dec. 31, 2015 CNY (¥) ¥ / shares shares
Computation of Earnings Per Share [Line Items]
Net income attributable to Class A and Class B ordinary shareholders-basic	¥ 762,923	$ 117,261	¥ 643,829	¥ 535,825
Plus: interest expense for convertible notes	20,042	3,080	19,289	16,050
Net income attributable to Class A and Class B ordinary shareholders-diluted	¥ 782,965	$ 120,341	¥ 663,118	¥ 551,875
Weighted average number of Class A and Class B ordinary shares outstanding-basic	28,275,637	28,275,637	28,150,139	28,085,521
Plus: shares outstanding for convertible notes	1,695,341	1,695,341	1,736,864	1,575,074
Weighted average number of Class A and Class B ordinary shares outstanding-diluted	30,233,823	30,233,823	30,036,763	30,145,976
Basic net income per share \| (per share)	¥ 26.98	$ 4.15	¥ 22.87	¥ 19.08
Diluted net income per share \| (per share)	¥ 25.90	$ 3.98	¥ 22.08	¥ 18.31
Stock Options
Computation of Earnings Per Share [Line Items]
Additional shares included in the calculation of diluted EPS	189,508	189,508	133,295	207,354
Restricted Stock
Computation of Earnings Per Share [Line Items]
Additional shares included in the calculation of diluted EPS	73,337	73,337	16,465	278,027

Antidilutive Securities Excluded from Computation of Earning Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	243,561	316,510	343,750
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	243,561	316,510	343,750

Investment (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)
Short-term investments
Held-to-maturity investments	¥ 65,000	$ 9,990	¥ 144,580
Available for sale investments	95,345	14,655	154,594
Total short-term investments	160,345	24,645	299,174
Long-term investments
Held-to-maturity investments	205,500	31,585	134,500
Available-for-sale investments	432,977	66,547
Investments held by consolidated investment funds	49,029	7,536
Other long-term investments	300,760	46,226	212,420
Total long-term investments	988,266	151,894	346,920
Total investments	1,148,611	176,539	646,094
Fixed Income Products
Short-term investments
Held-to-maturity investments	65,000	9,990	144,580
Available for sale investments	95,345	14,655	154,594
Long-term investments
Held-to-maturity investments	205,500	31,585	134,500
Available-for-sale investments	138,897	21,348
Listed Equity Securities
Long-term investments
Available-for-sale investments	294,080	45,199
Private Equity Funds Products
Long-term investments
Other long-term investments	147,800	22,716	95,569
Other Investments
Long-term investments
Other long-term investments	¥ 152,960	$ 23,510	¥ 116,851

Investments - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)	Dec. 31, 2017 USD ($)
Schedule of Held-to-maturity Securities [Line Items]
Investment income	¥ 45,020	$ 6,919	¥ 39,539	¥ 39,699
Held-to-maturity investments, long-term	205,500		134,500			$ 31,585
Other comprehensive income-change in fair value of available-for-sale investments	272,574		22,983
Other comprehensive income-realized gains reclassified from other comprehensive income to "investment income"	22,149		27,693	43,448
Other comprehensive income-net unrealized gains on the available-for-sale investments	253,099		393
Amortized cost of the available-for-sale investments	108,886		152,950
Payment to acquire investment	¥ 52,638	$ 8,090
PPDAI Group Inc. \| Series B Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Percentage of investee's issued share capital	2.11%				2.62%	2.11%
Payment to acquire investment					¥ 14,413
PPDAI Group Inc. \| Common Stock \| Maximum
Schedule of Held-to-maturity Securities [Line Items]
Percentage of investee's issued share capital	15.00%					15.00%
PPDAI Group Inc. \| Preferred Stock \| Maximum
Schedule of Held-to-maturity Securities [Line Items]
Percentage of investee's issued share capital	1.00%					1.00%
Held-to-maturity investments
Schedule of Held-to-maturity Securities [Line Items]
Investment income	¥ 22,090		21,393	¥ 4,857
Held to maturity investment, gross unrecognized holding gain	9,136		1,361
Held-to-maturity investments \| Debt Securities of Certain Real Estate Funds
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities	195,500		¥ 124,500
Held-to-maturity securities, 2017
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity investments, long-term	204,500
Held-to-maturity securities, 2019
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity investments, long-term	¥ 1,000

Fair Value Measurements of Company's Assets and Liabilities that Measured at Fair Value on A Recurring Basis (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)
Long-term investment
Available-for-sale investments	¥ 432,977	$ 66,547
Investments held by consolidated investment fund	49,029	$ 7,536
Recurring Basis
Short-term investment
Available-for-sale investments	95,345		¥ 154,594
Long-term investment
Available-for-sale investments	432,977
Investments held by consolidated investment fund	49,029
Recurring Basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Long-term investment
Available-for-sale investments	294,080
Recurring Basis \| Significant Other Observable Inputs (Level 2)
Short-term investment
Available-for-sale investments	95,345		¥ 154,594
Long-term investment
Available-for-sale investments	138,897
Investments held by consolidated investment fund	¥ 49,029

- 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) ¥ in Thousands	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
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
Convertible note, fair value	¥ 980,589	$ 150,716,000

Fair Value Measurements of Company's Long-Term Financial Instruments (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Private Equity Funds Products
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - cost method investment, Carrying Value	¥ 147,800	¥ 95,569
Long-term investment - cost method investment, Fair Value	164,304	95,420
Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - cost method investment, Carrying Value	152,960	116,851
Long-term investment - cost method investment, Fair Value	154,168	238,804
Fixed Income Products
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - held-to-maturity, Carrying Value	205,500	134,500
Long-term investment - held-to-maturity, Fair Value	223,342	135,861
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	223,342	135,861
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	164,304	95,420
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	¥ 154,168	¥ 238,804

Balances of Investments in Affiliates (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)
Schedule of Investments [Line Items]
Funds that the Company serves as general partner	¥ 824,513	$ 126,729	¥ 442,990
Total investment in affiliates	968,622	148,875	539,177
Kunshan Jingzhao Equity Investment Management Co., Ltd.
Schedule of Investments [Line Items]
Equity investments	10,849	1,665	11,541
Kunshan Vantone Zhengyuan Private Equity Fund Management Co., Ltd
Schedule of Investments [Line Items]
Equity investments	3,889	598	5,226
Wanjia Win-Win Assets Management Co., Ltd.
Schedule of Investments [Line Items]
Equity investments	86,465	13,289	60,131
Wuhu Bona Film Investment Management Limited
Schedule of Investments [Line Items]
Equity investments	2,721	418	807
Shanghai Weiying Gopher Investment Management Co., Ltd
Schedule of Investments [Line Items]
Equity investments	1,680	258	1,059
Wuhu Hongxing Meikailong Equity Investment Management Co., Ltd
Schedule of Investments [Line Items]
Equity investments	9,577	1,472	9,800
Hainan Alibaba Picture Investment Management Co., Ltd
Schedule of Investments [Line Items]
Equity investments	4,000	615	4,000
Others
Schedule of Investments [Line Items]
Equity investments	3,879	596	3,623
Rongyao Insurance Broker
Schedule of Investments [Line Items]
Equity investments	21,049	3,235
Gopher Transform Private Fund
Schedule of Investments [Line Items]
Funds that the Company serves as general partner	145,150	22,309	150,000
Real Estate Funds
Schedule of Investments [Line Items]
Funds that the Company serves as general partner	89,922	13,821	50,374
Private Equity Funds Products
Schedule of Investments [Line Items]
Funds that the Company serves as general partner	589,398	90,592	242,574
Other Fixed Income Investments [Member]
Schedule of Investments [Line Items]
Funds that the Company serves as general partner	¥ 43	$ 7	¥ 42

Investment in Affiliates - Additional Information (Detail) ¥ in Thousands, $ in Thousands	1 Months Ended							3 Months Ended			12 Months Ended
	Aug. 31, 2016 CNY (¥)	Apr. 30, 2016 CNY (¥)	Jan. 31, 2016 CNY (¥)	Jul. 31, 2013 CNY (¥)	Feb. 28, 2013 CNY (¥)	Nov. 30, 2012 CNY (¥)	May 31, 2011 CNY (¥)	Dec. 31, 2017 CNY (¥)	Jun. 30, 2017 CNY (¥)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Investments in and Advances to Affiliates [Line Items]
Capital injected in to a joint venture											¥ 52,638	$ 8,090
Income (loss) from equity in affiliates											¥ 92,136	$ 14,161	¥ 22,343	¥ 21,353
Kunshan Jingzhao Equity Investment Management Co., Ltd.
Investments in and Advances to Affiliates [Line Items]
Capital Injected in to a joint venture							¥ 4,000
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
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
Equity Interest ownership					35.00%			28.00%			28.00%	28.00%
Wuhu Bona Film Investment Management Limited
Investments in and Advances to Affiliates [Line Items]
Capital Injected in to a joint venture				¥ 800
Equity Interest ownership				15.00%
Shanghai Weiying Gopher Investment Management Co., Ltd
Investments in and Advances to Affiliates [Line Items]
Capital Injected in to a joint venture			¥ 1,200
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
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
Equity Interest ownership	40.00%
Gopher Transform Private Fund
Investments in and Advances to Affiliates [Line Items]
Capital injected in to a joint venture										¥ 150,000
Investment at cost, percentage										48.00%
Shanghai Rongyao Information Technology Co., Ltd. \| Shanghai Noah Rongyao Insurance Broker Co., Ltd.
Investments in and Advances to Affiliates [Line Items]
Business acquisition, percentage of voting interests acquired								40.00%			40.00%	40.00%
Business acquisition agreement price								¥ 21,049
Shanghai Rongyao Information Technology Co., Ltd. \| Shanghai Noah Rongyao Insurance Broker Co., Ltd. \| Shanghai Nifei Enterprise Management Co., Ltd.
Investments in and Advances to Affiliates [Line Items]
Business acquisition, percentage of voting interests acquired									100.00%
Business acquisition agreement price									¥ 52,622
Loss in acquiring business									¥ (12)
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%

Summarized Financial Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2017 USD ($)
Balance sheet data:
Current assets	¥ 8,471,094		¥ 5,953,591		$ 1,301,983
Non-current assets	22,795,565		22,439,892		3,503,614
Current liabilities	823,511		506,069		126,571
Non-current liabilities	1,703,350		1,716,211		$ 261,800
Operating data:
Revenue	237,589	$ 36,517	685,603	¥ 338,606
Income (Loss) from operations	(1,609,708)	(247,408)	33,706	(276,327)
Net Realized and Unrealized Gain from investments	1,846,396	283,786	5,222,287	901,294
Net income	¥ 247,865	$ 38,096	¥ 5,263,296	¥ 624,083

Property and Equipment, Net (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)
Property, Plant and Equipment [Line Items]
Leasehold improvements	¥ 150,388	$ 23,114	¥ 138,813
Furniture, fixtures and equipment	106,061	16,301	85,469
Motor vehicles	83,309	12,804	49,940
Software	75,306	11,574	64,018
Property	53,266	8,188
Property, Plant and Equipment, Gross, Total	468,330	71,981	338,240
Accumulated depreciation	(191,385)	(29,415)	(129,856)
Property Plant And Equipment Net Excluding Construction In Progress, Total	276,945	42,566	208,384
Construction in progress	26,404	4,058	35,106
Property and equipment, net	¥ 303,349	$ 46,624	¥ 243,490

Property and Equipment, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Depreciation expense	¥ 81,964	¥ 61,320	¥ 34,418

Other Current Liabilities (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)
Other Liabilities Current [Line Items]
Accrued expenses	¥ 164,295	$ 25,252	¥ 126,697
Advance from customers	80,401	12,357	20,227
Interest payable for convertible notes	7,600	1,168	8,371
Other payables	99,139	15,238	78,342
Payable for purchases of property and equipment	3,577	550	11,209
Other tax payable	56,990	8,759	48,817
Amount due to related party			12,000
Total	489,389	75,218	334,694
Investor One
Other Liabilities Current [Line Items]
Payable to individual investors of other financial service business	¥ 77,387	$ 11,894	¥ 29,031

Income Taxes - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2017 USD ($)
Income Taxes [Line Items]
Income tax rate	25.00%	25.00%	25.00%
Operating loss carry forward	¥ 500,000
Operating loss carry forwards expiration year	2018
Deferred tax asset allowance	¥ 9,183,000	¥ 34,509,000		$ 1,411
Accumulated undistributed earnings of Group's PRC subsidiaries	2,400,000,000
Undistributed earning	2,883,169,000	2,241,694,000		$ 443,135
Increase in unrecognized tax benefit	¥ 0	¥ 0	¥ 0
Minimum
Income Taxes [Line Items]
Withholding income tax rate		5.00%
Maximum
Income Taxes [Line Items]
Withholding income tax rate		10.00%
Other Financial Service Business
Income Taxes [Line Items]
Percentage of deferred tax assets valuation allowance	57.70%			57.70%
If the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent
Income Taxes [Line Items]
Unrecognized tax benefit, statute of limitations	3 years
If underpayment of tax liability exceeding RMB0.1 million
Income Taxes [Line Items]
Unrecognized tax benefit, statute of limitations	5 years
In the case of a related party transaction
Income Taxes [Line Items]
Unrecognized tax benefit, statute of limitations	10 years
Peoples Republic of China and Hong Kong
Income Taxes [Line Items]
Operating loss carry forward	¥ 165,000,000
Inland Revenue, Hong Kong
Income Taxes [Line Items]
Income tax rate	16.50%
State Administration of Taxation, People's Republic of China
Income Taxes [Line Items]
Income tax rate	25.00%
Variable Interest Entity, Primary Beneficiary \| CHINA
Income Taxes [Line Items]
Undistributed earning	¥ 951,444,000,000

Tax Expense Benefit (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
Tax Expense Benefit (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Income Taxes [Line Items]
Current Tax	¥ 198,841	$ 30,561	¥ 166,564	¥ 136,700
Deferred Tax	244	38	(8,567)	(6,813)
Total	¥ 199,085	$ 30,599	¥ 157,997	¥ 129,887

Reconciliation Between Statutory Tax Rate to Income Before Income Taxes and Actual Provision for Income Taxes (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Rate Reconciliation [Line Items]
PRC income tax rate	25.00%	25.00%	25.00%
Expenses not deductible for tax purposes	0.14%	0.17%	0.00%
Effect of tax-free investment income	(2.03%)	(4.44%)	(2.97%)
Effect of uncertain tax positions		(0.01%)	(1.75%)
Effect of different tax rate of subsidiary operation in other jurisdiction	(3.30%)	(3.96%)	(0.70%)
Effect of deferred tax asset allowance	1.07%	4.70%	2.00%
Effect of tax holidays	(0.73%)	(1.82%)	(1.28%)
Effect of intra-group share transfer		1.96%
Effect of income from equity in Fund of Fund	1.92%
Effect of others	0.85%	(0.06%)	0.16%
Effective Income Tax Rate Reconciliation, Percent, Total	22.92%	21.54%	20.46%

Aggregate Amount and Per Share Effect of the Tax Holiday (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥) ¥ / shares	Dec. 31, 2017 USD ($) $ / shares	Dec. 31, 2016 CNY (¥) ¥ / shares	Dec. 31, 2015 CNY (¥) ¥ / shares
Income Tax Holiday [Line Items]
Aggregate	¥ 6,367	$ 979	¥ 13,363	¥ 8,103
Per share effect-basic \| (per share)	¥ 0.23	$ 0.07	¥ 0.47	¥ 0.29
Per share effect-diluted \| (per share)	¥ 0.21	$ 0.06	¥ 0.44	¥ 0.27

Principal Components of Deferred Income Tax Asset and Liabilities (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)
Deferred tax assets:
Accrued expenses	¥ 37,990	$ 5,839	¥ 24,108
Tax loss carry forward	41,185	6,330	63,023
Unrealized other income	2,662	409	3,105
Others	0	0	0
Gross deferred tax assets	81,837	12,578	90,236
Valuation allowance	(9,183)	(1,411)	(34,509)
Net deferred tax assets	72,654	11,167	55,727
Deferred tax liabilities:
Unrealized investment income	50,121	7,703	4,456
Net deferred tax liabilities (after offsetting)	¥ 50,121	$ 7,703	¥ 4,456

Movement of Uncertain Tax Positions (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016 CNY (¥)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2015 USD ($)
Schedule of Unrecognized Tax Benefits [Line Items]
Unrecognized tax benefit, beginning balance	¥ 68	$ 11	¥ 11,128	$ 1,718
Reverse due to lapse of statute of limitations	¥ (68)	$ (11)	(11,202)	(1,729)
Exchange rate translation			142	22
Unrecognized tax benefit, ending balance			¥ 68	$ 11

Loans Receivable (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)
Loans receivable:
Total loans receivable	¥ 768,642	$ 118,138	¥ 115,071
Allowance for loan losses	(3,244)	(498)	(1,151)
Loans receivable, net	765,398	117,640	113,920
Within Credit Term Loans
Loans receivable:
Total loans receivable	¥ 768,642	$ 118,138	¥ 115,071

Loans Receivable, Net - Additional Information (Detail) ¥ in Thousands	Dec. 31, 2017 CNY (¥)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Securities received as collateral	¥ 740,227
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) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2016 USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance	¥ 1,151	$ 166	¥ 1,335	$ 206
Provisions	3,244	498	1,151	166
Reversal of allowance provided	(1,151)	(166)	(1,335)	(206)
Ending balance	¥ 3,244	$ 498	¥ 1,151	$ 166

Convertible Notes - Additional Information (Detail) - Convertible notes (Notes)		12 Months Ended
	Feb. 03, 2015 USD ($) $ / shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2017 CNY (¥) ¥ / shares	Dec. 31, 2017 $ / shares
Debt Instrument [Line Items]
Debt instrument, face amount	$ 80,000,000		¥ 520,000,000
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		¥ 149.84	$ 23.03
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 \| $		$ 5,000,000
Stock issued during period, shares, conversion of convertible securities \| shares		108,554
American Depositary Share
Debt Instrument [Line Items]
Stock issued during period, shares, conversion of convertible securities \| shares		217,108

Redeemable Non-controlling Interest of a Subsidiary - Additional Information (Detail) - CNY (¥)	1 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017
Redeemable Noncontrolling Interest [Line Items]
Selling price of redeemable non-controlling interest holders		¥ 35,123,000	¥ 336,000,000
Contract termmination settlement amount				¥ 355,600,000
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) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)
Redeemable Noncontrolling Interest [Line Items]
Redeemable non-controlling interest - Beginning of the year	¥ 330,664	$ 50,822
Issuance of redeemable non-controlling interest of a subsidiary	35,123		¥ 336,000
Net (loss) income attributable to redeemable non-controlling interest of a subsidiary	6,483	996	(5,336)
Termination of redeemable non-controlling interest of a subsidiary	¥ (337,147)	$ (51,818)
Redeemable non-controlling interest - end of the year			¥ 330,664

Share Repurchase - Additional Information (Detail) ¥ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Apr. 30, 2017 CNY (¥) shares	Apr. 30, 2017 USD ($) shares	Dec. 31, 2017 CNY (¥) shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 CNY (¥) shares	Dec. 31, 2015 CNY (¥)	Dec. 31, 2017 USD ($) shares
Equity, Class of Treasury Stock [Line Items]
Repurchase of ordinary shares			¥ 31,280	$ 4,809	¥ 12,602	¥ 44,586
Treasury stock acquired, shares			99,347	99,347
Treasury shares cancelled	1,246,073	1,246,073
Treasury shares cancelled, value	¥ 121,452	$ 18,667
Ordinary shares, treasury stock			140,479		1,287,205		140,479
Treasury stock, value			¥ 40,267		¥ 130,439		$ 6,190
American Depositary Shares
Equity, Class of Treasury Stock [Line Items]
Treasury stock acquired, shares			198,694	198,694
Treasury shares cancelled	2,492,146	2,492,146
Ordinary shares, treasury stock			280,958				280,958

Share Based Compensation Expense by Type of Award (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	¥ 93,635	$ 14,391	¥ 79,171	¥ 67,672
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	51,054	7,847	39,008	33,912
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	¥ 42,581	$ 6,544	¥ 40,163	¥ 33,760

Share-Based Compensation - Additional Information (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥) ¥ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 CNY (¥) ¥ / shares shares	Dec. 31, 2016 $ / shares	Dec. 31, 2015 CNY (¥) ¥ / shares shares	Dec. 31, 2015 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of options granted \| (per share)	¥ 388.45	$ 57.30	¥ 319.16	$ 47.96	¥ 294.76	$ 45.50
Options exercised	203,174	203,174	62,430		49,887
Unrecognized compensation expense related to unvested share options \| ¥	¥ 76,529
Unrecognized compensation expense, period for recognition	2 years 2 months 12 days	2 years 2 months 12 days
Conversion from option	5,748	5,748
Converted to restricted shares	11,495	11,495
Incremental compensation cost related to plan modified \| $		$ 150,494
Weighted average exercise price \| ¥ / shares	¥ 94.23
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 6 months 21 days	2 years 6 months 21 days
Total fair value of non-vested restricted shares \| ¥	¥ 39,622		¥ 31,223		¥ 24,960
Unrecognized compensation expense related to non-vested restricted shares \| ¥	¥ 84,896
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%
Stock Incentive Plan 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares that may be issued	2,800,000
Stock Incentive Plan 2017 \| 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 2017 \| 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 2017 \| 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, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free rate of return	1.93%	1.14%	1.73%
Weighted average expected option life	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days
Estimated volatility	68.80%	55.80%	54.10%
Average dividend yield

Stock Option Activity (Detail) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of options
Outstanding as of January 1, 2017	822,218
Granted	135,850
Exercised	(203,174)	(62,430)	(49,887)
Forfeited	(65,064)
Outstanding as of December 31, 2017	689,830	822,218
Vested and expected to vest as of December 31, 2017	583,872
Exercisable as of December 31, 2017	214,706
Weighted-Average Exercise Price
Outstanding as of January 1, 2017	¥ 233.37
Granted	298.25
Exercised	94.23
Forfeited	195.46
Outstanding as of December 31, 2017	273.20	¥ 233.37
Vested and expected to vest as of December 31, 2017	273.20
Exercisable as of December 31, 2017	¥ 306.54
Weighted-Average Remaining Contractual Term
Outstanding	7 years 3 months 19 days	7 years 9 months 18 days
Vested and expected to vest as of December 31, 2017	7 years 3 months 19 days
Exercisable as of December 31, 2017	8 years 2 months 12 days
Aggregate Intrinsic Value of Options
Outstanding as of January 1, 2017	¥ 76,644
Outstanding as of December 31, 2017	55,611	¥ 76,644
Vested and expected to vest as of December 31, 2017	47,069
Exercisable as of December 31, 2017	¥ 7,639

Summary of Non Vested Restricted Share Activity (Detail)	12 Months Ended
	Dec. 31, 2017 ¥ / shares shares
Number of non-vested restricted shares
Beginning Balance \| shares	215,188
Granted \| shares	209,050
Vested \| shares	(115,995)
Forfeited \| shares	(16,654)
Ending Balance \| shares	291,589
Weighted-average grant-date fair value
Beginning Balance \| ¥ / shares	¥ 297.69
Granted \| ¥ / shares	374.15
Vested \| ¥ / shares	341.59
Forfeited \| ¥ / shares	336.16
Ending Balance \| ¥ / shares	¥ 319.03

Employee Benefit Plans - Additional Information (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Contribution for multi-employer defined contribution plan	¥ 163,234	¥ 140,993	¥ 115,005

Restricted Assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
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	¥ 250,702	¥ 208,825
Restricted share capital of PRC subsidiaries	1,315,753	1,116,575
Restricted net assets	1,566,455	1,325,400
Variable Interest Entity, Primary Beneficiary
Workers' Compensation Insurance and Reserves [Line Items]
Restricted net assets	¥ 453,912	¥ 344,384

Segment Information - Additional Information (Detail)	12 Months Ended
Segment Information - Additional Information (Detail)	Dec. 31, 2017 Segment
Segment Reporting Information [Line Items]
Number of reportable segments	3

Segment Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
Segment Information (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Revenues:
Total third-party revenues	¥ 1,346,400	$ 206,938	¥ 1,423,179	¥ 1,114,711
Total related party revenues	1,499,606	230,485	1,138,457	1,117,985
Total revenues	2,846,006	437,423	2,561,636	2,232,696
Less: business taxes and related surcharges	(19,098)	(2,935)	(48,064)	(112,769)
Net revenues	2,826,908	434,488	2,513,572	2,119,927
Operating cost and expenses:
Relationship manager compensation	(616,064)	(94,687)	(563,620)	(524,629)
Performance fee compensation	(11,291)	(1,735)	(8,146)	(24,786)
Other Compensation	(780,017)	(119,886)	(728,639)	(615,077)
Total compensation and benefits	(1,407,372)	(216,308)	(1,300,405)	(1,164,492)
Selling expenses	(320,462)	(49,254)	(322,667)	(263,815)
General and administrative expenses	(248,878)	(38,252)	(234,488)	(170,929)
Other operating expenses	(147,318)	(22,642)	(151,088)	(94,624)
Government subsidies	74,156	11,398	162,365	132,709
Total operating cost and expenses	(2,049,874)	(315,058)	(1,846,283)	(1,561,151)
Income (loss) from operations	777,034	119,430	667,289	558,776
One Time Commissions
Revenues:
Total third-party revenues	541,024	83,154	810,645	391,189
Total related party revenues	561,060	86,233	321,442	428,687
Recurring Service Fees
Revenues:
Total third-party revenues	547,123	84,091	475,000	401,292
Total related party revenues	860,730	132,292	775,726	634,913
Performance Based Income
Revenues:
Total third-party revenues	86,494	13,294	19,740	193,940
Total related party revenues	54,502	8,377	39,501	53,825
Other Service
Revenues:
Total third-party revenues	171,759	26,399	117,794	128,290
Total related party revenues	23,314	$ 3,583	1,788	560
Wealth Management
Revenues:
Total third-party revenues	1,214,006		1,301,125	936,871
Total related party revenues	927,389		667,803	748,930
Total revenues	2,141,395		1,968,928	1,685,801
Less: business taxes and related surcharges	(15,128)		(37,274)	(88,285)
Net revenues	2,126,267		1,931,654	1,597,516
Operating cost and expenses:
Relationship manager compensation	(611,550)		(556,554)	(507,400)
Other Compensation	(463,370)		(443,705)	(348,504)
Total compensation and benefits	(1,074,920)		(1,000,259)	(855,904)
Selling expenses	(295,798)		(280,993)	(219,286)
General and administrative expenses	(146,122)		(120,764)	(78,849)
Other operating expenses	(77,490)		(82,059)	(53,375)
Government subsidies	49,008		78,445	75,960
Total operating cost and expenses	(1,545,322)		(1,405,630)	(1,131,454)
Income (loss) from operations	580,945		526,024	466,062
Wealth Management \| One Time Commissions
Revenues:
Total third-party revenues	539,936		809,460	390,668
Total related party revenues	560,048		318,555	424,354
Wealth Management \| Recurring Service Fees
Revenues:
Total third-party revenues	519,575		413,085	334,982
Total related party revenues	358,321		347,819	324,182
Wealth Management \| Performance Based Income
Revenues:
Total third-party revenues	84,105		11,143	141,774
Total related party revenues	9,020		707
Wealth Management \| Other Service
Revenues:
Total third-party revenues	70,390		67,437	69,447
Total related party revenues			722	394
Asset Management Business
Revenues:
Total third-party revenues	41,737		71,697	119,509
Total related party revenues	548,903		469,588	368,889
Total revenues	590,640		541,285	488,398
Less: business taxes and related surcharges	(2,599)		(9,475)	(23,409)
Net revenues	588,041		531,810	464,989
Operating cost and expenses:
Relationship manager compensation	(4)		(1,452)	(8,044)
Performance fee compensation	(11,291)		(8,146)	(24,786)
Other Compensation	(190,032)		(155,567)	(150,663)
Total compensation and benefits	(201,327)		(165,165)	(183,493)
Selling expenses	(9,271)		(16,172)	(17,279)
General and administrative expenses	(70,618)		(77,201)	(53,555)
Other operating expenses	(27,773)		(35,923)	(19,411)
Government subsidies	23,848		83,920	56,304
Total operating cost and expenses	(285,141)		(210,541)	(217,434)
Income (loss) from operations	302,900		321,269	247,555
Asset Management Business \| One Time Commissions
Revenues:
Total third-party revenues	1,088		1,185	521
Total related party revenues	1,012		2,887	4,333
Asset Management Business \| Recurring Service Fees
Revenues:
Total third-party revenues	27,548		61,915	66,310
Total related party revenues	502,409		427,907	310,731
Asset Management Business \| Performance Based Income
Revenues:
Total third-party revenues	2,389		8,597	52,166
Total related party revenues	45,482		38,794	53,825
Asset Management Business \| Other Service
Revenues:
Total third-party revenues	10,712			512
Other Financial Service Business
Revenues:
Total third-party revenues	90,657		50,357	58,331
Total related party revenues	23,314		1,066	166
Total revenues	113,971		51,423	58,497
Less: business taxes and related surcharges	(1,371)		(1,315)	(1,075)
Net revenues	112,600		50,108	57,422
Operating cost and expenses:
Relationship manager compensation	(4,510)		(5,614)	(9,185)
Other Compensation	(126,615)		(129,367)	(115,910)
Total compensation and benefits	(131,125)		(134,981)	(125,095)
Selling expenses	(15,393)		(25,502)	(27,250)
General and administrative expenses	(32,138)		(36,523)	(38,525)
Other operating expenses	(42,055)		(33,106)	(21,838)
Government subsidies	1,300			445
Total operating cost and expenses	(219,411)		(230,112)	(212,263)
Income (loss) from operations	(106,811)		(180,004)	(154,841)
Other Financial Service Business \| Other Service
Revenues:
Total third-party revenues	90,657		50,357	58,331
Total related party revenues	¥ 23,314		¥ 1,066	¥ 166

Related Party Transactions (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Related Party Transaction [Line Items]
Related party revenues	¥ 1,499,606	$ 230,485	¥ 1,138,457	¥ 1,117,985
One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	561,060	86,233	321,442	428,687
One Time Commissions \| Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	558,543	85,846	320,546	428,475
One Time Commissions \| Wanjia Win-Win
Related Party Transaction [Line Items]
Related party revenues				127
One Time Commissions \| One-Time Commissions Earned from Funds Subscribed by Shareholders
Related Party Transaction [Line Items]
Related party revenues	2,517	387	896	85
Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	860,730	132,292	775,726	634,913
Recurring Service Fees \| Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	610,077	93,767	546,662	401,567
Recurring Service Fees \| Wanjia Win-Win
Related Party Transaction [Line Items]
Related party revenues	1,079	166	7,441	44,792
Recurring Service Fees \| Sequoia Capital Investment Management Tianjin Company Limited
Related Party Transaction [Line Items]
Related party revenues	49,425	7,596	42,404	47,850
Recurring Service Fees \| Gopher Capital GP Ltd
Related Party Transaction [Line Items]
Related party revenues	200,149	30,763	164,489	116,226
Recurring Service Fees \| Kunshan Jingzhao Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			5,449	7,825
Recurring Service Fees \| Wuhu Bona Film Investment Management Limited
Related Party Transaction [Line Items]
Related party revenues			7,728	8,842
Recurring Service Fees \| Recurring Services Fee Earned from Funds Subscribed by Shareholders
Related Party Transaction [Line Items]
Related party revenues			1,553	7,811
Performance Based Income
Related Party Transaction [Line Items]
Related party revenues	54,502	8,377	39,501	53,825
Performance Based Income \| Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	44,580	6,852	32,206	53,825
Performance Based Income \| Wanjia Win-Win
Related Party Transaction [Line Items]
Related party revenues			6,915
Performance Based Income \| Gopher Capital GP Ltd
Related Party Transaction [Line Items]
Related party revenues	9,922	1,525	380
Other Service Fee
Related Party Transaction [Line Items]
Related party revenues	23,314	3,583	1,788	560
Other Service Fee \| Gopher Capital GP Ltd
Related Party Transaction [Line Items]
Related party revenues	1		82	5
Other Service Fee \| Other Services Subscribed by Shareholders
Related Party Transaction [Line Items]
Related party revenues	¥ 23,313	$ 3,583	¥ 1,706	¥ 555

Amounts Due from Related Parties (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)
Related Party Transaction [Line Items]
Amounts due from related parties	¥ 504,931	$ 77,607	¥ 334,840
Loans Receivable
Related Party Transaction [Line Items]
Amounts due from related parties	10,523	1,617	104,000
Wanjia Win-Win
Related Party Transaction [Line Items]
Amounts due from related parties	5,526	849	9,702
Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	448,794	68,980	304,603
Gopher Asset Management Co., Ltd. \| Loans Receivable
Related Party Transaction [Line Items]
Amounts due from related parties	10,523	1,617	104,000
Kunshan Jingzhao Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	627	96	10,193
Wuhu Bona Film Investment Management Limited
Related Party Transaction [Line Items]
Amounts due from related parties	1,777	273	4,996
Gopher Capital GP Ltd
Related Party Transaction [Line Items]
Amounts due from related parties	39,903	6,133	¥ 5,346
Shanghai Noah Rongyao Insurance Broker Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	¥ 8,304	$ 1,276

Deferred Revenues Related to Recurring Management Fee Received in Advance from Related Parties (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)
Related Party Transaction [Line Items]
Deferred revenue from related parties	¥ 31,523	$ 4,845	¥ 29,818
Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	¥ 31,523	$ 4,845	29,275
Wanjia Win-Win
Related Party Transaction [Line Items]
Deferred revenue from related parties			¥ 543

Related Party Transactions - Additional Information (Detail) - CNY (¥) ¥ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Donations			¥ 2,700	¥ 6,000
Shanghai Rongyao Information Technology Co., Ltd. \| Shanghai Noah Rongyao Insurance Broker Co., Ltd.
Related Party Transaction [Line Items]
Percentage of equity shares	40.00%		40.00%
Purchase price	¥ 21,049
Shanghai Rongyao Information Technology Co., Ltd. \| Shanghai Nifei Enterprise Advisory Ltd Wenhong Tan and Yi Zhao \| Shanghai Noah Rongyao Insurance Broker Co., Ltd.
Related Party Transaction [Line Items]
Percentage of equity shares		100.00%
Purchase price		¥ 52,622
Shanghai Noah Yijie Finance Technology Co., Ltd. \| Shanghai Qinjie Investment
Related Party Transaction [Line Items]
Percentage of equity shares				9.88%
Purchase price				¥ 150,000

Future Minimum Lease Payments Under Non-Cancelable Operating Lease (Detail) - Dec. 31, 2017 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Leases Future Minimum Payments [Line Items]
2018	¥ 67,163	$ 10,157
2019	57,860	8,750
2020	44,736	6,765
2021	29,304	4,432
2022 and after	60,037	9,079
Total	¥ 259,100	$ 39,183

Commitments - Additional Information (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Leases Disclosure [Line Items]
Rental expenses	¥ 93,693	¥ 92,972	¥ 75,964

Subsequent Events - Additional Information (Detail) - Subsequent Event - Convertible Notes $ / shares in Units, $ in Millions	Apr. 12, 2018 USD ($) $ / shares shares
Subsequent Event [Line Items]
Amount of convertible notes converted \| $	$ 25
Stock issued during period, shares, conversion of convertible securities	542,771
American Depositary Share
Subsequent Event [Line Items]
Stock issued during period, shares, conversion of convertible securities	1,085,542
Debt instrument, initial conversion price \| $ / shares	$ 23.03

Condensed Balance Sheets (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)
Current assets
Cash and cash equivalents	¥ 1,906,753	$ 293,063	¥ 2,982,510		¥ 2,132,924
Other current assets	255,680	39,297	88,776
Total current assets	4,036,092	620,338	4,732,528
Investment in subsidiaries and VIEs	968,622	148,875	539,177
Non-current deferred tax assets	72,654	11,167	55,727
Other non-current assets	125,871	19,349	38,647
Total Assets	6,494,854	998,247	5,956,489
Current liabilities
Convertible notes	487,973	75,000
Other current liabilities	489,389	75,218	334,694
Total current liabilities	1,823,327	280,241	1,575,711
Convertible notes			555,440
Other non-current liabilities	113,660	17,469	98,946
Total Liabilities	1,987,108	305,413	2,234,553
Shareholders' equity
Treasury stock (1,287,205 ordinary shares as of December 31, 2016 and 140,479 ordinary shares as of December 31, 2017)	(40,267)	(6,190)	(130,439)
Additional paid-in capital	1,372,838	211,001	1,226,216
Retained earnings	2,883,169	443,135	2,241,694
Accumulated other comprehensive income	213,424	32,809	(5,433)
Total shareholders' equity	4,429,260	680,770	3,332,137
Total Liabilities and Equity	6,494,854	998,247	5,956,489
Class A
Shareholders' equity
Ordinary shares	67	10	70
Class B
Shareholders' equity
Ordinary shares	29	5	29
Parent Company
Current assets
Cash and cash equivalents	612,867	94,196	364,864	$ 56,079	¥ 321,418	¥ 179,139
Due from subsidiaries and VIEs	93,740	14,408	504,907
Other current assets	16,144	2,481	32,822
Total current assets	722,751	111,085	902,593
Investment in subsidiaries and VIEs	4,212,127	647,392	3,000,711
Non-current deferred tax assets	1,368	210	2,795
Other non-current assets	650	101	694
Total Assets	4,936,896	758,788	3,906,793
Current liabilities
Convertible notes	487,973	75,000
Other current liabilities	13,660	2,100	10,443
Total current liabilities	501,633	77,100	10,443
Convertible notes			555,440
Other non-current liabilities	6,003	918	8,773
Total Liabilities	507,636	78,018	574,656
Shareholders' equity
Treasury stock (1,287,205 ordinary shares as of December 31, 2016 and 140,479 ordinary shares as of December 31, 2017)	(40,267)	(6,190)	(130,439)
Additional paid-in capital	1,372,838	211,001	1,226,216
Retained earnings	2,883,169	443,135	2,241,694
Accumulated other comprehensive income	213,424	32,809	(5,433)
Total shareholders' equity	4,429,260	680,770	3,332,137
Total Liabilities and Equity	4,936,896	758,788	3,906,793
Parent Company \| Class A
Shareholders' equity
Ordinary shares	67	10	70
Parent Company \| Class B
Shareholders' equity
Ordinary shares	¥ 29	$ 5	¥ 29

Condensed Balance Sheets (Parenthetical) (Detail)	Dec. 31, 2017 $ / shares shares	Dec. 31, 2017 ¥ / shares shares	Dec. 31, 2016 $ / shares shares	Dec. 31, 2016 ¥ / shares shares
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, treasury stock	140,479	140,479	1,287,205	1,287,205
Parent Company
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, treasury stock	140,479	140,479	1,287,205	1,287,205
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	20,235,183	20,235,183	21,003,533	21,003,533
Ordinary shares, shares outstanding	20,094,704	20,094,704	19,716,328	19,716,328
Class A \| Parent Company
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	20,235,183	20,235,183	21,003,533	21,003,533
Ordinary shares, shares outstanding	20,094,704	20,094,704	19,716,328	19,716,328
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	8,465,000	8,465,000	8,515,000	8,515,000
Ordinary shares, shares outstanding	8,465,000	8,465,000	8,515,000	8,515,000
Class B \| Parent Company
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	8,465,000	8,465,000	8,515,000	8,515,000
Ordinary shares, shares outstanding	8,465,000	8,465,000	8,515,000	8,515,000

Condensed Statement of Operations (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Condensed Financial Statements, Captions [Line Items]
Net revenues	¥ 2,826,908	$ 434,488	¥ 2,513,572	¥ 2,119,927
Operating cost and expenses
Compensation and benefits	(1,407,372)	(216,308)	(1,300,405)	(1,164,492)
Selling expenses	(320,462)	(49,254)	(322,667)	(263,815)
General and administrative expenses	(248,878)	(38,252)	(234,488)	(170,929)
Total operating cost and expenses	2,049,874	315,058	1,846,283	1,561,151
Loss from operations	777,034	119,430	667,289	558,776
Other income (expenses):
Interest expense	(24,128)	(3,708)	(19,289)	(16,050)
Investment income	67,343	10,350	48,537	51,955
Other income (expenses)	3,542	544	(2,531)	456
Total other income	91,777	14,105	66,256	76,060
Income before taxes and income from equity in affiliates	868,811	133,535	733,545	634,836
Income tax expenses/(benefit)	(199,085)	(30,599)	(157,997)	(129,887)
Equity in profit of subsidiaries and VIEs	92,136	14,161	22,343	21,353
Net income attributable to Noah Holdings Limited shareholders	762,923	117,261	643,829	535,825
Parent Company
Condensed Financial Statements, Captions [Line Items]
Net revenues	0	0	0	0
Operating cost and expenses
Compensation and benefits	8,819	1,355	9,828	10,979
Selling expenses	34	5	90	374
General and administrative expenses	2,407	370	4,368	10,549
Total operating cost and expenses	11,260	1,730	14,286	21,902
Loss from operations	11,260	1,730	14,286	21,902
Other income (expenses):
Interest income	1,485	228	10,413	8,336
Interest expense	(20,858)	(3,206)	(19,289)	(16,050)
Investment income	886	136		25,507
Other income (expenses)	5,940	913	(969)	113
Total other income	(12,547)	(1,929)	(9,845)	17,906
Income before taxes and income from equity in affiliates	(23,807)	(3,659)	(24,131)	(3,996)
Income tax expenses/(benefit)	(4,481)	(689)	3,299	3,524
Income from equity in affiliates	17,779	2,735	1,394
Equity in profit of subsidiaries and VIEs	773,432	118,874	663,267	536,297
Net income attributable to Noah Holdings Limited shareholders	¥ 762,923	$ 117,261	¥ 643,829	¥ 535,825

Condensed Statement of Comprehensive Income (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Condensed Statement of Income Captions [Line Items]
Net income	¥ 762,923	$ 117,261	¥ 643,829	¥ 535,825
Other comprehensive income, net of tax
Change in cumulative foreign currency translation adjustment	(33,876)	(5,208)	19,242	4,885
Fair value fluctuation of available-for-sale investment (Note 4)	250,425	38,490	(4,710)	718
Fair value fluctuation of available-for-sale investment of affiliates	2,281	351	1,709
Other comprehensive income	218,830	33,633	16,241	5,603
Comprehensive income	980,692	150,730	614,132	531,905
Parent Company
Condensed Statement of Income Captions [Line Items]
Net income	762,923	117,261	643,829	535,825
Other comprehensive income, net of tax
Change in cumulative foreign currency translation adjustment	(33,845)	(5,204)	19,324	4,882
Fair value fluctuation of available-for-sale investment (Note 4)	250,425	38,490	(4,710)	718
Fair value fluctuation of available-for-sale investment of affiliates	2,281	351	1,709
Other comprehensive income	218,861	33,637	16,323	5,600
Comprehensive income	¥ 981,784	$ 150,898	¥ 660,152	¥ 541,425

Condensed Statements of Cash flows (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Cash flows from operating activities:
Net income attributable to Noah shareholders	¥ 762,923	$ 117,261	¥ 643,829	¥ 535,825
Adjustment to reconcile net income to net cash provided by operating activities:
Share-based compensation	93,635	14,391	79,171	67,672
Gain from equity in subsidiaries and VIEs	(92,136)	(14,161)	(22,343)	(21,353)
Changes in operating assets and liabilities:
Amount due from subsidiaries and VIEs	(173,775)	(26,709)	(94,108)	(86,363)
Other current assets	(96,470)	(14,827)	(13,637)	(16,631)
Deferred tax assets	(16,928)	(2,602)	(12,566)	(7,770)
Uncertain tax position liabilities			(67)	(11,060)
Other current liabilities	124,293	19,074	(25,235)	167,616
Other non-current liabilities	31,882	4,900	(1,091)	46,826
Net cash (used in) provided by operating activities	628,383	96,581	686,247	675,133
Cash flows from investing activities:
Investment in subsidiaries and VIEs	(341,951)	(52,557)	(192,387)	(94,423)
Net cash used in investing activities	(833,857)	(128,161)	(883,793)	(759,462)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares upon exercise of stock options	19,692	3,027	4,539	4,351
Share repurchase	(31,288)	(4,809)	(12,602)	(44,586)
Proceeds from convertible notes				518,224
Net cash provided by (used in) financing activities	(791,789)	(121,694)	994,635	462,771
Effect of exchange rate changes	(79,494)	(12,218)	52,497	4,277
Cash and cash equivalents-beginning of year	2,982,510		2,132,924
Cash and cash equivalents	1,906,753	293,063	2,982,510	2,132,924
Parent Company
Cash flows from operating activities:
Net income attributable to Noah shareholders	762,923	117,261	643,829	535,825
Adjustment to reconcile net income to net cash provided by operating activities:
Share-based compensation	8,819	1,353	9,828	10,979
Gain from equity in subsidiaries and VIEs	(773,432)	(118,874)	(663,267)	(536,297)
Equity in income of affiliates	(17,779)	(2,735)
Changes in operating assets and liabilities:
Amount due from subsidiaries and VIEs	335,064	51,501	39,012	(319,184)
Other current assets	16,721	2,570	(1,722)	(5,774)
Deferred tax assets	1,427	219	940	(576)
Uncertain tax position liabilities				(4,804)
Other current liabilities	3,217	494	(4,857)	7,942
Other non-current liabilities	(2,768)	(425)	(1,091)	1,822
Net cash (used in) provided by operating activities	334,192	51,364	22,672	(310,067)
Cash flows from investing activities:
Investment in subsidiaries and VIEs				(7,852)
Increase in investment in affiliates	(16,962)	(2,607)	(27,702)	(22,672)
Net cash used in investing activities	(16,962)	(2,607)	(27,702)	(30,524)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares upon exercise of stock options	19,692	3,027	4,539	4,351
Share repurchase	(31,288)	(4,809)	(12,602)	(44,586)
Proceeds from convertible notes				518,224
Net cash provided by (used in) financing activities	(11,596)	(1,782)	(8,063)	477,989
Effect of exchange rate changes	(57,631)	(8,858)	56,539	4,881
Net increase in cash and cash equivalents	248,003	38,117	43,446	142,279
Cash and cash equivalents-beginning of year	364,864	56,079	321,418	179,139
Cash and cash equivalents	¥ 612,867	$ 94,196	¥ 364,864	¥ 321,418