0001104659-20-050998 | 20-F | XBRL Viewer

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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2019 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-34936
Entity Registrant Name	Noah Holdings Ltd
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Building 2, 1687 Changyang Road
Entity Address, City or Town	Shanghai
Entity Address, Postal Zip Code	200090
Phone Fax Number Description	8035 9641
Entity Address, Country	CN
Title of 12(b) Security	American depositary shares, two of which represent
Trading Symbol	NOAH
Security Exchange Name	NYSE
Document Accounting Standard	U.S. GAAP
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001499543
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Amendment Flag	false
Document Fiscal Period Focus	FY
Business Contact
Document Information [Line Items]
Contact Personnel Name	Qing Pan
Entity Address, Address Line One	Building 2, 1687 Changyang Road
Entity Address, City or Town	Shanghai
Entity Address, Postal Zip Code	200090
City Area Code	86
Local Phone Number	8035 9221
Entity Address, Country	CN
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	22,484,657
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	8,315,000

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 4,387,345	$ 630,203	¥ 2,704,091
Restricted cash	6,589	946	2,500
Short-term investments (including short-term investments measured at fair value of RMB438,077 and RMB642,759 as of December 31, 2018 and 2019, respectively)	671,259	96,420	450,477
Accounts receivable, net of allowance for doubtful accounts of nil as of December 31, 2018 and December 31, 2019	219,566	31,539	282,431
Amounts due from related parties	548,704	78,816	572,201
Loan receivables, net of allowance for loan losses of RMB2,556 and RMB5,147 as of December 31, 2018 and December 31, 2019, respectively	654,060	93,949	620,219
Loan receivables from factoring business			18,893
Other current assets	243,701	35,004	453,269
Total current assets	6,731,224	966,877	5,104,081
Long-term investments (including long-term investments measured at fair value of RMB609,151 and RMB531,359, as of December 31, 2018 and 2019, respectively)	881,091	126,561	1,025,065
Investment in affiliates	1,272,261	182,749	1,375,110
Property and equipment, net	296,320	42,564	346,653
Operating lease right-of-use assets, net	352,186	50,588
Deferred tax assets	167,430	24,050	113,384
Other non-current assets	102,092	14,666	49,971
Total Assets	9,802,604	1,408,055	8,014,264
Current liabilities: (including amounts of the consolidated VIEs without recourse to Noah Holdings Ltd. See Note 2(b))
Accrued payroll and welfare expenses	555,719	79,824	671,200
Income tax payable	126,743	18,205	54,296
Deferred revenues	100,693	14,464	142,925
Other current liabilities	721,898	103,694	722,652
Total current liabilities	1,505,053	216,187	1,591,073
Deferred tax liabilities	56,401	8,101	67,092
Operating lease liabilities, non-current	362,757	52,107
Other non-current liabilities	3,433	493	35,718
Convertible notes			145,004
Total Liabilities	1,927,644	276,888	1,838,887
Shareholders' equity:
Treasury stock (140,479 ordinary shares and Nil as of December 31, 2018 and 2019, respectively)			(40,267)
Additional paid-in capital	2,181,323	313,327	1,895,564
Retained earnings	4,734,992	680,139	3,946,107
Accumulated other comprehensive income	97,049	13,940	36,195
Total Noah Holdings Limited shareholders' equity	7,013,467	1,007,421	5,837,700
Non-controlling interests	861,493	123,746	337,677
Total Shareholders' Equity	7,874,960	1,131,167	6,175,377
Total Liabilities and Equity	9,802,604	1,408,055	8,014,264
Class A
Shareholders' equity:
Ordinary shares	75	11	73
Total Shareholders' Equity	75		73
Class B
Shareholders' equity:
Ordinary shares	28	$ 4	28
Total Shareholders' Equity	¥ 28		¥ 28

Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 CNY (¥) shares	Dec. 31, 2018 $ / shares
Available for sale investments \| ¥	¥ 642,759		¥ 438,077
Accounts receivable, allowance for doubtful accounts \| ¥	0		0
Loan receivables, allowance for loan losses	5,147	$ 739	2,556
Loan receivables from factoring business, allowance for doubtful accounts \| ¥	0		0
Long-term investments measured at fair value \| ¥	¥ 531,359		¥ 624,045
Ordinary shares, treasury stock	0	0	140,479
Class A
Ordinary shares, par value \| $ / shares		$ 0.0005		$ 0.0005
Ordinary shares, shares authorized	91,394,900	91,394,900	91,394,900
Ordinary shares, shares issued	22,484,657	22,484,657	21,890,253
Ordinary shares, shares outstanding	22,484,657	22,484,657	21,749,774
Class B
Ordinary shares, par value \| $ / shares		$ 0.0005		$ 0.0005
Ordinary shares, shares authorized	8,605,100	8,605,100	8,605,100
Ordinary shares, shares issued	8,315,000	8,315,000	8,315,000
Ordinary shares, shares outstanding	8,315,000	8,315,000	8,315,000

Consolidated Statements of Operations ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 CNY (¥) ¥ / shares shares	Dec. 31, 2017 CNY (¥) ¥ / shares shares
Revenues:
Revenues	¥ 3,413,176	$ 490,272	¥ 3,310,062	¥ 2,846,006
Less: VAT related surcharges	(21,364)	(3,069)	(20,454)	(19,098)
Net revenues	3,391,812	487,203	3,289,608	2,826,908
Operating cost and expenses:
Relationship manager compensation	(625,044)	(89,782)	(633,599)	(616,064)
Performance fee compensation	(31,283)	(4,494)	(21,175)	(11,291)
Other compensations	(954,443)	(137,097)	(909,418)	(780,017)
Total compensation and benefits	(1,610,770)	(231,373)	(1,564,192)	(1,407,372)
Selling expenses	(331,346)	(47,595)	(412,720)	(320,462)
General and administrative expenses	(296,492)	(42,589)	(280,075)	(246,785)
Provision for doubtful accounts	(130,723)	(18,777)	688	(2,093)
Other operating expenses	(196,793)	(28,268)	(169,368)	(147,318)
Government subsidies	89,278	12,824	62,583	74,156
Total operating cost and expenses	(2,476,846)	(355,778)	(2,363,084)	(2,049,874)
Income from operations	914,966	131,425	926,524	777,034
Other income (expenses):
Interest income	89,099	12,798	69,841	45,020
Interest expenses	(430)	(62)	(10,028)	(24,128)
Investment income (loss)	(28,620)	(4,111)	48,616	67,343
Other income (expense)	(7,040)	(1,011)	(23,356)	3,542
Total other income	53,009	7,614	85,073	91,777
Income before taxes and income from equity in affiliates	967,975	139,039	1,011,597	868,811
Income tax expense	(220,025)	(31,605)	(222,320)	(199,085)
Income from equity in affiliates	115,809	16,635	14,469	92,136
Net income	863,759	124,069	803,746	761,862
Less: net (loss) income attributable to non-controlling interests	34,608	4,971	(7,551)	(13,745)
Less: net income attributable to redeemable non-controlling interest of a subsidiary				6,483
Less: effect on retained earnings caused by termination of redeemable non-controlling interest of a subsidiary				6,201
Net income attributable to Noah Holdings Limited shareholders	¥ 829,151	$ 119,098	¥ 811,297	¥ 762,923
Net income per share:
Basic \| (per share)	¥ 27.12	$ 3.90	¥ 27.70	¥ 26.98
Diluted \| (per share)	¥ 26.84	$ 3.86	¥ 26.67	¥ 25.90
Weighted average number of shares used in computation:
Basic \| shares	30,580,181	30,580,181	29,288,401	28,275,637
Diluted \| shares	30,924,095	30,924,095	30,710,540	30,233,823
One-time commissions
Revenues:
Revenues	¥ 931,668		¥ 1,027,993
Recurring service fees
Revenues:
Revenues	1,845,465		1,776,549
Performance-based income
Revenues:
Revenues	113,085		143,634
Other service fees
Revenues:
Revenues	522,958		361,886
Others
Revenues:
Revenues	1,761,947	$ 253,088	1,731,852	¥ 1,427,684
Others \| One-time commissions
Revenues:
Revenues	690,860	99,236	733,009	541,025
Others \| Recurring service fees
Revenues:
Revenues	524,692	75,367	593,856	605,092
Others \| Performance-based income
Revenues:
Revenues	23,437	3,367	43,101	86,494
Others \| Other service fees
Revenues:
Revenues	522,958	75,118	361,886	195,073
Funds Gopher manages
Revenues:
Revenues	1,651,229	237,184	1,578,210	1,418,322
Funds Gopher manages \| One-time commissions
Revenues:
Revenues	240,808	34,590	294,984	561,059
Funds Gopher manages \| Recurring service fees
Revenues:
Revenues	1,320,773	189,717	1,182,693	802,761
Funds Gopher manages \| Performance-based income
Revenues:
Revenues	¥ 89,648	$ 12,877	¥ 100,533	¥ 54,502

Consolidated Statements of Comprehensive Income ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Consolidated Statements of Comprehensive Income
Net income	¥ 863,759	$ 124,069	¥ 803,746	¥ 761,862
Other comprehensive income, net of tax
Foreign currency translation adjustment	61,601	8,848	75,752	(33,876)
Fair value fluctuation of available-for-sale investment, net of tax of nil (Note 5)	(797)	(114)	(349)	250,425
Fair value fluctuation of available-for-sale investment held by affiliates, net of tax of nil			(1,080)	2,281
Other comprehensive income	60,804	8,734	74,323	218,830
Comprehensive income	924,563	132,803	878,069	980,692
Less: comprehensive loss (income) attributable to non-controlling interest	34,558	4,964	(7,638)	(13,776)
Less: income attributable to redeemable non-controlling interest of a subsidiary				6,483
Less: effect on retained earnings caused by termination of redeemable non-controlling interest of a subsidiary				6,201
Comprehensive income attributable to Noah Holdings Limited shareholders	¥ 890,005	$ 127,839	¥ 885,707	¥ 981,784

Consolidated Statements of Comprehensive Income (Parenthetical) ¥ in Thousands	36 Months Ended
	Dec. 31, 2019 CNY (¥)
Consolidated Statements of Comprehensive Income
Fair value fluctuation of available-for-sale investment, net of tax	¥ 0
Fair value fluctuation of available-for-sale investment held by affiliates, net of tax	¥ 0

Consolidated Statements of Changes in Equity ¥ in Thousands, $ in Thousands	Treasury Stock CNY (¥) shares	Additional Paid-in Capital CNY (¥)	Retained Earnings CNY (¥)	Accumulated other comprehensive (loss)/income CNY (¥)	Parent CNY (¥)	Parent USD ($)	Noncontrolling Interest CNY (¥)	Class A CNY (¥) shares	Class B CNY (¥) shares	CNY (¥) shares	USD ($) shares
Balance (in shares) at Dec. 31, 2016 \| shares	(1,287,205)							21,003,533	8,515,000
Balance at Dec. 31, 2016	¥ (130,439)	¥ 1,226,216	¥ 2,241,694	¥ (5,433)	¥ 3,332,137		¥ 59,135	¥ 70	¥ 29	¥ 3,391,272
Net Income			769,124		769,124		(13,745)			755,379
Termination of redeemable non-controlling interest of a subsidiary (Note 13)			(6,201)		(6,201)					(6,201)
Share-based compensation		93,635			93,635					¥ 93,635
Vesting of restricted shares \| shares								115,995
Issuance of ordinary shares upon exercise of options (in shares) \| shares								203,174		203,174	203,174
Issuance of ordinary shares upon exercise of options		19,691			19,692			¥ 1		¥ 19,692
Repurchase of ordinary shares \| shares	(99,347)									(99,347)	(99,347)
Repurchase of ordinary shares	¥ (31,280)				(31,280)					¥ (31,280)	$ (4,809)
Conversion of convertible notes, Shares \| shares								108,554
Conversion of convertible notes, Value		33,266			33,266					33,266
Other comprehensive income-foreign currency translation adjustments				(33,849)	(33,849)		(27)			(33,876)
Other comprehensive income-change in fair value of available-for-sale investments				252,706	252,706					252,706
Non-controlling Interest capital injection							35,123			35,123
Non-controlling Interest capital divestment		30			30		(2,000)			(1,970)
Transfer of Class B shares to Class A shares \| shares								50,000	(50,000)
Retirement of treasury stock, Shares \| shares	1,246,073							(1,246,073)
Retirement of treasury stock, Value	¥ 121,452		(121,448)					¥ (4)
Balance (in shares) at Dec. 31, 2017 \| shares	(140,479)							20,235,183	8,465,000
Balance at Dec. 31, 2017	¥ (40,267)	1,372,838	2,883,169	213,424	4,429,260		78,486	¥ 67	¥ 29	4,507,746
Net Income			811,297		811,297		(7,551)			803,746
Impact of ASU 2016-01 (Note 2(j))			251,641	(251,641)
Share-based compensation		112,763			112,763					¥ 112,763
Vesting of restricted shares \| shares								133,010
Issuance of ordinary shares upon exercise of options (in shares) \| shares								201,630		201,630	201,630
Issuance of ordinary shares upon exercise of options		45,895			45,896			¥ 1		¥ 45,896
Conversion of convertible notes, Shares \| shares								1,170,430
Conversion of convertible notes, Value		364,068			364,072			¥ 4		364,072
Other comprehensive income-foreign currency translation adjustments				75,841	75,841		(89)			75,752
Other comprehensive income-change in fair value of available-for-sale investments				(1,429)	(1,429)					(1,429)
Non-controlling Interest capital injection							63,929			63,929
Impact of acquisition							290,663			290,663
Disposal of a subsidiary							(87,761)			(87,761)
Transfer of Class B shares to Class A shares \| shares								150,000	(150,000)
Transfer of Class B shares to Class A shares, value								¥ 1	¥ (1)
Balance (in shares) at Dec. 31, 2018 \| shares	(140,479)							21,890,253	8,315,000
Balance at Dec. 31, 2018	¥ (40,267)	1,895,564	3,946,107	36,195	5,837,700		337,677	¥ 73	¥ 28	6,175,377
Net Income			829,151		829,151		34,608			863,759
Share-based compensation		94,897			94,897					¥ 94,897
Vesting of restricted shares \| shares								124,592
Issuance of ordinary shares upon exercise of options (in shares) \| shares								152,410		152,410	152,410
Issuance of ordinary shares upon exercise of options		31,685			31,686			¥ 1		¥ 31,686
Conversion of convertible notes, Shares \| shares								457,881
Conversion of convertible notes, Value		141,537			141,539			¥ 2		141,539
Other comprehensive income-foreign currency translation adjustments				61,651	61,651		(50)			61,601	$ 8,848
Other comprehensive income-change in fair value of available-for-sale investments				(797)	(797)					(797)
Non-controlling Interest capital injection		17,640			17,640	$ 2,534	500,973			518,613
Impact of acquisition							1,001			1,001
Return of non-controlling interests of subsidiaries							(6,988)			(6,988)
Disposal of a subsidiary							(5,728)			(5,728)
Retirement of treasury stock, Shares \| shares	140,479							(140,479)
Retirement of treasury stock, Value	¥ 40,267		(40,266)					¥ (1)
Balance (in shares) at Dec. 31, 2019 \| shares								22,484,657	8,315,000
Balance at Dec. 31, 2019		¥ 2,181,323	¥ 4,734,992	¥ 97,049	¥ 7,013,467		¥ 861,493	¥ 75	¥ 28	¥ 7,874,960	$ 1,131,167

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Cash flows from operating activities:
Net income	¥ 863,759	$ 124,069	¥ 803,746	¥ 761,862
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from disposal of property and equipment	1,163	167	304	135
Depreciation and amortization	105,432	15,144	92,282	81,964
Noncash lease expense	85,420	12,270
Share-based compensation	94,897	13,631	112,763	93,635
Income from equity in affiliates, net of dividends	(39,964)	(5,740)	(14,469)	(92,136)
Income from disposal of subsidiaries	(3,971)	(570)	(31,219)
Provision for doubtful accounts	130,723	18,777	(688)	2,093
Amortization of unearned income for financial leases	(37,961)	(5,453)	(62,285)	(11,723)
Impairment of long-term investments	104,365	14,991
Changes in investment fair value in the consolidated funds	(35,847)	(5,149)		3,608
Fair value change of equity investments measured by fair value	(15,092)	(2,168)	6,342
Changes in operating assets and liabilities:
Accounts receivable	47,755	6,860	(99,969)	21,464
Amounts due from related parties	12,851	1,846	(56,747)	(173,775)
Other current assets	69,992	10,054	18,512	(96,470)
Other non-current assets	(11,521)	(1,655)	(648)	3,055
Accrued payroll and welfare expenses	(114,487)	(16,445)	45,118	53,140
Income taxes payable	73,109	10,501	35,754	(3,487)
Deferred revenues	(42,231)	(6,066)	(58,330)	108,002
Other current liabilities	16,356	2,349	201,644	124,293
Other non-current liabilities	(32,285)	(4,637)	(77,942)	31,882
Amounts due to related parties			(134)	(11,997)
Change in lease assets and liabilities	(84,068)	(12,076)
Deferred tax assets and liabilities	(62,364)	(8,958)	(40,730)	(16,928)
Acquisitions and sales of financial products	162,202	23,300	156,082	(250,068)
Other operating cash flows				(166)
Net cash provided by operating activities	1,288,233	185,042	1,029,386	628,383
Cash flows from investing activities:
Purchases of property and equipment	(65,333)	(9,384)	(128,223)	(152,712)
Purchase of held-to-maturity investments	(74,500)	(10,701)		(101,000)
Proceeds from redemption of held-to-maturity investments	38,067	5,468	135,000	180,580
Purchases of available-for-sale investments	(16,056)	(2,306)	(43,904)	(663,537)
Proceeds from sale or redemption of available-for-sale investments	57,372	8,241	97,551	721,487
Purchase of other long-term investments	(33,460)	(4,806)	(197,233)	(371,917)
Proceeds from sale of other long-term investments	231,171	33,206	151,434	63,836
Purchase of investments held by consolidated fund	(1,575,592)	(226,320)		(52,638)
Proceeds from investments held by consolidated funds	1,228,732	176,496
Loans to related parties	(318,055)	(45,685)		(101,639)
Principal collection of loans to related parties	314,099	45,117	31,573	95,116
Loans disbursement to third parties	(7,086,712)	(1,017,942)	(13,590,068)	(5,532,111)
Principal collection of loans originated to third parties	6,993,745	1,004,589	13,707,549	4,878,539
Increase in investment in affiliates	(39,916)	(5,734)	(946,491)	(341,951)
Capital return from investment in affiliates	57,570	8,269	605,551	49,099
Proceeds from disposal of subsidiaries, net of cash deconsolidated	115,219	16,550	(25,232)	(5,009)
Acquisition, net of cash acquired	(8,363)	(1,202)	(193,184)
Purchase of loan receivables from factoring business			(34,904)	(200,000)
Collection of loan receivables from factoring business			34,904	700,000
Net cash used in investing activities	(182,012)	(26,144)	(395,677)	(833,857)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares upon exercise of stock options	31,686	4,551	45,896	19,692
Contribution from non-controlling shareholders of subsidiaries	518,613	74,495	63,929	35,123
Decrease in Mezzanine Equity - Redeemable non-controlling Interest of a Subsidiary				(343,346)
Return of non-controlling interests of subsidiaries	(6,988)	(1,004)		(1,970)
Prepayment from an investor to acquire interest in one subsidiary				30,000
Payments related to transfer of rights to the loan receivables from factoring business			34,904	200,000
Proceeds related to transfer of rights to the loan receivables from factoring business			(34,904)	(700,000)
Payment for repurchase of ordinary shares				(31,288)
Net cash provided by (used in) financing activities	543,311	78,042	109,825	(791,789)
Effect of exchange rate changes	37,811	5,432	56,304	(79,494)
Net increases (decrease) in cash, cash equivalents and restricted cash	1,687,343	242,372	799,838	(1,076,757)
Cash and cash equivalents-beginning of year	2,706,591	388,777	1,906,753	2,983,510
Cash and cash equivalents-end of year	4,393,934	631,149	2,706,591	1,906,753
Supplemental disclosure of cash flow information:
Cash paid for income taxes	209,975	30,161	211,503	205,039
Cash paid for interest expenses	430	62	13,022	23,737
Supplemental disclosure of non-cash investing and financing activities:
Purchase of property and equipment in accounts payable	1,311	188	9,572	3,577
Conversion of convertible notes	145,004	20,829	342,969	33,266
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	127,687	18,341
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents	4,387,345	630,203	2,704,091	1,906,753
Restricted cash	6,589	946	2,500
Total cash, cash equivalents and restricted cash	¥ 4,393,934	$ 631,149	¥ 2,706,591	¥ 1,906,753

Organization and Principal Activities

12 Months Ended

Dec. 31, 2019

Organization and Principal Activities

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 comprehensive integrated financial services group with wealth management, asset management and lending and other businesses 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, 2019 include the following:


			Percentage
		Place of	of
	Date of Incorporation	Incorporation	Ownership
Noah Upright Fund Distribution Co., Ltd. (formerly known as Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd.)	November 18, 2003	PRC	100	%
Shanghai Noah Investment (Group) Co., Ltd (formerly known as Shanghai Noah Rongyao Investment Consulting Co., Ltd)	August 24, 2007	PRC	100	%
Shanghai Noah Financial Services Corp.	April 18, 2008	PRC	100	%
Noah Insurance (Hong Kong) Limited	January 3, 2011	Hong Kong	100	%
Shanghai Rongyao Information Technology Co., Ltd.	March 2, 2011	PRC	100	%
Kunshan Noah Xingguang Investment Management Co., Ltd.	August 12, 2011	PRC	100	%
Noah Holdings (Hong Kong) Limited	September 1, 2011	Hong Kong	100	%
Gopher Capital GP Limited	May 11, 2012	Cayman	100	%
Zigong Noah Financial Service Co., Ltd.	October 22, 2012	PRC	100	%
Gopher CCM Limited	August 17, 2015	Cayman	100	%
Noah Rongyitong (Wuhu) Microfinance Co., Ltd.	August 13, 2013	PRC	100	%
ARK Trust (Hongkong) Limited	September 15, 2014	Hong Kong	100	%
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 Insurance Services LLC	February 10, 2017	US	100	%
Wuhu Noah Financial Services Co., Ltd.	July 26, 2017	PRC	100	%
Joy Triple Star Holdings Limited	January 12, 2018	BVI	100	%
Elivisa Consulting Pte Limited	April 9, 2019	Singapore	100	%

Noah Investment’s significant subsidiaries as of December 31, 2019 include the following:


			Percentage
		Place of	of
	Date of Incorporation	Incorporation	Ownership
Tianjin Gopher Asset Management Co., Ltd.	March 18, 2010	PRC	100	%
Gopher Asset Management Co., Ltd.	February 9, 2012	PRC	100	%
Wuhu Gopher Asset Management Co., Ltd.	October 10, 2012	PRC	100	%
Shanghai Gopher Asset Management Co. Ltd.	December 14, 2012	PRC	100	%
Shanghai Mengkuan Asset Management Co., Ltd	March 24, 2015	PRC	100	%
Gopher Nuobao (Shanghai) Asset Management Co., Ltd.	April 10, 2013	PRC	100	%

Summary of Principal Accounting Policies

12 Months Ended

Dec. 31, 2019

Summary of Principal Accounting Policies

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.

Consolidation through contractual arrangements

The Company had been engaged in the fund distribution 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 invested enterprises and subsidiaries of foreign invested enterprise 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 invested enterprise 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$3.88 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.

Consolidation of investment funds

In evaluating whether the investment funds in the legal form of limited partnership the Group manages as general partner are VIEs or not, the Group firstly assesses 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. The Group concludes that the service fees it earns, including carried interest earned in the capacity of general partner, 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. Before 2015, all limited partnerships the Group managed as general partner had substantive kick-out rights exercisable by a simple-majority of non-related limited partners and therefore were not deemed as VIEs. Since 2015, not all the newly formed limited partnerships the Group manages as general partners have substantive kick-out rights exercisable by a simple-majority of non-related limited partners and therefore constitute VIEs. As a result, such limited partnerships are deemed as VIEs not consolidated by the Group due to the fact that the general partner interest to absorb losses or receive benefits is not potentially significant to the VIEs.

The Group determines whether it is a primary beneficiary of a VIE when it initially involves with a VIE and reconsiders that conclusion when facts and circumstances change. As of December 31, 2018 and 2019, two investment funds were consolidated by the Group.

The Group also manages the contractual funds which it manages as fund manager and earns management fee and/or carried interest. 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.

The following amounts of Noah Investment and its subsidiaries and the consolidated funds 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)
	2018	2019	2019
	RMB	RMB	US$
Cash and cash equivalents	456,063	892,944	128,264
Restricted cash	2,500	2,509	360
Short-term investments	405,930	652,759	93,763
Accounts receivable, net of allowance for doubtful accounts	11,484	22,253	3,196
Amounts due from related parties	279,860	338,655	48,645
Other current assets	116,756	125,877	18,080
Long-term investments	418,710	496,095	71,260
Investment in affiliates	1,011,565	843,866	121,214
Property and equipment, net	24,681	17,922	2,574
Deferred tax assets	29,452	42,918	6,165
Other non-current assets	17,767	17,902	2,572
Total assets	2,774,768	3,453,700	496,093
Accrued payroll and welfare expenses	108,257	102,211	14,682
Income tax payable	49,192	63,333	9,097
Amounts due to the Group’s subsidiaries	606,440	583,347	83,793
Deferred revenue	23,658	24,363	3,500
Deferred tax liabilities	11,609	13,637	1,959
Other current liabilities	76,129	159,037	22,844
Total liabilities	875,285	945,928	135,875


	Years Ended December 31
	(Amount in Thousands)
	2017	2018	2019	2019
	RMB	RMB	RMB	US$
Revenue:
Revenues from others
One-time commissions	16,521	13,146	71,528	10,274
Recurring service fees	24,275	16,884	3,032	436
Performance-based income	2,389	531	—	—
Other service fees	58,789	91,538	124,837	17,932
Total revenues from others	101,974	122,099	199,397	28,642
Revenues from funds Gopher manages
One-time commissions	1,012	2,085	3,660	526
Recurring service fees	306,883	501,873	615,999	88,482
Performance-based income	37,240	92,127	53,010	7,614
Total revenues from funds Gopher manages	345,135	596,085	672,669	96,622
Total revenues	447,109	718,184	872,066	125,264
Less: VAT related surcharges	(2,792)	(3,715)	(4,916)	(706)
Net revenues	444,317	714,469	867,150	124,558
Total operating cost and expenses	(361,765)	(372,870)	(565,203)	(81,187)
Total other income	43,281	73,119	51,370	7,379
Net income	149,703	316,951	289,514	41,586
Net income attributable to Noah Holding Limited shareholders	147,483	306,912	278,827	40,051
Cash flows provided by operating activities*	426,663	429,008	761,312	109,356
Cash flows used in investing activities	(372,590)	(379,327)	(345,092)	(49,569)
Cash flows provided by financing activities	15,680	14,210	20,670	2,969

*	Cash flows provided by operating activities in 2017, 2018 and 2019 include amounts due to the Group’s subsidiaries of RMB498,557, RMB606,440 and RMB583,347 (US$83,793).

The VIEs contributed an aggregate of 15.7%, 21.7% and 25.6% of the consolidated net revenues for the years ended December 31, 2017, 2018 and 2019, respectively and an aggregate 19.6%, 39.4% and 33.5% of the consolidated net income for the years ended December 31, 2017, 2018 and 2019, respectively. As of December 31, 2018 and 2019, the VIEs accounted for an aggregate of 34.6% and 35.2%, 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 funds of which cash could only be used by the consolidated funds. 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 Group in the form of loans and advances or cash dividends. Please refer to Note 17 for disclosure of restricted net assets.

As of December 31, 2018 and 2019, the Group had some variable interests in various investment funds and contractual funds that were VIEs but were not consolidated by the Group as the Group was not determined to be the primary beneficiary of the funds. 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, 2018 and 2019, respectively.


	As of December 31,
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Amounts due from related parties	79,464	88,415	12,700
Investments	581,255	471,602	67,741
Maximum exposure to loss in non-consolidated VIEs	660,719	560,017	80,441

The Group has not provided financial support to these nonconsolidated VIEs during the years ended December 31, 2018 and 2019, and had no liabilities, contingent liabilities, or guarantees (implicit or explicit) related to these nonconsolidated VIEs as of December 31, 2018 and 2019.

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 doubtful accounts, allowance for loan losses, fair value measurement of underlying investment portfolios of the funds that the Group invests, fair value of equity investments, assumptions related to the consolidation of entities in which the Group holds variable interests, assumptions related to the valuation of share-based compensation, impairment of long-term investments and the determination of the incremental borrowing rate used for operating lease liabilities.

(d) Concentration of Credit Risk

The Group is subject to potential significant concentrations of credit risk consisting principally of cash and cash equivalents, accounts receivable, amounts due from related parties, loan receivables and investments. All of the Group’s cash and cash equivalents and more than half of investments are held at financial institutions, Group’s management believes, to be high credit quality. The Group also invests in equity securities of private companies, of which no single equity security accounted for 1% of total assets for the years ended December 31, 2017, 2018, and 2019. In addition, the Group’s investment policy limits its exposure to concentrations of credit risk.

Substantially all revenues were generated mainland of China and Hong Kong.

There were no financial product providers which accounted for 10% or more of total revenues for the years ended December 31, 2017, 2018, and 2019.

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.

(e) Investments in Affiliates

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

The Group also considers it has significant influence over the funds 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.

(f) 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 assets 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.

As a practical expedient, the Group uses Net Asset Value ("NAV") or its equivalent to measure the fair value of certain investments. NAV is primarily determined based on information provided by external fund administrators. The Group’s investments valued at NAV as a practical expedient are certain private equity funds.

(g) Cash and Cash Equivalents

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

As of December 31, 2018 and 2019, cash and cash equivalents of RMB32,223 and RMB54,741, respectively, was held by the consolidated funds. Cash and cash equivalents held by the consolidated funds represents cash that, although not legally restricted, is not available to general liquidity needs of the Group as the use of such funds is generally limited to the investment activities of the consolidated fund.

(h) Restricted Cash

The Group’s restricted cash primarily represents cash legally set aside for a specified purpose and 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.

(i) 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.

On January 1, 2018, the Group adopted ASU 2016-01 Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. According to the guidance, the Group started to record equity investments at fair value, with gains and losses recorded through net earnings. In accordance with ASC 321, the Group elects the measurement alternative and records certain equity investments without readily determinable fair value at cost, less impairments, plus or minus observable price changes . The Group continues to apply the alternative measurement guidance until the investments have readily determinable fair values or become eligible for the NAV practical expedient. The Group may subsequently elect to measure such investments at fair value and the election of changing measurement approach is irrevocable. The accounting standard also includes a transition requirement on presentation that requires the amounts reported in accumulated other comprehensive income for equity securities that exist as of the date of adoption previously classified as available-for-sale to be reclassified to retained earnings. As a result, upon adoption of ASU 2016-01, the Group recorded a cumulative effect adjustment from other comprehensive income to retained earnings of RMB251.6 million (US$36.1 million), net of tax, for the unrealized gains related to equity securities previously classified as available-for-sale securities. This adjustment had no overall impact on shareholders’ equity; however, since these net unrealized gains are now included within retained earnings, they will not appear as realized gains on the Group’s consolidated income statement when sold.

Equity investments the Group elects to use measurement alternative are evaluated for impairment qualitatively at each reporting date based on various factors, including projected and historical financial performance, cash flow forecasts and financing needs, the regulatory and economic environment of the investee and overall health of the investee's industry. If impairment indicators of the investment are noted, the Group has to estimate the fair value of the investment in accordance with ASC 820. An impairment loss in net income will be recognized equal to the difference between the carrying value and fair value if the fair value is less than the investment’s carrying value.

The Group reviews its investments in debt 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.

(j) 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, earnings and other comprehensive income are attributed to controlling and non-controlling interests. The non-controlling interest was RMB337,677 and RMB861,493, respectively as of December 31, 2018 and 2019. The net loss attributable to non-controlling interest was RMB13,745 and RMB7,551, respectively for the years ended December 31, 2017 and 2018, and net income attributable to non-controlling interest was RMB34,608 for the year ended December 31, 2019.

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)
	2017	2018	2019	2019
	RMB	RMB	RMB	US$
Net income attributable to Noah Holdings Limited shareholders	762,923	811,297	829,151	119,098
Transfers from the non-controlling interest:
Increase in Noah’s equity by partial disposal of subsidiaries	30	—	—	—
Increase in Noah’s capital from contribution of non-controlling interest	—	—	17,640	2,534
Net transfers from non-controlling interest	30	—	17,640	2,534
Change from net income attributable to Noah and transfers from non-controlling interest	762,953	811,297	846,791	121,632

(k) 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.

(l) Revenue Recognition

On January 1, 2018, the Group adopted ASC 606, Revenue from Contracts with Customers using the modified retrospective method for all contracts not completed as of the date of adoption. Accordingly, revenue for the years ended December 31, 2018 and 2019 was presented under ASC 606, while comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.

Those types of revenues are accounted for as contracts with customers. Under the guidance of ASC 606, the Group is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract and (e) recognize revenue when (or as) the Group satisfies its performance obligation. In determining the transaction price, the Group has included variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur. Revenues are recorded, net of sales related taxes and surcharges.

The adoption of ASC 606 did not significantly change (i) the timing and pattern of revenue recognition for all of the Group’s revenue streams, and (ii) the presentation of revenue as gross versus net. Therefore, the adoption of ASC 606 did not have a significant impact on the Group’s financial position, results of operations, equity or cash flows as of the adoption date and for the years ended December 31, 2018 and 2019.

The following table summarizes the Group’s main revenues streams from contracts with its customers:

Revenue Streams	Performance Obligation Satisfied Over Time or Point In Time	Payment Terms	Variable or Fixed Consideration
Fund distribution services	Point in time	Typically paid within a month after financial product established	Fixed
Insurance brokerage services	Point in time	Typically monthly in arrears	Fixed
Recurring service fees	Over time	Typically quarterly, semi-annually or annually	Variable
Performance-based income	Point in time	Typically paid shortly after the income has been determined	Variable
Lending services	Over time	Typically monthly in arrears	Fixed
Investor education services	Point in time	Typically paid at the beginning of each course	Fixed

Disaggregation of revenue

The Group derives revenue primarily from one-time commissions, recurring service fees and performance-based income paid by clients or financial product providers.

The following tables show, by segment, revenue from contracts with customers disaggregated by service lines for the years ended December 31, 2018 and 2019:


	Year Ended December 31, 2019
	(Amount in Thousands)
	Wealth Management	Assets Management	Lending and Other
	Business	Business	Businesses	Total
	RMB	RMB	RMB	RMB
One-time commissions	928,061	3,607	—	931,668
Recurring service fees	1,155,450	690,015	—	1,845,465
Performance-based income	23,430	89,655	—	113,085
Other service fees	222,912	4,274	295,772	522,958
Lending services	91,164	—	285,473	376,637
Investor education services	26,353	—	—	26,353
Other services⁽¹⁾	105,395	4,274	10,299	119,968
Total revenues	2,329,853	787,551	295,772	3,413,176

(1)	The Group also provides other services including financial leasing, family trust and payment technology services.


	Year Ended December 31, 2018
	(Amount in Thousands)
			Other Financial
	Wealth Management	Assets Management	Service
	Business	Business	Business	Total
	RMB	RMB	RMB	RMB
One-time commissions	1,024,323	3,670	—	1,027,993
Recurring service fees	1,136,010	640,539	—	1,776,549
Performance-based income	44,309	99,325	—	143,634
Other service fees	113,570	8,225	240,091	361,886
Lending services	—	—	209,804	209,804
Investor education services	36,555	—	—	36,555
Other services	77,015	8,225	30,287	115,527
Total revenues	2,318,212	751,759	240,091	3,310,062

For the Group's revenues generated by the different geographic location, please see note 18 segment information.

One-time commissions

The Group earns one-time commissions from fund raising services provided to clients or financial product providers. The Group enters into one-time commission agreements with clients or financial product providers which specifies the key terms and conditions of the arrangement. One-time commissions are separately negotiated for each transaction and generally do not include rights of return, credits or discounts, rebates, price protection or other similar privileges, and typically paid on or shortly after the transaction is completed. Upon establishment of a financial product, the Group earns a one-time commission from clients or 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 investor referred by the Group has entered into a purchase or subscription contract with the relevant product provider and, if required, the investor 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. After the contract is established, there are no significant judgments made when determining the one-time commission price. Therefore one-time commissions is recorded at point of time when the financial product is established. For certain contracts that require a portion of the payment be deferred until the end of the financial products’ life or other specified contingency, the Group evaluates each variable consideration and recognizes revenue only when the Group concludes that it is probable that changes in its estimate of such consideration will not result in significant reversals of revenue in subsequent periods.

The Group also earns one-time commissions from insurance companies by referring clients to purchase the insurance products from them, and recognizes revenues when the underlying insurance contracts become effective.

Recurring service fees

The Group also provides investment management services to investment funds and other vehicles in exchange for recurring service fees. Recurring service fees are determined based on the types of financial products the Group 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. These customer contracts require the Group to provide investment management services, which represents a performance obligation that the Group satisfies over time. After the contract is established, there are no significant judgments made when determining the transaction price. As the Group provides these services throughout the contract term, for either method of calculating recurring service fees, revenue is calculated on a daily basis over the contract term. Recurring service agreements do not include rights of return, credits or discounts, rebates, price protection or other similar privileges. Payment of recurring service fees are normally on a regular basis (typically quarterly or annually) and are not subject to clawback once determined.

Performance-based income

In a typical arrangement in which the Group serves as fund manager, and in some cases in which the Group serves as distributor, the Group is entitled to a performance-based fee based on the extent by which the fund’s investment performance exceeds a certain threshold based on the contract term. Such performance-based fees earned based on the performance of the underlying fund are a form of variable consideration in its contracts with customers to provide investment management services. Those performance-based income is typically calculated and distributed when the cumulative return of the fund can be determined. Performance-based income will not be recognized as revenue until (a) it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur, or (b) the uncertainty associated with the variable consideration is subsequently resolved. At each reporting date, the Group updates its estimate of the transaction price and concludes that it cannot include its estimate of performance-based income in the transaction price because performance-based income has various possible consideration amounts and the experience that the Group has with similar contracts is of little predictive value in determining the future performance of the funds, thus the Group cannot conclude that it is probable that a significant reversal in the cumulative amount of revenue recognized would not occur.

Other service fees

The Group mainly derived other service fees from lending services, investor education services and other services.

Revenue from lending services represents interest income from loan origination services, and 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 at point of time when the service is completed considering the course lasts only for a few days.

Transaction price allocation

For certain contracts that the Group provides both fund raising and investment management services involving two separate performance obligations which belong to two major stream (i.e., one time and recurring services), the Group needs to allocate transaction price between these two performance obligations at the relative stand-alone selling price (“SSP”). Judgment is required to determine the SSP for each distinct performance obligation. As the service fee rate for each service contained in the contract is typically negotiated separately, the Group determines that those fee rates are generally consistent with SSP, and can be deemed as the transaction price allocated to each performance obligation.

Accounts receivable

Timing of revenue recognition may differ from the timing of invoicing to customers. Amounts due from related parties (receivables from funds that Gopher manages) and accounts receivable represent amounts invoiced, and revenue recognized prior to invoicing when the Group has satisfied its performance obligations and has the unconditional right to consideration. As the Group is entitled to unconditional right to consideration in exchange for services when the Group transferred to customers, the Group therefore does not recognize any contract asset. The balances of accounts receivable as of December 31, 2018 and 2019 were substantially within one year.

Contract liability

Contract liability (deferred revenue) relates to unsatisfied performance obligations at the end of each reporting period and consists of cash payment received in advance for recurring service fees, from customers of investment management services. Due to the prepayment was normally paid on a quarterly basis, the majority of the performance obligations are satisfied within one year. The amount of revenue recognized in 2018 and 2019 that was included in deferred revenue balance at the beginning of the year was RMB177.4 million and RMB133.5 million, respectively.

Practical expedients

The Group has used the following practical expedients as allowed under ASC 606:

The Group expenses sales commissions as incurred when the amortization period is one year or less. Sales commission expenses are recorded within “Relationship manager compensation” in the consolidated statements of operations.

The Group assessed and concluded that there is no significant financing component given that the period between performance and payment is generally one year or less.

The Group has also applied the practical expedient for certain revenue streams to exclude the value of remaining performance obligations for (i) contracts with an original expected term of one year or less or (ii) contracts for which the Group recognizes revenue in proportion to the amount the Group has the right to invoice for services performed.

(m) VAT Related Surcharges

The Group is subject to Value-added Tax (“VAT”) and its related education surtax, urban maintenance and construction tax, on the services provided in the PRC. VAT and related surcharges are primarily levied based on revenues concurrent with a specific revenue-producing transaction. The applicable VAT rates include 3%, 6%, 11%, and 17%. Besides, the rate for our PRC subsidiaries and our variable interest entities is mainly 6%.They can be presented either on a gross basis (included in revenues and costs) or on a net basis (excluded from revenue) at the Group’s accounting policy decision under U.S. GAAP. The Group has elected to report such VAT related surcharges on a net basis as a reduction of revenues. From May 1, 2018, the tax rate of 11% and 17% declined to 10% and 16%. According to Circular 39, these two applicable VAT rates further reduced to 9% and 13% respectively from April 1, 2019. The deduction of such rates will lead to less VAT input that the Group can utilize which will increase VAT liability and related surcharges accordingly.

(n) 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.

(o) 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 Group 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.

(p) 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. 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.

(q) Government Subsidies

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 RMB74,156, RMB62,583 and RMB89,278 for the years ended December 31, 2017, 2018 and 2019, respectively. Cash subsidies are recognized when received and when all the conditions for their receipt have been satisfied.

(r) 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.

(s) Leases

The Group as a lessee

In the first quarter of 2019, the Group adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use (ROU) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Group adopted the new guidance using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application and not restating comparative periods. The Group also elected the package of practical expedients, which among other things, does not require reassessment of lease classification. Upon adoption, the Group recorded ROU assets of RMB309.9 million and lease liabilities of RMB330.8 million, resulting in no cumulative-effect adjustment to retained earnings as of January 1, 2019.

The Group has operating leases primarily for office space. The determination of whether an arrangement is a lease or contains a lease is made at inception by evaluating whether the arrangement conveys the right to use an identified asset and whether the Group obtains substantially all of the economic benefits from and has the ability to direct the use of the asset. Operating leases are included in operating lease right-of-use assets and operating lease liabilities on the Group’s consolidated balance sheets and operating lease liabilities - short-term are recorded within other current liabilities. Operating lease assets represent the Group’s right to use an underlying asset for the lease term and lease liabilities represent the Group’s obligation to make lease payments arising from the lease. The Group uses its estimated incremental borrowing rate as of the commencement date in determining the present value of lease payments. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at the lease commencement date. To determine the incremental borrowing rate used to calculate the present value of future lease payments, the Group uses information including the Group’s credit rating, interest rates of similar debt instruments of entities with comparable credit ratings, as applicable. Variable components of the lease payments such as utilities, maintenance costs are expensed as incurred and not included in determining the present value. The lease terms include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. The Group considers these options, which may be elected at the Group’s sole discretion, in determining the lease term on a lease-by-lease basis. Lease expense is recognized on a straight-line basis over the lease term.

The Group as a lessor

The Group enters into operating lease agreements for vehicles where the Group acts as the lessor, the Group keeps the underlying assets on the consolidated balance sheet and continues to depreciate the assets over its useful life. The lease income is recognized in other revenues on a straight-line basis over the lease term.

The Group also enters into sale and leaseback agreements as a buyer-lessor with a third party (seller-lessee) for motor vehicles. The seller-lessee has repurchase obligations to acquire these motor vehicles at the end of the lease terms, consequently under ASC 842 the transfers of the vehicles are determined to be failed sales and are treated as financing agreements. The Group records financing receivables from these transactions in other current assets and other non-current assets according to the remaining contract period. The difference between the gross investment in the lease and the present value of lease receivables is recorded as unearned income which is amortized to income over the lease term as finance lease interest income to produce a constant periodic rate of return on the net investment in the lease. Unearned income is recognized as other income and is included in "Net revenue - revenue from others - other service fees".

(t) Foreign Currency Translation

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 included solely for the convenience of the reader and have been made at the rate of US$1 = RMB6.9618 on December 31, 2019, representing the certificated exchange rate published by the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate, or at any other rate.

(u) 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.

(v) 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 Group’s best estimate of the amounts that will not be collected. The Group also transfers some of the loan receivables to unrelated third parties. The Group accounts for the transfer of loan receivables in accordance with ASC 860, Transfers and Servicing. Please refer to note 2(y) for the Group’s accounting policy for sale accounting.

(w) 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). The Group charges off uncollectible loans against the allowance account once it is determined the full amount is not collectible. Any amounts collected after a charge off is deemed a recovery of loan losses. 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, 2018 and 2019 were 0.42% and 0.78%, respectively.

The Group performed a “back test” of the allowance for loan losses estimate by comparing the actual loan losses in 2019 to the estimated loan losses as of December 31, 2018. 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.

(x) Sale accounting

The Group developed a new business model in 2016 through one of its subsidiaries, whereby the Group 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 Group 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 Group’s other financial service platform. The Group accounts for the transfer of the loans in accordance with ASC 860. Such business through the Group’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 Group’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 Group has no retained interests, servicing assets, or servicing liabilities related to the loans sold. From the second quarter of 2019, such transactions related to loan receivables from factoring business were terminated.

In 2017, the Group 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 Group adopted the same accounting policy as described in the preceding paragraph.

(y) Allowances for doubtful accounts

Amount due from related parties, accounts receivable, loan receivables from factoring business and other receivables recognized in other current assets are recorded at the invoiced amount and do not bear interest. The Group assesses the collectability of these receivables periodically and makes provisions case by case considering the factors including, but not limited to (i) the length of time the receivables overdue; (ii) any changes in creditability of the counterparties; and (iii) any changes in the business or the industry of the counterparty, or any changes in economic environment that may impact the collection. The facts and circumstances of each account may require the Group to use substantial judgment in assessing its collectability. The Group writes off these receivables against the allowance for doubtful accounts when a balance is determined to be uncollectible.

The following table summarizes the changes in the Group’s reserve for allowances for doubtful accounts, which is included in amount due from related parties, accounts receivable, loan receivables from factoring business and other receivables:


	Year ended December 31, 2019
	(Amounts in thousands)
	Amount due	Accounts	Loan receivables	Other
	from related parties	receivable	from factoring business	receivables
	RMB	RMB	RMB	RMB
Balance at beginning of the year	—	—	—	—
Provisions	14,602	11,858	82,000	16,912
Write off	(14,602)	(11,858)	(82,000)	(16,912)
Balance at end of the year	—	—	—	—

As of December 31, 2017 and 2018, no allowance of doubtful accounts was provided, respectively.

(z) Accounting Standards Issued But Not Yet Implemented

In June 2016, the FASB issued ASU 2016-13, Credit Losses, Measurement of Credit Losses on Financial Instruments , which has subsequently been amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10. ASU 2019-11 and ASU 2020-03. 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 will adopt the guidance on January 1, 2020 and does not expect the adoption to have a material impact on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13. The amendments in ASU 2018-13 eliminate the requirements to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, valuation processes for Level 3 fair value measurements, and policy for timing of transfers between levels. ASU 2018-13 also provides clarification in the measurement uncertainty disclosure by explaining that the disclosure is to communicate information about the uncertainty in measurement as of the reporting date. In addition, ASU 2018-13 added the following requirements: changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and range and weighted average of significant unobservable inputs used in Level 3 fair value measurements. Finally, ASU 2018-13 updated language to further encourage entities to apply materiality when considering de minimus for disclosure requirements. The guidance will be applied retrospectively for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with the exception of amendments to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used for Level 3 fair value measurements, and the narrative description of measurement uncertainty which will be applied prospectively. The Group will adopt the guidance on January 1, 2020 and does not expect the adoption to have a material impact on its consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, a new accounting standard update to simplify the accounting for income taxes. The new guidance removes certain exceptions for recognizing deferred taxes for investments, performing intra period allocation and calculating income taxes in interim periods. It also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. This guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. The Group is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures.

Net Income per Share

12 Months Ended

Dec. 31, 2019

Net Income per Share

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)
	2017	2018	2019	2019
	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	762,923	811,297	829,151	119,098
Plus: interest expense for convertible notes	20,042	7,707	679	98
Net income attributable to Class A and Class B ordinary shareholders—diluted	782,965	819,004	829,830	119,196
Weighted average number of Class A and Class B ordinary shares outstanding—basic	28,275,637	29,288,401	30,580,181	30,580,181
Plus: share options	189,508	347,703	244,806	244,806
Plus: non-vested restricted shares	73,337	26,308	36,385	36,385
Plus: shares outstanding for convertible notes	1,695,341	1,048,128	62,723	62,723
Weighted average number of Class A and Class B ordinary shares outstanding—diluted	30,233,823	30,710,540	30,924,095	30,924,095
Basic net income per share	26.98	27.70	27.12	3.90
Diluted net income per share	25.90	26.67	26.84	3.86

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,
	2017	2018	2019
Share options	243,561	168,203	72,929
Non-vested restricted shares	—	150,897	91,550
Total	243,561	319,100	164,479

Other Current Assets

12 Months Ended

Dec. 31, 2019

Other Current Assets

Other Current Assets

4. Other Current Assets

Components of other current assets are as follows:


	As of December 31,
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Receivables from financial leasing service	216,071	64,686	9,291
Advance to vendors	93,192	11,051	1,587
Deposits for lending service	45,992	670	96
Receivables from equity transfer	—	42,985	6,174
VAT receivable	34,161	71,337	10,247
Others	63,853	52,972	7,609
Total	453,269	243,701	35,004

Receivables from financial leasing service relates to financial leasing business the Group started in 2017. The receivables are initially recognized as long-term receivables as the underlying leases typically have a term of two or three years. The balances of the receivables , short-term and long-term, as of December 31, 2018 and 2019, respectively, was RMB244,405 and RMB65,726, of which RMB216,071 and RMB64,686 was reclassified from other non-current assets to other current assets because the remaining financial leasing term was less than one year.

Investments

12 Months Ended

Dec. 31, 2019

Investments

Investments

5. Investments

The following table summarizes the Group’s investment balances:


	As of December 31,
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Short-term investments
- Held-to-maturity investments
- Fixed income products	12,400	28,500	4,094
Total held-to-maturity investments	12,400	28,500	4,094
- Available-for-sale investments
- Fixed income products	42,148	—	—
Total available-for-sale investments	42,148	—	—
Total Investments held by consolidated investment funds	395,929	642,759	92,326
Total short-term investments	450,477	671,259	96,420
Long-term investments
- Held-to-maturity investments
- Fixed income products	121,671	36,816	5,288
Total held-to-maturity investments	121,671	36,816	5,288
- Available-for-sale investments
- Fixed income product	139,994	15,081	2,167
Total available-for-sale investments	139,994	15,081	2,167
- Other long-term investments
- Investments measured at fair value	374,612	255,967	36,767
- Investments measured at cost less impairment
- Private equity funds products	138,149	105,614	15,171
- Other investments measured at cost less impairment	141,200	207,302	29,777
Total other long-term investments	653,961	568,883	81,715
Total Investments held by consolidated investment funds	109,439	260,311	37,391
Total long-term investments	1,025,065	881,091	126,561
Total investments	1,475,542	1,552,350	222,981

Held-to-maturity investments consist of investments in fixed income products managed by the Group 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 RMB22,090, RMB19,740 and RMB5,711 for the years ended December 31, 2017, 2018 and 2019, respectively. The gross unrecognized holding gain was RMB5,863 and RMB4,565 as of December 31, 2018 and 2019. Of the long-term held-to-maturity investments, RMB36,816 will mature in 2021. Based on periodical assessment on other-than-temporary impairment, for certain held -to-maturity investments, the Group considered that the collection is not probable due to credit deterioration of the underlying investments, and concluded that other-than-temporary impairments have resulted since the second quarter of 2019. The other-than-temporary impairment losses was RMB104,365 and recorded in investment income (loss) for the year ended December 31, 2019. No impairment losses were recognized for the years ended December 31, 2018 and 2017.

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. On January 1, 2018, upon adoption of ASU 2016-01, the Group recorded a cumulative effect adjustment from other comprehensive income to retained earnings of RMB251.6 million (US $36.1 million), net of tax, for the unrealized gains related to equity securities previously classified as available-for-sale investments. Changes in fair value of the available-for-sale investments, net of tax, for the years ended December 31, 2018 and 2019 was RMB9,314 and RMB4,306, recorded in the other comprehensive income, of which RMB9,663 and RMB5,103 was realized and reclassified from other comprehensive income to investment income in the consolidated statements of operations during the year. The amortized cost of the available-for-sale investments as of December 31, 2018 and 2019 was RMB182,142 and RMB15,081, 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 Group 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 20% interest. The Group elects to measure these investments at fair value or at cost, less impairment.

Fair Value Measurement

12 Months Ended

Dec. 31, 2019

Fair Value Measurement

Fair Value Measurement

6. Fair Value Measurement

As of December 31, 2018, and December 31, 2019, information about (i) inputs into the fair value measurements of the Group’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition and (ii) investments measured at NAV or its equivalent as a practical expedient is as follows:


		Fair Value Measurements at Reporting Date Using
		(Amount in Thousands)
		Quoted Prices
		in Active	Significant
		Markets for	Other	Significant
	As of	Identical	Observable	Unobservable
	December 31,	Assets	Inputs	Inputs
Description	2018	(Level 1)	(Level 2)	(Level 3)
	RMB	RMB	RMB	RMB
Short-term investments
Available-for-sale investments	42,148	—	42,148	—
Investments held by consolidated investment fund	395,929	—	395,929	—
Long-term investments
Available-for-sale investments	139,994	—	139,994	—
Investments held by consolidated investment fund	109,439	—	109,439	—
Other long-term investments measured at fair value	374,612	157,855	216,757	—


		Fair Value Measurements at Reporting Date Using
		(Amount in Thousands)
		Quoted Prices
		in Active	Significant
		Markets for	Other	Significant
	As of	Identical	Observable	Unobservable
	December 31,	Assets	Inputs	Inputs	NAV
Description	2019	(Level 1)	(Level 2)	(Level 3)
	RMB	RMB	RMB	RMB	RMB
Short-term investments
Investments held by consolidated investment funds	642,759	—	642,759	—	—
Long-term investments
Available-for-sale investments	15,081	—	15,081	—	—
Investments held by consolidated investment fund	260,311	—	260,311	—	—
Other long-term investments measured at fair value	255,967	7,968	—	219,679	28,320

Available-for-sale investments in debt securities consist of investments in trust products, asset management plans, contractual funds and real estate funds that have stated maturity and normally pay a prospective fixed rate of return. These investments are recorded at fair value on a recurring basis. The fair value is measured 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.

As of December 31, 2018 and 2019, the Group has two consolidated investment funds whose underlying investments are either bonds or asset management plans. The bonds have stated maturity and normally pay a prospective fixed rate of return and using discounted cash flow model based on contractual cash flow and a discount rate of prevailing market yield for products with similar terms as of the measurement date, as such, it is classified within Level 2 measurement. The asset management plans measured at recent observable transaction prices are classified within Level 2 as well.

Other long-term investments measured at fair value are (i) equity investments in listed companies whose fair value can be obtained through active markets which is classified within Level 1 measurement, (ii) private equity funds categorized within Level 3 of the fair value hierarchy, and (iii) private equity funds measured at NAV.

A reconciliation of the beginning and ending balances of the investments measured at fair value using significant unobservable inputs (Level 3) for the year ended December 31, 2019, presented as follows:


	RMB	US$
	(Amount in Thousands)
Beginning balance of investments, at fair value	—	—
Transfer of investments in fair value hierarchy from Level 2 to Level 3	193,105	27,738
Measurement approach change from measurement alternative to fair value measurement	35,176	5,053
Disposal of portfolio investments	(14,109)	(2,027)
Changes in gains included in investment income (loss)	5,507	791
Ending balance of investments, at fair value	219,679	31,555
Changes in net unrealized gains included in investment income (loss) related to Level 3 investments still held as of December 31, 2019	878	126

Total realized and unrealized gains and losses recorded for Level 3 investments are reported in investment income (loss) in the consolidated statements of operations.

The private equity funds were previously valued based on recent observable transaction prices, classified within Level 2 of the fair value hierarchy. However as no observable transactions of the investments occurred since middle of 2018, the Group’s valuation methodology in 2019 for these investments involved significant unobservable inputs that required significant judgment or estimation. Hence such investments were classified within Level 3 measurement at the beginning of the period. In 2019, the Group also elected to measure a single investment at fair value, which was previously measured using the measurement alternative at cost, less impairment.

With respect to the private equity funds within Level 3 measurement, the Group generally uses a market comparable analysis. The valuation methodology requires a subjective process in determining significant inputs and making assumptions and judgments, for which the Group considers and evaluates including, but not limited to, (1) comparable data wherever possible to quantify or adjust the fair value, (2) quantitative information about significant unobservable inputs used by the third party and (3) prevailing market conditions.

The Group 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, short-term held-to-maturity investments, loan receivables and other payables approximate their recorded values due to the short-term nature of the instruments.

As of December 31, 2018 and 2019, information about inputs into the fair value measurements of the Group’s long-term financial instruments that are not reported at fair value on balance sheet is as following:


			Fair Value Measurements at Reporting Date Using
			(Amount in Thousands)
			Quoted Prices
			in Active	Significant
			Markets for	Other	Significant
			Identical	Observable	Unobservable
	As of December 31, 2018		Assets	Inputs	Inputs
Description	Carrying Value	Fair Value	(Level 1)	(Level 2)	(Level 3)
	RMB	RMB	RMB	RMB	RMB
Long-term investments – held-to-maturity:
Investment in fixed income products	121,671	144,086	—	144,086	—


			Fair Value Measurements at Reporting Date Using
			(Amount in Thousands)
			Quoted Prices
			in Active	Significant
			Markets for	Other	Significant
			Identical	Observable	Unobservable
	As of December 31, 2019		Assets	Inputs	Inputs
Description	Carrying Value	Fair Value	(Level 1)	(Level 2)	(Level 3)
	RMB	RMB	RMB	RMB	RMB
Long-term investments – held-to-maturity:
Investment in fixed income products	36,816	41,062	—	41,062	—

Fair value measurement on a non-recurring basis for the year ended December 31, 2019 included that used in impairment of held-to-maturity investment (see Note 5) which was classified as a level 3 fair value measurement, and the Group did not have assets or liabilities reported at fair value on a non-recurring basis for the year ended December 31, 2018.

On January 1, 2018, the Group adopted ASU 2016-01, Financial Instruments, and started to measure long-term equity investments, other than equity method investments, at fair value through earnings. For those investments without readily determinable fair value that the Group cannot estimate fair value without undue cost, the Group elected to record those investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes, which are generally not categorized in the fair value hierarchy. As of December 31, 2018 and 2019, the carrying value of equity investments without readily determinable fair value was RMB279,349 and RMB312,916, respectively.

The fair value of long-term investments in fixed income products is 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, 2019

Investment in Affiliates.

Investment in Affiliates

7. Investment in Affiliates

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


	As of December 31,
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Kunshan Jingzhao	7,903	8,069	1,159
Wanjia Win-Win	91,012	93,907	13,489
Wuhu Hongxing	9,324	9,648	1,386
Others	12,361	9,516	1,367
Funds that the Group serves as general partner	1,254,510	1,151,121	165,348
-Gopher Transform Private Fund	144,402	142,739	20,503
-Real estate funds and real estate funds of funds	189,175	50,321	7,228
-Private equity funds of funds	909,964	946,242	135,919
-Others	10,969	11,819	1,698
Total investment in affiliates	1,375,110	1,272,261	182,749

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 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 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 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 Group 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 less than 10% equity interests in these funds as a general partner. The Group accounts for these investments using the equity method of accounting due to the fact that the Group 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 RMB92,136, RMB14,469 and RMB115,809 for the years ended December 31, 2017, 2018 and 2019, respectively.

Summarized financial information

The following table shows summarized financial information relating to the statements of financial condition for the Group’s equity method investments assuming 100% ownership as of December 31, 2018 and 2019:


	As of December 31
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Balance sheet data:
Current assets	3,292,029	3,727,537	535,427
Non-current assets	33,836,936	32,074,801	4,607,257
Current liabilities	327,025	990,696	142,305
Non-current liabilities	1,658,657	1,668,928	239,727

The following table shows summarized financial information relating to the statements of operations for the Group’s equity method investments assuming 100% ownership for the years ended December 31, 2017, 2018 and 2019:


	Years Ended December 31,
	(Amount in Thousands)
	2017	2018	2019	2019
	RMB	RMB	RMB	US$
Operating data:
Revenue	237,589	707,501	2,177,056	312,714
Income (Loss) from operations	(1,609,708)	131,969	470,278	67,551
Net Realized and Unrealized Gain from investments	1,846,396	319,127	632,934	90,915
Net income	247,865	537,705	1,109,261	159,335

Property and Equipment, Net

12 Months Ended

Dec. 31, 2019

Property and Equipment, Net

Property and Equipment, Net

8. Property and Equipment, Net

Property and equipment, net consists of the following:


	As of December 31,
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Leasehold improvements	169,367	175,579	25,220
Furniture, fixtures and equipment	125,199	133,217	19,135
Motor vehicles	146,167	122,474	17,592
Software	109,748	124,754	17,920
Property	55,154	55,154	7,923
	605,635	611,178	87,790
Accumulated depreciation	(278,549)	(332,610)	(47,776)
	327,086	278,568	40,014
Construction in progress	19,567	17,752	2,550
Property and equipment, net	346,653	296,320	42,564

Depreciation expense was RMB81,964, RMB92,282 and RMB105,432 for the years ended December 31, 2017, 2018 and 2019, respectively.

Other Current Liabilities

12 Months Ended

Dec. 31, 2019

Other Current Liabilities

Other Current Liabilities

9. Other Current Liabilities

Components of other current liabilities are as follows:


	As of December 31,
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Accrued expenses	152,805	143,042	20,547
Advance from customers	159,030	33,507	4,813
Interest payable for convertible notes	2,100	—	—
Deposits from lending and other business	116,765	42,265	6,071
Other payables	123,450	96,141	13,809
Payable to individual investors of lending and other business	122,828	50,793	7,296
Payable for purchases of property and equipment	9,572	1,311	188
Other tax payable	36,102	28,452	4,087
Operating lease liability-current	—	11,674	1,677
Payable to individual for trust service	—	314,713	45,206
Total	722,652	721,898	103,694

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

Deposits from lending and other businesses mainly consists of the security deposits from individual borrowers for their loans.

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

Payable to individual for trust service consists of the proceeds of stock sold on behalf of individual trust client and would be remitted to such client in a short period.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Taxes

Income Taxes

10. 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)
	2017	2018	2019	2019
	RMB	RMB	RMB	US$
Current Tax	198,841	246,079	282,422	40,568
Deferred Tax	244	(23,759)	(62,397)	(8,963)
Total	199,085	222,320	220,025	31,605

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,
	2017		2018		2019
PRC income tax rate	25.00	%	25.00	%	25.00	%
Expenses not deductible for tax purposes	0.14	%	0.38	%	0.04	%
Effect of tax-free investment income	(2.03)	%	(0.49)	%	(1.37)	%
Effect of different tax rate of subsidiary in other jurisdiction	(3.30)	%	(2.54)	%	(5.13)	%
Effect of deferred tax asset allowance	1.07	%	1.57	%	5.85	%
Effect of tax holidays	(0.73)	%	(1.00)	%	(2.60)	%
Effect of income from equity in Fund of Fund	1.92	%	0.49	%	1.27	%
Effect of true-ups	0.84	%	(1.51)	%	(0.47)	%
Effect of others	0.01	%	0.10	%	0.14	%
	22.92	%	22.00	%	22.73	%

The aggregate amount and per share effect of the tax holidays (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)
	2017	2018	2019	2019
	RMB	RMB	RMB	US$
Aggregate	6,367	10,106	25,146	3,612
Per share effect-basic	0.23	0.35	0.82	0.12
Per share effect-diluted	0.21	0.33	0.81	0.12

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


	As of December 31,
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Deferred tax assets:
Accrued expenses	5,743	3,240	465
Tax loss carry forward	117,978	215,423	30,944
Unrealized other income	2,012	1,226	176
Others	3,302	4,194	602
Gross deferred tax assets	129,035	224,083	32,187
Valuation allowance	(15,651)	(56,653)	(8,137)
Net deferred tax assets	113,384	167,430	24,050
Deferred tax liabilities:
Unrealized investment income	67,092	56,401	8,101
Net deferred tax liabilities (after offsetting)	67,092	56,401	8,101

Deferred tax assets and liabilities have been offset where the Group 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, 2019, operating loss carry forward amounted to RMB861,692 for the PRC and Hong Kong income tax purpose. According to the Article 18 of PRC Tax Law, the enterprise can carry over the losses to the succeeding five tax years, tax loss carry forward that the Group recognized will begin to expire from 2020 to 2025. During the years ended December 31, 2018 and 2019, the Group recorded an allowance of RMB15,651 and RMB56,653, respectively for deferred tax assets which are not more likely than not to be realized.

In accordance with the EIT Law, dividends, which arise from profits of foreign invested enterprises (“FIEs”) earned after January 1, 2008, are subject to a 10% withholding income tax. In addition, under tax treaty between the PRC and Hong Kong, if the foreign investor is incorporated in Hong Kong and qualifies as the beneficial owner, the applicable withholding tax rate is reduced to 5%, if the investor holds at least 25% in the FIE, or 10%, if the investor holds less than 25% in the FIE. A deferred tax liability should be recognized for the undistributed profits of PRC companies unless the Group 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 RMB3.3 billion as of December 31, 2019. 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 Group’s VIE companies located in the PRC that are available for distribution to the Group were approximately RMB1.5 billion as of December 31, 2019. 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 Group 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, 2017, 2018 and 2019. 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. .

Loans Receivable, Net

12 Months Ended

Dec. 31, 2019

Restricted Assets

Loans Receivable, Net

11. Loans Receivable, Net

Loans receivable as of December 31, 2018 and 2019 consist of the following:


	2018	2019	2019
	RMB	RMB	US$
	(Amount in Thousands)
Loans receivable:
-Within credit term	622,775	554,178	79,602
-Past due	—	105,029	15,086
Total loans receivable	622,775	659,207	94,688
Allowance for loan losses	(2,556)	(5,147)	(739)
Loans receivable, net	620,219	654,060	93,949

The loan interest rates range between 4% and 18% for the years ended December 31, 2019. Majority of loans were short-term loans and recorded within loans receivables, net, and long-term loans of RMB34,910 were recorded in other non-current assets as of December 31, 2019. RMB525.2 million and RMB508.6 million of the balance is secured by collateral as of December 31, 2018 and 2019, respectively. The Group also purchased past due loans from third parties with the amount of RMB206.3 million for the year ended December 31, 2019, among which the loan receivables of RMB100.7 million were collected or transferred to other investors.

The following table presents the activity in the allowance for loan losses as of and for the years ended December 31, 2018 and 2019.


	RMB	US$
	(Amount in Thousands)
Loans receivable—December 31, 2017	3,244	466
Provisions	2,556	367
Reversal of allowance provided	(3,244)	(466)
Loans receivable—December 31, 2018	2,556	367
Provisions	7,907	1,136
Reversal of allowance provided	(2,556)	(367)
Write off	(2,760)	(397)
Loans receivable—December 31, 2019	5,147	739

Convertible Notes

12 Months Ended

Dec. 31, 2019

Convertible notes

Convertible Notes

12. Convertible notes

On February 3, 2015, the Company issued an aggregate principal amount of US$80 million (RMB556.9 million as of December 31, 2019) 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 on 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 (RMB160.33 as of December 31, 2019) 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. US$5 million, US$53.91 million and US$21.09 million of the Notes have been converted to 217,108 ADS (represents 108,554 ordinary shares), 2,340,860 ADS (represents 1,170,430 ordinary shares) and 915,762 ADS (represents 457,881 ordinary shares) at the contractual conversion price of US$23.03 per ADS during the years ended December 31, 2017, 2018 and 2019, respectively. As of December 31, 2019, all convertible notes have been converted to ADS.

Lease

12 Months Ended

Dec. 31, 2019

Lease

Lease

13. Lease

As a lessee:

Operating lease assets primarily represents various facilities under non-cancelable operating leases expiring within one to ten years. Lease costs are included in either selling or general, and administrative expenses depending on the use of the underlying asset. Operating lease expenses were RMB93,693, RMB115,529 and RMB109,842 for the years ended December 31, 2017, 2018 and 2019, respectively. Cash payments against operating lease liabilities were RMB108,490 for the year ended December 31, 2019.

Supplemental consolidated balance sheet information related to leases was as follows:


	As of December 31,
	2019		2019
Operating leases:	RMB		US$
	(Amount in Thousands)
Operating leases right-of-use assets	352,186		50,588

Current portion of lease liabilities	11,674		1,677
Non-current portion of lease liabilities	362,757		52,107
Total operating lease liabilities	374,431		53,784

Weighted average remaining lease term (years)	4.64
Weighted average discount rate	4.31	%

Maturities of operating lease liabilities for the next five years are as follows:


Years Ending December 31	RMB	US$
	(Amount in Thousands)
2020	97,825	14,052
2021	85,403	12,267
2022	79,496	11,419
2023	66,136	9,500
2024 and after	76,467	10,984
Total lease payment	405,327	58,222
Less imputed interest	(30,896)	(4,438)
Total	374,431	53,784

Future minimum lease payments under non-cancelable operating lease agreements as of December 31, 2018 were as follows:


Years Ending December 31		RMB
		(Amount in Thousands)
2019		93,729
2020		72,459
2021		59,008
2022		54,103
2023 and after		87,151
Total		366,450

As a lessor:

The income recognized for sale and leaseback agreements was RMB37,961 for the year ended December 31, 2019.

The following table sets out a maturity analysis of sale and leaseback financing receivables as well as a reconciliation to the total amount of receivables recognized in the consolidated balance sheet:


Years Ending December 31	RMB	US$
	(Amount in Thousands)
2020	67,135	9,643
2021	2,184	314
Total future minimum payments receivables	69,319	9,957
Less: unearned income	(3,593)	(516)
Total sale and leaseback financing receivables	65,726	9,441
Amounts due within one year	64,686	9,291
Amounts due beyond one year	1,040	150

Share Repurchase

12 Months Ended

Dec. 31, 2019

Share Repurchase

Share Repurchase

14. 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 (RMB31,280) to repurchase 198,694 ADSs (represents 99,347 ordinary shares). In April 2017, the Company canceled 2,492,146 ADSs (represents 1,246,073 ordinary shares) with a carrying amount of US$18,667 (RMB121,452). In 2019, the Company canceled remaining 280,958 ADSs (represents 140,479 ordinary shares) with a carrying amount of US$6,190 (RMB40,267). As of December 31, 2019, all treasure stock have been retired.

Share-Based Compensation

12 Months Ended

Dec. 31, 2019

Share-Based Compensation

Share-Based Compensation

15. Share-Based Compensation

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


	Years Ended December 31,
	2017	2018	2019	2019
	RMB	RMB	RMB	US$
Share options	51,054	45,973	40,533	5,822
Non-vested restricted shares	42,581	66,790	54,364	7,809
Total share-based compensation	93,635	112,763	94,897	13,631

During the year ended December 31, 2010, the Group 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 Group’s current outstanding share capital, or 2,315,000 shares. Options have a ten-year life. Options, restricted shares or restricted share units 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 Group 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. Options, restricted shares or restricted share units generally vest 25% on the first anniversary of the grant date with the remaining 75% vesting ratably over the following 36 months.

Share Options:

The weighted-average grant-date fair value of options granted during the years ended December 31, 2017 and 2018 was RMB388.45 (US$47.96) and RMB396.37 (US$57.30) per share, respectively. No options were granted for the year ended December 31, 2019. There were 203,174, 201,630 and 152,410 options exercised during the years ended December 31, 2017, 2018 and 2019 respectively.

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


	2017		2018
Average risk-free rate of return	1.93	%	2.78	%
Weighted average expected option life	6.1	years	6.1	years
Estimated volatility	68.8	%	57.6	%
Average dividend yield	Nil		Nil

The following table summarizes option activity during the year ended December 31, 2019:


			Weighted
		Weighted	Average	Aggregate
		Average	Remaining	Intrinsic
	Number of	Exercise	Contractual	Value of
	options	Price	Term	Options
		RMB		RMB
Outstanding as of January 1, 2019	571,474	343.14	7.0	34,344
Granted	—	—
Exercised	(152,410)	208.36
Forfeited	(32,359)	312.85
Outstanding as of December 31, 2019	386,705	398.80	6.3	6,455
Exercisable as of December 31, 2019	272,521	390.15	7.2	—

The aggregate intrinsic value of options exercised during the year ended December 31, 2019 was RMB9,451. As of December 31, 2019, there was RMB34,027 of unrecognized compensation expense related to unvested share options, which is expected to be recognized over a weighted average period of 1.92 years.

Non-vested Restricted Shares:

A summary of non-vested restricted share activity during the year ended December 31, 2019 is presented below:


		Weighted-
	Number of	average
	non-vested	grant-
	restricted	date fair
Non-vested restricted shares	shares	value
		RMB
Non-vested as of January 1, 2019	370,613	483.29
Granted	37,566	418.16
Vested	(124,592)	506.02
Forfeited	(109,963)	543.68
Non-vested as of December 31, 2019	173,624	427.59

The total fair value of non-vested restricted shares vested during the year ended December 31, 2019 was RMB64,955. The fair value of non-vested restricted shares was computed based on the fair value of the Group’s ordinary shares on the vesting date (or date of modification, as applicable). As of December 31, 2019, there was RMB74,421 in total unrecognized compensation expense related to such non-vested restricted shares, which is expected to be recognized over a weighted-average period of 2.30 years.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2019

Employee Benefit Plans

Employee Benefit Plans

16. Employee Benefit Plans

Full time employees of the Group in the PRC participate in a government-mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. PRC labor regulations require the Group to accrue for these benefits based on a certain percentage of the employees’ salaries. The total contribution for such employee benefits were RMB163,234, RMB203,524 and RMB225,776 for the years ended December 31, 2017, 2018 and 2019, 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, 2019

Restricted Assets

Restricted Assets

17. 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 RMB269,652 and RMB291,172 as of December 31, 2018 and 2019, 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 RMB1,501,288 and RMB1,473,886 as of December 31, 2018 and 2019, 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 RMB1,773,440 and RMB1,771,647 as of December 31, 2018 and 2019, respectively. The restricted assets of the Company’s VIEs amounted to RMB627,567 and RMB655,509 as of December 31, 2018 and 2019, respectively.

Segment Information

12 Months Ended

Dec. 31, 2019

Segment Information

Segment Information

18. 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, lending 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:


	Year Ended December 31, 2017 (Amount in Thousands)
			Lending
	Wealth Management	Assets Management	and Other
	Business	Business	Businesses	Total
	RMB	RMB	RMB	RMB
Revenues:
One-time commissions	539,938	1,087	—	541,025
Recurring service fees	577,544	27,548	—	605,092
Performance-based income	84,105	2,389	—	86,494
Other service fees	70,390	10,712	113,971	195,073
Total revenues from others	1,271,977	41,736	113,971	1,427,684
One-time commissions	560,047	1,012	—	561,059
Recurring service fees	300,352	502,409	—	802,761
Performance –based income	9,019	45,483	—	54,502
Total revenues from funds Gopher manages	869,418	548,904	—	1,418,322
Total revenues	2,141,395	590,640	113,971	2,846,006
Less: VAT 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)	(30,045)	(246,785)
Provision for doubtful accounts	—	—	(2,093)	(2,093)
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


	Year Ended December 31, 2018 (Amount in Thousands)
			Lending
	Wealth Management	Assets Management	and Other
	Business	Business	Business	Total
	RMB	RMB	RMB	RMB
Revenues:
One-time commissions	731,424	1,585	—	733,009
Recurring service fees	571,782	22,074	—	593,856
Performance-based income	42,570	531	—	43,101
Other service fees	113,570	8,225	240,091	361,886
Total revenues from others	1,459,346	32,415	240,091	1,731,852
One-time commissions	292,899	2,085	—	294,984
Recurring service fees	564,228	618,465	—	1,182,693
Performance –based income	1,739	98,794	—	100,533
Total revenues from funds Gopher manages	858,866	719,344	—	1,578,210
Total revenues	2,318,212	751,759	240,091	3,310,062
Less: VAT related surcharges	(12,206)	(3,228)	(5,020)	(20,454)
Net revenues	2,306,006	748,531	235,071	3,289,608
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation	(631,234)	—	(2,365)	(633,599)
Performance Fee Compensation	—	(21,175)	—	(21,175)
Other Compensation	(534,516)	(251,923)	(122,979)	(909,418)
Total compensation and benefits	(1,165,750)	(273,098)	(125,344)	(1,564,192)
Selling expenses	(367,589)	(22,200)	(22,931)	(412,720)
General and administrative expenses	(164,802)	(80,873)	(34,400)	(280,075)
Provision for doubtful accounts	—	—	688	688
Other operating expenses	(54,291)	(25,310)	(89,767)	(169,368)
Government subsidies	53,620	6,148	2,815	62,583
Total operating cost and expenses	(1,698,812)	(395,333)	(268,939)	(2,363,084)
Income (loss) from operations	607,194	353,198	(33,868)	926,524


	Year Ended December 31, 2019 (Amount in Thousands)
			Lending
	Wealth Management	Assets Management	and Other
	Business	Business	Businesses	Total
	RMB	RMB	RMB	RMB
Revenues:
One-time commissions	688,652	2,208	—	690,860
Recurring service fees	520,013	4,679	—	524,692
Performance-based income	23,333	104	—	23,437
Other service fees	222,912	4,274	295,772	522,958
Total revenues from others	1,454,910	11,265	295,772	1,761,947
One-time commissions	239,409	1,399	—	240,808
Recurring service fees	635,437	685,336	—	1,320,773
Performance –based income	97	89,551	—	89,648
Total revenues from funds Gopher manages	874,943	776,286	—	1,651,229
Total revenues	2,329,853	787,551	295,772	3,413,176
Less: VAT related surcharges	(10,574)	(3,971)	(6,819)	(21,364)
Net revenues	2,319,279	783,580	288,953	3,391,812
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation	(625,044)	—	—	(625,044)
Performance Fee Compensation	—	(31,283)	—	(31,283)
Other Compensation	(607,336)	(248,612)	(98,495)	(954,443)
Total compensation and benefits	(1,232,380)	(279,895)	(98,495)	(1,610,770)
Selling expenses	(287,541)	(26,661)	(17,144)	(331,346)
General and administrative expenses	(194,908)	(71,805)	(29,779)	(296,492)
Provision for doubtful accounts	(121,572)	(3,800)	(5,351)	(130,723)
Other operating expenses	(103,846)	(25,978)	(66,969)	(196,793)
Government subsidies	58,704	15,878	14,696	89,278
Total operating cost and expenses	(1,881,543)	(392,261)	(203,042)	(2,476,846)
Income from operations	437,736	391,319	85,911	914,966

The following table summarizes the Group’s revenues generated by the different geographic location.


	Year Ended December 31, 2017 (Amount in Thousands)
			Lending
	Wealth Management	Assets Management	and Other
	Business	Business	Businesses	Total
	RMB	RMB	RMB	RMB
Mainland of China	1,788,135	398,428	113,971	2,300,534
Hong Kong	353,260	192,212	—	545,472
Total revenues	2,141,395	590,640	113,971	2,846,006


	Year Ended December 31, 2018 (Amount in Thousands)
			Lending
	Wealth Management	Assets Management	and Other
	Business	Business	Businesses	Total
	RMB	RMB	RMB	RMB
Mainland of China	1,750,754	565,137	240,091	2,555,982
Hong Kong	565,061	185,990	—	751,051
Others	2,397	632	—	3,029
Total revenues	2,318,212	751,759	240,091	3,310,062


	Year Ended December 31, 2019 (Amount in Thousands)
			Lending
	Wealth Management	Assets Management	and Other
	Business	Business	Businesses	Total
	RMB	RMB	RMB	RMB
Mainland of China	1,494,742	676,837	295,772	2,467,351
Hong Kong	633,168	99,957	—	733,125
Others	201,943	10,757	—	212,700
Total revenues	2,329,853	787,551	295,772	3,413,176

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

Related Party Transactions

12 Months Ended

Dec. 31, 2019

Related Party Transactions

Related Party Transactions

19. 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

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

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

Zhejiang Vanke-Noah Asset Management Co., Ltd (“Zhejiang Vanke”)		Investee of Gopher Asset Management Co., Ltd.

During the years ended December 31, 2017, 2018 and 2019, related party transactions were as follows:


	Year Ended December 31
	(Amount in Thousands)
	2017	2018	2019	2019
	RMB	RMB	RMB	US$
One-time commissions
Investee funds of Gopher Assets	558,543	294,984	240,808	34,590
One-time commissions earned from funds subscribed by shareholders	2,517	—	—	—
Total one-time commissions	561,060	294,984	240,808	34,590
Recurring services fee
Investee funds of Gopher Assets	617,374	929,911	1,009,568	145,015
Wanjia Win-Win	1,079	—	688	99
Sequoia Capital Investment Management (Tianjin) Co., Ltd.	42,128	33,009	15,759	2,264
Investee funds of Gopher Capital GP Ltd.	200,149	252,782	313,612	45,047
Wuhu Bona	—	8,491	—	—
Recurring services fee earned from funds subscribed by shareholders	—	2,868	—	—
Total recurring services fee	860,730	1,227,061	1,339,627	192,425
Performance-based income
Investee funds of Gopher Assets	44,580	92,128	34,248	4,919
Investee funds of Gopher Capital GP Ltd.	9,922	8,405	36,800	5,286
Zhejiang Vanke	—	—	18,600	2,672
Total performance-based income	54,502	100,533	89,648	12,877
Other service fee
Other services subscribed by shareholders	23,313	29,227	3,899	560
Investee funds of Gopher Capital GP Ltd.	1	—	—	—
Total other service fee	23,314	29,227	3,899	560
Total	1,499,606	1,651,805	1,673,982	240,452

As of December 31, 2018, and 2019, amounts due from related parties associated with the above transactions were comprised of the following:


	As of December 31,
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Wanjia Win-Win	277	—	—
Investee funds of Gopher Assets	470,481	428,724	61,583
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.	110	—	—
Investee funds of Gopher Capital GP Ltd.	55,556	70,247	10,090
Total	526,424	498,971	71,673

As of December 31, 2018, and 2019, amounts due from related parties associated with loan distributed were comprised of the following:


	As of December 31,
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Investee funds of Gopher Assets	32,007	42,170	6,057
Investee funds of Gopher Capital GP Ltd.	13,770	7,564	1,087
Total	45,777	49,734	7,144

The terms of the loans are due on demand and most of the loans are interest free.

As of December 31, 2018, and 2019, 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)
	2018	2019	2019
	RMB	RMB	US$
Investee funds of Gopher Assets	88,158	74,664	10,725
Wanjia Win-Win	1,006	—	—
Investee funds of Gopher Capital GP Ltd.	10,311	1,402	201
Total	99,475	76,066	10,926

During the years ended December 31, 2017, 2018 and 2019, donation made to Shanghai Noah Foundation were RMB2.7 million, RMB1.2 million and RMB1.2 million, respectively.

Contingencies

12 Months Ended

Dec. 31, 2019

Contingencies

Contingencies

20. Contingencies

The Group is subject to periodic legal or administrative proceedings in the ordinary course of business. The Group does not have any pending legal or administrative proceedings to which the Group is a party that will have a material effect on its business or financial condition.

Subsequent events

12 Months Ended

Dec. 31, 2019

Subsequent events

Subsequent events

21. Subsequent events

In connection with certain credit funds managed by an affiliate of Gopher Asset Management Co., Ltd. ("Gopher Shanghai") providing supply chain financing involving companies related to Camsing International Holding Limited, which were later suspected to commit fraudulent activities, Gopher Shanghai has received notices from a court and an arbitration tribunal in 2020 concerning claims initiated by individual clients against Gopher Shanghai as the fund manager. Although Gopher Shanghai was not involved in any of the suspected fraudulent activities, the Group has been proactively assessing the potential legal risks and implications associated with this claim, which is currently at a preliminary stage, and other potential legal proceedings, to protect the best interests of the Group and its shareholders. As of the reporting date, it is not reasonably possible to estimate the impact on the financial results of the Group.

Starting from January 2020, a novel strain of coronavirus, COVID-19, has spread worldwide. Since then, the resulting restrictions on travel and quarantines in China and other countries and regions have caused adverse impacts on the Group’s businesses and might also indirectly impact the value of the Group's investments in certain industries. The extent to which COVID-19 impacts the business and financial results of the Group depends on future developments, which are uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and actions to contain COVID-19 or mitigate its impact, among others.

As of the reporting date, COVID-19 has not caused a material negative impact on the Group’s business, financial condition, liquidity, results of operations and prospects. The future financial impact on the Group, if any, of COVID-19 cannot be reasonably estimated at this time, and the Group will continue to closely monitor the impact of the COVID-19 outbreak.

Summary of Principal Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Summary of Principal Accounting Policies

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

Consolidation through contractual arrangements

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

●

Consolidation of investment funds


	As of December 31
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Cash and cash equivalents	456,063	892,944	128,264
Restricted cash	2,500	2,509	360
Short-term investments	405,930	652,759	93,763
Accounts receivable, net of allowance for doubtful accounts	11,484	22,253	3,196
Amounts due from related parties	279,860	338,655	48,645
Other current assets	116,756	125,877	18,080
Long-term investments	418,710	496,095	71,260
Investment in affiliates	1,011,565	843,866	121,214
Property and equipment, net	24,681	17,922	2,574
Deferred tax assets	29,452	42,918	6,165
Other non-current assets	17,767	17,902	2,572
Total assets	2,774,768	3,453,700	496,093
Accrued payroll and welfare expenses	108,257	102,211	14,682
Income tax payable	49,192	63,333	9,097
Amounts due to the Group’s subsidiaries	606,440	583,347	83,793
Deferred revenue	23,658	24,363	3,500
Deferred tax liabilities	11,609	13,637	1,959
Other current liabilities	76,129	159,037	22,844
Total liabilities	875,285	945,928	135,875


	Years Ended December 31
	(Amount in Thousands)
	2017	2018	2019	2019
	RMB	RMB	RMB	US$
Revenue:
Revenues from others
One-time commissions	16,521	13,146	71,528	10,274
Recurring service fees	24,275	16,884	3,032	436
Performance-based income	2,389	531	—	—
Other service fees	58,789	91,538	124,837	17,932
Total revenues from others	101,974	122,099	199,397	28,642
Revenues from funds Gopher manages
One-time commissions	1,012	2,085	3,660	526
Recurring service fees	306,883	501,873	615,999	88,482
Performance-based income	37,240	92,127	53,010	7,614
Total revenues from funds Gopher manages	345,135	596,085	672,669	96,622
Total revenues	447,109	718,184	872,066	125,264
Less: VAT related surcharges	(2,792)	(3,715)	(4,916)	(706)
Net revenues	444,317	714,469	867,150	124,558
Total operating cost and expenses	(361,765)	(372,870)	(565,203)	(81,187)
Total other income	43,281	73,119	51,370	7,379
Net income	149,703	316,951	289,514	41,586
Net income attributable to Noah Holding Limited shareholders	147,483	306,912	278,827	40,051
Cash flows provided by operating activities*	426,663	429,008	761,312	109,356
Cash flows used in investing activities	(372,590)	(379,327)	(345,092)	(49,569)
Cash flows provided by financing activities	15,680	14,210	20,670	2,969

*	Cash flows provided by operating activities in 2017, 2018 and 2019 include amounts due to the Group’s subsidiaries of RMB498,557, RMB606,440 and RMB583,347 (US$83,793).

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


	As of December 31,
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Amounts due from related parties	79,464	88,415	12,700
Investments	581,255	471,602	67,741
Maximum exposure to loss in non-consolidated VIEs	660,719	560,017	80,441

Use of Estimates

Concentration of Credit Risk

(d) Concentration of Credit Risk

Substantially all revenues were generated mainland of China and Hong Kong.

There were no financial product providers which accounted for 10% or more of total revenues for the years ended December 31, 2017, 2018, and 2019.

Investments in Affiliates

(e) Investments in Affiliates

Fair Value of Financial Instruments

(f) 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 assets 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

(g) Cash and Cash Equivalents

Restricted Cash

(h) Restricted Cash

Investments

(i) Investments

Non-controlling Interests

(j) 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)
	2017	2018	2019	2019
	RMB	RMB	RMB	US$
Net income attributable to Noah Holdings Limited shareholders	762,923	811,297	829,151	119,098
Transfers from the non-controlling interest:
Increase in Noah’s equity by partial disposal of subsidiaries	30	—	—	—
Increase in Noah’s capital from contribution of non-controlling interest	—	—	17,640	2,534
Net transfers from non-controlling interest	30	—	17,640	2,534
Change from net income attributable to Noah and transfers from non-controlling interest	762,953	811,297	846,791	121,632

Property and Equipment, Net

(k) 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

(l) Revenue Recognition

The following table summarizes the Group’s main revenues streams from contracts with its customers:

Revenue Streams	Performance Obligation Satisfied Over Time or Point In Time	Payment Terms	Variable or Fixed Consideration
Fund distribution services	Point in time	Typically paid within a month after financial product established	Fixed
Insurance brokerage services	Point in time	Typically monthly in arrears	Fixed
Recurring service fees	Over time	Typically quarterly, semi-annually or annually	Variable
Performance-based income	Point in time	Typically paid shortly after the income has been determined	Variable
Lending services	Over time	Typically monthly in arrears	Fixed
Investor education services	Point in time	Typically paid at the beginning of each course	Fixed

Disaggregation of revenue

The Group derives revenue primarily from one-time commissions, recurring service fees and performance-based income paid by clients or financial product providers.

The following tables show, by segment, revenue from contracts with customers disaggregated by service lines for the years ended December 31, 2018 and 2019:


	Year Ended December 31, 2019
	(Amount in Thousands)
	Wealth Management	Assets Management	Lending and Other
	Business	Business	Businesses	Total
	RMB	RMB	RMB	RMB
One-time commissions	928,061	3,607	—	931,668
Recurring service fees	1,155,450	690,015	—	1,845,465
Performance-based income	23,430	89,655	—	113,085
Other service fees	222,912	4,274	295,772	522,958
Lending services	91,164	—	285,473	376,637
Investor education services	26,353	—	—	26,353
Other services⁽¹⁾	105,395	4,274	10,299	119,968
Total revenues	2,329,853	787,551	295,772	3,413,176

(1)	The Group also provides other services including financial leasing, family trust and payment technology services.


	Year Ended December 31, 2018
	(Amount in Thousands)
			Other Financial
	Wealth Management	Assets Management	Service
	Business	Business	Business	Total
	RMB	RMB	RMB	RMB
One-time commissions	1,024,323	3,670	—	1,027,993
Recurring service fees	1,136,010	640,539	—	1,776,549
Performance-based income	44,309	99,325	—	143,634
Other service fees	113,570	8,225	240,091	361,886
Lending services	—	—	209,804	209,804
Investor education services	36,555	—	—	36,555
Other services	77,015	8,225	30,287	115,527
Total revenues	2,318,212	751,759	240,091	3,310,062

For the Group's revenues generated by the different geographic location, please see note 18 segment information.

One-time commissions

Recurring service fees

Performance-based income

Other service fees

The Group mainly derived other service fees from lending services, investor education services and other services.

Transaction price allocation

Accounts receivable

Contract liability

Practical expedients

The Group has used the following practical expedients as allowed under ASC 606:

The Group assessed and concluded that there is no significant financing component given that the period between performance and payment is generally one year or less.

VAT Related Surcharges

(m) VAT Related Surcharges

Compensation and Benefits

(n) Compensation and benefits

Income Taxes

(o) Income Taxes

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

Share-Based Compensation

(p) Share-Based Compensation

Government Subsidies

(q) Government Subsidies

Net Income per Share

(r) 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.

Leases

(s) Leases

The Group as a lessee

The Group as a lessor

Foreign Currency Translation

(t) Foreign Currency Translation

Comprehensive Income

(u) Comprehensive Income

Loan Receivables, Net

(v) Loan receivables, net

Allowance for loan losses

(w) Allowance for loan losses

Sale accounting

(x) Sale accounting

Allowance for doubtful Accounts

(y) Allowances for doubtful accounts


	Year ended December 31, 2019
	(Amounts in thousands)
	Amount due	Accounts	Loan receivables	Other
	from related parties	receivable	from factoring business	receivables
	RMB	RMB	RMB	RMB
Balance at beginning of the year	—	—	—	—
Provisions	14,602	11,858	82,000	16,912
Write off	(14,602)	(11,858)	(82,000)	(16,912)
Balance at end of the year	—	—	—	—

As of December 31, 2017 and 2018, no allowance of doubtful accounts was provided, respectively.

Accounting Standards Issued But Not Yet Implemented

(z) Accounting Standards Issued But Not Yet Implemented

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2019

Organization and Principal Activities

Schedule of Subsidiaries

The Company’s significant subsidiaries as of December 31, 2019 include the following:


			Percentage
		Place of	of
	Date of Incorporation	Incorporation	Ownership
Noah Upright Fund Distribution Co., Ltd. (formerly known as Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd.)	November 18, 2003	PRC	100	%
Shanghai Noah Investment (Group) Co., Ltd (formerly known as Shanghai Noah Rongyao Investment Consulting Co., Ltd)	August 24, 2007	PRC	100	%
Shanghai Noah Financial Services Corp.	April 18, 2008	PRC	100	%
Noah Insurance (Hong Kong) Limited	January 3, 2011	Hong Kong	100	%
Shanghai Rongyao Information Technology Co., Ltd.	March 2, 2011	PRC	100	%
Kunshan Noah Xingguang Investment Management Co., Ltd.	August 12, 2011	PRC	100	%
Noah Holdings (Hong Kong) Limited	September 1, 2011	Hong Kong	100	%
Gopher Capital GP Limited	May 11, 2012	Cayman	100	%
Zigong Noah Financial Service Co., Ltd.	October 22, 2012	PRC	100	%
Gopher CCM Limited	August 17, 2015	Cayman	100	%
Noah Rongyitong (Wuhu) Microfinance Co., Ltd.	August 13, 2013	PRC	100	%
ARK Trust (Hongkong) Limited	September 15, 2014	Hong Kong	100	%
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 Insurance Services LLC	February 10, 2017	US	100	%
Wuhu Noah Financial Services Co., Ltd.	July 26, 2017	PRC	100	%
Joy Triple Star Holdings Limited	January 12, 2018	BVI	100	%
Elivisa Consulting Pte Limited	April 9, 2019	Singapore	100	%

Noah Investment’s significant subsidiaries as of December 31, 2019 include the following:


			Percentage
		Place of	of
	Date of Incorporation	Incorporation	Ownership
Tianjin Gopher Asset Management Co., Ltd.	March 18, 2010	PRC	100	%
Gopher Asset Management Co., Ltd.	February 9, 2012	PRC	100	%
Wuhu Gopher Asset Management Co., Ltd.	October 10, 2012	PRC	100	%
Shanghai Gopher Asset Management Co. Ltd.	December 14, 2012	PRC	100	%
Shanghai Mengkuan Asset Management Co., Ltd	March 24, 2015	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, 2019

Summary of Principal Accounting Policies

Amounts of Noah Investment and its Subsidiaries and the Consolidated Funds Included in Consolidated Financial Statements


	As of December 31
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Cash and cash equivalents	456,063	892,944	128,264
Restricted cash	2,500	2,509	360
Short-term investments	405,930	652,759	93,763
Accounts receivable, net of allowance for doubtful accounts	11,484	22,253	3,196
Amounts due from related parties	279,860	338,655	48,645
Other current assets	116,756	125,877	18,080
Long-term investments	418,710	496,095	71,260
Investment in affiliates	1,011,565	843,866	121,214
Property and equipment, net	24,681	17,922	2,574
Deferred tax assets	29,452	42,918	6,165
Other non-current assets	17,767	17,902	2,572
Total assets	2,774,768	3,453,700	496,093
Accrued payroll and welfare expenses	108,257	102,211	14,682
Income tax payable	49,192	63,333	9,097
Amounts due to the Group’s subsidiaries	606,440	583,347	83,793
Deferred revenue	23,658	24,363	3,500
Deferred tax liabilities	11,609	13,637	1,959
Other current liabilities	76,129	159,037	22,844
Total liabilities	875,285	945,928	135,875


	Years Ended December 31
	(Amount in Thousands)
	2017	2018	2019	2019
	RMB	RMB	RMB	US$
Revenue:
Revenues from others
One-time commissions	16,521	13,146	71,528	10,274
Recurring service fees	24,275	16,884	3,032	436
Performance-based income	2,389	531	—	—
Other service fees	58,789	91,538	124,837	17,932
Total revenues from others	101,974	122,099	199,397	28,642
Revenues from funds Gopher manages
One-time commissions	1,012	2,085	3,660	526
Recurring service fees	306,883	501,873	615,999	88,482
Performance-based income	37,240	92,127	53,010	7,614
Total revenues from funds Gopher manages	345,135	596,085	672,669	96,622
Total revenues	447,109	718,184	872,066	125,264
Less: VAT related surcharges	(2,792)	(3,715)	(4,916)	(706)
Net revenues	444,317	714,469	867,150	124,558
Total operating cost and expenses	(361,765)	(372,870)	(565,203)	(81,187)
Total other income	43,281	73,119	51,370	7,379
Net income	149,703	316,951	289,514	41,586
Net income attributable to Noah Holding Limited shareholders	147,483	306,912	278,827	40,051
Cash flows provided by operating activities*	426,663	429,008	761,312	109,356
Cash flows used in investing activities	(372,590)	(379,327)	(345,092)	(49,569)
Cash flows provided by financing activities	15,680	14,210	20,670	2,969

*	Cash flows provided by operating activities in 2017, 2018 and 2019 include amounts due to the Group’s subsidiaries of RMB498,557, RMB606,440 and RMB583,347 (US$83,793).

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, 2018 and 2019, respectively.


	As of December 31,
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Amounts due from related parties	79,464	88,415	12,700
Investments	581,255	471,602	67,741
Maximum exposure to loss in non-consolidated VIEs	660,719	560,017	80,441

Summary of Effects of Changes in Group'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)
	2017	2018	2019	2019
	RMB	RMB	RMB	US$
Net income attributable to Noah Holdings Limited shareholders	762,923	811,297	829,151	119,098
Transfers from the non-controlling interest:
Increase in Noah’s equity by partial disposal of subsidiaries	30	—	—	—
Increase in Noah’s capital from contribution of non-controlling interest	—	—	17,640	2,534
Net transfers from non-controlling interest	30	—	17,640	2,534
Change from net income attributable to Noah and transfers from non-controlling interest	762,953	811,297	846,791	121,632

Schedule of 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

Schedule of Primary Revenue Streams from Contracts with Customers

Revenue Streams	Performance Obligation Satisfied Over Time or Point In Time	Payment Terms	Variable or Fixed Consideration
Fund distribution services	Point in time	Typically paid within a month after financial product established	Fixed
Insurance brokerage services	Point in time	Typically monthly in arrears	Fixed
Recurring service fees	Over time	Typically quarterly, semi-annually or annually	Variable
Performance-based income	Point in time	Typically paid shortly after the income has been determined	Variable
Lending services	Over time	Typically monthly in arrears	Fixed
Investor education services	Point in time	Typically paid at the beginning of each course	Fixed

Schedule of Disaggregation of Revenue

The following tables show, by segment, revenue from contracts with customers disaggregated by service lines for the years ended December 31, 2018 and 2019:


	Year Ended December 31, 2019
	(Amount in Thousands)
	Wealth Management	Assets Management	Lending and Other
	Business	Business	Businesses	Total
	RMB	RMB	RMB	RMB
One-time commissions	928,061	3,607	—	931,668
Recurring service fees	1,155,450	690,015	—	1,845,465
Performance-based income	23,430	89,655	—	113,085
Other service fees	222,912	4,274	295,772	522,958
Lending services	91,164	—	285,473	376,637
Investor education services	26,353	—	—	26,353
Other services⁽¹⁾	105,395	4,274	10,299	119,968
Total revenues	2,329,853	787,551	295,772	3,413,176

(1)	The Group also provides other services including financial leasing, family trust and payment technology services.


	Year Ended December 31, 2018
	(Amount in Thousands)
			Other Financial
	Wealth Management	Assets Management	Service
	Business	Business	Business	Total
	RMB	RMB	RMB	RMB
One-time commissions	1,024,323	3,670	—	1,027,993
Recurring service fees	1,136,010	640,539	—	1,776,549
Performance-based income	44,309	99,325	—	143,634
Other service fees	113,570	8,225	240,091	361,886
Lending services	—	—	209,804	209,804
Investor education services	36,555	—	—	36,555
Other services	77,015	8,225	30,287	115,527
Total revenues	2,318,212	751,759	240,091	3,310,062

For the Group's revenues generated by the different geographic location, please see note 18 segment information.

Schedule of Changes in Reserve for Allowances for Doubtful Accounts


	Year ended December 31, 2019
	(Amounts in thousands)
	Amount due	Accounts	Loan receivables	Other
	from related parties	receivable	from factoring business	receivables
	RMB	RMB	RMB	RMB
Balance at beginning of the year	—	—	—	—
Provisions	14,602	11,858	82,000	16,912
Write off	(14,602)	(11,858)	(82,000)	(16,912)
Balance at end of the year	—	—	—	—

- 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, 2019

Net Income per Share

Schedule of 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)
	2017	2018	2019	2019
	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	762,923	811,297	829,151	119,098
Plus: interest expense for convertible notes	20,042	7,707	679	98
Net income attributable to Class A and Class B ordinary shareholders—diluted	782,965	819,004	829,830	119,196
Weighted average number of Class A and Class B ordinary shares outstanding—basic	28,275,637	29,288,401	30,580,181	30,580,181
Plus: share options	189,508	347,703	244,806	244,806
Plus: non-vested restricted shares	73,337	26,308	36,385	36,385
Plus: shares outstanding for convertible notes	1,695,341	1,048,128	62,723	62,723
Weighted average number of Class A and Class B ordinary shares outstanding—diluted	30,233,823	30,710,540	30,924,095	30,924,095
Basic net income per share	26.98	27.70	27.12	3.90
Diluted net income per share	25.90	26.67	26.84	3.86

Schedule of antidilutive net income per share

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


	Years Ended December 31,
	2017	2018	2019
Share options	243,561	168,203	72,929
Non-vested restricted shares	—	150,897	91,550
Total	243,561	319,100	164,479

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2019

Other Current Assets

Schedule of Components of other current assets

Components of other current assets are as follows:


	As of December 31,
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Receivables from financial leasing service	216,071	64,686	9,291
Advance to vendors	93,192	11,051	1,587
Deposits for lending service	45,992	670	96
Receivables from equity transfer	—	42,985	6,174
VAT receivable	34,161	71,337	10,247
Others	63,853	52,972	7,609
Total	453,269	243,701	35,004

Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments

Schedule of the Group's investment balances

The following table summarizes the Group’s investment balances:


	As of December 31,
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Short-term investments
- Held-to-maturity investments
- Fixed income products	12,400	28,500	4,094
Total held-to-maturity investments	12,400	28,500	4,094
- Available-for-sale investments
- Fixed income products	42,148	—	—
Total available-for-sale investments	42,148	—	—
Total Investments held by consolidated investment funds	395,929	642,759	92,326
Total short-term investments	450,477	671,259	96,420
Long-term investments
- Held-to-maturity investments
- Fixed income products	121,671	36,816	5,288
Total held-to-maturity investments	121,671	36,816	5,288
- Available-for-sale investments
- Fixed income product	139,994	15,081	2,167
Total available-for-sale investments	139,994	15,081	2,167
- Other long-term investments
- Investments measured at fair value	374,612	255,967	36,767
- Investments measured at cost less impairment
- Private equity funds products	138,149	105,614	15,171
- Other investments measured at cost less impairment	141,200	207,302	29,777
Total other long-term investments	653,961	568,883	81,715
Total Investments held by consolidated investment funds	109,439	260,311	37,391
Total long-term investments	1,025,065	881,091	126,561
Total investments	1,475,542	1,552,350	222,981

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Measurement

Schedule of fair value measurements assets and liabilities


		Fair Value Measurements at Reporting Date Using
		(Amount in Thousands)
		Quoted Prices
		in Active	Significant
		Markets for	Other	Significant
	As of	Identical	Observable	Unobservable
	December 31,	Assets	Inputs	Inputs
Description	2018	(Level 1)	(Level 2)	(Level 3)
	RMB	RMB	RMB	RMB
Short-term investments
Available-for-sale investments	42,148	—	42,148	—
Investments held by consolidated investment fund	395,929	—	395,929	—
Long-term investments
Available-for-sale investments	139,994	—	139,994	—
Investments held by consolidated investment fund	109,439	—	109,439	—
Other long-term investments measured at fair value	374,612	157,855	216,757	—


		Fair Value Measurements at Reporting Date Using
		(Amount in Thousands)
		Quoted Prices
		in Active	Significant
		Markets for	Other	Significant
	As of	Identical	Observable	Unobservable
	December 31,	Assets	Inputs	Inputs	NAV
Description	2019	(Level 1)	(Level 2)	(Level 3)
	RMB	RMB	RMB	RMB	RMB
Short-term investments
Investments held by consolidated investment funds	642,759	—	642,759	—	—
Long-term investments
Available-for-sale investments	15,081	—	15,081	—	—
Investments held by consolidated investment fund	260,311	—	260,311	—	—
Other long-term investments measured at fair value	255,967	7,968	—	219,679	28,320

Schedule of Investments Measured at Fair Value Using Significant Unobservable Inputs (Level3)


	RMB	US$
	(Amount in Thousands)
Beginning balance of investments, at fair value	—	—
Transfer of investments in fair value hierarchy from Level 2 to Level 3	193,105	27,738
Measurement approach change from measurement alternative to fair value measurement	35,176	5,053
Disposal of portfolio investments	(14,109)	(2,027)
Changes in gains included in investment income (loss)	5,507	791
Ending balance of investments, at fair value	219,679	31,555
Changes in net unrealized gains included in investment income (loss) related to Level 3 investments still held as of December 31, 2019	878	126

Schedule of fair value measurements long term financial instruments


			Fair Value Measurements at Reporting Date Using
			(Amount in Thousands)
			Quoted Prices
			in Active	Significant
			Markets for	Other	Significant
			Identical	Observable	Unobservable
	As of December 31, 2018		Assets	Inputs	Inputs
Description	Carrying Value	Fair Value	(Level 1)	(Level 2)	(Level 3)
	RMB	RMB	RMB	RMB	RMB
Long-term investments – held-to-maturity:
Investment in fixed income products	121,671	144,086	—	144,086	—


			Fair Value Measurements at Reporting Date Using
			(Amount in Thousands)
			Quoted Prices
			in Active	Significant
			Markets for	Other	Significant
			Identical	Observable	Unobservable
	As of December 31, 2019		Assets	Inputs	Inputs
Description	Carrying Value	Fair Value	(Level 1)	(Level 2)	(Level 3)
	RMB	RMB	RMB	RMB	RMB
Long-term investments – held-to-maturity:
Investment in fixed income products	36,816	41,062	—	41,062	—

Investment in Affiliates (Tables)

12 Months Ended

Dec. 31, 2019

Investment in Affiliates.

Schedule of 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)
	2018	2019	2019
	RMB	RMB	US$
Kunshan Jingzhao	7,903	8,069	1,159
Wanjia Win-Win	91,012	93,907	13,489
Wuhu Hongxing	9,324	9,648	1,386
Others	12,361	9,516	1,367
Funds that the Group serves as general partner	1,254,510	1,151,121	165,348
-Gopher Transform Private Fund	144,402	142,739	20,503
-Real estate funds and real estate funds of funds	189,175	50,321	7,228
-Private equity funds of funds	909,964	946,242	135,919
-Others	10,969	11,819	1,698
Total investment in affiliates	1,375,110	1,272,261	182,749

Schedule of Summarized Financial Information


	As of December 31
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Balance sheet data:
Current assets	3,292,029	3,727,537	535,427
Non-current assets	33,836,936	32,074,801	4,607,257
Current liabilities	327,025	990,696	142,305
Non-current liabilities	1,658,657	1,668,928	239,727


	Years Ended December 31,
	(Amount in Thousands)
	2017	2018	2019	2019
	RMB	RMB	RMB	US$
Operating data:
Revenue	237,589	707,501	2,177,056	312,714
Income (Loss) from operations	(1,609,708)	131,969	470,278	67,551
Net Realized and Unrealized Gain from investments	1,846,396	319,127	632,934	90,915
Net income	247,865	537,705	1,109,261	159,335

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2019

Property and Equipment, Net

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following:


	As of December 31,
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Leasehold improvements	169,367	175,579	25,220
Furniture, fixtures and equipment	125,199	133,217	19,135
Motor vehicles	146,167	122,474	17,592
Software	109,748	124,754	17,920
Property	55,154	55,154	7,923
	605,635	611,178	87,790
Accumulated depreciation	(278,549)	(332,610)	(47,776)
	327,086	278,568	40,014
Construction in progress	19,567	17,752	2,550
Property and equipment, net	346,653	296,320	42,564

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Other Current Liabilities

Schedule of Components of Other Current Liabilities

Components of other current liabilities are as follows:


	As of December 31,
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Accrued expenses	152,805	143,042	20,547
Advance from customers	159,030	33,507	4,813
Interest payable for convertible notes	2,100	—	—
Deposits from lending and other business	116,765	42,265	6,071
Other payables	123,450	96,141	13,809
Payable to individual investors of lending and other business	122,828	50,793	7,296
Payable for purchases of property and equipment	9,572	1,311	188
Other tax payable	36,102	28,452	4,087
Operating lease liability-current	—	11,674	1,677
Payable to individual for trust service	—	314,713	45,206
Total	722,652	721,898	103,694

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of Tax Expense (Benefit)

The tax expense (benefit) comprises:


	Years Ended December 31,
	(Amount in Thousands)
	2017	2018	2019	2019
	RMB	RMB	RMB	US$
Current Tax	198,841	246,079	282,422	40,568
Deferred Tax	244	(23,759)	(62,397)	(8,963)
Total	199,085	222,320	220,025	31,605

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,
	2017		2018		2019
PRC income tax rate	25.00	%	25.00	%	25.00	%
Expenses not deductible for tax purposes	0.14	%	0.38	%	0.04	%
Effect of tax-free investment income	(2.03)	%	(0.49)	%	(1.37)	%
Effect of different tax rate of subsidiary in other jurisdiction	(3.30)	%	(2.54)	%	(5.13)	%
Effect of deferred tax asset allowance	1.07	%	1.57	%	5.85	%
Effect of tax holidays	(0.73)	%	(1.00)	%	(2.60)	%
Effect of income from equity in Fund of Fund	1.92	%	0.49	%	1.27	%
Effect of true-ups	0.84	%	(1.51)	%	(0.47)	%
Effect of others	0.01	%	0.10	%	0.14	%
	22.92	%	22.00	%	22.73	%

Schedule of Aggregate Amount and Per Share Effect of the Tax Holiday

The aggregate amount and per share effect of the tax holidays (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)
	2017	2018	2019	2019
	RMB	RMB	RMB	US$
Aggregate	6,367	10,106	25,146	3,612
Per share effect-basic	0.23	0.35	0.82	0.12
Per share effect-diluted	0.21	0.33	0.81	0.12

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)
	2018	2019	2019
	RMB	RMB	US$
Deferred tax assets:
Accrued expenses	5,743	3,240	465
Tax loss carry forward	117,978	215,423	30,944
Unrealized other income	2,012	1,226	176
Others	3,302	4,194	602
Gross deferred tax assets	129,035	224,083	32,187
Valuation allowance	(15,651)	(56,653)	(8,137)
Net deferred tax assets	113,384	167,430	24,050
Deferred tax liabilities:
Unrealized investment income	67,092	56,401	8,101
Net deferred tax liabilities (after offsetting)	67,092	56,401	8,101

Loans Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2019

Restricted Assets

Schedule of Loans Receivable, Net

Loans receivable as of December 31, 2018 and 2019 consist of the following:


	2018	2019	2019
	RMB	RMB	US$
	(Amount in Thousands)
Loans receivable:
-Within credit term	622,775	554,178	79,602
-Past due	—	105,029	15,086
Total loans receivable	622,775	659,207	94,688
Allowance for loan losses	(2,556)	(5,147)	(739)
Loans receivable, net	620,219	654,060	93,949

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, 2018 and 2019.


	RMB	US$
	(Amount in Thousands)
Loans receivable—December 31, 2017	3,244	466
Provisions	2,556	367
Reversal of allowance provided	(3,244)	(466)
Loans receivable—December 31, 2018	2,556	367
Provisions	7,907	1,136
Reversal of allowance provided	(2,556)	(367)
Write off	(2,760)	(397)
Loans receivable—December 31, 2019	5,147	739

Lease (Tables)

12 Months Ended

Dec. 31, 2019

Lease

Schedule of supplemental information related to leases


	As of December 31,
	2019		2019
Operating leases:	RMB		US$
	(Amount in Thousands)
Operating leases right-of-use assets	352,186		50,588

Current portion of lease liabilities	11,674		1,677
Non-current portion of lease liabilities	362,757		52,107
Total operating lease liabilities	374,431		53,784

Weighted average remaining lease term (years)	4.64
Weighted average discount rate	4.31	%

Schedule of future minimum lease payments


Years Ending December 31	RMB	US$
	(Amount in Thousands)
2020	97,825	14,052
2021	85,403	12,267
2022	79,496	11,419
2023	66,136	9,500
2024 and after	76,467	10,984
Total lease payment	405,327	58,222
Less imputed interest	(30,896)	(4,438)
Total	374,431	53,784

Future Minimum Lease Payments Under Non Cancelable Operating Lease Agreements


Years Ending December 31		RMB
		(Amount in Thousands)
2019		93,729
2020		72,459
2021		59,008
2022		54,103
2023 and after		87,151
Total		366,450

Maturity analysis of sale and leaseback financing receivables


Years Ending December 31	RMB	US$
	(Amount in Thousands)
2020	67,135	9,643
2021	2,184	314
Total future minimum payments receivables	69,319	9,957
Less: unearned income	(3,593)	(516)
Total sale and leaseback financing receivables	65,726	9,441
Amounts due within one year	64,686	9,291
Amounts due beyond one year	1,040	150

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-Based Compensation

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,
	2017	2018	2019	2019
	RMB	RMB	RMB	US$
Share options	51,054	45,973	40,533	5,822
Non-vested restricted shares	42,581	66,790	54,364	7,809
Total share-based compensation	93,635	112,763	94,897	13,631

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:


	2017		2018
Average risk-free rate of return	1.93	%	2.78	%
Weighted average expected option life	6.1	years	6.1	years
Estimated volatility	68.8	%	57.6	%
Average dividend yield	Nil		Nil

Summary of Stock Option Activity

The following table summarizes option activity during the year ended December 31, 2019:


			Weighted
		Weighted	Average	Aggregate
		Average	Remaining	Intrinsic
	Number of	Exercise	Contractual	Value of
	options	Price	Term	Options
		RMB		RMB
Outstanding as of January 1, 2019	571,474	343.14	7.0	34,344
Granted	—	—
Exercised	(152,410)	208.36
Forfeited	(32,359)	312.85
Outstanding as of December 31, 2019	386,705	398.80	6.3	6,455
Exercisable as of December 31, 2019	272,521	390.15	7.2	—

Summary of Non Vested Restricted Share Activity

A summary of non-vested restricted share activity during the year ended December 31, 2019 is presented below:


		Weighted-
	Number of	average
	non-vested	grant-
	restricted	date fair
Non-vested restricted shares	shares	value
		RMB
Non-vested as of January 1, 2019	370,613	483.29
Granted	37,566	418.16
Vested	(124,592)	506.02
Forfeited	(109,963)	543.68
Non-vested as of December 31, 2019	173,624	427.59

Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Information

Schedule of Segment Information

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


	Year Ended December 31, 2017 (Amount in Thousands)
			Lending
	Wealth Management	Assets Management	and Other
	Business	Business	Businesses	Total
	RMB	RMB	RMB	RMB
Revenues:
One-time commissions	539,938	1,087	—	541,025
Recurring service fees	577,544	27,548	—	605,092
Performance-based income	84,105	2,389	—	86,494
Other service fees	70,390	10,712	113,971	195,073
Total revenues from others	1,271,977	41,736	113,971	1,427,684
One-time commissions	560,047	1,012	—	561,059
Recurring service fees	300,352	502,409	—	802,761
Performance –based income	9,019	45,483	—	54,502
Total revenues from funds Gopher manages	869,418	548,904	—	1,418,322
Total revenues	2,141,395	590,640	113,971	2,846,006
Less: VAT 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)	(30,045)	(246,785)
Provision for doubtful accounts	—	—	(2,093)	(2,093)
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


	Year Ended December 31, 2018 (Amount in Thousands)
			Lending
	Wealth Management	Assets Management	and Other
	Business	Business	Business	Total
	RMB	RMB	RMB	RMB
Revenues:
One-time commissions	731,424	1,585	—	733,009
Recurring service fees	571,782	22,074	—	593,856
Performance-based income	42,570	531	—	43,101
Other service fees	113,570	8,225	240,091	361,886
Total revenues from others	1,459,346	32,415	240,091	1,731,852
One-time commissions	292,899	2,085	—	294,984
Recurring service fees	564,228	618,465	—	1,182,693
Performance –based income	1,739	98,794	—	100,533
Total revenues from funds Gopher manages	858,866	719,344	—	1,578,210
Total revenues	2,318,212	751,759	240,091	3,310,062
Less: VAT related surcharges	(12,206)	(3,228)	(5,020)	(20,454)
Net revenues	2,306,006	748,531	235,071	3,289,608
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation	(631,234)	—	(2,365)	(633,599)
Performance Fee Compensation	—	(21,175)	—	(21,175)
Other Compensation	(534,516)	(251,923)	(122,979)	(909,418)
Total compensation and benefits	(1,165,750)	(273,098)	(125,344)	(1,564,192)
Selling expenses	(367,589)	(22,200)	(22,931)	(412,720)
General and administrative expenses	(164,802)	(80,873)	(34,400)	(280,075)
Provision for doubtful accounts	—	—	688	688
Other operating expenses	(54,291)	(25,310)	(89,767)	(169,368)
Government subsidies	53,620	6,148	2,815	62,583
Total operating cost and expenses	(1,698,812)	(395,333)	(268,939)	(2,363,084)
Income (loss) from operations	607,194	353,198	(33,868)	926,524


	Year Ended December 31, 2019 (Amount in Thousands)
			Lending
	Wealth Management	Assets Management	and Other
	Business	Business	Businesses	Total
	RMB	RMB	RMB	RMB
Revenues:
One-time commissions	688,652	2,208	—	690,860
Recurring service fees	520,013	4,679	—	524,692
Performance-based income	23,333	104	—	23,437
Other service fees	222,912	4,274	295,772	522,958
Total revenues from others	1,454,910	11,265	295,772	1,761,947
One-time commissions	239,409	1,399	—	240,808
Recurring service fees	635,437	685,336	—	1,320,773
Performance –based income	97	89,551	—	89,648
Total revenues from funds Gopher manages	874,943	776,286	—	1,651,229
Total revenues	2,329,853	787,551	295,772	3,413,176
Less: VAT related surcharges	(10,574)	(3,971)	(6,819)	(21,364)
Net revenues	2,319,279	783,580	288,953	3,391,812
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation	(625,044)	—	—	(625,044)
Performance Fee Compensation	—	(31,283)	—	(31,283)
Other Compensation	(607,336)	(248,612)	(98,495)	(954,443)
Total compensation and benefits	(1,232,380)	(279,895)	(98,495)	(1,610,770)
Selling expenses	(287,541)	(26,661)	(17,144)	(331,346)
General and administrative expenses	(194,908)	(71,805)	(29,779)	(296,492)
Provision for doubtful accounts	(121,572)	(3,800)	(5,351)	(130,723)
Other operating expenses	(103,846)	(25,978)	(66,969)	(196,793)
Government subsidies	58,704	15,878	14,696	89,278
Total operating cost and expenses	(1,881,543)	(392,261)	(203,042)	(2,476,846)
Income from operations	437,736	391,319	85,911	914,966

Revenue from External Customers by Geographic Areas

The following table summarizes the Group’s revenues generated by the different geographic location.


	Year Ended December 31, 2017 (Amount in Thousands)
			Lending
	Wealth Management	Assets Management	and Other
	Business	Business	Businesses	Total
	RMB	RMB	RMB	RMB
Mainland of China	1,788,135	398,428	113,971	2,300,534
Hong Kong	353,260	192,212	—	545,472
Total revenues	2,141,395	590,640	113,971	2,846,006


	Year Ended December 31, 2018 (Amount in Thousands)
			Lending
	Wealth Management	Assets Management	and Other
	Business	Business	Businesses	Total
	RMB	RMB	RMB	RMB
Mainland of China	1,750,754	565,137	240,091	2,555,982
Hong Kong	565,061	185,990	—	751,051
Others	2,397	632	—	3,029
Total revenues	2,318,212	751,759	240,091	3,310,062


	Year Ended December 31, 2019 (Amount in Thousands)
			Lending
	Wealth Management	Assets Management	and Other
	Business	Business	Businesses	Total
	RMB	RMB	RMB	RMB
Mainland of China	1,494,742	676,837	295,772	2,467,351
Hong Kong	633,168	99,957	—	733,125
Others	201,943	10,757	—	212,700
Total revenues	2,329,853	787,551	295,772	3,413,176

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2019

Related Party Transactions

Schedule of major related parties and relationships

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

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

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

Zhejiang Vanke-Noah Asset Management Co., Ltd (“Zhejiang Vanke”)		Investee of Gopher Asset Management Co., Ltd.

Schedule of related party transactions

During the years ended December 31, 2017, 2018 and 2019, related party transactions were as follows:


	Year Ended December 31
	(Amount in Thousands)
	2017	2018	2019	2019
	RMB	RMB	RMB	US$
One-time commissions
Investee funds of Gopher Assets	558,543	294,984	240,808	34,590
One-time commissions earned from funds subscribed by shareholders	2,517	—	—	—
Total one-time commissions	561,060	294,984	240,808	34,590
Recurring services fee
Investee funds of Gopher Assets	617,374	929,911	1,009,568	145,015
Wanjia Win-Win	1,079	—	688	99
Sequoia Capital Investment Management (Tianjin) Co., Ltd.	42,128	33,009	15,759	2,264
Investee funds of Gopher Capital GP Ltd.	200,149	252,782	313,612	45,047
Wuhu Bona	—	8,491	—	—
Recurring services fee earned from funds subscribed by shareholders	—	2,868	—	—
Total recurring services fee	860,730	1,227,061	1,339,627	192,425
Performance-based income
Investee funds of Gopher Assets	44,580	92,128	34,248	4,919
Investee funds of Gopher Capital GP Ltd.	9,922	8,405	36,800	5,286
Zhejiang Vanke	—	—	18,600	2,672
Total performance-based income	54,502	100,533	89,648	12,877
Other service fee
Other services subscribed by shareholders	23,313	29,227	3,899	560
Investee funds of Gopher Capital GP Ltd.	1	—	—	—
Total other service fee	23,314	29,227	3,899	560
Total	1,499,606	1,651,805	1,673,982	240,452

Schedule of amounts due from related parties

As of December 31, 2018, and 2019, amounts due from related parties associated with the above transactions were comprised of the following:


	As of December 31,
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Wanjia Win-Win	277	—	—
Investee funds of Gopher Assets	470,481	428,724	61,583
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.	110	—	—
Investee funds of Gopher Capital GP Ltd.	55,556	70,247	10,090
Total	526,424	498,971	71,673

As of December 31, 2018, and 2019, amounts due from related parties associated with loan distributed were comprised of the following:


	As of December 31,
	(Amount in Thousands)
	2018	2019	2019
	RMB	RMB	US$
Investee funds of Gopher Assets	32,007	42,170	6,057
Investee funds of Gopher Capital GP Ltd.	13,770	7,564	1,087
Total	45,777	49,734	7,144

Schedule of deferred revenues related to the recurring management fee received in advance from related parties

As of December 31, 2018, and 2019, 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)
	2018	2019	2019
	RMB	RMB	US$
Investee funds of Gopher Assets	88,158	74,664	10,725
Wanjia Win-Win	1,006	—	—
Investee funds of Gopher Capital GP Ltd.	10,311	1,402	201
Total	99,475	76,066	10,926

Organization and Principal Activities - Summary of Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2019
Noah Upright Fund Distribution Co., Ltd.
Significant subsidiaries
Date of Incorporation	Nov. 18, 2003
Place of incorporation	PRC
Percentage of Ownership	100.00%
Shanghai Noah Investment (Group) Co., Ltd
Significant subsidiaries
Date of Incorporation	Aug. 24, 2007
Place of incorporation	PRC
Percentage of Ownership	100.00%
Shanghai Noah Financial Services Corp.
Significant subsidiaries
Date of Incorporation	Apr. 18, 2008
Place of incorporation	PRC
Percentage of Ownership	100.00%
Noah Insurance (Hong Kong) Limited
Significant subsidiaries
Date of Incorporation	Jan. 03, 2011
Place of incorporation	Hong Kong
Percentage of Ownership	100.00%
Shanghai Rongyao Information Technology Co., Ltd.
Significant subsidiaries
Date of Incorporation	Mar. 02, 2011
Place of incorporation	PRC
Percentage of Ownership	100.00%
Kunshan Noah Xingguan Investment Management Co., Ltd.
Significant subsidiaries
Date of Incorporation	Aug. 12, 2011
Place of incorporation	PRC
Percentage of Ownership	100.00%
Noah Holdings (Hong Kong) Limited
Significant subsidiaries
Date of Incorporation	Sep. 01, 2011
Place of incorporation	Hong Kong
Percentage of Ownership	100.00%
Gopher Capital GP Limited
Significant subsidiaries
Date of Incorporation	May 11, 2012
Place of incorporation	Cayman
Percentage of Ownership	100.00%
Zigong Noah Financial Service Co., Ltd.
Significant subsidiaries
Date of Incorporation	Oct. 22, 2012
Place of incorporation	PRC
Percentage of Ownership	100.00%
Gopher CCM Limited
Significant subsidiaries
Date of Incorporation	Aug. 17, 2015
Place of incorporation	Cayman
Percentage of Ownership	100.00%
Noah Rongyitong (Wuhu) Microfinance Co., Ltd.
Significant subsidiaries
Date of Incorporation	Aug. 13, 2013
Place of incorporation	PRC
Percentage of Ownership	100.00%
ARK Trust (Hong Kong) Limited
Significant subsidiaries
Date of Incorporation	Sep. 15, 2014
Place of incorporation	Hong Kong
Percentage of Ownership	100.00%
Noah (Shanghai) Financial Leasing Co., Ltd
Significant subsidiaries
Date of Incorporation	Dec. 20, 2014
Place of incorporation	PRC
Percentage of Ownership	100.00%
Noah International (Hong Kong) Limited
Significant subsidiaries
Date of Incorporation	Jan. 07, 2015
Place of incorporation	Hong Kong
Percentage of Ownership	100.00%
Kunshan Noah Rongyao Investment Management Co., Ltd.
Significant subsidiaries
Date of Incorporation	Dec. 02, 2015
Place of incorporation	PRC
Percentage of Ownership	100.00%
Shanghai Noah Chuangying Enterprise Management Co., Ltd.
Significant subsidiaries
Date of Incorporation	Dec. 14, 2015
Place of incorporation	PRC
Percentage of Ownership	100.00%
Gopher International Investment Management (Shanghai) Limited
Significant subsidiaries
Date of Incorporation	Nov. 14, 2016
Place of incorporation	PRC
Percentage of Ownership	100.00%
Noah Insurance Services LLC
Significant subsidiaries
Date of Incorporation	Feb. 10, 2017
Place of incorporation	US
Percentage of Ownership	100.00%
Wuhu Noah Financial Services Co Ltd
Significant subsidiaries
Date of Incorporation	Jul. 26, 2017
Place of incorporation	PRC
Percentage of Ownership	100.00%
Joy Triple Star Holdings Limited
Significant subsidiaries
Date of Incorporation	Jan. 12, 2018
Place of incorporation	BVI
Percentage of Ownership	100.00%
Elivisa Consulting Pte Limited
Significant subsidiaries
Date of Incorporation	Apr. 09, 2019
Place of incorporation	Singapore
Percentage of Ownership	100.00%

Organization and Principal Activities - Noah Investments Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2019
Tianjin Gopher Asset Management Co., Ltd.
Variable Interest Entity [Line Items]
Date of Incorporation	Mar. 18, 2010
Place of incorporation	PRC
Percentage of Ownership	100.00%
Gopher Asset Management Co., Ltd.
Variable Interest Entity [Line Items]
Date of Incorporation	Feb. 09, 2012
Place of incorporation	PRC
Percentage of Ownership	100.00%
Wuhu Gopher Asset Management Co., Ltd.
Variable Interest Entity [Line Items]
Date of Incorporation	Oct. 10, 2012
Place of incorporation	PRC
Percentage of Ownership	100.00%
Shanghai Gopher Asset Management Co., Ltd.
Variable Interest Entity [Line Items]
Date of Incorporation	Dec. 14, 2012
Place of incorporation	PRC
Percentage of Ownership	100.00%
Shanghai Mengkuan Asset Management Co Ltd
Variable Interest Entity [Line Items]
Date of Incorporation	Mar. 24, 2015
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%

Summary of Principal Accounting Policies - Additional Information (Details) ¥ in Thousands, $ in Thousands				11 Months Ended	12 Months Ended				24 Months Ended
	Apr. 01, 2019	Jan. 01, 2019 CNY (¥)	Apr. 30, 2018	Mar. 31, 2019	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Jan. 01, 2018 CNY (¥)	Jan. 01, 2018 USD ($)
Significant Accounting Policies [Line Items]
Interest-free loans extended to VIE founders					¥ 27,000				¥ 27,000	$ 3,880
Interest-free loans agreements expiry date					2023-12	2023-12
Consolidated assets of VIEs pledged as collateral					¥ 0				0
Cash and cash equivalent					4,387,345		¥ 2,704,091	¥ 1,906,753	4,387,345	630,203
Non-controlling interests					861,493		337,677		861,493	$ 123,746
Net income (loss) attributable to non-controlling interests					34,608	$ 4,971	(7,551)	(13,745)
Accounts receivable, allowance for doubtful accounts					0		¥ 0	0	¥ 0
Account receivable balance due							1 year		1 year
Deferred revenue recognized					¥ 133,500		¥ 177,400
Revenue, Practical Expedient, Financing Component [true false]					true	true
Revenue, Practical Expedient, Initial Application and Transition, Nondisclosure of Transaction Price Allocation to Remaining Performance Obligation [true false]					true	true
Government subsidies					¥ 89,278	$ 12,824	¥ 62,583	¥ 74,156
Foreign currency exchange rate, translation					6.9618				6.9618	6.9618
Loan loss provision rate					0.78%		0.42%		0.78%	0.78%
Operating lease right-of-use assets					¥ 352,186				¥ 352,186	$ 50,588
Operating lease liability					374,431				374,431	53,784
ASU 2016-01
Significant Accounting Policies [Line Items]
Cumulative effect of adjustment from other comprehensive income to retained earnings											¥ 251,600	$ 36,100
ASU 2016-02
Significant Accounting Policies [Line Items]
Lease, Practical Expedients, Package [true false]		true
ASU 2016-02 \| Restatement Adjustment
Significant Accounting Policies [Line Items]
Operating lease right-of-use assets		¥ 309,900
Operating lease liability		¥ 330,800
Mainland of 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)	9.00%		11.00%	10.00%
VAT rate four (as a percent)	13.00%		17.00%	16.00%
Primary VAT rate applicable to VIEs			6.00%
Consolidated Fund
Significant Accounting Policies [Line Items]
Cash and cash equivalent					54,741		¥ 32,223		54,741
Variable Interest Entity, Primary Beneficiary
Significant Accounting Policies [Line Items]
Cash and cash equivalent					¥ 892,944		¥ 456,063		¥ 892,944	$ 128,264
Variable Interest Entity, Primary Beneficiary \| Credit Concentration Risk \| Net Revenue
Significant Accounting Policies [Line Items]
Percentage of net revenue					25.60%	25.60%	21.70%	15.70%
Variable Interest Entity, Primary Beneficiary \| Credit Concentration Risk \| Net Income (Loss)
Significant Accounting Policies [Line Items]
Percentage of net income					33.50%	33.50%	39.40%	19.60%
Variable Interest Entity, Primary Beneficiary \| Credit Concentration Risk \| Total Assets
Significant Accounting Policies [Line Items]
Percentage of total assets					35.20%	35.20%	34.60%
Minimum
Significant Accounting Policies [Line Items]
Ownership percentage in affiliate to represent influence					20.00%	20.00%

Summary of Principal Accounting Policies - Amounts in Noah Investment and its Subsidiaries and the Consolidated Funds Included in Consolidated Financial Statements (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2019 USD ($)
Variable Interest Entity [Line Items]
Cash and cash equivalents	¥ 4,387,345		¥ 2,704,091	¥ 1,906,753	$ 630,203
Restricted cash	6,589		2,500		946
Short-term investments	671,259		450,477		96,420
Accounts receivable, net of allowance for doubtful accounts	219,566		282,431		31,539
Amounts due from related parties	548,704		572,201		78,816
Other current assets	243,701		453,269		35,004
Long-term investments	881,091		1,025,065		126,561
Property and equipment, net	296,320		346,653		42,564
Deferred tax assets	167,430		113,384		24,050
Other non-current assets	102,092		49,971		14,666
Total Assets	9,802,604		8,014,264		1,408,055
Accrued payroll and welfare expenses	555,719		671,200		79,824
Deferred revenue	100,693		142,925		14,464
Deferred tax liabilities	56,401		67,092		8,101
Other current liabilities	721,898		722,652		103,694
Total Liabilities	1,927,644		1,838,887		276,888
Revenue:
Revenues	3,413,176	$ 490,272	3,310,062	2,846,006
Less: VAT related surcharges	(21,364)	(3,069)	(20,454)	(19,098)
Net revenues	3,391,812	487,203	3,289,608	2,826,908
Total other income	53,009	7,614	85,073	91,777
Net income	863,759	124,069	803,746	761,862
Net income attributable to Noah Holdings Limited shareholders	829,151	119,098	811,297	762,923
Cash flows (used in) provided by operating activities	1,288,233	185,042	1,029,386	628,383
Cash flows provided by (used in) investing activities	(182,012)	(26,144)	(395,677)	(833,857)
Cash flows provided by financing activities	543,311	78,042	109,825	(791,789)
One-time commissions
Revenue:
Revenues	931,668		1,027,993
Recurring service fees
Revenue:
Revenues	1,845,465		1,776,549
Performance-based income
Revenue:
Revenues	113,085		143,634
Other service fees
Revenue:
Revenues	522,958		361,886
Others
Revenue:
Revenues	1,761,947	253,088	1,731,852	1,427,684
Others \| One-time commissions
Revenue:
Revenues	690,860	99,236	733,009	541,025
Others \| Recurring service fees
Revenue:
Revenues	524,692	75,367	593,856	605,092
Others \| Performance-based income
Revenue:
Revenues	23,437	3,367	43,101	86,494
Others \| Other service fees
Revenue:
Revenues	522,958	75,118	361,886	195,073
Funds Gopher manages
Revenue:
Revenues	1,651,229	237,184	1,578,210	1,418,322
Funds Gopher manages \| One-time commissions
Revenue:
Revenues	240,808	34,590	294,984	561,059
Funds Gopher manages \| Recurring service fees
Revenue:
Revenues	1,320,773	189,717	1,182,693	802,761
Funds Gopher manages \| Performance-based income
Revenue:
Revenues	89,648	12,877	100,533	54,502
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents	892,944		456,063		128,264
Restricted cash	2,509		2,500		360
Short-term investments	652,759		405,930		93,763
Accounts receivable, net of allowance for doubtful accounts	22,253		11,484		3,196
Amounts due from related parties	338,655		279,860		48,645
Other current assets	125,877		116,756		18,080
Long-term investments	496,095		418,710		71,260
Investment in affiliates	843,866		1,011,565		121,214
Property and equipment, net	17,922		24,681		2,574
Deferred tax assets	42,918		29,452		6,165
Other non-current assets	17,902		17,767		2,572
Total Assets	3,453,700		2,774,768		496,093
Accrued payroll and welfare expenses	102,211		108,257		14,682
Income tax payable	63,333		49,192		9,097
Amounts due to the Group's subsidiaries	583,347		606,440		83,793
Deferred revenue	24,363		23,658		3,500
Deferred tax liabilities	13,637		11,609		1,959
Other current liabilities	159,037		76,129		22,844
Total Liabilities	945,928		875,285		$ 135,875
Revenue:
Revenues	872,066	125,264	718,184	447,109
Less: VAT related surcharges	(4,916)	(706)	(3,715)	(2,792)
Net revenues	867,150	124,558	714,469	444,317
Total operating cost and expenses	(565,203)	(81,187)	(372,870)	(361,765)
Total other income	51,370	7,379	73,119	43,281
Net income	289,514	41,586	316,951	149,703
Net income attributable to Noah Holdings Limited shareholders	278,827	40,051	306,912	147,483
Cash flows (used in) provided by operating activities	761,312	109,356	429,008	426,663
Cash flows provided by (used in) investing activities	(345,092)	(49,569)	(379,327)	(372,590)
Cash flows provided by financing activities	20,670	2,969	14,210	15,680
Variable Interest Entity, Primary Beneficiary \| Others
Revenue:
Revenues	199,397	28,642	122,099	101,974
Variable Interest Entity, Primary Beneficiary \| Others \| One-time commissions
Revenue:
Revenues	71,528	10,274	13,146	16,521
Variable Interest Entity, Primary Beneficiary \| Others \| Recurring service fees
Revenue:
Revenues	3,032	436	16,884	24,275
Variable Interest Entity, Primary Beneficiary \| Others \| Performance-based income
Revenue:
Revenues			531	2,389
Variable Interest Entity, Primary Beneficiary \| Others \| Other service fees
Revenue:
Revenues	124,837	17,932	91,538	58,789
Variable Interest Entity, Primary Beneficiary \| Funds Gopher manages
Revenue:
Revenues	672,669	96,622	596,085	345,135
Variable Interest Entity, Primary Beneficiary \| Funds Gopher manages \| One-time commissions
Revenue:
Revenues	3,660	526	2,085	1,012
Variable Interest Entity, Primary Beneficiary \| Funds Gopher manages \| Recurring service fees
Revenue:
Revenues	615,999	88,482	501,873	306,883
Variable Interest Entity, Primary Beneficiary \| Funds Gopher manages \| Performance-based income
Revenue:
Revenues	¥ 53,010	$ 7,614	¥ 92,127	¥ 37,240

Summary of Principal Accounting Policies - Amounts in Noah Investment and its Subsidiaries and the Consolidated Funds Included in Consolidated Financial Statements Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Summary of Principal Accounting Policies
Increase in amounts due to the Group's subsidiaries	¥ 583,347	$ 83,793	¥ 606,440	¥ 498,557

Summary of Principal Accounting Policies - Summary of Maximum Exposure to Loss Associated with Identified Nonconsolidated VIEs (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Nonconsolidated VIEs
Maximum exposure to loss in non-consolidated VIEs	¥ 560,017	$ 80,441	¥ 660,719
Liabilities due nonconsolidated VIEs	0
Contingent liabilities related to nonconsolidated VIEs	0
Guarantees related to nonconsolidated VIEs	0
Amount due from related parties
Nonconsolidated VIEs
Maximum exposure to loss in non-consolidated VIEs	88,415	12,700	79,464
Investments
Nonconsolidated VIEs
Maximum exposure to loss in non-consolidated VIEs	¥ 471,602	$ 67,741	¥ 581,255

Summary of Principal Accounting Policies - Summary of Effects of Changes in Group's Ownership Interest in Less than Wholly Owned Subsidiaries on Equity Attributable to Noah Holdings Limited Shareholders (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income attributable to Noah Holdings Limited shareholders	¥ 829,151	$ 119,098	¥ 811,297	¥ 762,923
Transfers from the non-controlling interest:
Increase in Noah's capital from contribution of Non controlling interest	518,613		63,929	35,123
Net transfers from non-controlling interest	17,640	2,534		30
Change from net income attributable to Noah and transfers from non-controlling interest	846,791	121,632	¥ 811,297	762,953
Parent
Transfers from the non-controlling interest:
Increase in Noah's equity by partial disposal of subsidiaries				¥ 30
Increase in Noah's capital from contribution of Non controlling interest	¥ 17,640	$ 2,534

- Definition

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

+ References + Details

Summary of Principal Accounting Policies - Estimated Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2019
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

Summary of Principal Accounting Policies - Schedule of Disaggregation of Revenue (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Disaggregation of Revenue [Line Items]
Total revenues	¥ 3,413,176	$ 490,272	¥ 3,310,062	¥ 2,846,006
One-time commissions
Disaggregation of Revenue [Line Items]
Total revenues	931,668		1,027,993
Recurring service fees
Disaggregation of Revenue [Line Items]
Total revenues	1,845,465		1,776,549
Performance-based income
Disaggregation of Revenue [Line Items]
Total revenues	113,085		143,634
Other service fees
Disaggregation of Revenue [Line Items]
Total revenues	522,958		361,886
Lending services
Disaggregation of Revenue [Line Items]
Total revenues	376,637		209,804
Investor education services
Disaggregation of Revenue [Line Items]
Total revenues	26,353		36,555
Other services
Disaggregation of Revenue [Line Items]
Total revenues	119,968		115,527
Wealth Management Business
Disaggregation of Revenue [Line Items]
Total revenues	2,329,853		2,318,212	2,141,395
Wealth Management Business \| One-time commissions
Disaggregation of Revenue [Line Items]
Total revenues	928,061		1,024,323
Wealth Management Business \| Recurring service fees
Disaggregation of Revenue [Line Items]
Total revenues	1,155,450		1,136,010
Wealth Management Business \| Performance-based income
Disaggregation of Revenue [Line Items]
Total revenues	23,430		44,309
Wealth Management Business \| Other service fees
Disaggregation of Revenue [Line Items]
Total revenues	222,912		113,570
Wealth Management Business \| Lending services
Disaggregation of Revenue [Line Items]
Total revenues	91,164
Wealth Management Business \| Investor education services
Disaggregation of Revenue [Line Items]
Total revenues	26,353		36,555
Wealth Management Business \| Other services
Disaggregation of Revenue [Line Items]
Total revenues	105,395		77,015
Asset Management Business
Disaggregation of Revenue [Line Items]
Total revenues	787,551		751,759	590,640
Asset Management Business \| One-time commissions
Disaggregation of Revenue [Line Items]
Total revenues	3,607		3,670
Asset Management Business \| Recurring service fees
Disaggregation of Revenue [Line Items]
Total revenues	690,015		640,539
Asset Management Business \| Performance-based income
Disaggregation of Revenue [Line Items]
Total revenues	89,655		99,325
Asset Management Business \| Other service fees
Disaggregation of Revenue [Line Items]
Total revenues	4,274		8,225
Asset Management Business \| Other services
Disaggregation of Revenue [Line Items]
Total revenues	4,274		8,225
Lending and Other Businesses
Disaggregation of Revenue [Line Items]
Total revenues	295,772		240,091	¥ 113,971
Lending and Other Businesses \| Other service fees
Disaggregation of Revenue [Line Items]
Total revenues	295,772
Lending and Other Businesses \| Lending services
Disaggregation of Revenue [Line Items]
Total revenues	285,473
Lending and Other Businesses \| Other services
Disaggregation of Revenue [Line Items]
Total revenues	¥ 10,299
Other Financial Service Business
Disaggregation of Revenue [Line Items]
Total revenues			240,091
Other Financial Service Business \| Other service fees
Disaggregation of Revenue [Line Items]
Total revenues			240,091
Other Financial Service Business \| Lending services
Disaggregation of Revenue [Line Items]
Total revenues			209,804
Other Financial Service Business \| Other services
Disaggregation of Revenue [Line Items]
Total revenues			¥ 30,287

Summary of Principal Accounting Policies - Allowance for Doubtful Accounts (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Allowance for doubtful accounts
Balance at beginning of the year	¥ 0		¥ 0
Provisions	130,723	$ 18,777	(688)	¥ 2,093
Balance at end of the year	0		¥ 0	¥ 0
Amount Due From Related Party
Allowance for doubtful accounts
Provisions	14,602
Write off	(14,602)
Accounts Receivable
Allowance for doubtful accounts
Provisions	11,858
Write off	(11,858)
Loan Receivables From Factoring Business
Allowance for doubtful accounts
Provisions	82,000
Write off	(82,000)
Other Receivables
Allowance for doubtful accounts
Provisions	16,912
Write off	¥ (16,912)

Net Income per Share - Basic and diluted net income per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥) Vote class ¥ / shares shares	Dec. 31, 2019 USD ($) Vote class $ / shares shares	Dec. 31, 2018 CNY (¥) ¥ / shares shares	Dec. 31, 2017 CNY (¥) ¥ / shares shares
Computation of Earnings Per Share [Line Items]
Net income attributable to Class A and Class B ordinary shareholders-basic	¥ 829,151	$ 119,098	¥ 811,297	¥ 762,923
Plus: interest expense for convertible notes	679	98	7,707	20,042
Net income attributable to Class A and Class B ordinary shareholders-diluted	¥ 829,830	$ 119,196	¥ 819,004	¥ 782,965
Weighted average number of Class A and Class B ordinary shares outstanding-basic	30,580,181	30,580,181	29,288,401	28,275,637
Plus: shares outstanding for convertible notes	62,723	62,723	1,048,128	1,695,341
Weighted average number of Class A and Class B ordinary shares outstanding-diluted	30,924,095	30,924,095	30,710,540	30,233,823
Basic net income per share \| (per share)	¥ 27.12	$ 3.90	¥ 27.70	¥ 26.98
Diluted net income per share \| (per share)	¥ 26.84	$ 3.86	¥ 26.67	¥ 25.90
Common stock
Number of classes of common stock \| class	2	2
Stock Options
Computation of Earnings Per Share [Line Items]
Additional shares included in the calculation of diluted EPS	244,806	244,806	347,703	189,508
Restricted Stock
Computation of Earnings Per Share [Line Items]
Additional shares included in the calculation of diluted EPS	36,385	36,385	26,308	73,337
Class A
Common stock
Number of votes per share \| Vote	1	1
Class B
Common stock
Number of votes per share \| Vote	4	4

Net Income per Share - Antidilutive Net Income Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	164,479	319,100	243,561
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	72,929	168,203	243,561
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	91,550	150,897

Other Current Assets - Components of Other Current Assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Other Current Assets
Receivables from financial leasing service	¥ 64,686	$ 9,291	¥ 216,071
Advance to vendors	11,051	1,587	93,192
Deposits for lending service	670	96	45,992
Receivable from equity transfer	42,985	6,174
VAT receivable	71,337	10,247	34,161
Others	52,972	7,609	63,853
Total	¥ 243,701	$ 35,004	¥ 453,269

Other Current Assets - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Mar. 31, 2017
Long-term receivables from financial leasing service			¥ 244,405
Long-term receivables from financial leasing service	¥ 65,726
Receivables from financial remaining leasing service term	reclassified from other non-current assets to other current assets because the remaining financial leasing term was less than one year.
Receivables from financial leasing service	¥ 64,686	$ 9,291	¥ 216,071
Minimum
Long-term receivables from financial leasing service term				2 years
Maximum
Long-term receivables from financial leasing service term				3 years

Investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Short-term investments
Held-to-maturity investments	¥ 28,500	$ 4,094	¥ 12,400
Available for sale investments			42,148
Total Investments held by consolidated investment funds	642,759	92,326	395,929
Total short-term investments	671,259	96,420	450,477
Long-term investments
Held-to-maturity investments	36,816	5,288	121,671
Available-for-sale investments	15,081	2,167	139,994
Investments measured at fair value	255,967	36,767	374,612
Total other long-term investments	568,883	81,715	653,961
Total Investments held by consolidated investment funds	260,311	37,391	109,439
Total long-term investments	881,091	126,561	1,025,065
Total investments	1,552,350	222,981	1,475,542
Fixed Income Products
Short-term investments
Available for sale investments			42,148
Long-term investments
Held-to-maturity investments	36,816	5,288	121,671
Available-for-sale investments	15,081	2,167	139,994
Private Equity Funds Products
Long-term investments
Investments measured at cost less impairment	105,614	15,171	138,149
other investors
Long-term investments
Investments measured at cost less impairment	¥ 207,302	$ 29,777	¥ 141,200

Investments - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2019 USD ($)	Jan. 01, 2018 CNY (¥)	Jan. 01, 2018 USD ($)
Schedule of Held-to-maturity Securities [Line Items]
Investment income	¥ 89,099	$ 12,798	¥ 69,841	¥ 45,020
Held-to-maturity investments, long-term	36,816		121,671		$ 5,288
Other comprehensive income-change in fair value of available-for-sale investments	4,306		9,314
Other comprehensive income-realized gains reclassified from other comprehensive income to "investment income"	9,663		5,103
Amortized cost of the available-for-sale investments	¥ 15,081		182,142
Accumulated other comprehensive (loss)/income
Schedule of Held-to-maturity Securities [Line Items]
Impact of ASU 2016-01			251,641
ASU 2016-01
Schedule of Held-to-maturity Securities [Line Items]
Cumulative effect of adjustment from other comprehensive income to retained earnings						¥ 251,600	$ 36,100
PPDAI Group Inc. \| Common Stock \| Maximum
Schedule of Held-to-maturity Securities [Line Items]
Percentage of investee's issued share capital	20.00%				20.00%
Held-to-maturity investments
Schedule of Held-to-maturity Securities [Line Items]
Investment income	¥ 5,711		19,740	¥ 22,090
Held to maturity investment, gross unrecognized holding gain	4,565		5,863
Other-than-temporary impairment losses on held-to-maturity investments	104,365		¥ 0
Held-to-maturity securities, 2021
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity investments, long-term	¥ 36,816

Fair Value Measurement - Fair Value Measurements of Company's Assets and Liabilities that Measured at Fair Value on A Recurring Basis (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Short-term investment
Available for sale investments	¥ 642,759		¥ 438,077
Investments held by consolidated investment fund	642,759	$ 92,326	395,929
Long-term investment
Available-for-sale investments in debt securities	15,081	2,167	139,994
Investments held by consolidated investment fund	260,311	37,391	109,439
Other long-term investments measured at fair value	255,967	$ 36,767	374,612
Recurring Basis
Short-term investment
Available for sale investments			42,148
Investments held by consolidated investment fund	642,759		395,929
Long-term investment
Available-for-sale investments in debt securities	15,081		139,994
Investments held by consolidated investment fund	260,311		109,439
Other long-term investments measured at fair value	255,967		374,612
Recurring Basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Long-term investment
Other long-term investments measured at fair value	7,968		157,855
Recurring Basis \| Significant Other Observable Inputs (Level 2)
Short-term investment
Available for sale investments			42,148
Investments held by consolidated investment fund	642,759		395,929
Long-term investment
Available-for-sale investments in debt securities	15,081		139,994
Investments held by consolidated investment fund	260,311		109,439
Other long-term investments measured at fair value			¥ 216,757
Recurring Basis \| Significant Unobservable Inputs (Level 3)
Long-term investment
Other long-term investments measured at fair value	219,679
Recurring Basis \| NAV
Long-term investment
Other long-term investments measured at fair value	¥ 28,320

Fair Value Measurement - Fair Value Measurements of Assets and Liabilities Measured at Fair Value Level 3 (Details) - 12 months ended Dec. 31, 2019 - Significant Unobservable Inputs (Level 3) ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Fair value reconciliation
Transfer of investments in fair value hierarchy from Level 2 to Level 3	¥ 193,105	$ 27,738
Measurement approach change from measurement alternative to fair value measurement	35,176	5,053
Disposal of portfolio investments	(14,109)	(2,027)
Changes in gains included in investment income (loss)	5,507	791
Ending balance of investments, at fair value	219,679	31,555
Changes in net unrealized gains included in investment income (loss) related to Level 3 investments still held as of December 31, 2019	¥ 878	$ 126

Fair Value Measurement - Fair Value Measurements of Company's Long-Term Financial Instruments (Details) - Fixed Income Products - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - held-to-maturity, Carrying Value	¥ 36,816	¥ 121,671
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - held-to-maturity, Fair Value	41,062	144,086
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - held-to-maturity, Fair Value	¥ 41,062	¥ 144,086

Fair Value Measurement - Additional Information (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2019 CNY (¥) item	Dec. 31, 2018 CNY (¥) item
Fair Value Measurement
Number of consolidated investment funds \| item	2	2
Equity investments without readily determinable fair value \| ¥	¥ 312,916	¥ 279,349

Investment in Affiliates - Balances of Investments in Affiliates (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Schedule of Investments [Line Items]
Funds that the Group serves as general partner	¥ 1,151,121	$ 165,348	¥ 1,254,510
Total investment in affiliates	1,272,261	182,749	1,375,110
Kunshan Jingzhao Equity Investment Management Co., Ltd.
Schedule of Investments [Line Items]
Equity investments	8,069	1,159	7,903
Wanjia Win-Win Assets Management Co., Ltd.
Schedule of Investments [Line Items]
Equity investments	93,907	13,489	91,012
Wuhu Hongxing Meikailong Equity Investment Management Co., Ltd
Schedule of Investments [Line Items]
Equity investments	9,648	1,386	9,324
Others
Schedule of Investments [Line Items]
Equity investments	9,516	1,367	12,361
Gopher Transform Private Fund
Schedule of Investments [Line Items]
Funds that the Group serves as general partner	142,739	20,503	144,402
Real Estate Funds
Schedule of Investments [Line Items]
Funds that the Group serves as general partner	50,321	7,228	189,175
Private Equity Funds Products
Schedule of Investments [Line Items]
Funds that the Group serves as general partner	946,242	135,919	909,964
Others Investment
Schedule of Investments [Line Items]
Funds that the Group serves as general partner	¥ 11,819	$ 1,698	¥ 10,969

Investment in Affiliates - Additional Information (Details) ¥ in Thousands, $ in Thousands	1 Months Ended			3 Months Ended	12 Months Ended
	Apr. 30, 2016 CNY (¥)	Feb. 28, 2013 CNY (¥)	May 31, 2011 CNY (¥)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Investments in and Advances to Affiliates [Line Items]
Income (loss) from equity in affiliates					¥ 115,809	$ 16,635	¥ 14,469	¥ 92,136
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%
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%
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%
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%
Maximum \| Gopher Asset Management Co., Ltd.
Investments in and Advances to Affiliates [Line Items]
Equity Interest ownership								10.00%

Investment in Affiliates - Summarized Financial Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2019 USD ($)
Balance sheet data:
Current assets	¥ 3,727,537		¥ 3,292,029		$ 535,427
Non-current assets	32,074,801		33,836,936		4,607,257
Current liabilities	990,696		327,025		142,305
Non-current liabilities	1,668,928		1,658,657		$ 239,727
Operating data:
Revenue	2,177,056	$ 312,714	707,501	¥ 237,589
Income (Loss) from operations	470,278	67,551	131,969	(1,609,708)
Net Realized and Unrealized Gain from investments	632,934	90,915	319,127	1,846,396
Net income	¥ 1,109,261	$ 159,335	¥ 537,705	¥ 247,865

Property and Equipment, Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Property and Equipment, Net
Leasehold improvements	¥ 175,579	$ 25,220	¥ 169,367
Furniture, fixtures and equipment	133,217	19,135	125,199
Motor vehicles	122,474	17,592	146,167
Software	124,754	17,920	109,748
Property	55,154	7,923	55,154
Property, Plant and Equipment, Gross, Total	611,178	87,790	605,635
Accumulated depreciation	(332,610)	(47,776)	(278,549)
Property Plant And Equipment Net Excluding Construction In Progress, Total	278,568	40,014	327,086
Construction in progress	17,752	2,550	19,567
Property and equipment, net	¥ 296,320	$ 42,564	¥ 346,653

Property and Equipment, Net - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property and Equipment, Net
Depreciation expense	¥ 105,432	¥ 92,282	¥ 81,964

Other Current Liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Other Current Liabilities
Accrued expenses	¥ 143,042	$ 20,547	¥ 152,805
Advance from customers	33,507	4,813	159,030
Interest payable for convertible notes			2,100
Deposits from lending and other business	42,265	6,071	116,765
Other payables	96,141	13,809	123,450
Payable to individual investors of lending and other business	50,793	7,296	122,828
Payable for purchases of property and equipment	1,311	188	9,572
Other tax payable	28,452	4,087	36,102
Operating lease liability - current	11,674	1,677
Payable to individual for trust service	314,713	45,206
Total	¥ 721,898	$ 103,694	¥ 722,652

Income Taxes - Additional Information (Details) $ in Thousands		12 Months Ended
	Jan. 01, 2018	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2019 USD ($)
Income Taxes [Line Items]
Income tax rate		25.00%	25.00%	25.00%
Operating loss carry forward		¥ 0
Deferred tax asset allowance		¥ 56,653,000	¥ 15,651,000		$ 8,137
Term of operating loss carry forward		5 years
Withholding income tax rate	10.00%
Accumulated undistributed earnings of Group's PRC subsidiaries		¥ 3,300,000,000
Withholding tax rate on dividends distributed by a FIE		10.00%
Reduced withholding tax rate, if the foreign investor owns directly at least 25% of the shares of the FIE		5.00%
Minimum percentage of equity interest in a PRC-resident enterprise to be held by a qualified Hong Kong tax resident for reduced withholding tax rate		25.00%
Undistributed earning		¥ 4,734,992,000	3,946,107,000		$ 680,139
Increase in unrecognized tax benefit		¥ 0	¥ 0	¥ 0
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 RMB100
Income Taxes [Line Items]
Unrecognized tax benefit, statute of limitations		5 years
Underpayment of income tax liability threshold that qualifies as special circumstance for statute of limitations		¥ 100,000
In the case of a related party transaction
Income Taxes [Line Items]
Unrecognized tax benefit, statute of limitations		10 years
Earliest Tax Year
Income Taxes [Line Items]
Operating loss carry forwards expiration year		2020
Latest Tax Year
Income Taxes [Line Items]
Operating loss carry forwards expiration year		2025
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%
Peoples Republic of China and Hong Kong
Income Taxes [Line Items]
Operating loss carry forward		¥ 861,692,000
Variable Interest Entity, Primary Beneficiary \| Mainland of China
Income Taxes [Line Items]
Undistributed earning		¥ 1,500,000,000

Income Taxes - Tax Expense Benefit (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Income Taxes
Current Tax	¥ 282,422	$ 40,568	¥ 246,079	¥ 198,841
Deferred Tax	(62,397)	(8,963)	(23,759)	244
Total	¥ 220,025	$ 31,605	¥ 222,320	¥ 199,085

Income Taxes - Reconciliation Between Statutory Tax Rate to Income Before Income Taxes and Actual Provision for Income Taxes (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes
PRC income tax rate	25.00%	25.00%	25.00%
Expenses not deductible for tax purposes	0.04%	0.38%	0.14%
Effect of tax-free investment income	(1.37%)	(0.49%)	(2.03%)
Effect of different tax rate of subsidiary operation in other jurisdiction	(5.13%)	(2.54%)	(3.30%)
Effect of deferred tax asset allowance	5.85%	1.57%	1.07%
Effect of tax holidays	(2.60%)	(1.00%)	(0.73%)
Effect of income from equity in Fund of Fund	1.27%	0.49%	1.92%
Effect of true-ups	(0.47%)	(1.51%)	0.84%
Effect of others	0.14%	0.10%	0.01%
Effective Income Tax Rate Reconciliation, Percent, Total	22.73%	22.00%	22.92%

Income Taxes - Aggregate Amount and Per Share Effect of the Tax Holiday (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥) ¥ / shares	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 CNY (¥) ¥ / shares	Dec. 31, 2017 CNY (¥) ¥ / shares
Income Taxes
Aggregate	¥ 25,146	$ 3,612	¥ 10,106	¥ 6,367
Per share effect-basic \| (per share)	¥ 0.82	$ 0.12	¥ 0.35	¥ 0.23
Per share effect-diluted \| (per share)	¥ 0.81	$ 0.12	¥ 0.33	¥ 0.21

Income Taxes - Principal Components of Deferred Income Tax Asset and Liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Deferred tax assets:
Accrued expenses	¥ 3,240	$ 465	¥ 5,743
Tax loss carry forward	215,423	30,944	117,978
Unrealized other income	1,226	176	2,012
Others	4,194	602	3,302
Gross deferred tax assets	224,083	32,187	129,035
Valuation allowance	(56,653)	(8,137)	(15,651)
Net deferred tax assets	167,430	24,050	113,384
Deferred tax liabilities:
Unrealized investment income	56,401	8,101	67,092
Net deferred tax liabilities (after offsetting)	¥ 56,401	$ 8,101	¥ 67,092

Loans Receivable, Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Loans receivable:
Within credit term	¥ 554,178	$ 79,602	¥ 622,775
Past due	105,029	15,086
Total loans receivable	659,207	94,688	622,775
Allowance for loan losses	(5,147)	(739)	(2,556)
Loans receivable, net	¥ 654,060	$ 93,949	¥ 620,219

Loans Receivable, Net - Additional Information (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Long term loan receivable	¥ 34,910
Securities received as collateral	508,600		¥ 525,200
Loan receivables past due	105,029	$ 15,086
Loan receivables	654,060	$ 93,949	¥ 620,219
Third Parties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan receivables past due	206,300
other investors
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan receivables	¥ 100,700
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan interest rate	4.00%	4.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan interest rate	18.00%	18.00%

Loans Receivable, Net - Activity in Allowance for Loan Losses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2018 USD ($)
Restricted Assets
Beginning balance	¥ 2,556	$ 367	¥ 3,244	$ 466
Provisions	7,907	1,136	2,556	367
Reversal of allowance provided	(2,556)	(367)	(3,244)	(466)
Write off	(2,760)	(397)
Ending balance	¥ 5,147	$ 739	¥ 2,556	$ 367

Convertible Notes - Additional Information (Details) - Convertible notes (Notes) ¥ / shares in Units, $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 03, 2015 USD ($)	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares	Dec. 31, 2019 $ / shares	Feb. 03, 2015 CNY (¥)	Feb. 03, 2015 USD ($) $ / shares
Debt Instrument [Line Items]
Debt instrument, face amount					¥ 556,900,000			$ 80,000
Debt instrument, interest rate							3.50%	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	$ 23.03	¥ 160.33	$ 23.03		$ 23.03
Debt Instrument, initial conversion rate	43.4216
Debt Instrument, repurchase price as a percentage of principal amount	100.00%
Debt issuance costs \| ¥							¥ 0
Number of ADS that each ordinary share represents	2
Portion of debt to be converted \| $	$ 10,000
Amount of convertible notes converted \| $		$ 21,090	$ 53,910	$ 5,000
Stock issued during period, shares, conversion of convertible securities \| shares		457,881	1,170,430	108,554
American Depositary Share
Debt Instrument [Line Items]
Stock issued during period, shares, conversion of convertible securities \| shares		915,762	2,340,860	217,108

Lease - Lease Costs (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2019 USD ($)
Lease cost
Operating lease expense		¥ 115,529	¥ 93,693
Operating lease expense	¥ 109,842
Cash payments on operating leases	108,490
Operating lease right-of-use assets	352,186			$ 50,588
Current portion of lease liabilities	¥ 11,674			$ 1,677
Current portion of lease liabilities, extensible list	us-gaap:OtherLiabilitiesCurrent			us-gaap:OtherLiabilitiesCurrent
Non-current portion of lease liabilities	¥ 362,757			$ 52,107
Total operating lease liabilities	¥ 374,431			$ 53,784
Weighted average remaining lease term (years)	4 years 7 months 20 days			4 years 7 months 20 days
Weighted average discount rate	4.31%			4.31%
Minimum
Lease cost
Lessee, Operating Lease, Term of Contract	1 year			1 year
Maximum
Lease cost
Lessee, Operating Lease, Term of Contract	10 years			10 years

Lease - Future Minimum Lease Payments (Details) - Dec. 31, 2019 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Operating leases
2020	¥ 97,825	$ 14,052
2021	85,403	12,267
2022	79,496	11,419
2023	66,136	9,500
2024 and after	76,467	10,984
Total lease payment	405,327	58,222
Less imputed interest	(30,896)	(4,438)
Total	¥ 374,431	$ 53,784

Lease - Future Minimum Lease Payments Under Non-Cancelable Operating Lease (Details) ¥ in Thousands	Dec. 31, 2018 CNY (¥)
Lease
2019	¥ 93,729
2020	72,459
2021	59,008
2022	54,103
2023 and after	87,151
Total	¥ 366,450

Lease - Sale and leaseback (Details) ¥ in Thousands	12 Months Ended
Lease - Sale and leaseback (Details) ¥ in Thousands	Dec. 31, 2019 CNY (¥)
Lease
Income from sale and leaseback agreement	¥ 37,961

Lease - Maturity analysis of sale and leaseback receivables (Details) - Dec. 31, 2019 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Lease
2020	¥ 67,135	$ 9,643
2021	2,184	314
Total future minimum payments receivables	69,319	9,957
Less: unearned income	(3,593)	(516)
Total sale and leaseback financing receivables	65,726	9,441
Amounts due within one year	64,686	9,291
Amounts due beyond one year	¥ 1,040	$ 150

Share Repurchase - Additional Information (Details) ¥ 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, 2019 shares	Dec. 31, 2018 CNY (¥) shares	Dec. 31, 2017 USD ($) shares
Equity, Class of Treasury Stock [Line Items]
Repurchase of ordinary shares			¥ 31,280	$ 4,809
Treasury stock acquired, shares			99,347	99,347
Treasury shares canceled	1,246,073	1,246,073
Treasury shares canceled, value	¥ 121,452	$ 18,667
Ordinary shares, treasury stock			140,479		0	140,479	140,479
Treasury stock, value			¥ 40,267			¥ 40,267	$ 6,190
American Depositary Shares
Equity, Class of Treasury Stock [Line Items]
Treasury stock acquired, shares			198,694	198,694
Treasury shares canceled	2,492,146	2,492,146
Ordinary shares, treasury stock			280,958				280,958

Share-Based Compensation - Share Based Compensation Expense by Type of Award (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	¥ 94,897	$ 13,631	¥ 112,763	¥ 93,635
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	40,533	5,822	45,973	51,054
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	¥ 54,364	$ 7,809	¥ 66,790	¥ 42,581

Share-Based Compensation - Additional Information (Details) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2018 ¥ / shares shares	Dec. 31, 2018 $ / shares shares	Dec. 31, 2017 ¥ / shares shares	Dec. 31, 2017 $ / shares shares	Dec. 31, 2010 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of options granted \| (per share)		¥ 396.37	$ 57.30	¥ 388.45	$ 47.96
Options granted \| shares	0
Options exercised \| shares	152,410	201,630	201,630	203,174	203,174
Aggregate intrinsic value of options \| ¥	¥ 9,451
Unrecognized compensation expense related to unvested share options \| ¥	¥ 34,027
Unrecognized compensation expense, period for recognition	1 year 11 months 1 day
Weighted average exercise price \| ¥ / shares	¥ 208.36
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition	2 years 3 months 18 days
Total fair value of non-vested restricted shares \| ¥	¥ 64,955
Unrecognized compensation expense related to non-vested restricted shares \| ¥	¥ 74,421
Stock Incentive Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares that may be issued as a percentage of outstanding stock						10.00%
Maximum number of shares that may be issued \| shares						2,315,000
Stock Incentive Plan 2010 \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive plans, term						10 years
Vesting period for remaining the 75% of options granted						36 months
Stock Incentive Plan 2010 \| Stock Options \| First anniversary of the grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive vesting ratably over the following 36 months						25.00%
Stock Incentive Plan 2010 \| Stock Options \| Vesting ratably over the following 36 months
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive vesting ratably over the following 36 months						75.00%
Stock Incentive Plan 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares that may be issued \| shares				2,800,000	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%

Share-Based Compensation - Black Scholes Pricing Model Assumptions used to Estimate Fair Value of Options Granted (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-Based Compensation
Average risk-free rate of return	2.78%	1.93%
Weighted average expected option life	6 years 1 month 6 days	6 years 1 month 6 days
Estimated volatility	57.60%	68.80%
Average dividend yield	0.00%	0.00%

Share-Based Compensation - Stock Option Activity (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of options
Outstanding as of January 1, 2019	571,474
Granted	0
Exercised	(152,410)	(201,630)	(203,174)
Forfeited	(32,359)
Outstanding as of December 31, 2019	386,705	571,474
Exercisable as of December 31, 2019	272,521
Weighted-Average Exercise Price
Outstanding as of January 1, 2019	¥ 343.14
Exercised	208.36
Forfeited	312.85
Outstanding as of December 31, 2019	398.80	¥ 343.14
Exercisable as of December 31, 2019	¥ 390.15
Weighted-Average Remaining Contractual Term
Outstanding balance	6 years 3 months 18 days	7 years
Exercisable as of December 31, 2019	7 years 2 months 12 days
Aggregate Intrinsic Value of Options
Outstanding as of January 1, 2019	¥ 34,344
Outstanding as of December 31, 2019	¥ 6,455	¥ 34,344

Share-Based Compensation - Summary of Non Vested Restricted Share Activity (Details)	12 Months Ended
	Dec. 31, 2019 ¥ / shares shares
Number of non-vested restricted shares
Beginning Balance \| shares	370,613
Granted \| shares	37,566
Vested \| shares	(124,592)
Forfeited \| shares	(109,963)
Ending Balance \| shares	173,624
Weighted-average grant-date fair value
Beginning Balance \| ¥ / shares	¥ 483.29
Granted \| ¥ / shares	418.16
Vested \| ¥ / shares	506.02
Forfeited \| ¥ / shares	543.68
Ending Balance \| ¥ / shares	¥ 427.59

Employee Benefit Plans - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Employee Benefit Plans
Contribution for multi-employer defined contribution plan	¥ 225,776	¥ 203,524	¥ 163,234

Restricted Assets - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
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	¥ 291,172	¥ 269,652
Restricted share capital of PRC subsidiaries	1,473,886	1,501,288
Restricted net assets	1,771,647	1,773,440
Variable Interest Entity, Primary Beneficiary
Workers' Compensation Insurance and Reserves [Line Items]
Restricted net assets	¥ 627,567	¥ 655,509

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2019 segment
Segment Information
Number of reportable segments	3

Segment Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Revenues:
Revenues	¥ 3,413,176	$ 490,272	¥ 3,310,062	¥ 2,846,006
Less: VAT related surcharges	(21,364)	(3,069)	(20,454)	(19,098)
Net revenues	3,391,812	487,203	3,289,608	2,826,908
Operating cost and expenses:
Relationship manager compensation	(625,044)	(89,782)	(633,599)	(616,064)
Performance fee compensation	(31,283)	(4,494)	(21,175)	(11,291)
Other Compensation	(954,443)	(137,097)	(909,418)	(780,017)
Total compensation and benefits	(1,610,770)	(231,373)	(1,564,192)	(1,407,372)
Selling expenses	(331,346)	(47,595)	(412,720)	(320,462)
General and administrative expenses	(296,492)	(42,589)	(280,075)	(246,785)
Provision for doubtful accounts	(130,723)	(18,777)	688	(2,093)
Other operating expenses	(196,793)	(28,268)	(169,368)	(147,318)
Government subsidies	89,278	12,824	62,583	74,156
Total operating cost and expenses	(2,476,846)	(355,778)	(2,363,084)	(2,049,874)
Income (loss) from operations	914,966	131,425	926,524	777,034
One-time commissions
Revenues:
Revenues	931,668		1,027,993
Recurring service fees
Revenues:
Revenues	1,845,465		1,776,549
Performance-based income
Revenues:
Revenues	113,085		143,634
Other service fees
Revenues:
Revenues	522,958		361,886
Others
Revenues:
Revenues	1,761,947	253,088	1,731,852	1,427,684
Others \| One-time commissions
Revenues:
Revenues	690,860	99,236	733,009	541,025
Others \| Recurring service fees
Revenues:
Revenues	524,692	75,367	593,856	605,092
Others \| Performance-based income
Revenues:
Revenues	23,437	3,367	43,101	86,494
Others \| Other service fees
Revenues:
Revenues	522,958	75,118	361,886	195,073
Funds Gopher manages
Revenues:
Revenues	1,651,229	237,184	1,578,210	1,418,322
Funds Gopher manages \| One-time commissions
Revenues:
Revenues	240,808	34,590	294,984	561,059
Funds Gopher manages \| Recurring service fees
Revenues:
Revenues	1,320,773	189,717	1,182,693	802,761
Funds Gopher manages \| Performance-based income
Revenues:
Revenues	89,648	$ 12,877	100,533	54,502
Wealth Management Business
Revenues:
Revenues	2,329,853		2,318,212	2,141,395
Less: VAT related surcharges	(10,574)		(12,206)	(15,128)
Net revenues	2,319,279		2,306,006	2,126,267
Operating cost and expenses:
Relationship manager compensation	(625,044)		(631,234)	(611,550)
Other Compensation	(607,336)		(534,516)	(463,370)
Total compensation and benefits	(1,232,380)		(1,165,750)	(1,074,920)
Selling expenses	(287,541)		(367,589)	(295,798)
General and administrative expenses	(194,908)		(164,802)	(146,122)
Provision for doubtful accounts	(121,572)
Other operating expenses	(103,846)		(54,291)	(77,490)
Government subsidies	58,704		53,620	49,008
Total operating cost and expenses	(1,881,543)		(1,698,812)	(1,545,322)
Income (loss) from operations	437,736		607,194	580,945
Wealth Management Business \| One-time commissions
Revenues:
Revenues	928,061		1,024,323
Wealth Management Business \| Recurring service fees
Revenues:
Revenues	1,155,450		1,136,010
Wealth Management Business \| Performance-based income
Revenues:
Revenues	23,430		44,309
Wealth Management Business \| Other service fees
Revenues:
Revenues	222,912		113,570
Wealth Management Business \| Others
Revenues:
Revenues	1,454,910		1,459,346	1,271,977
Wealth Management Business \| Others \| One-time commissions
Revenues:
Revenues	688,652		731,424	539,938
Wealth Management Business \| Others \| Recurring service fees
Revenues:
Revenues	520,013		571,782	577,544
Wealth Management Business \| Others \| Performance-based income
Revenues:
Revenues	23,333		42,570	84,105
Wealth Management Business \| Others \| Other service fees
Revenues:
Revenues	222,912		113,570	70,390
Wealth Management Business \| Funds Gopher manages
Revenues:
Revenues	874,943		858,866	869,418
Wealth Management Business \| Funds Gopher manages \| One-time commissions
Revenues:
Revenues	239,409		292,899	560,047
Wealth Management Business \| Funds Gopher manages \| Recurring service fees
Revenues:
Revenues	635,437		564,228	300,352
Wealth Management Business \| Funds Gopher manages \| Performance-based income
Revenues:
Revenues	97		1,739	9,019
Asset Management Business
Revenues:
Revenues	787,551		751,759	590,640
Less: VAT related surcharges	(3,971)		(3,228)	(2,599)
Net revenues	783,580		748,531	588,041
Operating cost and expenses:
Relationship manager compensation				(4)
Performance fee compensation	(31,283)		(21,175)	(11,291)
Other Compensation	(248,612)		(251,923)	(190,032)
Total compensation and benefits	(279,895)		(273,098)	(201,327)
Selling expenses	(26,661)		(22,200)	(9,271)
General and administrative expenses	(71,805)		(80,873)	(70,618)
Provision for doubtful accounts	(3,800)
Other operating expenses	(25,978)		(25,310)	(27,773)
Government subsidies	15,878		6,148	23,848
Total operating cost and expenses	(392,261)		(395,333)	(285,141)
Income (loss) from operations	391,319		353,198	302,900
Asset Management Business \| One-time commissions
Revenues:
Revenues	3,607		3,670
Asset Management Business \| Recurring service fees
Revenues:
Revenues	690,015		640,539
Asset Management Business \| Performance-based income
Revenues:
Revenues	89,655		99,325
Asset Management Business \| Other service fees
Revenues:
Revenues	4,274		8,225
Asset Management Business \| Others
Revenues:
Revenues	11,265		32,415	41,736
Asset Management Business \| Others \| One-time commissions
Revenues:
Revenues	2,208		1,585	1,087
Asset Management Business \| Others \| Recurring service fees
Revenues:
Revenues	4,679		22,074	27,548
Asset Management Business \| Others \| Performance-based income
Revenues:
Revenues	104		531	2,389
Asset Management Business \| Others \| Other service fees
Revenues:
Revenues	4,274		8,225	10,712
Asset Management Business \| Funds Gopher manages
Revenues:
Revenues	776,286		719,344	548,904
Asset Management Business \| Funds Gopher manages \| One-time commissions
Revenues:
Revenues	1,399		2,085	1,012
Asset Management Business \| Funds Gopher manages \| Recurring service fees
Revenues:
Revenues	685,336		618,465	502,409
Asset Management Business \| Funds Gopher manages \| Performance-based income
Revenues:
Revenues	89,551		98,794	45,483
Lending and Other Businesses
Revenues:
Revenues	295,772		240,091	113,971
Less: VAT related surcharges	(6,819)		(5,020)	(1,371)
Net revenues	288,953		235,071	112,600
Operating cost and expenses:
Relationship manager compensation			(2,365)	(4,510)
Other Compensation	(98,495)		(122,979)	(126,615)
Total compensation and benefits	(98,495)		(125,344)	(131,125)
Selling expenses	(17,144)		(22,931)	(15,393)
General and administrative expenses	(29,779)		(34,400)	(30,045)
Provision for doubtful accounts	(5,351)		688	(2,093)
Other operating expenses	(66,969)		(89,767)	(42,055)
Government subsidies	14,696		2,815	1,300
Total operating cost and expenses	(203,042)		(268,939)	(219,411)
Income (loss) from operations	85,911		(33,868)	(106,811)
Lending and Other Businesses \| Other service fees
Revenues:
Revenues	295,772
Lending and Other Businesses \| Others
Revenues:
Revenues	295,772		240,091	113,971
Lending and Other Businesses \| Others \| Other service fees
Revenues:
Revenues	¥ 295,772		¥ 240,091	¥ 113,971

Segment Information - Revenue from External Customers by Geographic Areas (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Revenue From External Customers Attributed To Foreign Countries By Geographic Area [Line Items]
Revenues	¥ 3,413,176	$ 490,272	¥ 3,310,062	¥ 2,846,006
Mainland of China
Revenue From External Customers Attributed To Foreign Countries By Geographic Area [Line Items]
Revenues	2,467,351		2,555,982	2,300,534
Hong Kong
Revenue From External Customers Attributed To Foreign Countries By Geographic Area [Line Items]
Revenues	733,125		751,051	545,472
Overseas
Revenue From External Customers Attributed To Foreign Countries By Geographic Area [Line Items]
Revenues	212,700		3,029
Wealth Management Business
Revenue From External Customers Attributed To Foreign Countries By Geographic Area [Line Items]
Revenues	2,329,853		2,318,212	2,141,395
Wealth Management Business \| Mainland of China
Revenue From External Customers Attributed To Foreign Countries By Geographic Area [Line Items]
Revenues	1,494,742		1,750,754	1,788,135
Wealth Management Business \| Hong Kong
Revenue From External Customers Attributed To Foreign Countries By Geographic Area [Line Items]
Revenues	633,168		565,061	353,260
Wealth Management Business \| Overseas
Revenue From External Customers Attributed To Foreign Countries By Geographic Area [Line Items]
Revenues	201,943		2,397
Asset Management Business
Revenue From External Customers Attributed To Foreign Countries By Geographic Area [Line Items]
Revenues	787,551		751,759	590,640
Asset Management Business \| Mainland of China
Revenue From External Customers Attributed To Foreign Countries By Geographic Area [Line Items]
Revenues	676,837		565,137	398,428
Asset Management Business \| Hong Kong
Revenue From External Customers Attributed To Foreign Countries By Geographic Area [Line Items]
Revenues	99,957		185,990	192,212
Asset Management Business \| Overseas
Revenue From External Customers Attributed To Foreign Countries By Geographic Area [Line Items]
Revenues	10,757		632
Lending and Other Businesses
Revenue From External Customers Attributed To Foreign Countries By Geographic Area [Line Items]
Revenues	295,772		240,091	113,971
Lending and Other Businesses \| Mainland of China
Revenue From External Customers Attributed To Foreign Countries By Geographic Area [Line Items]
Revenues	¥ 295,772		¥ 240,091	¥ 113,971

Related Party Transactions (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Related Party Transaction [Line Items]
Related party revenues	¥ 1,673,982	$ 240,452	¥ 1,651,805	¥ 1,499,606
One-time commissions
Related Party Transaction [Line Items]
Related party revenues	240,808	34,590	294,984	561,060
One-time commissions \| Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	240,808	34,590	294,984	558,543
One-time commissions \| One-Time Commissions Earned from Funds Subscribed by Shareholders
Related Party Transaction [Line Items]
Related party revenues				2,517
Recurring service fees
Related Party Transaction [Line Items]
Related party revenues	1,339,627	192,425	1,227,061	860,730
Recurring service fees \| Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	1,009,568	145,015	929,911	617,374
Recurring service fees \| Wanjia Win-Win
Related Party Transaction [Line Items]
Related party revenues	688	99		1,079
Recurring service fees \| Sequoia Capital Investment Management Tianjin Company Limited
Related Party Transaction [Line Items]
Related party revenues	15,759	2,264	33,009	42,128
Recurring service fees \| Gopher Capital GP Ltd
Related Party Transaction [Line Items]
Related party revenues	313,612	45,047	252,782	200,149
Recurring service fees \| Wuhu Bona Film Investment Management Limited
Related Party Transaction [Line Items]
Related party revenues			8,491
Recurring service fees \| Recurring Services Fee Earned from Funds Subscribed by Shareholders
Related Party Transaction [Line Items]
Related party revenues			2,868
Performance-based income
Related Party Transaction [Line Items]
Related party revenues	89,648	12,877	100,533	54,502
Performance-based income \| Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	34,248	4,919	92,128	44,580
Performance-based income \| Wanjia Win-Win
Related Party Transaction [Line Items]
Related party revenues	18,600	2,672
Performance-based income \| Gopher Capital GP Ltd
Related Party Transaction [Line Items]
Related party revenues	36,800	5,286	8,405	9,922
Other Service Fee
Related Party Transaction [Line Items]
Related party revenues	3,899	560	29,227	23,314
Other Service Fee \| Gopher Capital GP Ltd
Related Party Transaction [Line Items]
Related party revenues				1
Other Service Fee \| Other Services Subscribed by Shareholders
Related Party Transaction [Line Items]
Related party revenues	¥ 3,899	$ 560	¥ 29,227	¥ 23,313

Related Party Transactions - Amounts Due from Related Parties (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Related Party Transaction [Line Items]
Amounts due from related parties	¥ 498,971	$ 71,673	¥ 526,424
Loans Receivable
Related Party Transaction [Line Items]
Amounts due from related parties	49,734	7,144	45,777
Wanjia Win-Win
Related Party Transaction [Line Items]
Amounts due from related parties			277
Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	428,724	61,583	470,481
Gopher Asset Management Co., Ltd. \| Loans Receivable
Related Party Transaction [Line Items]
Amounts due from related parties	42,170	6,057	32,007
Kunshan Jingzhao Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties			110
Gopher Capital GP Ltd
Related Party Transaction [Line Items]
Amounts due from related parties	70,247	10,090	55,556
Gopher Capital GP Ltd \| Loans Receivable
Related Party Transaction [Line Items]
Amounts due from related parties	¥ 7,564	$ 1,087	¥ 13,770

Related Party Transactions - Deferred Revenues Related to Recurring Management Fee Received in Advance from Related Parties (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Related Party Transaction [Line Items]
Deferred revenue from related parties	¥ 76,066	$ 10,926	¥ 99,475
Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	74,664	10,725	88,158
Wanjia Win-Win
Related Party Transaction [Line Items]
Deferred revenue from related parties			1,006
Gopher Capital GP Ltd
Related Party Transaction [Line Items]
Deferred revenue from related parties	¥ 1,402	$ 201	¥ 10,311

Related Party Transactions - Additional Information (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transactions
Donations	¥ 1.2	¥ 1.2	¥ 2.7