SHANGHAI, Aug. 21, 2013 /PRNewswire/ -- Noah Holdings
Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth
management service provider focusing on distributing wealth
management products to the high net worth population in
China, today announced its
unaudited financial results for the second quarter of 2013 and
appointed new Chief Financial Officer.
SECOND QUARTER 2013 FINANCIAL HIGHLIGHTS
- Net revenues in the second quarter of 2013
were US$44.3 million, a 132.1%
increase from the corresponding period in 2012.
- Income from operations in the second quarter of 2013 was
US$18.4 million, a 156.3% increase
from the corresponding period in 2012.
- Net income attributable to Noah shareholders in the
second quarter of 2013 was US$14.4
million, a 133.1% increase from the corresponding period in
2012. Non-GAAP[1] net income attributable to Noah
shareholders in the second quarter of 2013 was US$16.1 million, a 128.5% increase from the
corresponding period in 2012.
- Net income per basic and diluted ADS in the second
quarter of 2013 were both US$0.26.
Non-GAAP net income per diluted ADS in the second quarter of
2013 was US$0.29.
SECOND QUARTER 2013 OPERATIONAL HIGHLIGHTS
- Total number of registered clients as of June 30, 2013 increased by 35.1% year-over-year
to 45,839; this figure includes 43,966 registered individual
clients, 1,756 registered enterprise clients and 117 wholesale
clients that have entered into cooperation agreements with the
Company.
- Active clients[2] during the second quarter of
2013 were 2,602, a 76.4% increase from the corresponding period in
2012. The aggregate value of wealth management products
distributed by the Company during the second quarter of 2013
was RMB12.4 billion (approximately
US$2.0 billion)[3], a 101.9% increase
from the corresponding period in 2012. Of this aggregate value,
fixed income products accounted for 85.6%, private equity fund
products accounted for 9.1%, and other products, including mutual
fund products, private securities investment funds and
investment-linked insurance products, accounted for 5.3%. The
average transaction value per client[4] in the second
quarter of 2013 was RMB4.8 million
(approximately US$0.8 million), a
14.4% increase from the corresponding period in 2012, primarily due
to an increase in transaction value from enterprise clients as a
percentage of aggregate transaction value as their investment
amounts tend to be higher than individual clients.
- Coverage network as of June 30, 2013 included 56 branches, the same as
March 31, 2013 and down from 60
branches as of June 30, 2012. The
number of relationship managers was 525 as of June 30, 2013, up from 452 as of March 31, 2013 and down from 550 as of
June 30, 2012. The increase in
relationship managers is primarily due to the Company's strategy to
reposition certain branch managers, previously in sales support
role, to assume direct client facing responsibilities, and thus
reclassified as relationship managers.
[1]
|
Noah's Non-GAAP
financial measures are its corresponding GAAP financial measures as
adjusted by excluding the effects of all forms of share-based
compensation.
|
[2]
|
"Active clients"
refers to those registered clients who purchased wealth management
products distributed by Noah during any given period.
|
[3]
|
The amount in RMB was
translated into U.S. dollars using the average rate for the period
as set forth in the H.10 statistical release of the Federal Reserve
Board.
|
[4]
|
"Average transaction
value per client" refers to the average value of wealth management
products distributed by Noah that are purchased by active clients
during a given period.
|
APPOINTMENT OF NEW CHIEF FINANCIAL OFFICER
The Company appointed Dr. Theresa
Teng as its Chief Financial Officer replacing Mr. Tao
Thomas Wu, effective August 21, 2013. Mr. Wu will continue his service
for the Company and will help the Company explore new business
initiatives. Dr. Teng has more than 15-year investment and
finance management experience. Prior to joining the Company,
she served as the Chief Financial Officer of PPS.TV, one of the
leading internet TV players in China, the head of finance of Semiconductor
Manufacturing International Corp. (NYSE:SMI, HKSE:0981), and the
director of D.B. Zwirn & Co., a
New York based alternative
investment fund. In addition, Dr. Teng taught Finance at Ming
Chuan University in Taiwan for
seven years.
Ms. Jingbo Wang, Co-founder,
Chairwoman of the Board of Directors and Chief Executive Officer,
commented, "We are pleased to welcome Dr. Teng to our senior
management team. We look forward to drawing upon Dr. Teng's
extensive experience as our business continues to grow."
"We thank Mr. Wu for his leadership and dedication for his
tenure as Chief Financial Officer. Since joining us in
March 2010, Mr. Wu has made
significant contributions to Noah both in risk management and
financial control," Ms. Wang continued. "Mr. Wu will continue to
work with us and explore new business initiatives for Noah. Despite
of the change in management, our business strategy remains
unchanged."
Ms. Wang commented. "I am pleased that our second quarter
results exceeded our expectations, and we have updated our 2013
full year forecast accordingly. We believe that the significant
growth in our business was driven by overall structural
improvements, including enhancement in product development, client
servicing and operating capabilities. These improvements will
continue to drive future growth."
SECOND QUARTER 2013 FINANCIAL RESULTS
Net Revenues
Net revenues for the second quarter of 2013 were
US$44.3 million, a 132.1% increase
from the corresponding period in 2012, due to increases in both
one-time commission revenues and recurring service fees for the
second quarter of 2013.
Net revenues from one-time commissions for the
second quarter of 2013 were US$22.8
million, a 122.8% increase from the corresponding period in
2012. The year-over-year increase for the second quarter of 2013
was mainly due to an increase in transaction value and, to a lesser
extent, an increase in average commission rate.
Net revenues from recurring service fees for the
second quarter of 2013 were US$20.3
million, a 133.6% increase from the corresponding period in
2012. The year-over-year increase was mainly due to the cumulative
effect of private equity funds previously distributed by the
Company and an increase in assets under management by the Company
since the second half of 2012.
Operating Margin
Operating margin for the second quarter of 2013 was
41.6%, as compared to 37.7% for the corresponding period in 2012.
The year-over-year increase for the second quarter of 2013 was
driven by growth of net revenues exceeding those in operating cost
and expenses.
Operating cost and expenses for the second
quarter of 2013, including cost of revenues, selling expenses,
G&A expenses and other operating income, were US$25.9 million, a 117.4% increase from the
corresponding period in 2012.
Cost of revenues for the second quarter of 2013 totaled
US$9.2 million, a 118.6% increase
from the corresponding period in 2012. The year-over-year increase
for the second quarter of 2013 was primarily due to an increase in
compensation paid to relationship managers as a result of the
increase in transaction value, and incremental costs from
aforementioned repositioning of certain branch managers, whose
compensations in their client facing roles are now accounted for in
cost of revenues, instead of selling expenses.
Selling expenses for the second quarter of 2013 were
US$8.9 million, a 40.1% increase from
the corresponding period in 2012. Selling expenses as a percentage
of net revenues for the second quarter of 2013 was 20.1%, as
compared to 33.3% for the corresponding period in 2012. The
year-over-year increases for the second quarter of 2013 was
primarily due to increases in employee compensations, share-based
compensations and client service fees as the Company strengthened
its selling and marketing functions.
G&A expenses for the second quarter of 2013 were
US$8.9 million, a 112.1% increase
from the corresponding period in 2012. G&A expenses as a
percentage of net revenues for the second quarter of 2013 was
20.2%, as compared to 22.1% for the corresponding period in 2012.
The year-over-year increases for the second quarter of 2013 was
primarily due to increases in personnel expenses, professional
consulting fees and rental expenses.
Other operating income for the second quarter of 2013 was
US$1.2 million, as compared to
US$2.9 million for the corresponding
period in 2012. Other operating income is government subsidies
received in the PRC from local governments for general corporate
purposes.
Income Tax Expenses
Income tax expenses for the second quarter of 2013
were US$5.4 million, a 139.6%
increase from the corresponding period in 2012. The year-over-year
increase for the second quarter of 2013 was due to an increase in
taxable income.
Net Income
Net income for the second quarter of 2013 was
US$14.7 million, a 137.7% increase
from the corresponding period in 2012. Net margin for the
second quarter of 2013 was 33.3%, as compared to 32.5% for the
corresponding period in 2012.
Non-GAAP net income for the second quarter of 2013 was
US$16.4 million, a 132.6% increase
from the corresponding period in 2012. Non-GAAP net margin
for the second quarter of 2013 was 37.1%, as compared to 37.0% for
the corresponding period in 2012.
Net income attributable to Noah
shareholders for the second quarter of 2013 was
US$14.4 million, a 133.1% increase
from the corresponding period in 2012. Net income per basic and
diluted ADS for the second quarter of 2013 were both
US$0.26, as compared to US$0.11 for the corresponding period in 2012.
Non-GAAP net income attributable to Noah shareholders for
the second quarter of 2013 was US$16.1
million, a 128.5% increase from the corresponding period in
2012. Non-GAAP net income per diluted ADS for the second
quarter of 2013 was US$0.29, as
compared to US$0.12 for the
corresponding period in 2012.
Balance Sheet and Cash Flow
As of June 30, 2013, the Company
had US$165.3 million in cash and cash
equivalents, an increase of US$44.5
million from US$120.8 million
as of March 31, 2013. In the second
quarter of 2013, the Company generated US$28.9 million in its operating activities,
received a net US$21.2 million from
investing activities, mostly from maturing of fixed income products
previously invested, and used US$7.7
million for dividend distribution.
On May 22, 2013, the Company's
Board of Directors authorized a new share repurchase program of up
to US$30 million worth of its issued
and outstanding ADSs over the course of one year. As of
June 30, 2013, the Company has
repurchased 30,821 ADSs for approximately US$0.3 million, inclusive of transaction charges,
which has not been settled as of June 30,
2013.
2013 FORECAST
The Company estimates that non-GAAP net income attributable to
Noah shareholders for the full year 2013 is expected to be in a
range of US$50.0 million and
US$55.0 million, representing a
year-over-year increase in the range of 86.4% and 105.0%. This
estimate reflects management's current assessment and is subject to
change.
CONFERENCE CALL
Senior management will host a conference call on Wednesday, August 21, 2013 at 8:00 pm (Eastern) / 5:00
pm (Pacific) / 8:00 am
(Hong Kong, Thursday, August 22, 2013) to discuss its second
quarter 2013 unaudited financial results and recent business
activity. The conference call may be accessed by calling the
following numbers:
|
Toll Free
|
Toll
|
- United
States
|
+1-866-519-4004
|
+1-845-675-0437
|
- China
|
|
|
- Domestic
|
800-819-0121
|
|
- Domestic
Mobile
|
400-620-8038
|
|
|
|
|
- Hong
Kong
|
800-93-0346
|
|
- United
Kingdom
|
080-8234-6646
|
|
Conference ID
#
|
25724395
|
|
A telephone replay will be available shortly after the call
until August 28, 2013 at
+1-646-254-3697 (US Local Toll) or +61-2-8199-0299 (International).
Conference ID # 25724395.
A live webcast of the conference call and replay will be
available in the investor relations section of the Company's
website at http://ir.noahwm.com .
DISCUSSION OF NON-GAAP FINANCIAL MEASURES:
In addition to disclosing financial results prepared in
accordance with U.S. GAAP, the Company's earnings release contains
non-GAAP financial measures that exclude the effects of all forms
of share-based compensation. The reconciliation of these non-GAAP
financial measures to the nearest GAAP measures is set forth in the
table captioned "Reconciliation of GAAP to Non-GAAP Results"
below.
The non-GAAP financial measures disclosed by the Company should
not be considered a substitute for financial measures prepared in
accordance with U.S. GAAP. The financial results reported in
accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP
results should be carefully evaluated. The non-GAAP financial
measure used by the Company may be prepared differently from and,
therefore, may not be comparable to similarly titled measures used
by other companies.
When evaluating the Company's operating performance in the
periods presented, management reviewed non-GAAP net income results
reflecting adjustments to exclude the impacts of share-based
compensation to supplement U.S. GAAP financial data. As such, the
Company believes that the presentation of the non-GAAP net income,
non-GAAP income per diluted ADS and non-GAAP net margin provides
important supplemental information to investors regarding financial
and business trends relating to the Company's financial condition
and results of operations in a manner consistent with that used by
management. Pursuant to U.S. GAAP, the Company recognized
significant amounts of expenses for the restricted shares and share
options in the periods presented. To make financial results
comparable period by period, the Company utilized the non-GAAP
financial results to better understand its historical business
operations.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited is a leading wealth management service
provider focusing on distributing wealth management products to the
high net worth population in China. Noah distributes wealth management
products, including primarily fixed income products, private equity
funds, private securities investment funds and mutual funds. Noah
is also equipped with asset management services capability,
managing its own fund of funds and real estate fund products. With
over 500 relationship managers in 56 branch offices as of
June 30, 2013, Noah's total coverage
network encompasses China's most
economically developed regions where the high net worth population
is concentrated. Through this extensive coverage network, product
sophistication, and client knowledge, the Company caters to the
wealth management needs of China's
high net worth population. For more information please visit the
Company's website at http://www.noahwm.com .
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the outlook for the full year 2013 and quotations
from management in this announcement, as well as Noah's strategic
and operational plans, contain forward-looking statements. Noah may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission, in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about Noah's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: its goals and strategies; its future
business development, financial condition and results of
operations; the expected growth of the wealth management market in
China and internationally; its
expectations regarding demand for and market acceptance of the
products it distributes; its expectations regarding keeping and
strengthening its relationships with key clients; relevant
government policies and regulations relating to its industry; its
ability to attract and retain quality employees; its ability to
stay abreast of market trends and technological advances; its plans
to invest in research and development to enhance its product
choices and service offerings; competition in its industry in
China and internationally; general
economic and business conditions in China; and its ability to effectively protect
its intellectual property rights and not infringe on the
intellectual property rights of others. Further information
regarding these and other risks is included in Noah's filings with
the Securities and Exchange Commission, including its annual report
on Form 20-F. Noah does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under applicable law. All
information provided in this press release and in the attachments
is as of the date of this press release, and Noah undertakes no
duty to update such information, except as required under
applicable law.
Contacts:
Noah Holdings Limited
Shang Chuang, Director of
IR
Tel: +86 21 3860 2388
ir@noahwm.com
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings
Limited
Condensed
Consolidated Balance Sheets
(In U.S.
dollars)
(unaudited)
|
|
|
|
|
As of
|
|
|
|
|
March 31,
2013
|
|
June 30,
2013
|
|
|
|
|
$
|
|
$
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
120,791,189
|
|
165,282,019
|
|
|
Restricted
cash
|
|
80,505
|
|
162,935
|
|
|
Short-term
investments
|
|
49,291,869
|
|
25,841,272
|
|
|
Accounts receivable,
net of allowance for doubtful accounts of nil at March 31, 2013 and
June 30, 2013
|
|
15,670,930
|
|
17,451,506
|
|
|
Deferred tax
assets
|
|
2,858,422
|
|
1,259,779
|
|
|
Amounts due from
related parties
|
|
9,090,741
|
|
8,287,628
|
|
|
Other current
assets
|
|
5,929,676
|
|
6,014,418
|
|
|
Total current
assets
|
|
203,713,332
|
|
224,299,557
|
|
|
|
|
|
|
|
|
Long-term
investments
|
|
3,116,346
|
|
3,153,616
|
|
Investment in
affiliates
|
|
10,875,216
|
|
12,226,997
|
|
Property and
equipment, net
|
|
5,330,136
|
|
7,012,982
|
|
Non-current deferred
tax assets
|
|
1,153,037
|
|
1,143,317
|
|
Other non-current
assets
|
|
1,097,492
|
|
880,118
|
Total
Assets
|
|
225,285,559
|
|
248,716,587
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
|
9,997,862
|
|
17,415,118
|
|
|
Income tax
payable
|
|
4,726,018
|
|
4,167,664
|
|
|
Deferred
revenues
|
|
9,831,309
|
|
12,731,182
|
|
|
Dividend
payable
|
|
7,726,426
|
|
-
|
|
|
Other current
liabilities
|
|
7,008,991
|
|
8,738,187
|
|
|
Total current
liabilities
|
|
39,290,606
|
|
43,052,151
|
|
|
|
|
|
|
|
|
Non-current uncertain
tax position liabilities
|
|
1,496,704
|
|
1,550,996
|
|
Other non-current
liabilities
|
|
2,497,773
|
|
3,114,903
|
|
Total
Liabilities
|
|
43,285,083
|
|
47,718,050
|
|
|
|
|
|
|
|
|
Equity
|
|
182,000,476
|
|
200,998,537
|
Total Liabilities
and Equity
|
|
225,285,559
|
|
248,716,587
|
Noah Holdings
Limited
Condensed
Consolidated Income Statements
(In U.S. dollars,
except for ADS data, per ADS data and percentages)
(unaudited)
|
|
Three months
ended
|
|
|
|
June
30,
|
|
June
30,
|
|
Change
|
|
2012
|
|
2013
|
|
|
Revenues:
|
$
|
|
$
|
|
|
Third-party revenues
|
16,072,669
|
|
26,397,769
|
|
64.2%
|
Related
party revenues
|
4,107,167
|
|
20,455,258
|
|
398.0%
|
Total
revenues
|
20,179,836
|
|
46,853,027
|
|
132.2%
|
Less:
business taxes and related surcharges
|
(1,106,122)
|
|
(2,588,670)
|
|
134.0%
|
Net
revenues
|
19,073,714
|
|
44,264,357
|
|
132.1%
|
Operating cost and
expenses:
|
|
|
|
|
|
Cost of
revenues
|
(4,210,909)
|
|
(9,204,873)
|
|
118.6%
|
Selling
expenses
|
(6,351,403)
|
|
(8,897,931)
|
|
40.1%
|
General
and administrative expenses
|
(4,213,212)
|
|
(8,934,533)
|
|
112.1%
|
Other
operating income
|
2,885,837
|
|
1,185,135
|
|
(58.9%)
|
Total operating cost
and expenses
|
(11,889,687)
|
|
(25,852,202)
|
|
117.4%
|
Income from
operations
|
7,184,027
|
|
18,412,155
|
|
156.3%
|
Other
income:
|
|
|
|
|
|
Interest
income
|
538,532
|
|
692,734
|
|
28.6%
|
Investment income
|
953,462
|
|
847,153
|
|
(11.1%)
|
Other
income
|
(387,942)
|
|
12,617
|
|
(103.3%)
|
Total other
income
|
1,104,052
|
|
1,552,504
|
|
40.6%
|
Income before taxes
and loss from equity in affiliates
|
8,288,079
|
|
19,964,659
|
|
140.9%
|
Income tax
expense
|
(2,251,407)
|
|
(5,394,450)
|
|
139.6%
|
(Loss) income from
equity in affiliates
|
161,838
|
|
165,921
|
|
2.5%
|
Net
income
|
6,198,510
|
|
14,736,130
|
|
137.7%
|
Less: net income
attributable to non-controlling interests
|
-
|
|
288,312
|
|
-
|
Net income
attributable to Noah Shareholders
|
6,198,510
|
|
14,447,818
|
|
133.1%
|
|
|
|
|
|
|
Income per ADS,
basic
|
0.11
|
|
0.26
|
|
136.4%
|
Income per ADS,
diluted
|
0.11
|
|
0.26
|
|
136.4%
|
Margin
analysis:
|
|
|
|
|
|
Operating
margin
|
37.7%
|
|
41.6%
|
|
|
Net margin
|
32.5%
|
|
33.3%
|
|
|
Weighted average ADS
equivalent: [1]
|
|
|
|
|
|
Basic
|
55,842,814
|
|
54,809,120
|
|
|
Diluted
|
56,697,568
|
|
55,746,252
|
|
|
ADS equivalent
outstanding at end of period
|
56,195,755
|
|
54,915,820
|
|
|
[1] Assumes all
outstanding ordinary shares are represented by ADSs. Each ordinary
share represents two ADSs
|
Noah Holdings
Limited
Condensed
Comprehensive Income Statements
(In U.S.
dollars)
(unaudited)
|
|
Three months
ended
|
|
|
|
June
30,
|
|
June
30,
|
|
Change
|
|
2012
|
|
2013
|
|
|
|
$
|
|
$
|
|
|
Net income
|
6,198,510
|
|
14,736,130
|
|
137.7%
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
Foreign currency translation
adjustments
|
(803,713)
|
|
1,683,916
|
|
(309.5%)
|
Comprehensive
income
|
5,394,797
|
|
16,420,046
|
|
204.4%
|
Less: Comprehensive
income attributable to non-controlling interests
|
-
|
|
387,716
|
|
-
|
Comprehensive income
attributable to Noah Shareholders
|
5,394,797
|
|
16,032,330
|
|
197.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
Supplemental
Information
(unaudited)
|
|
As
of
|
|
Change
|
|
June 30,
2012
|
|
June 30,
2013
|
|
|
|
|
|
|
|
Number of
registered clients
|
33,927
|
|
45,839
|
|
35.1%
|
Number of
relationship managers
|
550
|
|
525
|
|
(4.5%)
|
Number of
branch offices
|
60
|
|
56
|
|
(6.7%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Change
|
|
June 30,
2012
|
|
June 30,
2013
|
|
|
(in millions of RMB,
except number of active clients and percentages)
|
Number of
active clients
|
1,475
|
|
2,602
|
|
76.4%
|
Transaction
value:
|
|
|
|
|
|
Fixed
income products
|
4,025
|
|
10,618
|
|
163.8%
|
Private
equity fund products
|
1,764
|
|
1,133
|
|
(35.8%)
|
other
products, including mutual fund products, private securities
investment funds and investment-linked insurance products,
|
355
|
|
655
|
|
84.5%
|
Total
transaction value
|
6,144
|
|
12,406
|
|
101.9%
|
Average
transaction value per client
|
4.17
|
|
4.77
|
|
14.4%
|
Noah Holdings
Limited
Reconciliation of
GAAP to Non-GAAP Results
(In U.S. dollars,
except for ADS data and percentages)
(unaudited)
|
|
Three months
ended
|
|
|
|
June
30,
|
|
June
30,
|
|
Change
|
|
2012
|
|
2013
|
|
|
$
|
|
$
|
|
|
Net income
|
6,198,510
|
|
14,736,130
|
|
137.7%
|
Adjustment for share-based compensation related to:
|
|
|
|
|
|
Share options
|
401,157
|
|
58,316
|
|
(85.5%)
|
Restricted shares
|
455,589
|
|
1,612,898
|
|
254.0%
|
Adjusted net
income (non-GAAP)*
|
7,055,256
|
|
16,407,344
|
|
132.6%
|
|
|
|
|
|
|
Net margin
|
32.5%
|
|
33.3%
|
|
|
Adjusted net margin
(non-GAAP)*
|
37.0%
|
|
37.1%
|
|
|
Net income
attributable to Noah Shareholders
|
6,198,510
|
|
14,447,818
|
|
133.1%
|
Adjustment for share-based compensation related to:
|
|
|
|
|
|
Share options
|
401,157
|
|
58,316
|
|
(85.5%)
|
Restricted shares
|
455,589
|
|
1,612,898
|
|
254.0%
|
Adjusted net income
attributable to Noah Shareholders (non-GAAP)*
|
7,055,256
|
|
16,119,032
|
|
128.5%
|
|
|
|
|
|
|
Net income per ADS,
diluted
|
0.11
|
|
0.26
|
|
136.4%
|
Adjusted net income
per ADS, diluted (non-GAAP)*
|
0.12
|
|
0.29
|
|
141.7%
|
*The non-GAAP
adjustments do not take into consideration the impact of taxes on
such adjustments.
|
SOURCE Noah Holdings Limited