NOAH Noah Holdings Limited

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2015

Commission File Number: 001-34936

 

 

NOAH HOLDINGS LIMITED

 

 

No. 32 Qinhuangdao Road, Building C,

Shanghai 200082, People’s Republic of China

(86-21) 3860-2301

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  x            Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

 

 

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: March 18, 2015

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EXHIBIT INDEX

Exhibit 99.1 – Press Release

Exhibit 99.2 – Press Release

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Exhibit 99.1

NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2014

SHANGHAI, CHINA — March 16, 2015 — Noah Holdings Limited (“Noah” or the “Company”) (NYSE: NOAH), a leading wealth management service provider with a focus on global wealth investment and asset allocation services for high net worth individuals and enterprises in China, today announced its unaudited financial results for the fourth quarter of 2014 and the full year ended December 31, 2014.

During the past two years, the Company has gradually transitioned from a wealth management consulting services provider to an integrated financial group with capabilities in wealth management, asset management and internet finance. In addition, in order to better reflect such transition, the Company has adjusted its internal organizational and corporate structures in the fourth quarter of 2014. In line with current business operations and corporate strategy, starting from the fourth quarter of 2014, the Company will present breakdowns of its financial results into three business segments: wealth management, asset management and internet finance. Financial results for the corresponding periods in 2013 are also broken down according to the three business segments, in order to provide clearer comparison against the 2014 numbers.

FOURTH QUARTER 2014 FINANCIAL HIGHLIGHTS

 

•

Net revenues in the fourth quarter of 2014 were US$63.3 million, a 39.2% increase from the corresponding period in 2013.

 

(US$ million)		Q4 2013				Q4 2013 Segment %				Q4 2014				Q4 2014 Segment %				YoY Change
Wealth management			37.1				81.7	%			50.6				80.0	%			36.3	%
Asset management			8.3				18.3	%			11.4				18.1	%			37.7	%
Internet finance			—				—				1.2				1.9	%			—
Total net revenues			45.4				100.0	%			63.3				100.0	%			39.2	%

 

•

Income from operations in the fourth quarter of 2014 was US$17.8 million, a 34.2% increase from the corresponding period in 2013.

 

(US$ million)		Q4 2013			Q4 2013 Segment %				Q4 2014				Q4 2014 Segment %				YoY Change
Wealth management			10.3				77.4	%			20.5				115.2	%			97.9	%
Asset management			3.0				22.6	%			2.0				11.2	%			(31.1	%)
Internet finance			—				—				(4.7	)			(26.4	%)			—
Total income from operations			13.3				100.0	%			17.8				100.0	%			34.2	%

 

•

Net income attributable to Noah shareholders in the fourth quarter of 2014 was US$14.8 million, a 10.2% increase from the corresponding period in 2013. Non-GAAP1 net income attributable to Noah shareholders in the fourth quarter of 2014 was US$15.5 million, a 6.5% increase from the corresponding period in 2013.

 

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.

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FULL YEAR 2014 FINANCIAL HIGHLIGHTS

 

•

Net revenues in the full year 2014 were US$247.9 million, a 51.3% increase from 2013.

 

(US$ million)		FY 2013				FY 2013 Segment %				FY 2014				FY 2014 Segment %				YoY Change
Wealth management			141.0				86.0	%			185.8				75.0	%			31.8	%
Asset management			22.8				14.0	%			59.3				23.9	%			160.2	%
Internet finance			—				—				2.7				1.1	%			—
Total net revenues			163.8				100.0	%			247.9				100.0	%			51.3	%

 

•

Income from operations in the full year 2014 was US$89.7 million, a 48.1% increase from 2013.

 

(US$ million)		FY 2013				FY 2013 Segment %				FY 2014				FY 2014 Segment %				YoY Change
Wealth management			51.7				85.3	%			72.2				80.5	%			39.6	%
Asset management			8.9				14.7	%			27.7				30.9	%			211.8	%
Internet finance			—				—				(10.2	)			(11.4	%)			—
Total income from operations			60.6				100.0	%			89.7				100.0	%			48.1	%

 

•

Net income attributable to Noah shareholders in the full year 2014 was US$72.4 million, a 40.8% increase from 2013. Non-GAAP net income attributable to Noah shareholders in the full year 2014 was US$77.7 million, a 37.1% increase from 2013.

FOURTH QUARTER 2014 AND FULL YEAR 2014 OPERATIONAL UPDATES

Wealth Management Business

Through its wealth management business, the Company provides global wealth investment and asset allocation services to high net worth individuals and enterprises in China.

 

•

Total number of registered clients as of December 31, 2014 increased by 31.9% year-over-year to 70,557; this figure includes 67,724 registered individual clients, 2,714 registered enterprise clients and 119 wholesale clients that have entered into cooperation agreements with the Company.

 

•

Total number of active clients2 during the fourth quarter of 2014 was 3,529, a 20.6% increase from the corresponding period in 2013. The aggregate value of wealth management products distributed by the Company during the fourth quarter of 2014 was US$1.9 billion (approximately RMB11.8 billion)3, a 4.0% increase from the corresponding period in 2013. Of this aggregate value, fixed income products accounted for 63.2%, private equity fund products accounted for 19.2%, and other products, including mutual fund products, private securities investment funds, equity linked products and insurance products, accounted for 17.6%. The average transaction value per client4 in the fourth quarter of 2014 was US$0.5 million (approximately RMB3.4 million), a 13.8% decrease from the corresponding period in 2013 due to a change of product mix.

 

•

Total number of active clients for the full year 2014 was 9,010, a 39.8% increase from 2013. The aggregate value of wealth management products distributed by the Company in the full year 2014 was US$10.3 billion (approximately RMB63.4 billion), a 42.4% increase from 2013. Of this aggregate value, fixed income products accounted for 63.5%, private equity fund products accounted for 18.9%, and other products, including mutual fund products, private securities investment funds, equity linked products and insurance products, accounted for 17.6%. The average transaction value per client for the wealth management business for the full year 2014 was US$1.1 million (approximately RMB7.0 million), a 2.0% increase from 2013.

 

•

Coverage network as of December 31, 2014 included 94 branches and sub-branches covering 63 cities, up from 91 branches and sub-branch offices covering 60 cities as of September 30, 2014. The number of relationship managers was 779 as of December 31, 2014, up from 569 as of December 31, 2013 and 775 as of September 30, 2014.

 

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 fourth quarter of 2014 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.

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Asset Management Business

The Company’s asset management business focuses on managing and developing financial products, mainly including fund of funds in private equity, real estate, hedge funds, credit products and family office business denominated in both Renminbi and U.S. dollars.

 

•

Total assets under management as of December 31, 2014 were US$8.1 billion (approximately RMB49.7 billion), a 62% increase from the end of 2013. Of this aggregate value, real estate funds and real estate fund of funds accounted for 62% compared to 77% as of the end of 2013, private equity fund of funds accounted for 21% compared to 13% as of the end of 2013, and secondary market equity fund of funds and other fixed income fund of funds accounted for 17% compared to 10% as of the end of 2013.

Internet Finance Business

Through its internet finance business, the Company provides financial product and services to white-collar professionals in China through a self-developed internet financial platform.

 

•

The aggregate value of wealth management products distributed by the Company through its internet platform for the full year 2014 was US$227.7 million (approximately RMB1.4 billion). Total number of enterprise clients as of December 31, 2014 was 205.

“We are pleased to deliver robust growth in the fourth quarter and exceed our guidance with non-GAAP net income of US$77.7 million for the full year,” said Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer. “In 2014, we continued to diversify our offerings in three core business lines and across asset classes. We also remained committed to developing proprietary products and services to meet our clients’ evolving needs as we expanded into overseas asset management and internet finance. With our leading network of relationship managers, diversified product portfolio, and loyal and rapidly growing client base, we are confident that Noah is well-positioned to benefit from the huge potential of the wealth and asset management sectors in China,” Ms. Wang added.

Mr. Kenny Lam, President of Noah, said, “Looking to 2015, with the continued strength from our established wealth management and asset management businesses as well as rapid growth from our internet finance business, we are establishing a world class platform to provide our clients with integrated financial products and services. We believe our strategic focus on enhancing our operational efficiency and capabilities, developing new growth drivers and strengthening our talent pool and brand positioning will support our sustainable development over the long term.”

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FOURTH QUARTER 2014 FINANCIAL RESULTS

Net Revenues

Net revenues for the fourth quarter of 2014 were US$63.3 million, a 39.2% increase from the corresponding period in 2013, due to increases in both one-time commission revenues and recurring service fees for the fourth quarter of 2014.

 

•

For the wealth management business, net revenues from one-time commissions for the fourth quarter of 2014 were US$26.3 million, a 45.9% increase from the corresponding period in 2013, primarily due to an increase in transaction value and average commission rate. Net revenues from recurring service fees for the fourth quarter of 2014 were US$22.4 million, a 28.5% increase from the corresponding period in 2013, mainly due to the cumulative effect of private equity funds previously distributed by the Company.

 

•

For the asset management business, net revenues from one-time commissions for the fourth quarter of 2014 were nil compare to US$0.6 million in the corresponding period in 2013. Net revenues from recurring service fees for the fourth quarter of 2014 were US$11.0 million, a 38.1% increase from the corresponding period in 2013, mainly due to the increase in assets under management by the Company since the second half of 2012. Net revenues from other service fees for the fourth quarter of 2014 were US$0.5 million, which mainly include performance-based income. We received and recognized performance-based income for the first time in 2014.

 

•

Net revenues from the internet finance business for the fourth quarter of 2014 were US$1.2 million, presented as other service fees.

Operating cost and expenses

Operating cost and expenses for the fourth quarter of 2014, including compensation and benefits, selling expenses, G&A expenses, other operating expenses and government subsidies, were US$45.4 million, a 41.3% increase from the corresponding period in 2013.

 

•

Operating cost and expenses of the wealth management business for the fourth quarter of 2014 were US$30.2 million, a 12.5% increase from the corresponding period in 2013. As part of the new segmentation, compensation and benefits are reclassified from each line items of operating cost and expenses to be presented as a separate line item. Comparable data of prior periods have also been adjusted accordingly. For the wealth management business:

 

•

Compensation and benefits, which mainly include compensation of relationship managers and back-office employees, were US$23.7 million, a 45.5% increase from the corresponding period in 2013. In the fourth quarter of 2014, relationship manager compensation increased by 49.3% year-over-year, which is in line with the net increase in one-time commission income compared with the same period in the prior year. The increase in other compensation was mainly due to the expansion of the Company’s back-office departments.

 

•

Selling expenses for the fourth quarter of 2014 were US$7.8 million, a 47.4% increase from the corresponding period in 2013, primarily due to increased expenses in general marketing activities and professional consulting fees.

 

•

G&A expenses for the fourth quarter of 2014 were US$4.5 million, an 11.5% decrease from the corresponding period in 2013, resulting from decreases in consulting fees related to the wealth management business.

 

•

Other operating expenses mainly included costs incurred directly in relation to our revenues. Other operating expenses for the fourth quarter of 2014 were US$1.4 million, representing an increase of US$1.3 million year-over-year. The increase was mainly due to the expansion of our other businesses including insurance and education, as well as the increase in bank charges in connection with the increased transaction volume through our mutual fund distribution channel.

 

•

Government subsidies represent cash subsidies received in the PRC from local governments for general corporate purposes. Government subsidies for the fourth quarter of 2014 were US$7.2 million, a significant increase from the corresponding period in 2013.

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Operating cost and expenses of the asset management business for the fourth quarter of 2014 were US$9.4 million, a 75.6% increase from the corresponding period in 2013. For the asset management business:

 

•

Compensation and benefits mainly include compensation of fund managers and back-office employees. Compensation and benefits for the fourth quarter of 2014 were US$4.9 million, a 66.7% increase from the corresponding period in 2013, in line with the increase in headcount to manage an increased volume of funds.

 

•

Selling expenses for the fourth quarter of 2014 were US$0.5 million, US$0.3 million less compared with the corresponding period in 2013.

 

•

G&A expenses for the fourth quarter of 2014 were US$4.6 million, a 177.0% increase from the corresponding period in 2013, mainly driven by increased consultant expenses incurred in relation to the corporate strategy of segmentation and costs associated with the newly rented office building for our asset management business.

 

•

Operating cost and expenses of the internet finance business for the fourth quarter of 2014 were US$5.9 million, which mainly included compensation and benefits of US$3.9 million, selling expenses of US$0.3 million, G&A expenses of US$1.2 million and other operating expenses of US$0.4 million. These represent our expenses in human resources, marketing, internet infrastructures and other expenses incurred in promoting our internet finance business.

Operating Margin

Operating margin for the fourth quarter of 2014 was 28.2%, as compared to 29.2% for the corresponding period in 2013.

 

•

Operating margin of the wealth management business for the fourth quarter of 2014 was 40.4%, compared to 27.8% for the corresponding period in 2013. The increase was mainly due to higher level of government subsidies the Company received in the fourth quarter of 2014 compared with the corresponding period in 2013.

 

•

Operating margin of the asset management business for the fourth quarter of 2014 was 17.8%, compared to 35.5% for the corresponding period in 2013. The decrease in operating margin year-over-year for the fourth quarter of 2014 was mainly attributable to increased consultant expenses incurred in relation to the corporate strategy of segmentation and the costs associated with the newly rented office building for our asset management business.

 

•

Operating loss of the internet finance business for the fourth quarter of 2014 was US$4.5 million. The Company began to operate its internet finance business in the second quarter of 2014.

Income Tax Expenses

Income tax expenses for the fourth quarter of 2014 were US$5.4 million, a 169.8% increase from the corresponding period in 2013. The year-over-year increase for the fourth quarter of 2014 was primarily attributable to the lower income tax expenses in the fourth quarter of 2013 due to the utilization of net operating loss carried over from prior years.

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Net Income

Net income attributable to Noah shareholders for the fourth quarter of 2014 was US$14.8 million, a 10.2% increase from the corresponding period in 2013. Net margin for the fourth quarter of 2014 was 23.6%, as compared to 30.7% for the corresponding period in 2013. Net income per basic and diluted ADS for the fourth quarter of 2014 were both US$0.26, as compared to US$0.24 for the corresponding period in 2013.

Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2014 was US$15.5 million, a 6.5% increase from the corresponding period in 2013. Non-GAAP net margin for the fourth quarter of 2014 was 24.5%, as compared to 32.0% for the corresponding period in 2013. Non-GAAP net income per diluted ADS for the fourth quarter of 2014 was US$0.27, as compared to US$0.26 for the corresponding period in 2013.

FULL YEAR 2014 FINANCIAL RESULTS

Net Revenues

Net revenues for the full year 2014 were US$247.9 million, a 51.3% increase from 2013, due to increases in both one-time commission revenues and recurring service fees for the full year 2014.

 

•

For the wealth management business, net revenues from one-time commissions for the full year 2014 were US$92.8 million, a 25.4% increase from 2013, primarily due to an increase in transaction value and average commission rate. Net revenues from recurring service fees for the full year 2014 were US$89.7 million, a 44.0% increase from 2013, mainly due to the cumulative effect of private equity funds previously distributed by the Company.

 

•

For the asset management business, net revenues from one-time commissions for the full year 2014 were nil compare to US$0.6 million in 2013. Net revenues from recurring service fees for the full year 2014 were US$45.3 million, a 112.7% increase from 2013. The year-over-year increase for the full year 2014 was mainly due to the increase in assets under management by the Company since the second half of 2012. Net revenues from other service fees for the full year 2014 were US$14.0 million, which mainly include performance-based income. We received and recognized performance-based income for the first time in 2014.

 

•

Net revenues from the internet finance business for the full year 2014 were US$2.7 million compared with nil in 2013, as the Company launched its internet finance business in the second quarter of 2014.

Operating cost and expenses for the full year 2014 were US$158.2 million, a 53.3% increase from 2013.

 

•

Operating cost and expenses of the wealth management business for the full year 2014 were US$113.7 million, a 27.3% increase from 2013. For the wealth management business:

 

•

Compensation and benefits in the full year 2014 were US$86.7 million, including compensation of relationship managers of US$51.8 million and compensation of back-office employees of US$34.9 million. Total compensation and benefits increased by 34.5% year-over-year, which is in line with the increase in revenues from the wealth management business.

 

•

Selling expenses for the full year 2014 were US$22.0 million, a 45.2% increase from 2013, primarily due to increased expenses in general marketing activities, rental expenses and client related service fees.

 

•

G&A expenses for the full year 2014 were US$12.1million, a 13.7% decrease from the corresponding period in 2013, resulting from decreases in consulting fees related to the wealth management business.

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Other operating expenses for the full year 2014 were US$3.8 million, representing an increase of US$3.1 million year-over-year. The significant increase was mainly due to the expansion of our other businesses, including insurance and education, as well as the increase in bank charges in connection with the increased transaction volume through our mutual fund distribution channel.

 

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Government subsidies for the full year 2014 were US$10.9 million, a 119.0% increase from 2013, due to the subsidies received from certain local governments in the PRC in relation to the increased amount of investments the Company made and taxable income it generated in certain local districts.

 

•

Operating cost and expenses of the asset management business for the full year 2014 were US$31.6 million, a 127.4% increase from 2013. For the asset management business:

 

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Compensation and benefits for the full year 2014 were US$23.9 million, a 177.3% increase from the corresponding period in 2013, driven by the increased volume of funds under management.

 

•

Selling expenses for the full year 2014 were US$1.6 million, a 2.7% increase from 2013.

 

•

G&A expenses for the full year 2014 were US$9.8 million, a 140.9% increase from 2013, mainly driven by increased expenses incurred to build back-office departments, consultant expenses incurred related the corporate strategy of segmentation and costs of the newly rented office building for our asset management business.

 

•

Operating cost and expenses of the internet finance business for the full year 2014 were US$12.9 million, which mainly include compensation and benefits of US$9.1 million, selling expenses of US$0.4 million, G&A expenses of US$2.7 million and other operating expenses of US$0.8 million.

Operating Margin

Operating margin for the full year 2014 was 36.2%, as compared to 37.0% for 2013. The year-over-year decreases for the fourth quarter of 2014 and the full year 2014 were mainly attributable to our continuing investment in our internet finance business.

 

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Operating margin of the wealth management business for the full year 2014 was 38.8%, as compared to 36.7% for 2013.

 

•

Operating margin of the asset management business for the full year 2014 was 46.7%, as compared to 38.9% for 2013.

 

•

Operating loss of the internet finance business for the full year 2014 was US$10.2 million.

Income Tax Expenses

Income tax expenses for the full year 2014 were US$24.5 million, a 50.8% increase from US$16.3 million in 2013, primarily due to an increase in taxable income.

Net Income

Net income attributable to Noah shareholders for the year 2014 was US$72.4 million, a 40.8% increase from 2013. Net margin for the year 2014 was 30.3%, as compared to 32.4% for 2013. Net income per basic and diluted ADS for the year 2014 were US$1.30 and US$1.28, respectively, as compared to US$0.94 and US$0.92 for 2013.

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Non-GAAP net income attributable to Noah shareholders for the year 2014 was US$77.7 million, a 37.1% increase from 2013. Non-GAAP net margin for the year 2014 was 31.3%, as compared to 34.6% for 2013. Non-GAAP net income per diluted ADS for the year 2014 was US$1.38, as compared to US$1.01 for 2013.

Balance Sheet and Cash Flow

As of December 31, 2014, the Company had US$282.1 million in cash and cash equivalents, an increase of US$23.6 million from US$258.5 million as of September 30, 2014, and an increase of US$86.0 million from US$196.1 million as of December 31, 2013. In the fourth quarter of 2014, the Company generated US$39.8 million from its operating activities and used a net US$14.6 million in investing activities, mostly related to investment in affiliates. The Company generated US$95.1 million from its operating activities, used a net US$14.8 million in its investing activities, and generated a net US$9.7 million from its financing activities for the full year 2014.

2015 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2015 is expected to be in the range of US$90.0 million to US$95.0 million, representing a year-over-year increase in the range of 15.9% to 22.3%. This estimate reflects management’s current business outlook and is subject to change.

CONFERENCE CALL

Senior management will host a conference call on Monday, March 16, 2015 at 8:00 pm (Eastern) / 5:00 pm (Pacific) / 8:00 am (Hong Kong, Tuesday, March 17, 2015) to discuss its fourth quarter and full year 2014 unaudited financial results and recent business activities. The conference call may be accessed by calling the following numbers:

 

		Toll Free
United States		+1-888-346-8982
China		4001-201203
Hong Kong		800-90-5945
		Toll
International		+1-412-902-4272
Conference ID #		Noah Holdings Limited Call

A telephone replay will be available one hour after the call until March 23, 2015 at +1-877-344-7529 (US Local Toll) or +1-412-317-0088 (International). Conference ID # 10061711.

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.

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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

Founded in 2005, Noah Holdings Limited (NYSE: NOAH) is a leading wealth management service provider with a focus on global wealth investment and asset allocation services for high net worth individuals and enterprises in China. Noah distributed US$10.3 billion of wealth management products in 2014 and had a total of US$8.1 billion of assets under management as of December 31, 2014.

Noah distributes a wide array of wealth management products including fixed income products, private equity funds, mutual funds and insurance products. Noah also manages private equity funds, real estate funds, hedge funds, and other assets through Gopher Asset Management. In addition, in the second quarter of 2014, the Company launched a self-developed internet finance platform to provide financial products and services to white-collar professionals in China. Noah delivers customized financial solutions to clients through a network of 779 relationship managers across 94 branches and sub-branches in 63 cities in China, and serves the international investment needs of its clients through a wholly-owned subsidiary in Hong Kong. The Company’s wealth management business had 70,557 registered clients as of December 31, 2014 and 9,010 active clients in 2014.

Noah has won numerous awards including Hurun Report’s Popular Independent Wealth Management Institution award in 2013 and 2014, Forbes’ Best Potential Business in China award in 2015, Deloitte’s Technology Fast 500 Asia Pacific award in 2013, and STCN’s Best Third Party Wealth Management Company award in 2014.

For more information please visit Noah 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 2015 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 reports on Form 20-F. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statement, as a result of new information, future events or otherwise, except as required under applicable law.

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Contacts:

Noah Holdings Limited

Ke-Li Cheng, Officer of IR

Tel: +86 21 2510 0889

ir@noahwm.com

— FINANCIAL AND OPERATIONAL TABLES FOLLOW —

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Noah Holdings Limited

Condensed Consolidated Balance Sheets

(In U.S. dollars)

(unaudited)

 

		As of
		September 30, 2014				December 31, 2014
		$				$
Assets
Current assets:
Cash and cash equivalents			258,459,924				282,081,829
Restricted cash			162,920				161,171
Short-term investments			26,037,694				22,182,012
Accounts receivable, net of allowance for doubtful accounts of nil at September 30, 2014 and December 31, 2014			22,840,267				10,970,775
Loans receivable			8,577,462				6,932,469
Deferred tax assets			789,145				3,522,054
Amounts due from related parties			24,446,914				31,085,548
Other current assets			7,119,402				9,430,135
Total current assets			348,433,728				366,365,993
Long-term investments			11,789,800				9,870,939
Investment in affiliates			19,867,059				35,817,261
Property and equipment, net			12,970,238				14,852,566
Non-current deferred tax assets			1,571,197				2,262,489
Other non-current assets			1,985,605				1,930,814
Total Assets			396,617,627				431,100,062
Liabilities and Equity
Current liabilities:
Accrued payroll and welfare expenses			41,517,860				51,649,188
Income tax payable			4,902,151				8,936,390
Amounts due to related parties			36,334				125,459
Deferred revenues			19,784,572				15,747,984
Short-term bank loans			8,145,976				8,058,537
Other current liabilities			17,761,287				27,134,180
Total current liabilities			92,148,180				111,651,738
Non-current uncertain tax position liabilities			1,762,402				1,793,459
Other non-current liabilities			3,401,455				5,004,281
Total Liabilities			97,312,037				118,449,478
Equity			299,305,590				312,650,584
Total Liabilities and Equity			396,617,627				431,100,062

---

Noah Holdings Limited

Condensed Consolidated Income Statements

(In U.S. dollars, except for ADS data, per ADS data and percentages)

(unaudited)

 

		Three months ended
		December 31, 2013				December 31, 2014				Change
		$				$
Revenues:
Third-party revenues
One-time commissions			15,504,040				22,303,654				43.9	%
Recurring service fees			9,361,186				14,146,916				51.1	%
Other service fees			1,883,178				3,759,172				99.6	%
Total third-party revenues			26,748,404				40,209,742				50.3	%
Related party revenues
One-time commissions			4,153,964				5,616,654				35.2	%
Recurring service fees			17,486,442				21,226,647				21.4	%
Other service fees			(319,574	)			30,213				(109.5	%)
Total Related party revenues			21,320,832				26,873,514				26.0	%
Total revenues			48,069,236				67,083,256				39.6	%
Less: business taxes and related surcharges			(2,624,299	)			(3,810,240	)			45.2	%
Net revenues			45,444,937				63,273,016				39.2	%
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation			(9,851,614	)			(15,054,081	)			52.8	%
Other Compensations			(9,388,745	)			(17,503,361	)			86.4	%
Total compensation and benefits			(19,240,359	)			(32,557,442	)			69.2	%
Selling expenses			(6,040,860	)			(8,510,245	)			40.9	%
General and administrative expenses			(6,710,277	)			(10,276,744	)			53.1	%
Other operating expenses			(181,678	)			(2,020,560	)			1012.2	%
Government subsidies			16,686				7,925,517				47398.0	%
Total operating cost and expenses			(32,156,488	)			(45,439,474	)			41.3	%
Income from operations			13,288,449				17,833,542				34.2	%
Other income:
Interest income			1,134,154				1,513,146				33.4	%
Investment income			890,285				814,270				(8.5	%)
Other income			202,683				133,775				(34.0	%)
Total other income			2,227,122				2,461,191				10.5	%
Income before taxes and loss from equity in Affiliates			15,515,571				20,294,733				30.8	%
Income tax expense			(1,995,926	)			(5,385,677	)			169.8	%
Income from equity in affiliates			444,244				16,203				(96.4	%)
Net income			13,963,889				14,925,259				6.9	%
Less: net income attributable to non-controlling Interests			571,011				170,783				(70.1	%)
Net income attributable to Noah Shareholders			13,392,878				14,754,476				10.2	%
Income per ADS, basic			0.24				0.26				8.3	%
Income per ADS, diluted			0.24				0.26				8.3	%
Margin analysis:
Operating margin			29.2	%			28.2	%
Net margin			30.7	%			23.6	%
Weighted average ADS equivalent: [1]
Basic			55,187,820				56,018,144
Diluted			56,456,470				56,573,597
ADS equivalent outstanding at end of period			55,296,131				56,110,604

 

[1]	Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs

---

Noah Holdings Limited

Condensed Consolidated Income Statements

(In U.S. dollars, except for ADS data, per ADS data and percentages)

 

		Twelve months ended
		December 31, 2013 (audited)				December 31, 2014 (unaudited)				Change
		$				$
Revenues:
Third-party revenues
One-time commissions			57,972,609				68,698,354				18.5	%
Recurring service fees			32,951,345				51,892,138				57.5	%
Other service fees			5,065,113				8,864,477				75.0	%
Total third-party revenues			95,989,067				129,454,969				34.9	%
Related party revenues
One-time commissions			20,841,594				29,322,581				40.7	%
Recurring service fees			55,508,435				90,885,669				63.7	%
Other service fees			979,839				12,585,342				1184.4	%
Total Related party revenues			77,329,868				132,793,592				71.7	%
Total revenues			173,318,935				262,248,561				51.3	%
Less: business taxes and related surcharges			(9,547,102	)			(14,380,469	)			50.6	%
Net revenues			163,771,833				247,868,092				51.3	%
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation			(33,436,866	)			(52,246,943	)			56.3	%
Performance Fee Compensation			—				(3,536,240	)			—
Other Compensations			(39,606,754	)			(63,826,889	)			61.2	%
Total compensation and benefits			(73,043,620	)			(119,610,072	)			63.8	%
Selling expenses			(16,660,044	)			(23,896,620	)			43.4	%
General and administrative expenses			(18,087,184	)			(24,611,880	)			36.1	%
Other operating expenses			(734,300	)			(4,861,700	)			562.1	%
Government subsidies			5,323,670				14,792,142				177.9	%
Total operating cost and expenses			(103,201,478	)			(158,188,130	)			53.3	%
Income from operations			60,570,355				89,679,962				48.1	%
Other income (expenses):
Interest income			3,302,545				6,312,498				91.1	%
Investment income			3,924,457				3,821,469				(2.6	%)
Other income (expense) income			312,140				(2,270,347	)			(827.3	%)
Total other income			7,539,142				7,863,620				4.3	%
Income before taxes and loss from equity in affiliates			68,109,497				97,543,582				43.2	%
Income tax expenses			(16,263,292	)			(24,531,504	)			50.8	%
Income from equity in affiliates			1,191,833				2,200,504				84.6	%
Net income			53,038,038				75,212,582				41.8	%
Less: net income attributable to non-controlling interests			1,602,867				2,806,078				75.1	%
Net income attributable to Noah Shareholders			51,435,171				72,406,504				40.8	%
Income per ADS, basic			0.94				1.30				38.3	%
Income per ADS, diluted			0.92				1.28				39.1	%
Margin analysis:
Operating margin			37.0	%			36.2	%
Net margin			32.4	%			30.3	%
Weighted average ADS equivalent: [2]
Basic			54,960,300				55,747,002
Diluted			56,016,772				56,455,646

 

[2]	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
		December 31, 2013				December 31, 2014				Change
		$				$
Net income			13,963,889				14,925,259				6.9	%
Other comprehensive income, net of tax:
Foreign currency translation adjustments			1,972,903				(3,356,467	)			(270.1	%)
Fair value fluctuation of available for sale Investment (after tax)			—				17,074				—
Comprehensive income			15,936,792				11,585,876				(27.3	%)
Less: Comprehensive income (loss) attributable to non-controlling interests			680,006				(231,576	)			(134.1	%)
Comprehensive income attributable to Noah Shareholders			15,256,786				11,817,452				(22.5	%)

Noah Holdings Limited

Condensed Comprehensive Income Statements

(In U.S. dollars)

 

		Twelve months ended
		December 31, 2013				December 31, 2014				Change
		$				$
Net income			53,038,038				75,212,582				41.8	%
Other comprehensive income, net of tax:
Foreign currency translation adjustments			4,508,372				(5,163,862	)			(214.5	%)
Fair value fluctuation of available for sale Investment (after tax)			—				422,324				—
Comprehensive income			57,546,410				70,471,044				22.5	%
Less: Comprehensive income attributable to non-controlling interests			1,880,168				2,227,448				18.5	%
Comprehensive income attributable to Noah Shareholders			55,666,242				68,243,596				22.6	%

---

Noah Holdings Limited

Supplemental Information

(unaudited)

 

		As of
		December 31, 2013				December 31, 2014				Change
Number of registered clients			53,501				70,557				31.9	%
Number of relationship managers			569				779				36.9	%
Number of branch offices			57				63				10.5	%
		Three months ended
		December 31, 2013				December 31, 2014				Change
		(in millions of RMB, except number of active clients and percentages)
Number of active clients			2,927				3,529				20.6	%
Transaction value:
Fixed income products			9,502				7,479				(21.3	%)
Private equity fund products			1,315				2,276				73.1	%
Other products, including mutual fund products, private securities investment funds and insurance products			560				2,076				270.7	%
Total transaction value			11,377				11,831				4.0	%
Average transaction value per client			3.89				3.35				(13.9	%)
		Twelve months ended
		December 31, 2013				December 31, 2014				Change
		(in millions of RMB, except number of active clients and percentages)
Number of active clients			6,445				9,010				39.6	%
Transaction value:
Fixed income products			35,709				40,212				12.6	%
Private equity fund products			6,426				11,971				86.3	%
Other products, including mutual fund products, private securities investment funds and insurance products			2,352				11,187				375.6	%
Total transaction value			44,487				63,371				42.4	%
Average transaction value per client			6.90				7.03				1.9	%

---

Noah Holdings Limited

Segment Condensed Income Statements

(In U.S. dollars, except for ADS data, per ADS data and percentages)

(unaudited)

 

		Three months ended
		December 31, 2013				December 31, 2014				Change
		$				$
Wealth Management Business
Revenues:
Third-party revenues
One-time commissions			15,291,714				22,303,654				45.9	%
Recurring service fees			7,094,015				11,396,107				60.6	%
Other service fees			1,798,306				2,053,333				14.2	%
Total third-party revenues			24,184,035				35,753,094				47.8	%
Related party revenues
One-time commissions			3,761,205				5,616,654				49.3	%
Recurring service fees			11,380,798				12,460,492				9.5	%
Total Related party revenues			15,142,003				18,077,146				19.4	%
Total revenues			39,326,038				53,830,240				36.9	%
Less: business taxes and related surcharges			(2,176,246	)			(3,208,737	)			47.4	%
Net revenues			37,149,792				50,621,503				36.3	%
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation			(9,836,241	)			(14,688,971	)			49.3	%
Other Compensations			(6,479,638	)			(9,043,014	)			39.6	%
Total compensation and benefits			(16,315,879	)			(23,731,985	)			45.5	%
Selling expenses			(5,275,677	)			(7,777,688	)			47.4	%
General and administrative expenses			(5,066,970	)			(4,482,375	)			(11.5	%)
Other operating expenses			(166,416	)			(1,417,939	)			752.0	%
Government subsidies			16,686				7,249,500				43346.6	%
Total operating cost and expenses			(26,808,256	)			(30,160,487	)			12.5	%
Income from operations			10,341,536				20,461,016				97.9	%

---

Noah Holdings Limited

Segment Condensed Income Statements

(In U.S. dollars, except for ADS data, per ADS data and percentages)

(unaudited)

 

		Twelve months ended
		December 31, 2013				December 31, 2014				Change
		$				$
Wealth Management Business
Revenues:
Third-party revenues
One-time commissions			57,813,505				68,973,857				19.3	%
Recurring service fees			28,434,140				39,462,923				38.8	%
Other service fees			4,891,288				3,216,364				(34.2	%)
Total third-party revenues			91,138,933				111,653,144				22.5	%
Related party revenues
One-time commissions			20,551,396				29,396,691				43.0	%
Recurring service fees			37,492,722				55,589,582				48.3	%
Other service fees			44,199				333,455				654.4	%
Total Related party revenues			58,088,317				85,319,728				46.9	%
Total revenues			149,227,250				196,972,872				32.1	%
Less: business taxes and related surcharges			(8,237,942	)			(11,129,939	)			35.1	%
Net revenues			140,989,308				185,842,933				31.8	%
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation			(33,362,053	)			(51,843,586	)			55.4	%
Other Compensations			(31,077,968	)			(34,851,930	)			12.1	%
Total compensation and benefits			(64,440,021	)			(86,695,516	)			34.5	%
Selling expenses			(15,117,644	)			(21,951,311	)			45.2	%
General and administrative expenses			(14,037,239	)			(12,117,434	)			(13.7	%)
Other operating expenses			(694,460	)			(3,836,816	)			452.5	%
Government subsidies			4,997,145				10,943,240				119.0	%
Total operating cost and expenses			(89,292,219	)			(113,657,837	)			27.3	%
Income from operations			51,697,089				72,185,096				39.6	%

---

Noah Holdings Limited

Segment Condensed Income Statements

(In U.S. dollars, except for ADS data, per ADS data and percentages)

(unaudited)

 

		Three months ended
		December 31, 2013				December 31, 2014				Change
		$				$
Asset Management Business
Revenues:
Third-party revenues
One-time commissions			212,326				—				(100.0	%)
Recurring service fees			2,267,171				2,750,809				21.3	%
Other service fees			84,872				473,935				458.4	%
Total third-party revenues			2,564,369				3,224,744				25.8	%
Related party revenues
One-time commissions			436,911				—				(100.0	%)
Recurring service fees			6,105,644				8,766,155				43.6	%
Other service fees			(363,726	)			—				(100.0	%)
Total Related party revenues			6,178,829				8,766,155				41.9	%
Total revenues			8,743,198				11,990,899				37.1	%
Less: business taxes and related surcharges			(448,053	)			(567,021	)			26.6	%
Net revenues			8,295,145				11,423,878				37.7	%
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation			(15,373	)			—				(100.0	%)
Other Compensations			(2,909,107	)			(4,875,580	)			67.6	%
Total compensation and benefits			(2,924,480	)			(4,875,580	)			66.7	%
Selling expenses			(765,183	)			(454,331	)			(40.6	%)
General and administrative expenses			(1,643,307	)			(4,551,221	)			177.0	%
Other operating expenses			(15,262	)			(188,548	)			1135.4	%
Government subsidies			—				676,017				—
Total operating cost and expenses			(5,348,232	)			(9,393,663	)			75.6	%
Income from operations			2,946,913				2,030,215				(31.1	%)

---

Noah Holdings Limited

Segment Condensed Income Statements

(In U.S. dollars, except for ADS data, per ADS data and percentages)

(unaudited)

 

		Twelve months ended
		December 31, 2013				December 31, 2014				Change
		$				$
Asset Management Business
Revenues:
Third-party revenues
One-time commissions			212,326				—				(100.0	%)
Recurring service fees			4,517,205				12,429,215				175.2	%
Other service fees			120,603				2,655,721				2102.0	%
Total third-party revenues			4,850,134				15,084,936				211.0	%
Related party revenues
One-time commissions			436,911				—				(100.0	%)
Recurring service fees			18,015,713				35,291,220				95.9	%
Other service fees			788,927				12,038,725				1426.0	%
Total Related party revenues			19,241,551				47,329,945				146.0	%
Total revenues			24,091,685				62,414,881				159.1	%
Less: business taxes and related surcharges			(1,309,160	)			(3,127,877	)			138.9	%
Net revenues			22,782,525				59,287,004				160.2	%
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation			(74,813	)			(38,246	)			(48.9	%)
Performance Fee Compensation			—				(3,536,240	)			—
Other Compensations			(8,528,786	)			(20,282,224	)			137.8	%
Total compensation and benefits			(8,603,599	)			(23,856,710	)			177.3	%
Selling expenses			(1,542,400	)			(1,583,422	)			2.7	%
General and administrative expenses			(4,049,945	)			(9,755,093	)			140.9	%
Other operating expenses			(39,840	)			(272,047	)			582.8	%
Government subsidies			326,525				3,844,512				1077.4	%
Total operating cost and expenses			(13,909,259	)			(31,622,760	)			127.4	%
Income from operations			8,873,266				27,664,244				211.8	%

---

Noah Holdings Limited

Segment Condensed Income Statements

(In U.S. dollars, except for ADS data, per ADS data and percentages)

(unaudited)

 

		Three months ended December 31, 2014				Twelve months ended December 31, 2014
		$				$
Internet Finance Business
Revenues:
Third-party revenues
Other service fees			1,231,904				2,716,889
Total third-party revenues			1,231,904				2,716,889
Related party revenues
Recurring service fees							4,867
Other service fees			30,213				139,052
Total Related party revenues			30,213				143,919
Total revenues			1,262,117				2,860,808
Less: business taxes and related surcharges			(34,482	)			(122,653	)
Net revenues			1,227,635				2,738,155
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation			(365,110	)			(365,110	)
Other Compensations			(3,584,767	)			(8,692,736	)
Total compensation and benefits			(3,949,877	)			(9,057,846	)
Selling expenses			(278,226	)			(361,887	)
General and administrative expenses			(1,243,148	)			(2,739,353	)
Other operating expenses			(414,073	)			(752,837	)
Government subsidies			—				4,390
Total operating cost and expenses			(5,885,324	)			(12,907,533	)
Income from operations			(4,657,689	)			(10,169,378	)

---

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

(In U.S. dollars, except for ADS data and percentages)

(unaudited)

 

		Three months ended
		December 31, 2013				December 31, 2014				Change
		$				$
Net margin			30.7	%			23.6	%
Adjusted net margin (non-GAAP)*			33.3	%			24.8	%
Net income attributable to Noah Shareholders			13,392,878				14,754,476				10.2	%
Adjustment for share-based compensation related to:
Share options			37,989				327,336				761.7	%
Restricted shares			1,127,234				424,136				(62.4	%)
Adjusted net income attributable to Noah Shareholders (non-GAAP)*			14,558,101				15,505,948				6.5	%
Net income attributable to Noah Shareholders per ADS, diluted			0.24				0.26				8.3	%
Adjusted net income attributable to Noah Shareholders per ADS, diluted (non-GAAP)*			0.26				0.27				3.8	%

 

*	The non-GAAP adjustments do not take into consideration the impact of taxes on such adjustments.

---

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

(In U.S. dollars, except for ADS data and percentages)

(unaudited)

 

		Twelve months ended
		December 31, 2013				December 31, 2014				Change
		$				$
Net margin			32.4	%			30.3	%
Adjusted net margin (non-GAAP)*			35.6	%			32.5	%
Net income attributable to Noah Shareholders			51,435,171				72,406,504				40.8	%
Adjustment for share-based compensation related to:
Share options			205,699				1,464,233				611.8	%
Restricted shares			5,040,248				3,834,496				(23.9	%)
Adjusted net income attributable to Noah Shareholders (non-GAAP)*			56,681,118				77,705,233				37.1	%
Net income attributable to Noah Shareholders per ADS, diluted			0.92				1.28				39.1	%
Adjusted net income attributable to Noah Shareholders per ADS, diluted (non-GAAP)*			1.01				1.38				36.6	%

 

*	The non-GAAP adjustments do not take into consideration the impact of taxes on such adjustments.

---

Exhibit 99.2

NOAH HOLDINGS LIMITED APPOINTS KENNY LAM AS GROUP PRESIDENT

SHANGHAI, CHINA — March 17, 2015 — Noah Holdings Limited (“Noah” or the “Company”) (NYSE: NOAH), China’s leading wealth and asset management service provider, focusing on global wealth investment and asset allocation services for high net worth individuals and enterprises in China, today announced the appointment of Kenny Lam to be Group President effective immediately. He will oversee Noah’s operational and management functions and key strategic initiatives. He will report directly to Ms. Jingbo Wang, Chairman and Chief Executive Officer of Noah.

“I am excited to have Kenny join Noah’s executive leadership team as he brings a wealth of experience and knowledge of the financial services sector,” said Ms. Jingbo Wang, Founder, Chairman of the Board of Directors, and Chief Executive Officer. “Kenny’s professional expertise in strategic planning, new management and operational approaches, and his deep familiarity with our business and strategy make him the ideal candidate to help our businesses grow and achieve our long term goals. He has shown a longstanding and tireless commitment to Noah through his leadership of the McKinsey team serving Noah for multiple years. I will partner with Kenny and will focus on driving new business development and key strategic initiatives. We believe, together with the entire team, we will bring Noah to new levels of success.”

Mr. Lam brings 14 years of experience in strategic, operational and management transformations in the financial industry. He was a Global Senior Partner at McKinsey and a co-leader of its Asia Financial Service Practice, covering 13 markets across Asia. He was the fastest rising Partner in McKinsey Asia when elected as a Global Partner within six years from his entry to McKinsey. Under his leadership, McKinsey’s private, retail and digital banking practices have more than tripled their client activities. He has led transformational programs for leading financial institutions across China, India, Taiwan, Singapore, Hong Kong, Korea and Japan on a wide range of strategic, financial and operational topics and is McKinsey’s expert on private banking and wealth management. He has worked with governments and regulators on private banking strategy in the key offshore hubs of Asia. At McKinsey, he was also the Chairman of its people performance review committees, overseeing the review of Greater China’s more than 200 professionals.

Before McKinsey, he was with American law firm Shearman & Sterling in New York and Hong Kong, counseling multinational corporations in various M&A transactions and NYSE/Nasdaq public offerings.

Mr. Lam graduated with a MA (Honours) in Law from Oxford University and magna cum laude with a BS in Finance from the Wharton School of the University of Pennsylvania, where he was a Joseph Wharton Scholar and a Benjamin Franklin Scholar.

ABOUT NOAH HOLDINGS LIMITED

Founded in 2005, Noah Holdings Limited (NYSE: NOAH) is a leading wealth management service provider with a focus on global wealth investment and asset allocation services for high net worth individuals and enterprises in China. Noah distributed US$10.3 billion of wealth management products in 2014 and had a total of US$8.1 billion of assets under management as of December 31, 2014.

Noah distributes a wide array of wealth management products including fixed income products, private equity funds, mutual funds and insurance products. Noah also manages private equity funds, real estate funds, hedge funds, and other assets through Gopher Asset Management. In addition, in the second quarter of 2014, the Company launched a self-developed internet finance platform to provide financial products and services to white-collar professionals in China. Noah delivers customized financial solutions to clients through a network of 779 relationship managers across 94 branches and sub-branches in 63 cities in China, and serves the international investment needs of its clients through a wholly-owned subsidiary in Hong Kong. The Company’s wealth management business had 70,557 registered clients as of December 31, 2014 and 9,010 active clients in 2014.

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Noah has won numerous awards including Hurun Report’s Popular Independent Wealth Management Institution award in 2013 and 2014, Forbes’ Best Potential Business in China award in 2015, Deloitte’s Technology Fast 500 Asia Pacific award in 2013, and STCN’s Best Third Party Wealth Management Company award in 2014.

For more information please visit Noah 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 2014 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

Ke-Li Cheng, Officer of IR

Tel: +86 21 2510 0889

ir@noahwm.com