SHANGHAI, July 8, 2015 /PRNewswire/ -- Noah Holdings
Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth
management services provider with a focus on global wealth
investment and asset allocation services for high net worth
individuals and enterprises in China, today announced that its board of
directors has approved a share repurchase program, effective
immediately, which authorizes the Company to repurchase up to
US$50 million worth of its issued and
outstanding American Depositary Shares ("ADSs") over the course of
one year.
In addition to the Company's share repurchase program, three
executive directors, Ms. Jingbo
Wang, Mr. Zhe Yin, and Ms.
Chia-Yue Chang, all intend to
purchase Noah's ADSs on the open market.
The repurchases will be made on the open market at prevailing
market prices or in block trades and subject to restrictions
relating to volume, price and timing. The timing and extent of any
purchases will depend upon market conditions, the trading price of
the ADSs, the nature of other investment opportunities presented to
the Company, the Company's cash flows and expected cash flows,
general economic conditions and other factors. The Company and
executive directors may effect buyback transactions pursuant to
Rule 10b5-1 under the Securities Exchange Act of 1934, as
amended.
"Management is very confident in the Company's direction and
long-term value. We continue to see strong momentum in our current
businesses and are committed to delivering on our strategic plans.
We note the recent volatility in the stock market, both in
China and in the United States, with respect to
China-related companies. Our focus
has always been in assisting our clients with long-term asset
allocation, and we believe that these short-term market
fluctuations have limited impact on our core businesses and
services. This share repurchase program reflects our confidence in
the future prospects of our Company," said Ms. Jingbo Wang, Noah's co-founder, Chairman and
CEO.
Noah's management will host an English language conference call
on Thursday, July 9, 2015 at
8:00 p.m. U.S. Eastern
Time/Friday, July 10, 2015 at
8:00 a.m. Beijing/Hong Kong Time, to answer questions
from investors regarding this share repurchase program, recent
market volatility as well as the Company's overall strategic
plans. The conference call may be accessed by calling:
-- United
States
|
1-855-298-3404
|
--
China
|
4001-200-539
|
-- Hong
Kong
|
+852-5808-3202
|
--
International
|
+1-631-5142-526
|
|
|
Access
Code
|
5377990
|
A telephone replay of the English language call will be
available from one hour after the call until July 17, 2015 at 1-866-846-0868 (United States) or +61-2-9641-7900
(International). The replay access code is 5377990.
Noah's management will also host a Chinese language conference
call on Friday, July 10, 2015 at
9:30 a.m. Beijing/Hong Kong Time to answer questions
from investors. The conference call may be accessed by
calling:
-- United
States
|
+1-408-9169170
|
--
China
|
010-95057
|
-- Hong
Kong
|
3005-1399
|
--
International
|
+86-10-5851-2020
|
|
|
Access
Code
|
55114678
|
ABOUT NOAH HOLDINGS LIMITED
Founded in 2005, Noah Holdings Limited (NYSE: NOAH) is a leading
wealth management services provider with a focus on global wealth
investment and asset allocation services for high net worth
individuals and enterprises in China. From its founding to March 31, 2015, Noah distributed over
US$33.0 billion of wealth management
products. As of March 31, 2015,
Noah had assets under management of US$9.4
billion.
Noah distributes a wide array of wealth management products,
including fixed income products, private equity fund products,
mutual fund products 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 proprietary internet
finance platform to provide financial products and services to
white-collar professionals and enterprise clients in China. Noah delivers customized financial
solutions to clients through a network of 834 relationship managers
across 112 branches and sub-branches in 64 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 74,895 registered clients as of
March 31, 2015.
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 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 proposed implementation of the share
repurchase program 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 U.S. Securities and Exchange
Commission, including its annual reports on Form 20-F. All
information provided in this press release is as of the date of
this press release, and Noah does not undertake any obligation to
update any such information, including forward-looking statements,
as a result of new information, future events or otherwise, except
as required under applicable law.
Contacts:
Noah Holdings Limited
Luyao Ye
Tel: +86 21-3860-2308
ir@noahwm.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/noah-holdings-limited-announces-us50-million-share-repurchase-program-300110231.html
SOURCE Noah Holdings Limited