SHANGHAI, Oct. 24, 2016 /PRNewswire/ -- Noah Holdings
Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth
and asset management service provider with a focus on global
services for high net worth individuals and enterprises in
China, today announced that Noah,
Gopher Asset Management Co., Ltd. ("Gopher"), a consolidated
affiliated entity of Noah, and certain other affiliated entities of
Noah have entered into an Investment and Cooperation Agreement (the
"Agreement") with an affiliate of Sequoia Capital China
("Sequoia"), a preeminent private equity firm and an existing
shareholder of Noah. Subject to certain terms and conditions
set forth in the Agreement, Sequoia will make a RMB348 million (approximately US$51.7 million) strategic investment in Noah's
asset management business by acquiring equity interests in an
entity that will, through itself and/or its affiliates, hold all
equity interests and asset management assets of Gopher.
Gopher was founded in March 2010
and has become one of the leading alternative asset managers in
China, specializing in
fund-of-funds management in the private equity, real estate, hedge
funds, credit products and family office businesses. As of
June 30, 2016, Gopher's total assets
under management, or AUM, reached RMB101.2
billion.
"Sequoia has been an important existing shareholder and business
partner of Noah. We are excited about its decision to participate
in our fast-growing asset management business. We also view
Sequoia's continuous investment as a strong vote of confidence in
Noah's long-term growth prospects. We believe the deeper strategic
cooperation will ultimately benefit our clients and shareholders,"
commented Ms. Jingbo Wang,
Co-founder, Chairman of the Board of Directors and Chief Executive
Officer of Noah.
"The new strategic relationship with Sequoia will provide a
strong foundation to our further development," added Mr.
Zhe Yin, Co-founder of Noah and
Chief Executive Officer of Gopher. "Sequoia's valuable expertise in
global private equity investments will help us strengthen our
investment capabilities, expand our presence in Hong Kong and the
United States, and further solidify our leading position in
the asset management industry."
"Noah is a great institutional partner for Sequoia and its asset
management business has significant potential for accelerated
growth. We see tremendous synergies between Gopher and us. Our
investment and cooperation will help Gopher extend its product
capabilities both domestically and internationally to better serve
Chinese high net worth as well as institutional clients," commented
Neil Shen, Founding and Managing
Partner of Sequoia Capital China and a Board Director of Noah.
ABOUT NOAH HOLDINGS LIMITED
Founded in 2005, Noah Holdings Limited (NYSE: NOAH) is a leading
wealth and asset management services provider with a focus on
global services for high net worth individuals and enterprises in
China. In the second quarter of
2016, Noah distributed over RMB27.7
billion (US$4.2 billion) of
wealth management products. As of June 30,
2016, Noah had assets under management of RMB101.2 billion (US$15.2
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 develops and
manages financial products denominated in both domestic (RMB) and
foreign currencies, including real estate funds and real estate
funds of funds, private equity funds of funds, secondary market
equity funds of funds and fixed income funds of funds through
Gopher Asset Management. In addition, in 2014, the Company launched
a proprietary internet finance platform to provide financial
products and services to aspiring high net worth individuals and
enterprise clients in China. Noah
delivers customized financial solutions to clients through a
network of 1,093 relationship managers across 175 branches and
sub-branches in 68 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 114,870 registered clients as of
June 30, 2016.
For more information please visit Noah at ir.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 2016 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
Noah's 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; the expansion of
its business into the United
States; 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 qualified
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 to 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 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 statements, as a result of new information, future
events or otherwise, except as required under the applicable
law.
Contacts:
Noah Holdings Limited
Steve Zeng
Tel: +86-21-8035-9221
ir@noahwm.com
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SOURCE Noah Holdings Limited