SHANGHAI, Dec. 20, 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 it has
adopted a written trading plan for the purpose of repurchasing up
to $20 million of its issued and
outstanding American Depositary Shares (ADSs) in accordance with
the guidelines specified under Rule 10b5-1 (the "Plan") under the
Securities and Exchange Act of 1934, as amended (the "Exchange
Act"). The Plan has been established pursuant to, and as part of,
the $50 million share repurchase
program that was previously authorized by the Company's Board of
Directors and announced on June 29,
2016. Rule 10b5-1 allows a company to repurchase its shares
or ADSs automatically and regularly at times when it otherwise
might be prevented from doing so under the insider trading laws or
because of self-imposed blackout periods, provided, among other
considerations, that repurchases are made pursuant to a plan
adopted when the company is not aware of material nonpublic
information or is not otherwise prohibited from acquiring its own
shares or ADSs. A large U.S. investment bank is acting as the
Company's agent to purchase its ADSs on pre-arranged terms pursuant
to the Rule 10b5-1 Plan.
Kenny Lam, Group President of
Noah, commented, "We are strongly confident about the outlook for
our Company. We believe that our share price is substantially below
its intrinsic value and the current valuation does not reflect our
confidence in our Company. With low leverage in the capital
structure and continued strong growth in earnings and cash flows,
we believe the return of capital through share repurchases
represents a good opportunity to enhance long-term shareholder
value, which is also consistent with our disciplined and balanced
capital allocation strategy. The adoption of the 10b5-1 plan
enables us to safely purchase our ADSs automatically and regularly.
"
Repurchases made under the plan are subject to the applicable
requirements of Rules 10b5-1 and 10b-18 under the U.S. Securities
Exchange Act of 1934 as well as certain price, market, volume, and
timing constraints specified in the plan. Since repurchases under
the plan are subject to certain constraints, there is no guarantee
as to the exact number of ADSs that will be repurchased under the
plan. Subject to the rules and regulations of the Exchange Act and
other applicable laws, the Plan may be suspended or discontinued at
any time in the Company's sole discretion. The Company expects to
use cash on hand to fund any repurchases.
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 third quarter of
2016, Noah distributed over RMB23.9
billion (US$3.6 billion) of
wealth management products. As of September
30, 2016, Noah had assets under management of RMB114.8 billion (US$17.2
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 June 2014, the Company launched a proprietary
internet finance platform to provide financial products and
services to aspiring high net worth individuals in China. Noah delivers customized financial
solutions to clients through a network of 1,095 relationship
managers across 173 branches and sub-branches in 71 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 130,491 registered clients
as of September 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. 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. 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
Noah Holdings Limited
Tel: +86-21-8035-9221
ir@noahwm.com
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SOURCE Noah Holdings Limited