SHANGHAI,
June 29, 2017 /PRNewswire/ -- Noah
Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), a leading
wealth and asset management service provider in China with a focus on global investment and
asset allocation services for high net worth individuals and
enterprises, today announced that its board of directors has
authorized a share repurchase program. Effective on July 8, 2017, the Company is authorized to
repurchase up to $50 million of its
issued and outstanding American Depositary Shares (ADSs) for a
12-month period (the "2017 Share Repurchase Plan"). Over the past
12 months, the Company has repurchased 280,956 ADSs for an
aggregate purchase price of approximately $6.4 million.
The proposed share repurchases may be made on the open
market at prevailing market prices pursuant to Rule 10b-18 of the
Securities Exchange Act of 1934, in privately negotiated
transactions, in block trades or otherwise from time to time
depending on market conditions and in accordance with applicable
rules and regulations. Noah's board of directors will review the
2017 Share Repurchase Plan periodically, and may authorize
adjustment of its terms and size at its discretion.
Furthermore, as part of the 2017 Share Repurchase Plan,
the Company has adopted an automatic trading plan for the purpose
of repurchasing up to $20 million of
ADSs in accordance with the guidelines specified under Rule 10b5-1
(the "Rule 10b5-1 Plan") under the Securities Exchange Act of 1934,
as amended. 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.
"We are pleased to have a robust balance sheet and strong
cash flows, which enable us to return value to shareholders where
appropriate through share repurchases and to invest in
opportunities that will further strengthen our core capabilities
for the longer term," commented Kenny
Lam, Noah's Group President.
ABOUT NOAH HOLDINGS LIMITED
Founded in 2005, Noah Holdings Limited (NYSE: NOAH) is a
leading wealth and asset management service provider in
China with a focus on global
investment and asset allocation services for high net worth
individuals and enterprises. In the first quarter of 2017, Noah
distributed RMB32.7 billion
(US$4.8 billion) of wealth management
products. Through our subsidiary, Gopher Asset Management, we had
assets under management of RMB129.6
billion (US$18.8 billion) as
of March 31, 2017.
Our wealth management business primarily distributes
onshore and offshore fixed income products, private equity
products, secondary market products and insurance products. Noah
delivers customized financial solutions to clients through a
network of 1,251 relationship managers across 199 branches and
sub-branches in 74 cities in China, and serves the international investment
needs of its clients through wholly owned subsidiaries in
Hong Kong and the United States. The Company's wealth
management business had 148,505 registered clients as of
March 31, 2017. Gopher Asset
Management is a leading alternative asset manager in China, and manages private equity, real
estate, secondary market and other investments denominated in both
Renminbi and foreign currencies. We also provide internet financial
services through a proprietary internet financial service platform
targeting mass affluent individuals in China.
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