SHANGHAI, March 19, 2015 /PRNewswire/ -- 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 that Sequoia Capital
China ("Sequoia Capital"), a leading venture capital firm in
China, has made a strategic
investment in EJ Wealth Management, Inc. ("Yijie"), Noah's
majority-owned subsidiary dedicated to internet finance.
Yijie operates "Yuan Gong Bao," an internet finance platform
that provides financial products and services to white-collar
professionals in China. As of the
end of 2014, Yuan Gong Bao had established cooperative
relationships with 205 leading domestic and multinational
enterprises in China and achieved
cumulative online sales of RMB1.4
billion, representing a 32% compound monthly growth rate
since its launch in June 2014.
"Sequoia Capital's investment is a testament to the huge
potential of our internet finance business, which we expect to be a
key area of growth for Noah in 2015," said Ms. Jingbo Wang, founder, Chairman of the Board of
Directors and Chief Executive Officer of Noah. "We plan to use
these funds to further expand our product portfolio, strengthen our
IT infrastructure and promote the Yuan Gong Bao brand. We
anticipate that Yijie will become an increasingly important part of
Noah's mission to create a high-quality, reliable wealth management
platform for white-collar professionals in China."
"We have been impressed by Yuan Gong Bao's rapid growth and we
are bullish on its future prospects," said Mr. Neil Shen, Founding Managing Partner of Sequoia
Capital China. "The Yuan Gong Bao platform allows Noah to promote
its products and services to a broader group of potential clients,
and we look forward to seeing the platform grow to meet the diverse
online investment needs of white-collar professionals in
China."
Noah plans to expand the Yuan Gong Bao internet finance platform
to support a range of additional financial products and services
including money market funds, insurance, credit loans, and asset
allocation advisory.
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 proprietary 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
.
ABOUT SEQUOIA CAPITAL CHINA
Sequoia Capital is an American venture capital firm located in
Menlo Park, California,
United States. Sequoia Capital
China was found in September 2005 and
currently manages nine investment funds in total about USD2.4 billion and RMB4.0
billion. It has five branch offices in Beijing, HongKong, Shanghai, Guangzhou and Suzhou. Companies invested by
Sequoia Capital include Sina, Alibaba and 360 Buy.
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.
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SOURCE Noah Holdings Limited