SHANGHAI, May 7, 2024
/PRNewswire/ -- Noah Holdings Limited (the "Company," or
"Noah") (NYSE: NOAH and HKEX: 6686), a leading and pioneer
wealth management service provider offering comprehensive one-stop
advisory services on global investment and asset allocation
primarily for Mandarin-speaking high-net-worth investors, today
provides updates on the status of the legal proceedings against
Camsing International Holding Limited and one of its affiliates
(collectively, "Camsing") related to certain credit
funds (the "Camsing Credit Funds") managed by Shanghai
Gopher Asset Management Co., Ltd. ("Shanghai Gopher"). The
Camsing Credit Funds had invested in supply chain account
receivables (the "Camsing Receivables") respecting the sale
of computers, consumer electronics and communication products from
Camsing to a buyer (the "Buyer") .
As the Company previously disclosed on January 12, 2024, November
1, June 21, June 29 and July 6,
2022 and August 25, 2020, the
Company has been involved in certain legal proceedings with respect
to the fraudulent activities conducted by Camsing with respect to
the Camsing Receivables.
In July 2019, Shanghai Gopher
filed a civil lawsuit in Shanghai Financial Court against Camsing
and the Buyer (collectively, the "Co-defendants"),
requesting Shanghai Financial Court to enforce the Co-defendants to
fulfill the payment obligations with respect to the outstanding
amount of the Camsing Receivables under the Camsing Credit Funds,
which are subject to repayment default due to the fraudulent
activities conducted by Camsing (the "Camsing Civil
Case").
On May 6, 2024, the Company
received the judgment of the Camsing Civil Case, in which Shanghai
Financial Court ruled in favor of Shanghai Gopher against Camsing.
According to the judgment, Camsing was ordered to pay Shanghai
Gopher (i) the outstanding amount of the Camsing Receivables of
RMB3.4 billion; and (ii) relevant
legal fees and expenses incurred by Shanghai Gopher amounting to
RMB3.6 million. Further, Camsing was
ordered to bear the fees and expenses of RMB17.1 million incurred by Shanghai Financial
Court. Other claims made by Shanghai Gopher against the
Co-defendants were dismissed by Shanghai Financial Court.
The judgment by Shanghai Financial Court will become effective
after the end of the appeal period. The Company will continue to
closely monitor and evaluate any future development of the legal
proceedings in connection with Camsing and promptly inform
investors of any updates as appropriate. The Company will also
continue to take the best course of action to pursue the
enforcement of this judgment to the fullest extent permitted by law
and to protect the interests of the investors of the Camsing Credit
Funds.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading
and pioneer wealth management service provider offering
comprehensive one-stop advisory services on global investment and
asset allocation primarily for Mandarin-speaking high-net-worth
investors. In 2023, Noah distributed RMB74.1
billion (US$10.4 billion) of
investment products. Through Gopher Asset Management, Noah had
assets under management of RMB154.6
billion (US$21.8 billion) as
of December 31, 2023.
Noah's wealth management business primarily distributes private
equity, private secondary, mutual funds, and other products
denominated in RMB and other currencies. Noah's network covers
major cities in mainland China, as
well as Hong Kong (China), Taiwan (China), New
York, Silicon Valley, Singapore, and Los
Angeles. A total number of 1,252 relationship managers
across 44 cities provide customized financial solutions for clients
through this network and meet their investment needs. The Company's
wealth management business had 455,827 registered clients as of
December 31, 2023. Through Gopher
Asset Management, Noah manages private equity, public securities,
real estate, multi-strategy, and other investments denominated in
Renminbi and other currencies. Noah also provides other
services.
For more information, please visit Noah
at ir.noahgroup.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 announcements, circulars or
other publications made on the website of The Stock Exchange of
Hong Kong Limited (the "Hong Kong Stock Exchange"), 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. These statements include, but are not limited to,
estimates regarding the sufficiency of Noah's cash and cash
equivalents and liquidity risk. 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 and asset management
market in China and
internationally; its expectations regarding demand for and market
acceptance of the products it distributes; investment risks
associated with investment products distributed to Noah's
investors, including the risk of default by counterparties or loss
of value due to market or business conditions or misconduct by
counterparties; its expectations regarding keeping and
strengthening its relationships with key clients; relevant
government policies and regulations relating to its industries; 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 industries 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 and the Hong Kong Stock
Exchange. 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.
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SOURCE Noah Holdings Limited