SHANGHAI, Nov. 30, 2020 /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
approved a share repurchase program ("Share Repurchase Program"),
under which Noah is authorized to repurchase up to US$100 million worth of its issued and
outstanding American Depositary Shares, two of which represent one
Class A Ordinary Share, over the course of two years ("Share
Repurchase Program").
The Share Repurchase Program will be effective after the release
of the Company's operating and financial results for the third
quarter of 2020 on Form 6-K, which has been filed with the SEC on
December 1, 2020, subject to the
relevant rules under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), and the Company's insider trading
policy.
The proposed share repurchases may be made from time to time on
the open market, in open-market transactions in compliance with
Rule 10b5-1 of the Exchange Act and/or through other legally
permissible means, depending on market conditions and in accordance
with the applicable rules and regulations. The timing and
conditions of the share repurchases will be subject to market
conditions, share price, corporate and regulatory requirements and
other factors. Noah's management will review the Share
Repurchase Program periodically, and has been authorized to make
adjustment of its terms and size at its discretion. The Company
expects to utilize its existing funds to fund repurchases made
under this program.
"The Share Repurchase Program reflects our continued confidence
in our business prospects and China's wealth management industry. We are
committed to increasing shareholder value and believe that our
shares are currently undervalued in the marketplace," commented Ms.
Jingbo Wang, Noah's Co-Founder and
CEO.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH) is a leading wealth and asset
management service provider in China with a focus on high net worth
individuals. In the first nine months of 2020, Noah distributed
RMB73.4 billion (US$10.8 billion) of financial products. Through
Gopher Asset Management, Noah had assets under management of
RMB155.7 billion (US$22.9 billion) as of September 30, 2020.
Noah's wealth management business primarily distributes private
equity, public securities, credit and insurance products
denominated in RMB and other currencies. Noah delivers customized
financial solutions to clients through a network of 1,204
relationship managers across 266 service centers in 79 cities in
mainland China, and serves the
international investment needs of its clients through offices in
Hong Kong, Taiwan, United
States, Canada,
Australia and Singapore. The Company's wealth management
business had 350,409 registered clients as of September 30, 2020. As a leading alternative
multi-asset manager in China,
Gopher Asset Management manages private equity, real estate, public
securities, credit and multi-strategy investments denominated in
Renminbi and other currencies. The Company also provides lending
services and other businesses.
For more information, please visit Noah at ir.noahgroup.com.
SAFE HARBOR STATEMENTS
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 2020 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 and asset 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 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, 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.
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SOURCE Noah Holdings Limited