SHANGHAI, April 13,
2022 /PRNewswire/ -- Noah Holdings Limited
("Noah" or the "Company") (NYSE: NOAH), a leading and pioneer
wealth management service provider in China offering comprehensive one-stop advisory
services on global investment and asset allocation primarily for
high net worth investors, today provides an update on its status
under the Holding Foreign Companies Accountable Act (the
"HFCAA").
On April 12, 2022, the U.S.
Securities and Exchange Commission (the "SEC") provisionally named
the Company as a Commission-Identified Issuer after the Company
filed its annual report on Form 20-F for the fiscal year ended
December 31, 2021 with the SEC on
April 6, 2022, which included an
audit report issued by a public accounting firm that the Public
Company Accounting Oversight Board (the "PCAOB") has determined
that it is unable to inspect or investigate completely. The SEC
estimated that 273 registrants might be identified under the HFCAA
as part of its review of registrants in calendar year 2020.
The Company understands the SEC made such identification
pursuant to the HFCAA, which states if the SEC determines that a
company has filed audit reports issued by a registered public
accounting firm that cannot be inspected or investigated completely
by the PCAOB for three consecutive years beginning in 2021, the SEC
shall prohibit its shares or American depositary shares (the
"ADSs") from being traded on a national securities exchange or in
the over-the-counter trading market in the United States. Under the current terms of
the HFCAA, the Company's ADSs will be delisted from the New York
Stock Exchange in early 2024, unless the HFCAA is amended to
exclude the Company or the PCAOB is able to conduct a full
inspection of the Company's auditor during the required timeframe.
The Company has previously disclosed that its auditor, the
independent registered public accounting firm that issued the audit
report included in its annual report filed with the SEC, is
currently not inspected by the PCAOB, hence the identification by
the PCAOB is expected.
The Company's ADSs, two of which represent one Class A ordinary
share of the Company, have been listed on the New York Stock
Exchange under the symbol "NOAH" since November 10, 2010.
As the Company will continue to monitor market developments and
evaluate all strategic options, with the appropriate counsel and
guidance, it would like to note that this update has no impact on
business operations.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH) is a leading and pioneer
wealth management service provider in China offering comprehensive one-stop advisory
services on global investment and asset allocation primarily for
high net worth investors. In the full year 2021, Noah distributed
RMB97.2 billion (US$15.3 billion) of investment products. Through
Gopher Asset Management, Noah had assets under management of
RMB156.0 billion (US$24.5 billion) as of December 31, 2021.
Noah's wealth management business primarily distributes
diversified investment products denominated in RMB and other
currencies. Noah delivers customized financial solutions to clients
through a network of 1,316 relationship managers across 84 cities
in mainland China, and serves the
international investment needs of its clients through offices in
Hong Kong, Taiwan, New
York, Silicon Valley and Singapore. As a leading alternative
multi-asset manager in China,
Gopher Asset Management develops and manages assets ranging from
private equity, public securities, real estate, multi-strategy to
other investments denominated in Renminbi and other currencies. The
Company also provides other businesses.
For more information, please visit Noah
at ir.noahgroup.com.
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SOURCE Noah Holdings Limited