Noah Holdings has built an extensive network since its inception in 2005, with more than 260 wealth management centres across 80-plus Chinese cities, as well as a presence in Hong Kong, Taiwan, Singapore, Australia and North America. Wang Jingbo, one of the founders, is chairman and chief executive of Noah.
The Chinese wealth manager, which listed on the New York Stock Exchange a decade ago, has attracted over 360,000 high net-worth (HNW) clients. The number of active clients, including mutual fund clients, rose 7% to 39,000 in 2020 from the previous year.
Last year Noah reached a settlement with investors of products related to the alleged supply chain-related fraud at Camsing International Holding, a Hong Kong-listed company. The Rmb1.83 billion ($284 million) one-off equity settlement expense resulted in a GAAP net loss attributable to shareholders of Rmb750 million for the full year (2020), against net income of Rmb830 million in 2019. Non-GAAP net income was Rmb1.13 billion last year, up 25% from 2019. (GAAP refers to the Generally Accepted Accounting Principles, the accounting standard adopted by the US Securities and Exchange Commission.)
Noah