NOAH HOLDINGS Business Summary

Noah Holdings Ltd (NOAH) operates a dual-engine wealth and asset management platform primarily serving high-net-worth (HNW) and ultra-high-net-worth (UHNW) global Chinese investors. The company’s revenue model is built on a three-tier structure: one-time commissions from product distribution, recurring service fees from assets under management (AUM), and performance-based income. Its operations are divided into Wealth Management, which distributes private equity, public securities, and insurance; Asset Management, managed through Gopher Asset Management and Olive Asset Management; and Other Services. By March 2026, Noah has completed a strategic transition from China-focused, fixed-yield products to standardized global investment solutions and AI-infrastructure assets, with international revenue now accounting for nearly 50% of its total top line. Within the market, Noah occupies a premium advisory niche, positioned as a more stable, asset-light alternative to distressed peers like Lufax Holding, while competing for HNW wallet share against digital-first brokers like Futu Holdings and the private banking arms of major institutions like China Merchants Bank. The firm was co-founded in 2003 by Chairwoman Jingbo (Norah) Wang and Director Zhe Yin, both of whom established their careers at Xiangcai Securities, where Wang founded the private banking department. As of March 2026, the leadership team is led by Zhe Yin as Group CEO and Chairman of Gopher Asset Management, and Qing (Grant) Pan, a US-certified CPA and former Deloitte professional, as Chief Financial Officer. The executive suite is overseen by a board of directors that includes independent members such as David Zhang and May Yihong Wu. Noah maintains a robust institutional profile with significant backing from major global investors, including Fidelity International, which holds a leading stake, alongside Yiheng Capital and Sequoia Capital China (HongShan), underscoring the company’s credibility as a pioneer in the independent wealth management sector.