SHANGHAI, July 1, 2024
/PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company")
(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
announced changes to its Board of Directors (the "Board").
Noah has appointed Mr. David
Zhang as an Independent Director (non-executive Director
according to the Rules Governing the Listing of Securities on The
Stock Exchange of Hong Kong Limited) and Ms. Xiangrong Li as an Independent Director of the
Board, effective from June 30, 2024.
With effect from the same day, Dr. Zhiwu
Chen has retired from his position as an Independent
Director and Mr. Jinbo Yao has
resigned as an Independent Director after ten and nine years of
service, respectively. Neither's departure resulted from any
disagreement with the Company and the Board expresses its sincere
gratitude for their invaluable contribution during their
tenures.
Ms. Li has been appointed as the Chairwoman and Mr. Zhang as a
member of the Audit Committee of the Board, joining Ms.
Cynthia Jinhong Meng. The Board is
confident that Ms. Li and Mr. Zhang's financial and legal expertise
will significantly enhance the Audit Committee's capabilities,
ensuring it continues to play a pivotal role in upholding the
Company's governance standards and strengthening the quality of its
financial operations. Concurrently, Ms. May
Yihong Wu has stepped down as a member of the Audit
Committee but will maintain her positions as an Independent
Director, the Chairwoman of the Compensation Committee and a member
of the Corporate Governance and Nominating Committee of the
Board. Additionally, Ms. Cynthia
Jinhong Meng, Independent Director, has been appointed as a
member of the Corporate Governance and Nominating Committee of
the Board, effective from June 30,
2024.
Mr. Zhang has extensive legal experience in securities offerings
and mergers & acquisitions, particularly representing Chinese
issuers and leading investment banks in US and Hong Kong initial public offerings. He served
as a senior corporate partner at Kirkland & Ellis International
LLP from 2011 to 2024 and as a partner at Latham & Watkins LLP
from 2003 to 2011. Mr. Zhang has served as a member of the board of
Tulane University since 2023 and an
independent director of Fosun International Limited (HKEX: 0656)
since 2012. He graduated from Beijing Foreign Studies University
with his bachelor's degree in 1981 and received his juris doctor
degree from Tulane University Law
School in 1991.
Ms. Li possesses extensive experience in accounting and
financial management. She currently serves as the deputy general
manager and financial controller of Beijing Tourist Hotel (Group)
Co. (SSE: 600258) since 2016. From 2014 to 2016, Ms. Li served as
chief financial officer of then NASDAQ-listed Homeinns Hotel Group
before its merger with Beijing Tourist Hotel (Group) Co in 2016.
Prior to that, she served as chief financial officer of Hengdeli
Holdings Ltd. (HKSE: 3389) from 2010 to 2014. From 1993 to 2010,
she held various positions at Unilever including serving as
financial controller for the greater China region between 2007 and 2010. Ms. Li has
been serving as an independent non-executive director of Viva
Biotech Holdings (HKSE: 1873) since 2019 and served as an
independent director of MakeMyTrip Limited (NASDAQ: MMYT) from 2019
to 2024. She received her bachelor's degree in international
accounting jointly awarded by the Shanghai University of Finance and Economics
and Shanghai International Studies University in 1993, and her
master's degree in executive management business administration
from the China Europe International Business School in 2008.
Ms. Jingbo Wang, co-founder and
chairwoman of Noah, commented "I would like to express my sincere
gratitude to Dr. Chen and Mr. Yao for their contributions to Noah
over the past decade where their dedication and guidance was
instrumental in getting us to where we are today. I wish them all
the best in their future endeavours. I'd also like to extend a warm
welcome to both Mr. Zhang and Ms. Li where I am confident their
extensive financial, corporate and legal experience will prove
invaluable in shaping our future strategic direction. Rotating
directors not only infuses our Board with fresh perspectives and
diverse expertise, but also highlights our commitment to upholding
the highest standards of corporate governance."
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 2024 Q1, Noah distributed RMB18.9
billion (US$2.6 billion) of
investment products. Through Gopher Asset Management, Noah had
assets under management of RMB153.3 billion (US$21.2 billion) as of March 31, 2024.
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), New
York, Silicon Valley, Singapore, and Los Angeles. A
total number of 1,109 relationship managers across 18 cities
provide customized financial solutions for clients through this
network and meet their investment needs. The Company's wealth
management business had 457,705 registered clients as of March
31, 2024. 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 reports 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 globally and 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