SHANGHAI, Sept. 29, 2017 /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 it has agreed to repurchase Sequoia
Capital China's ("Sequoia") stake in its asset management
business.
In October 2016, Beijing Sequoia
Mingde Equity Investment Center (Limited Partnership) entered into
an investment and cooperation agreement with the Company to
purchase a certain equity stake in Noah's asset management business
held through Gopher Asset Management Co., Ltd. ("Gopher"). As a
result of recent Chinese regulatory changes, the completion of the
restructuring contemplated in connection with this investment by
Sequoia in Gopher requires substantially longer time than
originally expected. After careful discussions, the Company and
Sequoia mutually agreed to cancel this investment and have the
Company repurchase all of Sequoia's equity stake in Gopher for an
aggregate amount of RMB356 million
(approximately US$53.9 million).
After such repurchase is completed, Sequoia will not have any
direct equity interests in the Company's asset management business
but will remain an important shareholder of the Company.
"Regulatory changes have lengthened Gopher's restructuring
process substantially. Given such changes, the Company and Sequoia
both believe that it would decrease uncertainties and serve the
Company's long-term strategies better for the Company to repurchase
Sequoia's stake in Gopher and allow Gopher to be wholly-owned by
the Company. Sequoia remains a strategic, long-term shareholder of
Noah. We will continue to work with Sequoia, as before, on multiple
fronts - in wealth management, asset management and our
on-line business," commented Noah's President Kenny Lam.
ABOUT NOAH HOLDINGS LIMITED
Founded in 2005, Noah Holdings Limited (NYSE: NOAH) is
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.
In the first half of 2017, Noah distributed RMB65.6
billion (US$9.7 billion) of
wealth management products. Through our subsidiary, Gopher Asset
Management Co., Ltd., we had assets under management
of RMB138.7 billion (US$20.5
billion) as of June 30, 2017.
Our wealth management business primarily distributes onshore and
offshore fixed income products, private equity products, secondary
market products and insurance products. Noah delivers customized
financial solutions to clients through a network of 1,259
relationship managers across 205 branches and sub-branches in 76
cities in China, and serves the international investment needs
of its clients through wholly owned subsidiaries in Hong
Kong and the United
States. The Company's wealth management business had 164,728
registered clients as of June 30, 2017. As our asset
management subsidiary and a leading alternative asset manager in
China, Gopher Asset Management
manages private equity, real estate, secondary market, credit and other investments denominated
in both Renminbi and foreign currencies. We also provide internet
financial services, including online wealth management,
micro-lending and payment processing services.
For more information, please visit Noah
at ir.noahwm.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 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. 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.
Contacts:
Noah Holdings Limited
Steve Zeng
Noah Holdings Limited
Tel: +86-21-8035-9221
ir@noahwm.com
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SOURCE Noah Holdings Limited