SHANGHAI, July 8, 2019 /PRNewswire/ -- Noah Holdings
Limited ("Noah" or the "Company") (NYSE: NOAH), a leading
wealth and asset management service provider
in China with a focus on high net worth individuals, is
making this announcement to provide an update on the status of
certain credit funds managed by Shanghai Gopher Asset Management
Co., Ltd. ("Shanghai Gopher Asset Management"), a consolidated
affiliated entity of Noah.
In the course of their investing activities, these credit funds
provided supply chain financing involving third party companies
related to Camsing International Holding Limited ("Camsing"), with
a total principal amount of about RMB3.4
billion. The controlling shareholder of Camsing has recently
been criminally detained by the Chinese police in connection with
suspected fraudulent activity. As the fund manager of these funds,
Shanghai Gopher Asset Management has initiated various legal
actions and is committed to taking the best course of action to
fulfill its obligations and to protect the interests of the
investors of these funds.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH) is a leading wealth and asset
management service provider in China with a focus on high net worth
individuals. In the first quarter of 2019, Noah distributed
RMB28.0 billion (US$4.2 billion) of financial products. Through
Gopher Asset Management, the Company's asset management
business, Noah had assets under management of RMB171.1 billion (US$25.5
billion) as of March 31,
2019.
Noah's wealth management business primarily distributes credit,
private equity, public securities and insurance products
denominated in RMB and other currencies. Noah delivers customized
financial solutions to clients through a network of 1,496
relationship managers across 313 service centers in 83 cities in
mainland China, and serves the
international investment needs of its clients through offices in
Hong Kong, Taiwan, United
States, Canada,
Australia and Singapore. The Company's wealth management
business had 274,893 registered clients as of March 31, 2019. As a leading alternative
multi-asset manager in China,
Gopher Asset Management manages private equity, real estate, public
securities, credit and multi-strategy investments denominated in
Renminbi and other currencies. The Company also provides lending
services and other services including an online financial advisory
platform and payment technology 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.
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. 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; any post-investment issues that arise with respect
to financial products sold to its clients and the Company's ability
to effectively address any such issues, including its ability to
obtain partial or full repayment of the financings extended by
funds mentioned above; its expectations regarding demand for and
market acceptance of the products it distributes; 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; and its ability to stay abreast of market trends and
technological advances. 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.
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SOURCE Noah Holdings Limited