DISCUSSION OF NON-GAAP
In addition to disclosing financial results prepared in accordance
with U.S. GAAP, the Company’s earnings release contains
non-GAAP financial measures
excluding the effects of all forms of share-based compensation,
fair value changes of equity investments (unrealized), adjustment
for sale of equity securities and net of tax impact, if any. See
“Reconciliation of GAAP to Non-GAAP Results” at the end of this
The non-GAAP financial
measures disclosed by the Company should not be considered a
substitute for financial measures prepared in accordance with U.S.
GAAP. The financial results reported in accordance with U.S. GAAP
and reconciliation of GAAP to non-GAAP results should be carefully
evaluated. The non-GAAP
financial measures used by the Company may be prepared differently
from and, therefore, may not be comparable to similarly titled
measures used by other companies.
When evaluating the Company’s operating performance in the periods
presented, management reviewed the foregoing non-GAAP net income attributable to
Noah shareholders and per diluted ADS and non-GAAP net margin attributable to
Noah shareholders to supplement U.S. GAAP financial data. As such,
the Company’s management believes that the presentation of the
non-GAAP financial measures
provides important supplemental information to investors regarding
financial and business trends relating to its results of operations
in a manner consistent with that used by management.
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 half of 2019, Noah distributed
RMB52.4 billion (US$7.6 billion) of financial products.
Through Gopher Asset Management, Noah had assets under management
of RMB180.8 billion (US$26.3 billion) as of June 30,
Noah’s wealth management business primarily distributes credit,
private equity, public securities and insurance products
denominated in RMB and other currencies. Noah delivers customized
financial solutions to clients through a network of 1,428
relationship managers across 306 service centers in 83 cities in
mainland China, and serves the international investment needs of
its clients through offices in Hong Kong, Taiwan, United States,
Canada, Australia and Singapore. The Company’s wealth management
business had 283,655 registered clients as of June 30, 2019.
As a leading alternative multi-asset manager in China, Gopher Asset
Management manages private equity, real estate, public securities,
credit and multi-strategy investments denominated in Renminbi and
other currencies. The Company also provides lending services and
other businesses, including online financial advisory platform and
payment technology services.
For more information, please visit Noah at
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the
second quarter of 2019 ended June 30, 2019 are stated in RMB.
This announcement contains currency conversions of certain RMB
amounts into US$ at specified rates solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB to
US$ are made at a rate of RMB6.8650 to US$1.00, the effective noon
buying rate for June 28, 2019 as set forth in the H.10 statistical
release of the Federal Reserve Board.