SHANGHAI, Aug. 10,
2022 /PRNewswire/ -- This announcement is made by
Noah Holdings Private Wealth and Asset Management Limited (the
"Company", together with its subsidiaries and its
consolidated affiliated entities, the "Group") pursuant to
Rule 13.09(2) of the Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited (the "Listing
Rules") and the Inside Information Provisions (as defined under
the Listing Rules) under Part XIVA of the Securities and Futures
Ordinance (Cap. 571 of the Laws of Hong
Kong).
The board (the "Board") of directors of the Company (the
"Directors") is pleased to announce that the Board has
approved and adopted the following dividend policy (the
"Dividend Policy") on August 10,
2022, which aims to provide stable and sustainable returns
to the shareholders of the Company (the "Shareholders"). The
Dividend Policy has become effective from August 10, 2022.
PURPOSES
The Dividend Policy aims to set out the principles and guidelines that the Company
intends to apply in relation
to the declaration, payment or distribution of its profits
as dividends to the Shareholders.
PRINCIPLES AND GUIDELINES
In considering the payment of dividends, there shall be a balance
between retaining adequate
reserves for the Group's future growth and rewarding
the Shareholders.
Dividends to be distributed each year
According to the Dividend Policy, in
normal circumstances, the annual dividends to be declared and
distributed in each calendar year shall be, in principle, no less
than 10% of the Group's non-GAAP net income attributable to the
Shareholders of the preceding financial year as reported in the
Company's audited annual results announcement, subject to the
factors set out below:
(a)
the financial results and financial
condition of the Group;
(b)
the expected
working capital requirements, capital expenditure requirements and future
expansion plans of the Group;
(c)
retained earnings and distributable reserves
of the Group;
(d)
the level of the Group's
debts to equity ratio and return
on equity;
(e)
general economic
conditions, business cycle of the Group's
business and other internal
or external factors that may have an impact on the business
or financial performance and position of the
Group;
(f)
any banking or other funding
covenants by which the Company
is bound from time to time; and
(g)
any other factors that the Board may consider
relevant.
Timing of dividend
declaration and payments
The Board shall hold meetings
considering the declaration and payment of dividends by the end
of March each year and declare such dividend if so decided. The
dividend will be subject to the
Shareholders' approval at the annual general meeting
of the Company no later than the end of June
each year. Once approved, the dividends shall be declared by the
Company and paid out to the Shareholders.
Notwithstanding the above, the
declaration and payment of dividends is also subject to compliance
with applicable laws and regulations including the laws of the
Cayman Islands, the memorandum and
articles of association of the Company, and the rules and
regulations of the New York Stock Exchange.
The dividend under the Dividend Policy proposed and/or declared
by the Board for a financial year are deemed as final dividend. Any
final dividend for a financial year will be subject to
Shareholders' approval. The Company may declare and pay dividends
by way of cash or by other means that the Board considers
appropriate.
The Dividend Policy shall in no way constitute a legally
binding commitment by the Company in respect of its future dividend
and/or in no way obligate the Company to declare a dividend at any
time or from time to time. There can be no assurance that dividends
will be paid in any particular amount for any given year.
REVIEW OF THE DIVIDEND POLICY
The Board will review the Dividend Policy from time to time to ensure the effectiveness of the
Dividend Policy, and reserves the right in its sole and absolute
discretion to update, amend,
modify and/or cancel the Dividend
Policy at any time.
Shareholders and potential investors
should exercise caution
when dealing in the securities of the
Company.
By Order of the Board
Noah Holdings
Private Wealth and Asset Management Limited
Jingbo
Wang
Chairwoman of the Board
Hong Kong, August [10], 2022
As at the date of this announcement, the Board comprises Ms.
Jingbo Wang, the chairwoman of the
Board, Mr. Zhe Yin and Ms.
Chia-Yue Chang as executive
directors; Mr. Neil Nanpeng Shen and Mr. Boquan He as
non-executive directors; and Dr. Zhiwu
Chen, Mr. Tze-Kaing Yang, Mr.
Jinbo Yao and Ms. May Yihong Wu
as independent directors.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading
and pioneer wealth management service provider in China offering comprehensive one-stop advisory
services on global investment and asset allocation primarily for
high net worth investors. Noah is a Cayman Islands holding company and carries on
business in Hong Kong as Noah
Holdings Private Wealth and Asset Management Limited. In the first
quarter of 2022, Noah distributed RMB15.0
billion (US$2.4 billion) of
investment products. Through Gopher Asset Management, Noah had
assets under management of RMB156.1
billion (US$24.6 billion)
as of March 31, 2022.
Noah's wealth management business primarily distributes private
equity, public securities and insurance products denominated in RMB
and other currencies. Noah delivers customized financial solutions
to clients through a network of 1,281 relationship managers across
83 cities in mainland China, and
serves the international investment needs of its clients through
offices in Hong Kong, Taiwan, New
York, Silicon Valley and Singapore. The Company's wealth management
business had 415,082 registered clients as of March 31, 2022. 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
businesses.
For more information, please visit Noah at
ir.noahgroup.com.
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SOURCE Noah Holdings Limited