SHANGHAI, Aug. 28,
2023 /PRNewswire/ -- Noah Holdings Limited (the
"Company" or "Noah") (NYSE: NOAH and HKEX:
6686), 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, today
announced that the Company's board of directors (the
"Board") proposes that each issued and unissued ordinary
share of the Company with a par value of US$0.0005 each (the "Shares") be
subdivided into 10 ordinary shares with a par value of US$0.00005 each (the "Subdivided Shares")
(such proposed subdivision, the "Share Subdivision"). The
Share Subdivision is conditional on, among other things, the
approval of the Company's shareholders at the extraordinary general
meeting to be held on or around October 26,
2023 (the "EGM"). Subject to and conditional upon the
Share Subdivision becoming effective, the Board has approved a
change in the Company's American depositary share ("ADS")
ratio proportionate to the Share Subdivision from two ADSs
representing one Share to one ADS representing five Subdivided
Shares (the "ADS Ratio Change"). The ADS Ratio Change and
the Share Subdivision, if approved, will take effect on the same
date. No action is required by the Company's ADS holders to effect
the ADS Ratio Change (other than to vote to approve the Share
Subdivision proposal at the EGM). The Board believes that the Share
Subdivision will lower the investment barrier and increase the
trading liquidity of the Company's ordinary shares, which would
attract more investors to trade in the Company's ordinary shares on
The Stock Exchange of Hong Kong Limited and give the Company more
flexibility to explore future fundraising activities.
The Shares are currently traded on The Stock Exchange of Hong
Kong Limited in board lot size of 20 Shares each. The Board also
proposes that, subject to and conditional upon the Share
Subdivision becoming effective, the board lot size will be changed
from 20 Shares to 100 Subdivided Shares (the "Change in Board
Lot Size"). The Change in Board Lot Size will not affect any of
the relative rights of the Company's shareholders.
Holders of the Shares as of the close of business
on Tuesday, September 12, 2023, Hong Kong time, will
be entitled to attend and vote at the EGM or any adjourned meeting
thereof. Holders of record of ADSs as of close of business on
Tuesday, September 12, 2023, New
York time, who wish to exercise their voting rights in respect
of the underlying Shares must give voting instructions
to Citibank, N.A., the depositary of the ADSs. Details
including the date and location of the EGM will be set out in the
Company's notice of EGM to be issued and provided to holders of the
Shares and ADSs as of the respective record dates together with the
proxy materials in due course.
Further details on the proposed Share Subdivision, Change
in Board Lot Size and record date for the EGM are available on the
Company's investor relations website at
http://ir.noahgroup.com.
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
half of 2023, Noah distributed RMB35.2
billion (US$4.9 billion) of
investment products. Through Gopher Asset Management, Noah had
assets under management of RMB156.9
billion (US$21.6 billion) as
of June 30, 2023.
Noah's wealth management business primarily distributes private
equity, private secondary, mutual fund and other products
denominated in RMB and other currencies. Noah delivers customized
financial solutions to clients through a network of 1,375
relationship managers across 63 cities in mainland China, and serves the international investment
needs of its clients through offices in Hong Kong (China), Taiwan (China), New
York, Silicon Valley and Singapore. The Company's wealth management
business had 446,557 registered clients as of June 30, 2023. Through Gopher Asset Management,
Noah manages private equity, public securities, real estate,
multi-strategy and other investments denominated in RMB 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