NOAH HOLDINGS: HUMBLY ROOTED IN HONG KONG FOR 11 YEARS, A PREMIER CHOICE FOR GLOBAL WEALTH MANAGEMENT
Hong Kong - July 20, 2023 —
Noah Holdings (NOAH.US/06686.HK), a leading independent wealth management company in China, celebrates its 11th year of operation in Hong Kong with the mission of adhering to a global development strategy, aiming to be the primary choice for optimal asset allocation amongst the Chinese diaspora worldwide.
On July 13, 2023, the Noah Philharmonic Orchestra will stage a special symphony concert in Hong Kong. This concert serves as a vessel for Noah to explore and deepen emotional connections with clients beyond wealth, resonating its captivating vision of "originating from China, resonating globally" and reinforcing its commitment to the global Chinese community.
Music is deeply intertwined within Noah's DNA. Collaborating extensively with a wide range of artistic resources, Noah immerses its clients in a harmonious world of music. With a craftsman's spirit guiding its product selection and client relations, Noah persistently strives for service excellence.
As 2023 brings forth new challenges in the global financial market, Noah Holdings continues to progress steadily in its wealth management business. As global central banks edge towards the end of the current interest rate hike cycle, and with China's deposit interest rate experiencing a downward trend, Noah recognizes and embraces the critical role of a wealth management company. Noah explores more resilient investment strategies to assist its clients in protecting and expanding their wealth.
Recent report claimed that the wealth management asset scale in Hong Kong exceeded USD 46 trillion (about RMB 32.2 trillion) as of April 2023, which is about 13 times its GDP. Under the circumstances, Noah Holdings offers diversified asset allocation solutions and global asset allocation services in Hong Kong, not only meeting the demands of global Chinese and overseas asset investment in China, but also providing Chinese clients with connections to global investment markets, helping them access global quality asset allocation opportunities.
According to the first quarter 2023 unaudited financial results, the company's operating profit reached 280 million RMB in the first quarter, a quarter-on-quarter increase of 26.9%. Non-GAAP net profit reached RMB 240 million, a quarter-on-quarter increase of 60.6%. Net income recorded RMB 800 million, a year-on-year increase of 1.0%.
The demand for global allocation has significantly decreased, while Noah International continues to steadily exert strength in its operations. The AUM (Assets Under Management) of Noah's overseas products has reached RMB 33.46 billion, a quarter-over-quarter growth of 2.8%, contributing to a net income of 320 RMB million, a year-over-year increase of 68.4%, and a quarter-over-quarter growth of 13.0%.
Thanks to continuous investment in client interface and efficient cost management, an operating profit margin of 34.7% was achieved in the first quarter, a quarter-over-quarter growth of 9.8%; the number of core clients grew by 16.4% year-over-year, with Black Card and Super Black clients growing by 19.5% year-over-year, and the total number of active clients of Noah International growing by 35.3% year-over-year.
During the first quarter, revenue from overseas insurance grew by 179.8% year-over-year and 2.9% quarter-over-quarter, while the number of clients placing orders grew by 234.1% year-over-year and 31.7% quarter-over-quarter.
Noah's journey to success commenced in 2012 with a broad perspective and a commitment to its foundational principles. Since establishing a branch in Hong Kong, Noah has successfully bridged China and the world, obtaining Type 1 (securities trading), Type 4 (advising on securities), and Type 9 (asset management) licenses, thereby facilitating bidirectional investment flows between global Chinese investors and assets in China.
Since 2012, Noah has consistently garnered recognition from international institutions globally, extending its reach to regions including Hong Kong, Taiwan, Silicon Valley and New York in the United States, and Singapore. On July 13, 2022, Noah achieved a listing on the Hong Kong Stock Exchange, making it the only independent wealth management company in China to boast dual listings in both Hong Kong and the United States.
By the end of 2022, Noah had successfully allocated assets exceeding RMB 900 billion for high-net-worth individuals, families, and corporate clients globally in total. The overseas assets managed by Noah amount to over RMB 30 billion, attesting to its dominant position in the overseas market.
With its meticulous wealth management services, Noah Holdings has adapted to the varied needs of the global Chinese wealth management market. Its services not only cater to traditional wealth preservation and growth needs but also provide more refined wealth management services for its clients. Furthermore, Noah has made significant strides in the field of environmental, social, and governance investing, championing sustainable investment practices.
Ms. Jingbo Wang, Co-founder, Chairman of the Board, and CEO of Noah Holdings, stated, "As a wealth and asset management company dedicated to serving the global Chinese community for 20 years, our DNA is 'private banking'. Our starting point is to understand the real needs of our clients, shifting from being product-driven to becoming client-centric. This is the true reason for the existence of the wealth management industry and echoes the centuries-old experience of global private banking."
In 2023, Noah will press forward with its globalization strategy, fortifying its presence in the three main business areas of wealth management, asset management, and comprehensive financial services. The goal is to provide superior quality and more comprehensive wealth management services to the global Chinese community, helping them achieve their wealth preservation and growth objectives.
About Noah Holdings
Noah was founded in 2005, attracted investment from Sequoia Capital in 2007, and was listed on the New York Stock Exchange (NYSE: NOAH) in 2010, turning itself into China's first independent wealth management institution listed in the US. Being the first to carve out the business model driven by “dual wheels” -- wealth management and asset management.
In July 2022, Noah (HKEX: 6686) achieved a secondary listing on the Hong Kong Stock Exchange, thus becoming China's first independent wealth management service provider listed on both the Hong Kong Stock Exchange in Hong Kong and the New York Stock Exchange in the United States. In December 2022, Noah converted its secondary listing status to a primary listing status on the Hong Kong Stock Exchange, emerging as a dual-primary wealth management company on the Hong Kong Stock Exchange in Hong Kong and the New York Stock Exchange in the United States, with its business covering wealth management and asset management. By the end of the fourth quarter of 2022, the Company had opened branch offices in 75 cities across China, expanding its presence in Hong Kong and Taiwan in China, Silicon Valley, New York in the U.S., and Singapore. Since its listing on the NYSE, Noah has distributed RMB 948.9 billion of investment products to clients.
For more information, please visit the Noah investor relations website at ir.noahgroup.com.
Contact Info:
Name: YoYo Luo, Branding Department
Email: Send Email
Organization: Noah Holdings
Website: http://www.noahgroup.com
Release ID: 89102832
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