SHANGHAI, Jan. 12, 2024 /PRNewswire/ -- Noah Holdings
Limited (the "Company," or "Noah") (NYSE: NOAH and HKEX: 6686), a
leading wealth management service provider in China offering comprehensive global investment
and asset allocation advisory services primarily for high-net-worth
investors, today provides further update on the status of the legal
proceedings related to certain credit funds managed by Shanghai
Gopher Asset Management Co., Ltd. (the "Shanghai
Gopher").
As the Company previously disclosed on June 21, June 29
and July 6, 2022 and August 25, 2020, certain credit funds (the
"Camsing Credit Funds") managed by Shanghai Gopher had
invested in supply chain account receivables (the "Camsing
Accounts Receivables") with respect to the sale of computer,
consumer electronics and communication products by affiliates (the
"Sellers") of Camsing International Holding Limited (the
"Camsing") as underlying investable assets to a buyer (the
"Buyer"). Certain companies and individuals in connection
with such supply chain account receivables were later suspected to
commit fraudulent activities (the "Camsing Incident").
Shanghai Gopher reported such suspected fraudulent activities to
relevant PRC governmental authorities, initiated legal proceedings
against the Sellers, the Buyer and relevant guarantors, and has
been assisting the PRC governmental authorities with their
investigations in connection with the Camsing Incident.
On November 1, 2022, the Shanghai
No.2 Intermediate People's Court issued an initial judgment on the
criminal case of the Camsing Incident, pursuant to which the
controlling shareholder of the Camsing was convicted of contract
fraud and other crimes and sentenced to life
imprisonment, the treasurer of the Camsing was convicted of
contract fraud and other crimes and sentenced to 17
years and six months imprisonment, and other defendants in the
criminal proceeding were respectively convicted of contract
fraud and sentenced to imprisonment for a definite
term.
On January 5, 2024, the Shanghai
High People's Court dismissed the appeals filed by the controlling
shareholder of the Camsing and other defendants in the criminal
proceeding and upheld the judgment of the first instance, which
ruling has become final.
The Company believes that the results of the criminal proceeding
would not have any material adverse effect on its business, results
of operations or reputation. The Company will continue to closely
monitor and evaluate any future development of the legal
proceedings in connection with the Camsing Incident and promptly
inform investors of any updates as appropriate.
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
nine months of 2023, Noah distributed RMB57.5 billion (US$7.9
billion) of investment products. Through Gopher Asset
Management, Noah had assets under management of RMB154.9 billion (US$21.2
billion) as of September 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's network covers
major cities in mainland China, as
well as offices in Hong Kong
(China), Taiwan (China), New
York, Silicon Valley and Singapore. A total of 1,408 relationship
managers across 59 cities provide customized financial solutions
for clients through this network, and meet their international
investment needs. The Company's wealth management business had
452,222 registered clients as of September
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. The
Company also provides other 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. Noah
may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission, in
its annual reports to shareholders, in announcements, circulars or
other publications made on the website of The Stock Exchange of
Hong Kong Limited (the "Hong Kong Stock Exchange"), in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. 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. These statements include, but are not limited to,
estimates regarding the sufficiency of Noah's cash and cash
equivalents and liquidity risk. 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; its expectations regarding demand for and market
acceptance of the products it distributes; investment risks
associated with investment products distributed to Noah's
investors, including the risk of default by counterparties or loss
of value due to market or business conditions or misconduct by
counterparties; 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; its ability to
stay abreast of market trends and technological advances; its plans
to invest in research and development to enhance its product
choices and service offerings; competition in its industries in
China and internationally; general
economic and business conditions globally and in China; and its ability to effectively protect
its intellectual property rights and not to infringe on the
intellectual property rights of others. Further information
regarding these and other risks is included in Noah's filings with
the U.S. Securities and Exchange Commission and the Hong Kong Stock
Exchange. 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