SHANGHAI, November 1, 2022 /PRNewswire/ — Noah Holdings Limited (the “Company” Where “Noah“) (NYSE: NOAH and HKEX: 6686), a leader and pioneer in wealth management services in China offering comprehensive one-stop global investment and asset allocation advisory services primarily for high net worth investors, today provides an update on the status of legal proceedings related to certain credit funds managed by Shanghai Gopher Asset Management Co., Ltd. (the “Shanghai Gopher“).
As the Company previously announced on June 21st, June 29 and July 6, 2022 and August 25, 2020certain credit funds (the “Camsing Credit Fund“) managed by Shanghai Gopher had invested in supply chain accounts receivable (the “Camsing Client Accounts“) with respect to the sale of computer, consumer electronics and communications products by affiliates (the “Sellers“) of Camsing International Holding Limited (the “Cam“) as underlying investable assets to a buyer (the “Buyer“). Some companies and individuals linked to these supply chain claims were later suspected of engaging in fraudulent activities (the “Camera incidentShanghai Gopher reported these suspected fraudulent activities to the relevant PRC government authorities, initiated legal action against the sellers, buyer and guarantors involved, and assisted the PRC government authorities in their related investigations. with the Camsing incident.
On November 1, 2022Shanghai Intermediate People’s Court No. 2 (the “To research“) issued a first judgment in the criminal case of the Camsing incident, under which the court sentenced the majority shareholder of Camsing to life imprisonment for contract fraud, among other offenses, and the treasurer of Camsing to 17 years and six months in prison for contract fraud, among other offences. Other defendants in the criminal proceedings were respectively sentenced to fixed-term imprisonment for contract fraud. As of the date hereof, the judgment herein above has not yet entered into force and the defendants in the criminal proceedings have obtained leave to appeal to the Shanghai High People’s Court.
The Company believes that the results of the criminal proceedings would not have a material adverse effect on its business, results of operations. The Company will continue to closely monitor and assess any future developments in the legal proceedings related to the Camsing incident and will provide further updates as appropriate.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneering wealth management services provider in China, offering one-stop comprehensive advisory services on global investing and asset allocation, primarily for wealthy investors. Noah is a Cayman Islands holding company and does business in Hong Kong as Noah Holdings Private Wealth and Asset Management Limited. In the first half of 2022, Noah distributed 34.3 billion RMB (US$5.4 billion) investment products. Through Gopher Asset Management, Noah had assets under management of RMB 155.4 billion (US$23.2 billion) as of June 30, 2022.
Noah’s wealth management business primarily distributes private equity, private equity, mutual funds and other products denominated in renminbi and other currencies. Noah’s network covers 79 cities across the continent China, as well as offices in Hong Kong, Taiwan, New York, Silicon Valley and Singapore. A total of 1,255 relationship managers offer personalized financial solutions to clients via this network and meet their international investment needs. The Company’s wealth management business had 418,675 registered clients as of June 30, 2022. Through Gopher Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and… other investments denominated in renminbi and other currencies. The Company also provides other activities.
For more information, please visit Noah at ir.noahgroup.com.
This announcement contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” , “future”, “intends”, “plans”, “believes”, “estimates”, “confidently”, and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the United States Securities and Exchange Commission, in its annual reports to shareholders, in announcements, circulars or other postings made on 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. A number of factors could cause Noah’s actual results to differ materially from those contained in any forward-looking statements, including, but not limited to, the following: its objectives and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth and asset management market in China and internationally; its expectations regarding market demand and acceptance of the products it distributes; investment risks associated with the investment products distributed to Noah investors, including the risk of counterparty default or loss of value due to market or business conditions or misconduct of counterparties; its expectations regarding maintaining and strengthening its relationships with its key customers; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to keep abreast of market trends and technological advances; its research and development investment plans to improve its product choices and service offerings; competition in its industries China and internationally; general economic and business conditions globally and in China; and its ability to effectively protect its intellectual property rights and not infringe the intellectual property rights of others. Further information regarding these and other risks is included in Noah’s filings with the United States Securities and Exchange Commission and the Stock Exchange of Hong Kong. All information provided in this press release and in the attachments is as of the date of this press release, and Noah undertakes no obligation to update such information, including forward-looking statements, as a result of new information. , future events or otherwise, except as required by applicable law.
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