Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 103

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 103
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Our Product Partners and Investment Partners
We have established extensive business relationships with reputable product partners and investment partners both in China and globally, in connection with our distribution of investment products. Our product partners and investment partners are typically the issuers or managers of investment products. The product partners and investment partners with which we collaborate encompass a variety of institutions and companies, mainly including PE/VC general partners, mutual fund managers and private secondary fund managers. We distribute investment products provided by these product partners directly, and for our asset management business, our Gopher/Olive Funds invest into the investment products provided by our investment partners, whereby we offer limited partnership commitments to our Gopher/Olive Funds as asset management products to our clients. In certain occasions, our Gopher/Olive Funds also co-invest with our investment partners into portfolio companies directly. During the three years ended December 31, 2022, 2023 and 2024, we collaborated with over 100 product partners and investment partners in aggregate. A certain partner can either act as a product partner for our wealth management business or an investment partner for our asset management business.
We have a strong presence in private equity investment industry both domestically and overseas. We have built relationships with 15 out of the top 20 VC fund managers as named in the “2021 Annual List of Chinese Venture Capital Investment Institutions” in December 2021 by CV Info, one of mainland China’s leading third-party private equity information providers, and over 40 of the top 50 international PE firms as named in “Private Equity International’s PEI 300 list” for 2022.
In addition to leading PE/VC firms, we have intensified screening and coverage of top hedge fund managers worldwide and have built relationships with 25 of the top 50 global hedge fund managers as named in “With intelligence Global Billion Dollar Club 2022”.

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Key Contractual Terms with Product Partners for Our Wealth Management Business
We enter into service agreements with the product partners for the majority of the products we distribute through our wealth management business. These service agreements usually expire upon the redemption of the underlying investment products. Under these agreements, we typically undertake to provide the counterparty with services relating to our clients’ purchases of the relevant products. Such services generally include providing our clients with information on the relevant products, evaluating the financial condition and risk profiles of those clients who desire to purchase the relevant products, educating them on the transaction documentation as well as furnishing other assistance to facilitate their communications with the product partners.
Under our