Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 326

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 16K
Chunk 326
---
,713and RMB58,056, respectively. As of December 31, 2024, there was RMB118,935in total unrecognized compensation expense related to such non-vested restricted share units, which is expected to be recognized over a weighted-average period of1.74years.

F-40

Table of Contents

14. Settlement Expenses

In July 2019, in connection with certain funds managed (“ Camsing Credit Funds” or “ Camsing Products”) by Shanghai Gopher Asset Management Co., Ltd. (“ Shanghai Gopher”), a consolidated affiliated subsidiary of the Company, it is suspected that fraud had been committed by third parties related to the underlying investments (the “ Camsing Incident”). A total of818investors were affected, and the outstanding amount of the investments that is potentially subject to repayment upon default amounted to RMB3.4billion.

Settlement Plan

To preserve the Group’s goodwill with affected investors, it voluntarily made an ex-gratia settlement offer (the “ Settlement Plan”) to affected investors. An affected client accepting the offer shall receive RSUs, which upon vesting will become ordinary shares of the Company, and in return forgo all outstanding legal rights associated with the investment in the Camsing Credit Funds and irrevocably release the Company and all its affiliated entities and individuals from any and all claims immediately, known or unknown, that relate to the Camsing Credit Funds.

On August 24, 2020, the Settlement Plan was approved by the Board of Directors of the Company that a total number of new ordinary shares not exceeding1.6% of the share capital of the Company has been authorized to be issued each year for a consecutiveten yearsfor the Settlement Plan.

The Group evaluated and concluded the financial instruments to be issued under the Settlement Plan meet equity classification under ASC 815-40-25-10. Therefore, such instruments were initially measured at fair value and recognized as part of additional-paid-in-capital.

As of December 31, 2020, the Group had no new settlement plan for the remaining unsettled investors, but would not preclude to reaching settlements in the future with similar terms and therefore estimated the probable amount of future settlement taking into consideration of possible forms of settlement and estimated acceptable level, and had recorded it as a contingent liability of US$81.3million (RMB530.4million).

During the year ended December 31, 2024, the Group remained open to settling with the affected clients,