Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 93

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 93
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731   ​       4,267
Number of active clients (including mutual fund-only clients)        35,877   ​      22,453   ​      17,210
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58

In order to provide targeted and personalized services to our clients, we classify our clients into five categories based on their AUA with us, namely ivory, gold, platinum, diamond, and black card clients, with the black card clients being the highest level. The number of our black card clients and diamond card clients reached 2,277 and 7,057 as of December 31, 2024, with an AUA per client of RMB94.9 million (US$13.0 million) and RMB17.7 million (US$2.4 million), respectively. The table below sets forth the number of our core clients as of the periods indicated.

                ​                   ​     ​      ​      ​      ​      ​  
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​                                   ​                  As of December 31,
​                                   ​    2022   ​      2023   ​      2024
Number of black card clients(1)         2,104   ​     2,289   ​     2,277
Number of diamond card clients(2)       7,585   ​     7,369   ​     7,057

(1)   Black card clients refer to clients with an AUA of over RMB50 million (approximately US$7 million).
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(2)   Diamond card clients refer to clients with an AUA of over RMB10 million (approximately US$1.5 million) but less than RMB50 million (approximately US$7 million).
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Client Onboard Process and Key Contractual Terms 
We have implemented comprehensive know-your-client, commonly known as KYC, and anti-money laundering, commonly known as AML, procedures and policies in compliance with applicable laws and regulations in mainland China and other jurisdictions where we operate, as well as our internal control policies. When a client opens an account with us, we require the client to complete our KYC and AML review process. In terms of our KYC process, we collect documentations including, among others, proof of client’s identity and source of funds for investments and verify such information against reliable supporting documents and official database, as well as conduct risk tolerance assessment to better understand clients’ risk appetite. We also perform due diligence procedures on clients that