Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 107

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 107
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 build brand awareness and reputation. We focus on maintaining long-term relationships with our clients through regular, personalized interaction to build trust with our clients, as well as enhancing and sustaining their loyalty. We also believe that the various other value-added services we offer to our clients, such as investor education services and trust planning, further enhance the loyalty of our clients.Wealth Management
Noah Upright, our primary domestic distribution channel, is among the first batch of independent financial service companies in mainland China which has obtained the fund distribution license from the CSRC. Noah Upright distributes mutual funds and private secondary products. In 2024, this segment concentrated on developing an “online-first, offline-supported” business model, with the goal of facilitating global asset allocation through RMB-denominated products.
Furthermore, we have established offices in Hong Kong (China), Los Angeles, Silicon Valley, New York, and Singapore to offer our clients global investment opportunities using our new overseas brand “Ark.”
We distribute investment products on behalf of third-party product partners as well as Gopher and Olive, primarily through our network of relationship managers, and we use an array of marketing channels to attract potential clients. Furthermore, we also enjoy continued organic growth in clients from word-of-mouth referrals.
Our dedicated relationship managers strive to provide tailored investment services to our clients based on a deep understanding of each client’s financial position and objectives, utilizing our specialty in asset allocation and manager selection and the wide range of multi-asset class investments that we offer. Our relationship managers in mainland China and overseas are focusing on providing licensed services in respective jurisdiction. As of December 31, 2024, we had 138 overseas relationship managers.

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Asset Management
Gopher has built its direct sales team to raise capital for Gopher Funds it establishes that invest in domestic private equity investments, while Olive has built its team to raise capital for funds it establishes that invest in overseas private equity investments. When a client of the wealth management business shows interest in asset management products Gopher or Olive offers, a relationship manager of Gopher or Olive, typically a PE solution representative, will introduce the product to the client and handle the investment process. Gopher or Olive’s direct sales team also targets institutional investors and family offices.
The following table sets forth a selection of licenses that are material to our business operations held by us as of December 31, 2024.

   Location                                  Licenses                                                                                                                             Expiration Date                                                                                                   
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Mainland China   ​   Certificate for privately-raised investment