Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 336

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 16K
Chunk 336
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 judgment from the Bozhou Intermediate People’s Court of Anhui Province (the “ First Instance Court”). The judgement related to a civil lawsuit brought by an external institution (the “ Plaintiff”) against Noah (Shanghai) Financial Leasing Co., Ltd. (the “ Defendant”, one subsidiary of the Company).

The First Instance Court first accepted the civil lawsuit filed by the Plaintiff against the Defendant in August 2019 respecting the financial consultancy services provided by the Defendant to the Plaintiff on its investment process. The Defendant charged a fee of RMB0.5million for providing such consultancy services to the Plaintiff. In December 2020, the First Instance Court dismissed the Plaintiff’s case. In March 2021, the High People’s Court of Anhui Province (the “ Appellate Court”) dismissed the Plaintiff’s appeal to the ruling of the First Instance Court. Nocontingent liabilities with respect to the civil claim were recorded by the Group in 2021.

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The Plaintiff subsequently, for the third time, applied for a retrial to the Supreme People’s Court. In February 2022, the Supreme People’s Court issued an order revoking the aforementioned rulings and remanding the case to the First Instance Court for retrial. While the Group held the same view as before that the claim of the Plaintiff is without merit and is unfounded, in December 2022, the First Instance Court awarded the Plaintiff monetary damages of RMB99.0million and corresponding interests (the “ First-instance Ruling”). The First-instance Ruling is not yet effective until the appellate process is concluded. Considering the judgement in the First-instance Ruling as of December 31, 2022, although it remains subject to appeal and applicable post-judgment proceedings, the Group reserved a contingent liability of RMB99.0million.

In late March 2024, the Group received the final ruling from the Appellate Court, which supports the First-instance Ruling and became effective immediately. As a result, the contingency was resolved and the payable for the litigation of RMB99.0million was included in other current liabilities as of December 31, 2023.

In April 2024, the Group applied for a retrial to the Supreme People’s Court and received the ruling in January 2025, in accordance with which, the Supreme People’s Court awarded the Plaintiff monetary damages of70% of RMB99.0million and corresponding interests. Based on the ruling, the Group reversed