Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 60

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 3
Chunk 60
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 on capital market sentiment may affect the financial performance of companies that our asset management businesses invest in. These developments may also lead to increased compliance costs, operational disruptions, and potential constraints on our access to capital markets. In addition, escalating U.S.-China trade tensions have triggered a chain reaction of economic and political repercussions, including U.S. legislative and policy initiatives that may impose stricter measures on China-based companies listed on U.S. stock exchanges. Any further escalation of international tensions may have a negative impact on the general, economic, political, and social conditions of the countries where we operate and, in turn, adversely impact our business, financial condition, and results of operations.
Our business is subject to the risks associated with international operations.
International expansion is an important component of our growth strategy, with revenues from countries and regions outside of mainland China representing 47.8% of our total revenues in 2024. Expanding our business overseas exposes us to a number of risks, including but not limited to:

●   our ability to select the appropriate geographical regions for international expansion;
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●   difficulty in understanding local markets and culture;
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●   difficulty in penetrating local markets and acquiring new clients;
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●   unexpected legal or regulatory changes in local markets;
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●   fluctuations in currency exchange rates;
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●   difficulty in identifying appropriate partners and establishing and maintaining good cooperative relationships with them;
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●   difficulty in recruiting and retaining qualified personnel;
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●   potentially adverse tax consequences; and
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●   increased costs associated with doing business in foreign jurisdictions.
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We may face risks related to natural disasters, health epidemics and other outbreaks, which could significantly disrupt our operations.
Our business could be materially and adversely affected by natural disasters, health epidemics or other public safety concerns affecting China or elsewhere in the world. Natural disasters may give rise to server interruptions, breakdowns, system failures, technology platform failures or internet failures, which could cause the loss or corruption of data or malfunctions of software or hardware as well as adversely affect our ability to provide services. There have been outbreaks of epidemics in China and globally, which could disrupt our business operation. In addition, our results of operations could be adversely affected to the extent that any health epidemic harms the Chinese economy in general and a prolonged outbreak of any of these illnesses or other adverse public health developments in China or elsewhere. Such outbreaks could significantly impact our industry, and any failure to have our business insurance claims covered could severely