Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 90

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 90
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 license in Singapore. In 2024, we established the Olive Asset Management brand, our overseas asset management business that manages USD - denominated private equity funds and private secondary products.
In July 2022, our ordinary shares commenced trading on the Main Board of the Hong Kong Stock Exchange under the stock code “6686”. We raised from our global offering in connection with the listing in Hong Kong approximately HK$315.6 million (US$40.2 million) in net proceeds after deducting underwriters’ commissions and offering expenses. Upon our listing on the Hong Kong Stock Exchange, all the Class B ordinary shares were converted into Class A ordinary shares on a one-for-one basis. Subsequently, no Class B ordinary shares will be issued or outstanding and we will cease to have a dual-class voting structure. On December 23, 2022, we adopted the sixth amended and restated memorandum and articles of association to reflect the removal of the dual-class voting structure, among other things.
Our principal executive offices are located at No.1226, South Shenbin Road, Minhang District, Shanghai, People’s Republic of China. Our telephone number is (86) 21 8035 - 8292. Our registered office in the Cayman Islands is located at the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1 - 1104, Cayman Islands. 

B.   Business Overview
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We are a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin - speaking HNW investors. Substantially all our RMB-denominated investment products are managed and distributed in mainland China, and most of our foreign currency denominated products are managed and distributed through our Hong Kong subsidiary, Noah HK, which serves as our offshore booking center.

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With over 20 years of operating experience, we continue to distribute and manage investment products and provide comprehensive financial services to our HNW clients globally, while at the same time constantly optimizing and improving our risk and asset management procedures to strengthen our core competitiveness.
Our Business Model
We provide comprehensive financial services using wealth management and asset management models, through our subsidiaries and Consolidated Affiliated Entities to our clients. In 2024, our wealth management business, asset management business, and other businesses contributed to 69.2%, 29.5% and 1.3% of our total net revenues, respectively.

●   Wealth management business. Through the