Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 11

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 3
Chunk 11
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 from time to time, which could reduce our recurring service fees.
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●   Our lending business is subject to credit risks, which could adversely affect our results of operations.
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●   Our business involves relatively new business models which may not be successful.
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Risks Related to Our ADSs and Ordinary Shares

●   The market price for our ADSs and/or ordinary shares have been and may continue to be volatile.
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●   There is no assurance if and when we will pay dividends in the future. Therefore, you should not rely on an investment in our ADSs and/or ordinary shares as a source of future dividend income.
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●   Substantial future sales or perceived potential sales of our ADSs and/or ordinary shares in the public market could cause the price of our ADSs and/or ordinary shares to decline.
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●   We adopt different practices as to certain matters as compared with many other companies listed on the Hong Kong Stock Exchange.
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●   Techniques employed by short sellers may drive down the trading price of our ADSs and/or ordinary shares.
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●   If securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding our ADSs and/or ordinary shares, the market price for our ADSs and /or ordinary shares and trading volume could decline.
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●   Holders of our ordinary shares and/or ADSs may have difficulty effecting service of process and enforcing judgments obtained against us, our directors and our management, and the ability of U.S. or Hong Kong authorities to bring and enforce actions in mainland China may also be limited.
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●   There is uncertainty as to whether Hong Kong stamp duty will apply to the trading or conversion of our ADSs.
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Permits and Permission Required from the PRC Authorities for Our Operations
Our mainland China subsidiaries and the Consolidated Affiliated Entities have obtained all material licenses and approvals required for our operations in mainland China. Given the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government authorities, we may be required to obtain additional licenses, permits, filings, or approvals for our business operations in the future. If we fail to obtain or maintain the required licenses, permits and approvals, we may be subject to fines, confiscation of the income derived from the related business, the suspension of operations and adverse publicity arising from such non-compliance with government regulations. In