Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 229

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 7
Chunk 229
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Item 7.   Major Shareholders and Related Party Transactions

A.   Major Shareholders
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Please refer to “Item 6. Directors, Senior Management and Employees—E. Share Ownership.”

B.   Related Party Transactions
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Contractual Arrangements
As to the Contractual Arrangements with Noah Investment and its shareholders, please see “Item 4. Information on the Company—C. Organizational Structure” for a description of the Contractual Arrangements.
Transactions with Shareholders and Affiliates
For the funds for which Gopher Asset Management and Gopher GP serve as general partners and/or fund managers, we are entitled to receive recurring service fees and performance-based income. Gopher Asset Management is also entitled to receive one-time commissions for fund raising services when distributing the relevant funds to HNW clients.
During the years ended December 31, 2022, 2023 and 2024, related party transactions were as follows:
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                                                                   ​                                                                       ​       ​        ​        ​        ​        ​        ​       ​   
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​                                                                                                                                                                                     Year Ended December 31
​                                                                                                                                          ​                                           (Amount in Thousands)
​                                                                                                                                          ​        2022   ​          2023   ​          2024   ​        2024
​                                                                                                                                                    RMB               RMB               RMB             US$
One-time commissions                                                                                                                                   ​                 ​                 ​               ​
Investee funds of Gopher Asset Management                                                                                                         63,809            16,365            21,288           2,916
Recurring service fees                                                                                                                                 ​                 ​                 ​               ​
Investee funds of Gopher Asset Management                                                                                                        768,161           712,479           613,172          84,004
HongShan Capital Investment Management (Tianjin) Co., Ltd. (formerly known as Sequoia Capital Investment Management (Tianjin) Co., Ltd.)          16,791            16,286             5,088   697          
Investee funds of Gopher GP                                                                                                                      377,274           400,371           402,264          55,110
Total recurring service fees                                                                                                                   1,162,226         1,129,136         1,020,524         139,811
Performance-based income                                                                                                                               ​                 ​                 ​               ​
Investee funds of Gopher Asset Management                                                                                                         51,304            10