Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 37

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 3
Chunk 37
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 with and obtain approval from SAFE or its local branches in connection with their direct or indirect offshore investment activities. In July 2014, SAFE promulgated the SAFE Circular 37, which replaces the Circular on Relevant Issues Concerning Foreign Exchange Administration on PRC Residents’ Financing and Round-Trip Investment via Offshore Special Purpose Vehicles. These rules and regulations by SAFE are applicable to our shareholders who are mainland China individuals or mainland China corporate entities and may be applicable to any offshore acquisitions that we make in the future. 
Pursuant to SAFE Circular 37, mainland China residents (including mainland China individuals and mainland China corporate entities) who make direct or indirect investments in offshore special purpose vehicles are required to register such investments with SAFE or its local branches. In addition, any mainland China resident who is a direct or indirect shareholder of a special purpose vehicles is required to update its registration with the local branch of SAFE with respect to that special purpose vehicles, to reflect any change of the basic information, such as any change relating to the mainland China individual shareholder, name or operation period, or any material events, such as increase or decrease of capital contribution, share transfer or exchange, or merger or division. In February 2015, SAFE promulgated a Notice on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment. Pursuant to this notice, applications for foreign exchange registration of inbound foreign direct investments and outbound direct investments, including those required under SAFE Circular 37, shall be filed with qualified banks instead of SAFE. Qualified banks should examine the applications and accept registrations under the supervision of SAFE. However, due to the uncertainty in the implementation of regulations by the PRC government authorities, as the case in many other civil law jurisdictions, these SAFE registrations may not always be practically available under all circumstances prescribed in these regulations. 
We may not be fully informed of the identities of all our shareholders or beneficial owners who are mainland China residents, and we do not have control over them and cannot compel them to comply with these rules and regulations of SAFE. Therefore, we cannot provide assurance that any applicable registration or any amendment under these rule and regulations of SAFE has been or will be completed in a timely manner, or at all. The failure or inability of our existing or future shareholders or beneficial owners who are mainland China residents to register or amend their foreign exchange registrations under these rules and regulations of SAFE may subject such shareholders, beneficial owners or our mainland China subsidiaries to fines and legal sanctions, or could result in liability under the laws of mainland China for evasion of