Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 311

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 16K
Chunk 311
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 ordinary shares outstanding—basic                                                   341,660,160          347,369,860          350,847,647  
  Plus: effect of dilutive stock options                                                                             253,540                    —                    —  
  Plus: effect of dilutive non-vested restricted share units                                                          67,010               52,720            1,503,610  
  Weighted average number of ordinary shares outstanding—diluted                                                 341,980,710          347,422,580          352,351,257  
  Basic net income per share                                                                                            2.86                 2.91                 1.36  
  Diluted net income per share                                                                                          2.86                 2.91                 1.35  

In January 2016, the Company’s shareholders voted in favor of a proposal to adopt a dual-class share structure, pursuant to which authorized share capital was reclassified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled toonevote and each Class B ordinary share being entitled tofourvotes on all matters that are subject to shareholder vote. As economic rights and obligations are applied equally to both Class A and Class B ordinary shares, earnings are allocated between thetwoclasses of ordinary shares evenly with the same allocation on a per share basis.

On July 13, 2022, the Company completed its secondary listing on the Main Board of The Stock Exchange of Hong Kong Limited (the “ Hong Kong Stock Exchange”) and all Class B ordinary shares were converted into Class A ordinary shares on aone-for-one basis. Subsequently, noClass B ordinary shares will be issued or outstandingand the Company will cease to have a dual-class voting structure. On December 23, 2022, the Company adopted the sixth amended and restated memorandum and articles of association to reflect the removal of the dual-class voting structure, among other things.

Shares issuable to the investors of Camsing Incident (as defined in Note 14) are included in the computation of basic earnings per share as the shares will be issued for no cash consideration and all necessary conditions have been satisfied upon the settlement.

Diluted net income per share does not include the following instruments as their inclusion would be antidilutive:

                                                               Year Ended December 31,                              
                                                                                  2022           2023         2024  
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