Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 128

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 128
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’s net asset value, and the funds of a single private securities investment fund invested in the same asset shall not exceed 25% of the net assets of the fund, and the cumulative exposure across all private securities investment funds managed by the same manager to a single underlying asset shall not exceed 25% of the total market value of such asset. Additionally, except as otherwise provided by the CSRC or the AMAC, the combined shares of a single listed company held by the self-owned funds of private securities investment fund managers under the same actual controller, all private securities investment funds under their management, and all asset management products for which they act as investment advisors shall not, in aggregate, exceed 30% of the listed company’s tradable shares.
Regulations on Fund Distribution
On August 28, 2020, the CSRC issued the Supervision Measures on Distribution Institutions of Publicly-Raised Securities Investment Fund, or the Supervision Measures, which came into effect on October 1, 2020 and replaced the previous regulations issued in 2013. According to the Supervision Measures, fund distribution refers to the activities of opening fund trading accounts for investors, promoting and marketing funds, handling the issuance, subscription, and redemption of fund shares and providing access to query information on fund trading accounts, etc. The Supervision Measures set out various requirements on fund distribution institutions distributing publicly-raised securities investment funds as well as privately-raised securities investment funds, including registration, operational standards, internal control and risk management. Fund distribution institutions fund distribution institutions, including commercial banks, securities companies, futures companies, insurance institutions, securities investment consulting institutions and independent institutions, shall register with the CSRC or its local branches and obtain the relevant fund distribution license in order to carry out fund distribution services. The Supervision Measures provide that independent fund distribution institutions shall specialize in the distribution of publicly-raised securities investment funds and privately-raised securities investment funds, and no other business shall be engaged, except as otherwise prescribed by the CSRC. In addition, pursuant to the Provisions on the Implementation of the Supervision Measures on Distribution Institutions of Publicly-Raised Securities Investment Fund issued by the CSRC on August 28, 2020 and effective from October 1, 2020, an independent fund distribution institution engaging in the distribution of products other than publicly-raised securities investment funds and privately-raised securities investment funds shall, within two years from the implementation date of the Supervision Measures, complete the rectification, and during the rectification period, cut the