Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 51

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 3
Chunk 51
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 detailed guidance with regards to the maximum volume of private credit products issued and minimum liquidity thresholds. The Guidance Opinions will apply to private funds in the absence of specific laws and regulations thereto. On July 20, 2018, the People’s Bank of China issued the Circular on Further Clarifying Matters concerning the Guidance Opinions on Regulating the Asset Management Business of Financial Institutions. On January 12, 2023, the CSRC issued the Administrative Measures on Private Asset Management Business of Securities and Futures Institutions, which replaced the former regulations of the same name. According to the Instructions for the Filing of Private Investment Funds No.1 to 2 issued by the AMAC on September 28, 2023, to replace the Instructions for the Filing of Privately-Raised Investment Funds (2019 Version) issued on December 23, 2019, private funds shall not engage in disguised loan business, regular and operational private lending activities equity of entities engaged in factoring, financial leasing, pawnbroking or other businesses that conflict with private fund operations, and equity of entities prohibited or restricted by the state, or those inconsistent with national industrial policies, environmental protection policies, or land management policies. In line with our understanding and anticipation of the changing regulatory and market environment given the publication of rules such as the Guidance Opinions and the AMAC’s filing instructions, we have strategically ceased offering substantially all of our credit products from the third quarter of 2019, which had a negative impact on our results of operations.
As we develop our business, the products we manage or distribute might be subject to detailed regulations and implementing policies to be issued by the CSRC or AMAC in the future and we cannot assure you that our asset management or wealth management business will not be materially and adversely affected if any supervisory authority enhances its regulation over asset management plans. 
Furthermore, the Notice on Regulation and Renovation of the “Cash Loan” Business promulgated on December 1, 2017 requires microloan companies and other entities to charge synthetic fund costs, including the interest and fees paid by the borrowers, in compliance with the rules provided by the Supreme People’s Court, and such costs shall be within the legally allowed annualized interest rate for private lending. This circular and subsequent rules and regulations also provide that no institution or third-party agency shall collect loans by actual or threatened violence, intimidation, insult, defamation, harassment, disseminating private information, or other ways that cause harm. In addition, the Opinions on Several Issues Concerning