Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 162

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 162
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 increases its registered capital upon prior written consent of Noah Group, the Pledge Equity Interests shall include all the additional equity interests subscribed by the Registered Shareholders in such capital increase. If Noah Investment or the Registered Shareholders breach any of their respective obligations under the Exclusive Support Service Agreement or the Exclusive Option Agreement, Noah Group, as the pledgee, will be entitled to certain rights, including being repaid in priority by the proceeds from auction or sale of the Pledge Equity Interests. The term of the share pledge is same as that of Exclusive Option Agreement. The share pledges under the Share Pledge Agreement have been registered with competent branches of the State Administration for Market Regulation.
Powers of Attorney. Each of the Registered Shareholders of Noah Investment has executed a power of attorney in September 2007, or the Power of Attorney, respectively, to grant Noah Group or its designee the power of attorney to act on his or her behalf on all matters pertaining to Noah Investment and to exercise all of his or her rights as a shareholder of Noah Investment, including the right to attend shareholders meetings, appoint board members and senior management members, other voting rights and the right to transfer all or a part of his or her equity interests in Noah Investment. The Powers of Attorney shall remain irrevocable and effective during the period that the Registered Shareholders are shareholders of Noah Investment.
In the opinion of Zhong Lun Law Firm, our mainland China legal counsel:

●   the ownership structure of Noah Investment and Noah Group does not result in a violation of any applicable laws and regulations of mainland China currently in effect; and
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●   the Contractual Arrangements among Noah Group, Noah Investment, and the Registered Shareholders governed by the laws of mainland China are valid, legal and binding, and do not result in a violation of any applicable laws or regulations of mainland China currently in effect.
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We have been advised by our mainland China legal counsel that there are substantial uncertainties regarding the interpretation and application of current and future laws and regulations of mainland China, and accordingly, the PRC regulatory authorities or courts may take a view that is contrary to the above opinion of our mainland China legal counsel. It is uncertain whether any other new laws or regulations of mainland China relating to contractual arrangements will be adopted or if adopted, what they would provide. If our corporate structure and the Contractual Arrangements are deemed by relevant regulatory authority or court to be illegal or invalid, either in whole or in part, we may lose control