Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 256

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 12
Chunk 256
---
 respect of the ADS program established pursuant to the deposit agreement, by making available a portion of the depositary fees charged in respect of the ADS program or otherwise, upon such terms and conditions as we and the depositary may agree from time to time. As described in the deposit agreement, we or the depositary may withhold or deduct from any distributions made in respect of ordinary shares and may sell for the account of a holder any or all of the ordinary shares and apply such distributions and sale proceeds in payment of any taxes (including applicable interest and penalties) or charges that are or may be payable by holders in respect of the ADSs.
Fees and Other Payments Made by the Depositary to Us
The depositary has agreed to reimburse us for certain expenses we incur that are related to establishment and maintenance of the ADS program, including investor relations expenses and exchange application and listing fees. There are limits on the amount of expenses for which the depositary will reimburse us, but the amount of reimbursement available to us is not related to the amounts of fees the depositary collects from investors. Reimbursement paid by the depositary was RMB6.0 million (US$0.82 million) in 2024.
Conversion between ADSs and Shares Trading in Hong Kong
Dealings and Settlement of Shares in Hong Kong
Our Shares trade on the Hong Kong Stock Exchange in board lots of 20 Shares. Dealings in our Shares on the Hong Kong Stock Exchange are conducted in Hong Kong dollars.
The transaction costs of dealings in our Shares on the Hong Kong Stock Exchange include:

●   Hong Kong Stock Exchange trading fee of 0.00565% of the consideration of the transaction, charged to each of the buyer and seller;
--------------------------------------------------------------------------------------------------------------------------------------

●   SFC transaction levy of 0.0027% of the consideration of the transaction, charged to each of the buyer and seller;
---------------------------------------------------------------------------------------------------------------------

●   AFRC Transaction Levy of 0.00015%, charged per side of the consideration of a transaction, collected for the Accounting and Financial Reporting Council;
------------------------------------------------------------------------------------------------------------------------------------------------------------
155

●   transfer deed stamp duty of HK$5.00 per transfer deed (if applicable), payable by the seller;
-------------------------------------------------------------------------------------------------

●   ad valorem stamp duty at a total rate of 0.2% of the consideration for, or (if greater) the value of, the Shares transferred, with 0.1% payable by each of the buyer and seller;
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

●   stock settlement fee, which is currently 0.