Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 15

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 3
Chunk 15
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 have declared and distributed dividends for an aggregate amount of RMB1,185.4 million (US$162.4 million); the dividend payments are subject to applicable tax and fees. In March 2025, our board of directors approved an annual dividend of approximately RMB275.0 million (US$37.7 million) and a non-recurring special dividend of approximately RMB275.0 million (US$37.7 million). The annual and special dividend payment plan will be reviewed during and announced after the annual general meeting of our shareholders, which is expected to be held in June 2025. The determination to make dividends or distributions in any particular year is made at the discretion of our board of directors based upon factors such as our results of operations, cash flow, financial condition, business strategies and prospects, capital requirements, regulatory constraints to the extent relevant, availability of foreign currency and other considerations that the board deems relevant. Neither the mainland China subsidiaries of our company nor the Consolidated Affiliated Entities are obligated to make dividends or distributions to our company under the Contractual Arrangements. See “Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Dividend Policy.”

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Furthermore, cash transfers from our mainland China subsidiaries to our subsidiaries outside of mainland China are subject to PRC government control of currency conversion. Restrictions on the availability of foreign currency may affect the ability of our mainland China subsidiaries and Consolidated Affiliated Entities to remit sufficient foreign currency to pay dividends or other payments to us, or otherwise satisfy their foreign currency denominated obligations. See “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—Mainland China’s foreign exchange regulations restricting the conversion of Renminbi into foreign currencies may limit our ability to utilize our revenues effectively and affect the value of your investment.”
Financial Information Related to the Consolidated Affiliated Entities
The following tables set forth the summary condensed consolidated balance sheets data as of December 31, 2023 and 2024 and the summary of the condensed consolidated statements of operations and cash flows for the years ended December 31, 2022, 2023 and 2024 of (i) our company, (ii) our subsidiaries other than Noah Group, (iii) Noah Group, which is the primary beneficiary of the Consolidated Affiliated Entities, (iv) the Consolidated Affiliated Entities, and (v) eliminating adjustments. Our consolidated financial statements are prepared and presented in accordance with