Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 72

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 3
Chunk 72
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 ADSs and/or ordinary shares is likely to be highly volatile and subject to wide fluctuations in response to factors including the following:

●   variation in our revenues, earnings, cash flow and data related to our user base or user engagement;
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●   regulatory developments in our target markets affecting us, our clients or our competitors;
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●   announcements of studies and reports relating to the quality of our products and services or those of our competitors;
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●   changes in the performance or market valuations of other companies in the industries in which we operate;
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●   actual or anticipated fluctuations in our quarterly results of operations and changes or revisions of our expected results;
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●   changes in financial estimates by securities research analysts;
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●   detrimental adverse publicity about us or our industry;
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●   conditions in the industries in which we operate;
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●   announcements by us or our competitors of new services, investments, acquisitions, strategic relationships, joint ventures or capital commitments;
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●   addition or departure of key personnel;
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●   fluctuations of exchange rates between the Renminbi and the U.S. dollar;
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●   release or expiry of transfer restrictions on our outstanding ordinary shares or ADSs.
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●   sales or perceived potential sales of additional ordinary shares or ADSs; and
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●   potential litigation or regulatory investigations.
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46

In addition, the market prices for China-based companies listed in the United States and/or Hong Kong have experienced volatility that might have been unrelated to the operating performance of such companies. The substantial declines in the market prices of the securities of China-based companies may affect the attitudes of investors toward China-based companies listed in the United States and/or Hong Kong in general, which consequently may impact the market price of our ADSs and/or ordinary shares, regardless of our actual operating performance. In addition, any negative news or perceptions about inappropriate corporate governance practices or corporate structure, fraudulent accounting or other matters of some China-based companies may also negatively affect the attitudes of investors towards China-based companies in general, including us, regardless of whether we have engaged in any inappropriate activities.
The global financial crisis and the ensuing economic recessions in many countries have contributed and may continue to contribute to extreme volatility in the global stock markets, such as the large declines in share prices in the United States, mainland China, Hong Kong and other jurisdictions at various times since 2008. These broad market and industry fluctuations may adversely affect the prices of our