Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 132

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 132
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 People’s Court, the Supreme People’s Procuratorate, the Ministry of Public Security, and the Ministry of Justice and became effective on October 21, 2019, provides rules on the supervision of and punishment for illegal lending, including (i) regularly granting loans to the public for profits in violation of the provisions issued by the state, without the approval of the regulatory authorities, or beyond the scope of business, (ii) granting illegal loans as stipulated in (i) under circumstances where the annual interest rate of the loan exceeds 36%; and (iii) debt-collection by means of violence.

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On December 31, 2024, the National Financial Regulatory Administration (NFRA) issued the Interim Measures for the Supervision and Administration of Microloan Companies, or the Microloan Companies Measures, which replaces the former regulation issued in 2020. The Microloan Companies Measures integrates online microloan companies into a centralized regulatory framework, and establishes central-local regulatory coordination where NFRA sets overarching rules while local financial authorities oversee market entry and daily supervision. Additionally, it prohibits cross-provincial operations, establishes a negative list (e.g., bans on public deposit-taking and license leasing), standardizes interest practices (e.g., mandatory disclosure of annualized rates, prohibition of upfront fee deductions or “kantouxī”), and enhances corporate governance of microloan companies with mandatory risk reserve funds, asset classification systems, and technological infrastructure upgrades to mitigate tech-related risks. Moreover, the Microloan Companies Measures introduces dedicated rules prohibiting predatory lending inducements and abusive debt collection practices for consumer protection, and sets up differentiated mechanisms for non-compliant operators (e.g., uncontactable or rule-violating entities).
Regulations on Internet Financial Services
Due to the relatively short history of the Internet financial service industry in mainland China, the PRC government has not adopted a clear regulatory framework governing the industry. There are ad hoc laws and regulations applicable to elements of Internet financial service-related businesses, such as laws and regulations governing value-added telecommunication services.
On July 14, 2015, the People’s Bank of China together with nine other PRC regulatory agencies jointly issued a series of policy measures applicable to Internet financial services titled the Guidelines on Promoting the Healthy Development of Internet Finance. On April 12, 2016, the General Office of the PRC State Council issued the Implementation Plan for Special Rectification of Internet Financial Risks, or the Rectification Implementation Plan. These guidelines introduced formally for the first time the regulatory framework and basic