Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 316

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 16K
Chunk 316
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ao Equity Investment Management Co., Ltd (“ Kunshan Jingzhao”), a newly setup joint venture, for40% of the equity interest. Kunshan Jingzhao principally engages in real estate fund management business.
In February 2013, the Group injected RMB21.0million into Wanjia Win-Win Assets Management Co., Ltd (“ Wanjia Win-Win”), a newly setup joint venture, for35% of the equity interest. Wanjia Win-Win principally engages in wealth management plan management business. In December 2017, the share owned by the Group had been diluted to28%.
In the fourth quarter of 2016, the Group injected RMB150million into Gopher Transformation Private Fund, which accounted for48% of total actual distribution volume. The fund principally invested in a limited partnership to invest a real-estate company. Although managed by Gopher, the fund is not consolidated by the Group based on the fact that substantive kick-out rights exist which are exercisable by a simple-majority of non-related limited partners of the fund to dissolve (liquidate) the fund or remove the Group as the general partner of the fund without cause. In the year 2017, due to capital subscription by limited partners, the equity interest owned by the Group had been diluted to35%.
The Group invested in private equity funds of funds, real estate funds and real estate funds of funds, and other public securities funds of funds that Gopher/Olive serves as general partner or fund manager. The Group held less than10% equity interests in these funds as a general partner. The Group accounts for these investments using the equity method of accounting due to the fact that the Group can exercise significant influence on these investees in the capacity of general partner or fund manager.
The Group recognized impairment losses totaling RMB476, nilandnilrelated to investments in affiliates for the years ended December 31, 2022, 2023 and 2024, respectively, which are recorded in income (loss) from equity in affiliates in the consolidated statements of operations.

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Table of Contents

Summarized financial information

The following table shows summarized financial information relating to the balance sheets for the Group’s equity method investments assuming 100% ownership as of December 31, 2023 and 2024:

                                  As of December 31,                                 
 ─────────────────────────────────────────────────────────────────────────────────────
                               (Amount in Thousands)                                 
                                                2023            2024