Company separates CEO and chairperson roles to
improve corporate governance
Mr. Zhe Yin
appointed as CEO; Ms. Jingbo Wang to
remain as Chairwoman
SHANGHAI, Dec. 29,
2023 /PRNewswire/ -- Noah Holdings
Limited (the "Company" or "Noah") (NYSE: NOAH and HKEX:
6686), a leading wealth management service provider
in China offering comprehensive global investment and
asset allocation advisory services primarily for high-net-worth
investors, today announced that its Board of Directors (the
"Board") has approved a separation of the chief executive officer
and chairperson roles. Mr. Zhe Yin,
co-founder and director of the Company and chairman of Gopher Asset
Management Co., Ltd., has been appointed as the chief executive
officer of the Company, effective December
29, 2023, to succeed Ms. Jingbo
Wang, who will remain as the chairwoman of the Board and the
chairwoman of the Company's corporate governance and nominating
committee. The decision to separate the roles of the chief
executive officer and chairperson was taken for the purpose of
achieving better corporate governance pursuant to the Corporate
Governance Code as set out in Appendix 14 to the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong
Limited, specifically code provision C.2.1, and reflects the
Company's commitment to adhering to corporate governance best
practices.
Mr. Yin is one of the founders of the Company and has been a
director since June 2007. Mr. Yin is
a highly accomplished senior executive in the wealth and asset
management industry with over 22 years of professional experience
and possesses an in-depth understanding of the Company's operations
and culture. He has been serving as the chairman of Gopher Asset
Management Co., Ltd. ("Gopher Asset Management"), one of the
Company's consolidated affiliated entities, since March 2021, and served as the chief executive
officer of Gopher Asset Management from April 2014 to March
2021 and as the chairman of Gopher Asset Management from
February 2010 to April 2014.
Prior to co-founding Noah, Mr. Yin worked at Xiangcai Securities
Co., Ltd. from November 2003 to
September 2005 as a deputy general
manager of the private banking department. From July 1997 to October
2003, Mr. Yin served as various positions at Bank of
Communications Co., Ltd. Shanghai
Branch, with his last position as the foreign exchange product
manager of private finance division. From August 2021 to September
2022, Mr. Yin served as a director of Dalian Zeus
Entertainment Co., Ltd , the shares of which are listed on the
Shenzhen Stock Exchange (stock code: 002354). From November 2017 to June
2021, Mr. Yin served as an independent director of Guizhou
Xinbang Pharmaceutical Co., Ltd, the shares of which are listed on
the Shenzhen Stock Exchange (stock code: 002390).
Mr. Yin served as a co-chairman of the Fund of Funds
Professional Committee of the Asset Management Association of
China from 2017 to August 2021. Mr. Yin has repeatedly been named
among the most influential private equity investors in China by respected industry organizations. For
instance, he was named one of the Top 20 China's Best Private
Equity Investors in 2017 and one of the Top 50 China's Best Private
Equity Investors in 2019, respectively, by ChinaVenture Investment
Consulting., Ltd., a leading financial services technology
enterprise in China's private
equity investment industry. In addition, he was honored as one of
the Most Influential Investors in China's VC/PE Fund Limited Partner Market 2021
selected by Zero2IPO Group, a leading venture capital and private
equity service provider and a well-known investment firm in
China.
Mr. Yin received his MBA degree from China Europe International
Business School in Shanghai,
China, in September 2010 and
his bachelor's degree in economics from Shanghai University of Finance and Economics
in Shanghai, China, in
July 1997.
Ms. Wang commented, "This strategic move underscores our
commitment to enhancing corporate governance, fostering talent
development, and facilitating leadership succession planning. Mr.
Yin's alignment with our company values and culture, coupled with
his instrumental role in building our Gopher Asset Management
franchise, positions him as the ideal candidate to lead the Company
as the CEO. Under Mr. Yin's leadership, I am confident that Noah
will continue to execute our growth initiatives and create
substantial value for our clients and shareholders. As the
chairwoman of the Board, I look forward to supporting Mr. Yin in
his new role while continuing to oversee the Company's strategic
planning, board activities, and corporate governance."
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH and HKEX:6686) is a leading
and pioneer wealth management service provider in China offering comprehensive one-stop advisory
services on global investment and asset allocation primarily for
high net worth investors. Noah is a Cayman Islands holding company and carries on
business in Hong Kong as Noah
Holdings Private Wealth and Asset Management Limited. In the first
nine months of 2023, Noah distributed RMB57.5 billion (US$7.9
billion) of investment products. Through Gopher Asset
Management, Noah had assets under management of RMB154.9 billion (US$21.2
billion) as of September 30,
2023.
Noah's wealth management business primarily distributes private
equity, private secondary, mutual fund and other products
denominated in RMB and other currencies. Noah's network covers
major cities in mainland China, as
well as offices in Hong Kong
(China), Taiwan (China), New
York, Silicon Valley and Singapore. A total of 1,408 relationship
managers across 59 cities provide customized financial solutions
for clients through this network, and meet their international
investment needs. The Company's wealth management business had
452,222 registered clients as of September
30, 2023. Through Gopher Asset Management, Noah manages
private equity, public securities, real estate, multi-strategy and
other investments denominated in RMB and other currencies. The
Company also provides other services.
For more information, please visit Noah at ir.noahgroup.com.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Noah
may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission, in
its annual reports to shareholders, in announcements, circulars or
other publications made on the website of The Stock Exchange of
Hong Kong Limited (the "Hong Kong Stock Exchange"), in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Noah's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. These statements include, but are not limited to,
estimates regarding the sufficiency of Noah's cash and cash
equivalents and liquidity risk. A number of factors could cause
Noah's actual results to differ materially from those contained in
any forward-looking statement, including but not limited to the
following: its goals and strategies; its future business
development, financial condition and results of operations; the
expected growth of the wealth management and asset management
market in China and
internationally; its expectations regarding demand for and market
acceptance of the products it distributes; investment risks
associated with investment products distributed to Noah's
investors, including the risk of default by counterparties or loss
of value due to market or business conditions or misconduct by
counterparties; its expectations regarding keeping and
strengthening its relationships with key clients; relevant
government policies and regulations relating to its industries; its
ability to attract and retain qualified employees; its ability to
stay abreast of market trends and technological advances; its plans
to invest in research and development to enhance its product
choices and service offerings; competition in its industries in
China and internationally; general
economic and business conditions globally and in China; and its ability to effectively protect
its intellectual property rights and not to infringe on the
intellectual property rights of others. Further information
regarding these and other risks is included in Noah's filings with
the U.S. Securities and Exchange Commission and the Hong Kong Stock
Exchange. All information provided in this press release and in the
attachments is as of the date of this press release, and Noah does
not undertake any obligation to update any such information,
including forward-looking statements, as a result of new
information, future events or otherwise, except as required under
the applicable law.
Contacts:
Noah Holdings Limited
Melo Xi
Tel: +86-21-8035-8292
ir@noahgroup.com
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SOURCE Noah Holdings Limited