SHANGHAI, April 13, 2022 /PRNewswire/ — Noah Holdings Limited (“Noah” or the “Company”) (NYSE: NOAH), a leading and pioneering wealth management services provider in China offering comprehensive one-stop investment advisory services global and asset allocation primarily for high net worth investors, today provides an update on its status under the Foreign Corporate Liability Act (the “HFCAA”).
On April 12, 2022, the United States Securities and Exchange Commission (the “SEC”) provisionally named the Company as a Commission-identified issuer after the Company filed its annual report on Form 20-F for the fiscal year ended December 31, 2021 with the SEC on April 6, 2022, which included an audit report issued by an accounting firm that the Public Company Accounting Oversight Board (the “PCAOB”) determined was not is unable to fully inspect or investigate. The SEC estimated that 273 registrants could be identified under the HFCAA as part of its review of registrants in calendar year 2020.
The Company understands that the SEC has made such identification pursuant to the HFCAA, which indicates whether the SEC determines that a company has filed audit reports issued by a registered public accounting firm that cannot be inspected or fully investigated by the PCAOB for three consecutive years beginning in 2021. , the SEC will prohibit its U.S. Depository Stocks or Shares (the “ADSs”) from trading on a national stock exchange or in the over-the-counter market in the United States -United. Under the current terms of the HFCAA, the Company’s ADSs will be delisted from the New York Stock Exchange in early 2024, unless the HFCAA is amended to exclude the Company or the PCAOB is able to conduct a full inspection by the Company’s auditor for the required period. Time range. The Company previously disclosed that its auditor, the independent registered public accounting firm that issued the audit report included in its annual report filed with the SEC, is not currently inspected by the PCAOB, hence identification by the PCAOB is awaited.
The Company’s ADSs, two of which represent one Class A common stock of the Company, have been listed on the New York Stock Exchange under the symbol “NOAH” since November 10, 2010.
As the Company will continue to monitor market developments and evaluate all strategic options, with appropriate advice and guidance, it would like to emphasize that this update has no impact on business operations.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH) is a leading and pioneering wealth management services provider in China, offering one-stop comprehensive advisory services on global investing and asset allocation, primarily for high net worth investors. . During 2021, Noah distributed 97.2 billion RMB ($15.3 billion) of investment products. Through Gopher Asset Management, Noah had assets under management of RMB 156.0 billion (US$24.5 billion) as of December 31, 2021.
Noah’s wealth management business primarily distributes diversified investment products denominated in RMB and other currencies. Noah offers personalized financial solutions to its clients through a network of 1,316 relationship managers in 84 mainland Chinese cities, and serves its clients’ international investment needs through offices in Hong Kong, Taiwan, New York, Silicon Valley and Singapore. As a leader in multi-asset alternative management in China, Gopher Asset Management develops and manages assets ranging from private equity, government securities, real estate, multi-strategies to other renminbi-denominated investments and in other currencies. The Company also provides other activities.
For more information, please visit Noah at ir.noahgroup.com.
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SOURCENoah Holdings Limited