Noah Holdings
 | |
Native name | 諾亞控股有限公司 |
|---|---|
| Company type | Public |
| Industry | Financial services |
| Founded | August 2005 |
| Founders |
|
| Headquarters | , |
Key people |
|
| Products | |
| Revenue |  US$453.64 million (FY 2022) |
| US$157.81 million (FY 2022) | |
| US$140.86 million (FY 2022) | |
| AUM |  US$22.9 billion (March 2023) |
| Total assets | US$1.71 billion (FY 2022) |
| Total equity | US$1.38 billion (FY 2022) |
Number of employees | 2,884 (FY 2022) |
| Subsidiaries | Gopher Asset Management |
| Website | noahgroup |
| Footnotes / references [1] | |
Noah Holdings (Noah; Chinese: 諾亞控股; pinyin: Nuòyǎ Kònggǔ) is a Chinese financial services company headquartered in Shanghai, China. It is the largest independent wealth management company in China.[2][3]
Background
[edit]Wang Jinbao worked in the private banking division of Xiangcai Securities. In August 2005, she and her colleague Yin Zhe lead a management buyout of the division. The division was spun out as an independent company and was renamed to Noah. The company was launched with 3 million RMB in capital and worked out of a small office on Shanghai furnished with second-hand furniture purchased from an online market.[1][2][4][5][6][7]
In 2007, Noah accepted an investment from Sequoia Capital.[1][2][5]
In March 2010, Noah set up its asset management subsidiary, Gopher Asset Management which specialized in fund of funds management of alternative investments.[1][4][5]
On 10 November 2010, Noah held an initial public offering on the New York Stock Exchange for $12 apiece. The stock climbed 33% to nearly $16 on its first day.[1][2][7][8]
In early 2012, Noah launched its overseas expansion. It first set up an office in Hong Kong then set up additional offices in Taiwan, Silicon Valley, New York and Singapore.[1][5]
In October 2016, Sequoia Capital acquired a $52 million stake in Gopher Asset Management. In October 2017, Noah bought back Sequoia 's stake.[9][10]
In July 2022, Noah held a second listing on the Hong Kong Stock Exchange making it a dual-listed company.[1]
Wang being a devout Christian named the company after Noah's Ark. Gopher Asset Management was named after Gopher wood which was used to build Noah's Ark.[4]
Initially Noah was mainly a distributor of financial products where it sold wealth management products developed by other institutions to high-net-worth individual clients for a commission fee. However it later formed its own investment products to sell.[5][6]
Controversies
[edit]In 2017, products managed by Gopher Asset Management had exposure to China Huishan Dairy Holdings Co., which collapsed after being targeted by short sellers. A Shanghai court agreed to freeze the company's assets worth $79 million at the request of Gopher Asset Management.[6][11]
In June 2018, the Securities and Futures Commission fined the Hong Kong unit of Noah $640,000 for inadequate controls related to know your customer, due diligence and other requirements during the period January 2014 to June 2016.[6][12]
In July 2019, Noah stated $495 million of credit products overseen by one of its units were affected by an alleged fraud at Camsing International Holding Ltd. As a result, shares of Noah declined by over 25% in that week as critics accused the company of failing to conduct proper due diligence. Following the losses, Noah dropped offering of non-standard assets and focused only on investments based on publicly traded securities like stocks and bonds.[6][13]
In March 2023, in response to the collapse of Silicon Valley Bank, Noah stated its business operations were not materially affected.[14]
References
[edit]- ^ a b c d e f g "10-K Report (2022)". Noah Group.
- ^ a b c d "Noah sets sail for the HK market". South China Morning Post. 22 February 2012. Retrieved 29 July 2023.
- ^ Zhen, Summer (24 March 2023). "Wealth managers ramp up staff in Hong Kong to chase Chinese demand". Reuters. Retrieved 29 July 2023.
- ^ a b c Wilson, Elliot (2 July 2017). "Chinese wealth enters a crucial decade". Asiamoney. Retrieved 29 July 2023.
- ^ a b c d e "Noah Navigates Global Wealth Waters for Affluent Chinese". Institutional Investor. 26 March 2015. Retrieved 29 July 2023.
- ^ a b c d e "A $117 Billion Chinese Wealth Manager Says It Was Scammed". Bloomberg.com. 11 July 2019. Retrieved 29 July 2023.
- ^ a b Hough, Jack. "Noah Holdings Shares Can Rise 35% in Coming Year". online.barrons.com. Retrieved 29 July 2023.
- ^ "China's Noah Holdings Surges After U.S. Initial Public Offering". Bloomberg.com. 10 November 2010. Retrieved 29 July 2023.
- ^ Xiang, Nina (25 October 2016). "Sequoia Capital Invests $52M In Noah's Gopher Asset". China Money Network. Retrieved 29 July 2023.
- ^ "China's Noah Holdings repurchases Sequoia's stake in asset management unit". DealStreetAsia. Retrieved 29 July 2023.
- ^ Hughes, Jennifer; Hancock, Tom; Ju, Sherry Fei (11 April 2017). "Huishan Dairy defaults on loan as financial woes deepen". Financial Times. Retrieved 29 July 2023.
- ^ Marsh, Joe (3 June 2018). "HK fine for Noah a warning sign for fund firms | Family Offices". AsianInvestor. Retrieved 29 July 2023.
- ^ "Fund Scandal Was 'Wake-Up Call' for Noah's Shadow-Bank Shift". Bloomberg.com. 28 July 2020. Retrieved 29 July 2023.
- ^ "Noah Says Exposure to SVB 'Immaterial' to Business Operations". Bloomberg.com. 12 March 2023. Retrieved 29 July 2023.