{"id":458080,"date":"2021-03-15T16:33:21","date_gmt":"2021-03-15T20:33:21","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=458080"},"modified":"2021-03-15T16:33:21","modified_gmt":"2021-03-15T20:33:21","slug":"noah-holdings-limited-announces-unaudited-preliminary-financial-results-for-the-fourth-quarter-and-full-year-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/noah-holdings-limited-announces-unaudited-preliminary-financial-results-for-the-fourth-quarter-and-full-year-2020\/","title":{"rendered":"Noah Holdings Limited Announces Unaudited Preliminary Financial Results for the Fourth Quarter and Full Year 2020"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">SHANGHAI<\/span>, <span class=\"xn-chron\">March 15, 2021<\/span> \/PRNewswire\/ &#8212; Noah Holdings Limited (&#8220;Noah&#8221; or the &#8220;Company&#8221;) (NYSE: NOAH), a leading wealth and asset management service provider in <span class=\"xn-location\">China<\/span> with a focus on global investment and asset allocation services for high net worth individuals and enterprises, today announced its\u00a0unaudited preliminary<sup>[1]<\/sup> financial results for the fourth quarter of 2020 and the full year ended <span class=\"xn-chron\">December 31, 2020<\/span>. <\/p>\n<p>\n        <b>FOURTH QUARTER 2020 FINANCIAL HIGHLIGHTS<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>\n          <b>N<\/b><br \/>\n          <b>et revenue<\/b><br \/>\n          <b>s<\/b> for the fourth quarter of 2020 were <span class=\"xn-money\">RMB953.2 million<\/span> (<span class=\"xn-money\">US$146.1 million<\/span>), a 20.9% increase from the corresponding period in 2019, and an 11.0% increase compared with third quarter of 2020, due to increases in both one-time commissions and performance-based income.<\/li>\n<\/ul>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(RMB millions, <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>except percentages)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q4 2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q4 2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">YoY Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth management<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">527.9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">643.2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset management<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">204.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">306.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">49.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lending and other businesses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">56.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10 prnpr4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(92.9%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total net revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">788.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">953.2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen23 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<ul type=\"disc\">\n<li>\n          <b>Income from operations<\/b> for the fourth quarter of 2020 was <span class=\"xn-money\">RMB335.5 million<\/span> (<span class=\"xn-money\">US$51.4 million<\/span>), a 165.7% increase from the corresponding period in 2019, and a decrease of 3.4% compared with the third quarter of 2020.<\/li>\n<\/ul>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(RMB millions, <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>except percentages)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q4 2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q4 2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">YoY Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth management<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">206.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">492.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset management<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">91.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">151.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">66.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lending and other businesses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(22.6)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total income from operations<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">126.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">335.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">165.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[1] As of the date hereof, the Company is still in the process of reviewing the financial results of the funds of funds we manage and invest in as the general partner or manager. \u00a0Any changes in the fair value of those investments could affect the income from equity in affiliates,\u00a0net loss, net loss attributable to Noah shareholders,\u00a0loss per ADS and\u00a0the balance of investments in affiliates in Noah&#8217;s consolidated financial statements. If there will be any fair value adjustments associated with the above, which have not been included in these unaudited preliminary financial results in this press release, the Company will include such adjustments in the audited consolidated financial statements in its Form 20-F for the fiscal year 2020 and subsequent reporting if necessary.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<ul type=\"disc\">\n<li>\n          <b>Net Loss attributable to Noah shareholders<\/b> for the fourth quarter of 2020 was <span class=\"xn-money\">RMB1,573.5 million<\/span> (<span class=\"xn-money\">US$241.2 million<\/span>), compared to net income attributable to Noah shareholders of <span class=\"xn-money\">RMB102.8 million<\/span> from the corresponding period in 2019, due to the recognition of a one-off settlement expense related to the settlement plan for investors of certain credit funds involving Camsing announced <span class=\"xn-chron\">August 25, 2020<\/span> (the &#8220;<b>Camsing settlement<\/b>&#8220;) in the amount of <span class=\"xn-money\">RMB1,828.9 million<\/span> (<span class=\"xn-money\">US$280.3 million<\/span>).<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li>\n          <b>Non-GAAP<b><sup>[2]<\/sup><\/b> net income attributable to Noah shareholders <\/b>for the fourth quarter of 2020 was <span class=\"xn-money\">RMB262.5 million<\/span> (<span class=\"xn-money\">US$40.2 million<\/span>), a 121.1% increase from the corresponding period in 2019.<\/li>\n<\/ul>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[2]\u00a0Noah&#8217;s Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, non-recurring settlement expense and net of relevant tax impact, if any. See &#8220;Reconciliation of GAAP to Non-GAAP Results&#8221; at the end of this press release. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>FULL YEAR 2020 FINANCIAL HIGHLIGHTS<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>\n          <b>N<\/b><br \/>\n          <b>et revenue<\/b><br \/>\n          <b>s<\/b> in the full year 2020 were <span class=\"xn-money\">RMB3,305.8 million<\/span> (<span class=\"xn-money\">US$506.6 million<\/span>), a 2.5% decrease from the full year 2019, mainly due to a decrease in other service fees.<\/li>\n<\/ul>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(RMB millions, <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>except percentages)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">FY\u00a0 2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">FY\u00a0 2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">YoY Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth management<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,319.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,366.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset management<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">783.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">875.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lending and other businesses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">289.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">64.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(77.9%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total net revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,391.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,305.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen23 prnpr4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2.5%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<ul type=\"disc\">\n<li>\n          <b>Income from operations<\/b> in the full year 2020 was <span class=\"xn-money\">RMB1,258.5 million<\/span> (<span class=\"xn-money\">US$192.9 million<\/span>), a 37.5% increase from the full year 2019. <\/li>\n<\/ul>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(RMB millions, <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>except percentages)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">FY\u00a0 2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">FY\u00a0 2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">YoY Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth management<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">437.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">817.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">86.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset management<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">391.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">459.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lending and other businesses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">85.9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(18.8)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total income from operations<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">915.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,258.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<ul type=\"disc\">\n<li>\n          <b>Net loss attributable to Noah shareholders<\/b> in the full year 2020 was <span class=\"xn-money\">RMB745.2 million<\/span> (<span class=\"xn-money\">US$114.2 million<\/span>), compared to net income attributable to Noah shareholders of <span class=\"xn-money\">RMB829.2 million<\/span> from the full year 2019, due to the recognition of a one-off settlement expense related to the Camsing settlement in the amount of <span class=\"xn-money\">RMB1,828.9 million<\/span> (<span class=\"xn-money\">US$280.3 million<\/span>). <\/li>\n<li>\n          <b>Non-GAAP net income attributable to Noah shareholders<\/b> in the full year 2020 was <span class=\"xn-money\">RMB1,129.7 million<\/span> (<span class=\"xn-money\">US$173.1 million<\/span>), a 25.3% increase from the full year 2019.<\/li>\n<\/ul>\n<p>\n        <b>FOURTH QUARTER AND FULL YEAR 2020 OPERATIONAL UPDATES<\/b>\n      <\/p>\n<p>\n        <b>Wealth Management Business<\/b>\n      <\/p>\n<p>The Company&#8217;s wealth management business offers financial products and provides value-added services to high net worth clients in <span class=\"xn-location\">China<\/span> and overseas. Noah primarily distributes private equity, public securities, credit and insurance products denominated in RMB and other currencies.<\/p>\n<ul type=\"disc\">\n<li>\n          <b>Total number of registered clients<\/b> as of <span class=\"xn-chron\">December 31, 2020<\/span> was 360,637, a 22.8% increase from <span class=\"xn-chron\">December 31, 2019<\/span> and a 2.9% increase compared with <span class=\"xn-chron\">September 30, 2020<\/span>. <\/li>\n<li>\n          <b>Total number of active clients<b><sup>[3]<\/sup><\/b><\/b>which excluded mutual fund-only clients during the fourth quarter of 2020 was 5,268, a 16.8% increase from the corresponding period in 2019. Counting in mutual fund-only clients, the total number of clients who transacted with us during the fourth quarter of 2020 was 19,501, a 25.5% increase from the corresponding quarter of 2019. <b>Total number of active clients<\/b> which excluded mutual fund-only clients during the full year 2020 was 12,161, a 16.4% decrease from the full year 2019, and total number of active clients counting in mutual fund-only clients during the full year 2020 was 34,213, an 8.6% increase from the full year 2019. <\/li>\n<li>\n          <b>A<\/b><br \/>\n          <b>ggregate value of <\/b><br \/>\n          <b>financial<\/b><br \/>\n          <b> products distributed <\/b>during the fourth quarter of 2020 was <span class=\"xn-money\">RMB21.3 billion<\/span> (<span class=\"xn-money\">US$3.3 billion<\/span>), a 61.9% increase from the corresponding period in 2019, due to the significant increase in the distribution of public securities products and private equity products.<\/li>\n<\/ul>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Product type<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"7\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three months ended December 31,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"7\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(RMB in billions, except percentages)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Public securities products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">73.7%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15.2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">71.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Private equity products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13.8%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">24.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Credit products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.2%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.3%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>All products<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13.2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<ul type=\"disc\">\n<li>\n          <b>Aggregate value of <\/b><br \/>\n          <b>financial<\/b><br \/>\n          <b> products distributed <\/b>during the full year 2020 was <span class=\"xn-money\">RMB94.7 billion<\/span> (<span class=\"xn-money\">US$14.5 billion<\/span>), a 20.6% increase from the full year 2019, due to the significant increase in the distribution of public securities products.<\/li>\n<\/ul>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Product type<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"4\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Twelve months ended December 31,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"4\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(RMB in billions, except percentages)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Public securities products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33.6%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">73.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">77.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Private equity products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18.2%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17.9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Credit products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">43.7%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.5%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>All products<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">78.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">94.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<ul type=\"disc\">\n<li>\n          <b>C<\/b><br \/>\n          <b>overage network<\/b> in mainland <span class=\"xn-location\">China<\/span> included 80 cities as of <span class=\"xn-chron\">December 31, 2020<\/span>, compared with 79 cities as of <span class=\"xn-chron\">September 30, 2020<\/span>, and 82 cities as of <span class=\"xn-chron\">December 31, 2019<\/span>. <\/li>\n<li>\n          <b>Number of relationship managers<\/b> was 1,231 as of <span class=\"xn-chron\">December 31, 2020<\/span>, a 2.2% increase from <span class=\"xn-chron\">September 30, 2020<\/span>, and a 4.4% decrease from <span class=\"xn-chron\">December 31, 2019<\/span>, primarily as a result of the Company&#8217;s efforts to streamline operational human resources. The turnover rate of core &#8220;elite&#8221; relationship managers was 5.1%, compared with 4.1% in the year of 2019.<\/li>\n<\/ul>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[3] \u00a0&#8220;Active clients&#8221; for a given period refers to registered high net worth clients who purchase financial products distributed or provided by Noah during that given period, excluding clients who transacted only on our online mutual fund platform.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Asset Management Business<\/b>\n      <\/p>\n<p>The Company&#8217;s asset management business, conducting through Gopher Asset Management Co., Ltd. (&#8220;Gopher Asset Management&#8221;), is a leading alternative multi-asset manager in <span class=\"xn-location\">China<\/span> with overseas offices in <span class=\"xn-location\">Hong Kong<\/span>, <span class=\"xn-location\">United States<\/span> and <span class=\"xn-location\">Canada<\/span>. Gopher Asset Management develops and manages assets ranging from private equity, real estate, public securities, credit to multi-strategy investments denominated in Renminbi and other currencies.\u00a0<\/p>\n<ul type=\"disc\">\n<li>\n          <b>Total assets under management <\/b>as of <span class=\"xn-chron\">December 31, 2020<\/span> were <span class=\"xn-money\">RMB152.8 billion<\/span> (<span class=\"xn-money\">US$23.4 billion<\/span>), a 1.8% decrease from <span class=\"xn-chron\">September 30, 2020<\/span> due to the distribution of certain funds in real estate products and a 10.2% decrease from <span class=\"xn-chron\">December 31, 2019<\/span> due to voluntary redemption of certain credit products. <\/li>\n<\/ul>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Investment type<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>As of<br \/>September 30,<br \/>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Growth<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Distribution\/<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Redemption<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>As of<br \/>December 31,<br \/>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"11\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(RMB billions, except percentages)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Private equity<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">109.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">70.3%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">113.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">74.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Real estate<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10.7%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Credit<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.5%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10.2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Public securities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.6<sup>[4]\u00a0<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Multi-strategies<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.5%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>All Investments<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">155.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">152.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Investment type<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>As of<br \/>December 31,<br \/>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Growth<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Distribution\/<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Redemption<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>As of<br \/>December 31,<br \/>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"11\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(RMB billions, except percentages)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Private equity<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">104.9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61.6%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16.2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">113.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">74.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Real estate<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10.3%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Credit<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17.4%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10.2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Public securities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.5%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Multi-strategies<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.2%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>All Investments<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">170.2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">24.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">152.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[4] \u00a0The distribution\/redemption of public securities also includes market appreciation or depreciation.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Lending and Other Businesses<\/b>\n      <\/p>\n<p>The Company&#8217;s lending business utilizes an advanced risk-management system to assess and facilitate short-term loans to high quality borrowers, often secured with collateral. Starting in the fourth quarter of 2020, the Company has been integrating its internal resources to launch a new consolidated platform called &#8220;Noah Digital Intelligence&#8221; to offer comprehensive services including investor education, insurance products and a turnkey asset management platform, etc., which is led by our newly-on boarded senior management Mr. <span class=\"xn-person\">Jin Chen<\/span>, who <span id=\"spanHghlt910e\">was the former General Manager and co-CEO of ZhongAn Online P&amp;C Insurance Co., Ltd. (HKEX:06060).<\/span> \u00a0 <\/p>\n<p>Ms. <span class=\"xn-person\">Jingbo Wang<\/span>, co-founder and CEO of Noah, said, &#8220;I am pleased to report a strong rebound of performances we delivered in 2020 &#8211; total transaction value rose 20.6% to <span class=\"xn-money\">RMB94.7 billion<\/span> from <span class=\"xn-money\">RMB78.5 billion<\/span> in 2019. Among which, the transaction value of public securities rose 177.3% year-on-year to <span class=\"xn-money\">RMB73.1 billion<\/span>, representing a successful execution of our strategy to transform our product offerings to public securities. We continue to strengthen our capability in distributing private equity products, reporting a transaction value of <span class=\"xn-money\">RMB17.9 billion<\/span>, up 25.2% year-on-year. Despite that we recorded net loss of <span class=\"xn-money\">RMB745.2 million<\/span> in 2020 due to one-off settlement expense related to Camsing settlement, our non-GAAP net income for the full year exceeded <span class=\"xn-money\">RMB1.1 billion<\/span>, up 25.3% from 2019. We are also glad to report that the number of black card clients grew from 883 as of <span class=\"xn-chron\">December 31, 2019<\/span> to 985 as of <span class=\"xn-chron\">December 31, 2020<\/span>. Our management team has set growth target for 2021 and we look forward to sharing the developments with investors. As we picture the future Noah, digitalization will remain a very important strategy, and we are committed to further investing into the development and improvement of our IT infrastructure and technology to enhance our know-your-clients (KYC), know-your agent (KYA) and know-your-products (KYP) and better serve our clients in a new era.&#8221; <\/p>\n<p>\n        <b>FOURTH QUARTER 2020 FINANCIAL RESULTS<\/b>\n      <\/p>\n<p>\n        <b><br \/>\n          <i>Net Revenues<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Net revenues<\/b>\u00a0for the fourth quarter of 2020 were <span class=\"xn-money\">RMB953.2 million<\/span> (<span class=\"xn-money\">US$146.1 million<\/span>), a 20.9% increase from the corresponding period in 2019, primarily driven by increased one-time commissions and performance-based income, and partially offset by decreased recurring service fees and other service fees.<\/p>\n<ul type=\"disc\">\n<li>\n          <b>Wealth Management Business<br \/><\/b>&#8211; <b>Net revenues from one-time commissions<\/b> for the fourth quarter of 2020 were <span class=\"xn-money\">RMB235.7 million<\/span> (<span class=\"xn-money\">US$36.1 million<\/span>), a 48.9% increase from the corresponding period in 2019 due to an increase in financial products distributed in fourth quarter of 2020.<br \/>&#8211; <b>Net revenues from recurring service fees<\/b> for the fourth quarter of 2020 were <span class=\"xn-money\">RMB297.3 million<\/span> (<span class=\"xn-money\">US$45.6 million<\/span>), a 3.0% decrease from the corresponding period in 2019. The decrease was primarily due to less service fees recognized upon liquidation of certain credit products with higher fee rates.<br \/>&#8211; <b>Net revenues from performance-based income<\/b> for the fourth quarter of 2020 were <span class=\"xn-money\">RMB80.9 million<\/span> (<span class=\"xn-money\">US$12.4 million<\/span>), compared with <span class=\"xn-money\">RMB15.8 million<\/span> from the corresponding period of 2019, primarily due to an increase in performance-based income from public securities products and private equity fund products.<br \/>&#8211; <b>Net revenues from other service fees<\/b> for the fourth quarter of 2020 were <span class=\"xn-money\">RMB29.3 million<\/span> (<span class=\"xn-money\">US$4.5 million<\/span>), a 38.1% decrease from the corresponding period in 2019, primarily due to less value-added services Noah offers to its high net worth clients during the COVID-19 epidemic. <\/li>\n<li>\n          <b>Asset Management Business<br \/><\/b>&#8211;\u00a0<b>Net revenues from recurring service fees <\/b>for the fourth quarter of 2020 were <span class=\"xn-money\">RMB138.6 million<\/span> (<span class=\"xn-money\">US$21.2 million<\/span>), a 13.2% decrease from the corresponding period in 2019. The decrease was primarily due to a decrease in assets under management.<br \/>&#8211; <b>Net revenues from performance-based income <\/b>for the fourth quarter of 2020 were <span class=\"xn-money\">RMB125.7 million<\/span> (<span class=\"xn-money\">US$19.3 million<\/span>), a 201.1% increase from the corresponding period in 2019, primarily due to an increase in performance-based income from certain real estate funds and private equity funds. <\/li>\n<li>\n          <b>Lending and Other Businesses<br \/><\/b>&#8211; <b>Net revenues <\/b>for the fourth quarter of 2020 were <span class=\"xn-money\">RMB4.0 million<\/span> (<span class=\"xn-money\">US$0.6 million<\/span>), a 92.9% decrease from the corresponding period in 2019. The decrease was primarily due to reduced loan origination since the second half of 2019. <\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>Operating Costs and Expenses<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Operating<\/b><br \/>\n        <b>\u00a0costs and<\/b><br \/>\n        <b>\u00a0expenses<\/b>\u00a0for the fourth quarter of 2020 were <span class=\"xn-money\">RMB617.8 million<\/span> (<span class=\"xn-money\">US$94.7 million<\/span>), a 6.7% decrease from the corresponding period in 2019. Operating costs and expenses primarily consisted of compensation and benefits of <span class=\"xn-money\">RMB445.8 million<\/span> (<span class=\"xn-money\">US$68.3 million<\/span>), selling expenses of <span class=\"xn-money\">RMB94.6 million<\/span> (<span class=\"xn-money\">US$14.5 million<\/span>), general and administrative expenses of <span class=\"xn-money\">RMB84.0 million<\/span> (<span class=\"xn-money\">US$12.9 million<\/span>) and other operating expenses of <span class=\"xn-money\">RMB22.6 million<\/span> (<span class=\"xn-money\">US$3.5 million<\/span>).<\/p>\n<ul type=\"disc\">\n<li>\n          <b>Operating costs and expenses<\/b><br \/>\n          <b>for the wealth management business<\/b> for the fourth quarter of 2020 were <span class=\"xn-money\">RMB436.9 million<\/span> (<span class=\"xn-money\">US$67.0 million<\/span>), an 11.4% decrease from the corresponding period in 2019 primarily due to a decrease in provision for credit loss. <\/li>\n<li>\n          <b>Operating costs and expenses<\/b><br \/>\n          <b>for the asset management business<\/b> for the fourth quarter of 2020 were <span class=\"xn-money\">RMB154.2 million<\/span> (<span class=\"xn-money\">US$23.6 million<\/span>), a 36.3% increase from the corresponding period in 2019, primarily due to an increase in compensation and benefits. <\/li>\n<li>\n          <b>Operating costs and expenses<\/b><br \/>\n          <b>for the lending and other businesses<\/b> for the fourth quarter of 2020 were <span class=\"xn-money\">RMB26.7 million<\/span> (<span class=\"xn-money\">US$4.1 million<\/span>), a 52.2% decrease from the corresponding period in 2019, primarily due to decreases in compensation and benefits as well as other operating expenses.<\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>Operating Margin<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Operating margin <\/b>for the fourth quarter of 2020 was 35.2%, compared with 16.0% for the corresponding period in 2019. <\/p>\n<ul type=\"disc\">\n<li>\n          <b>Operating margin for the wealth management business<\/b> for the fourth quarter of 2020 was 32.1%, compared with 6.6% for the corresponding period in 2019, due to continuously operating efficiency improvement and the decrease of provision for credit loss. <\/li>\n<li>\n          <b>Operating margin<\/b><br \/>\n          <b>for the asset management business<\/b> for the fourth quarter of 2020 was 49.6%, compared with 44.6% for the corresponding period in 2019 due to increased performance-based income with higher operating margin. <\/li>\n<li>\n          <b>Loss <\/b><br \/>\n          <b>from the lending and other businesses<\/b> for the fourth quarter of 2020 was <span class=\"xn-money\">RMB22.7 million<\/span> (<span class=\"xn-money\">US$3.5 million<\/span>), compared with income from operations in the amount of <span class=\"xn-money\">RMB0.5 million<\/span> in the corresponding period of 2019 due to reduced loan origination.<\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>Investment Loss<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Investment Loss<\/b>\u00a0for the fourth quarter of 2020 was <span class=\"xn-money\">RMB109.4 million<\/span> (<span class=\"xn-money\">US$16.8 million<\/span>),\u00a0compared with investment loss of <span class=\"xn-money\">RMB17.7 million<\/span> for the corresponding period in 2019. The loss was primarily due to an impairment of certain long-term investment.<\/p>\n<p>\n        <b><br \/>\n          <i>Settlement Expense<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>As previously disclosed on August\u00a025, 2020, the Company offered a settlement plan to the investors of Camsing Products by issuing a fixed number of Company&#8217;s restricted share units (the &#8220;RSU&#8221;) for consecutive 10 years in exchange for the release of the Company and its subsidiaries from all forms of complaints, arbitrations or litigations in the future immediately. As of <span class=\"xn-chron\">December 31, 2020<\/span>, approximately 67.5% of the Camsing investors had accepted the settlement plan, representing approximately 70.6% of the total outstanding Camsing fund balances. The Company recorded <span class=\"xn-money\">RMB1,290.8 million<\/span> (<span class=\"xn-money\">US$197.9 million<\/span>) based on the fair value of RSUs issued to investors. The Company currently has no new settlement plan for remaining unsettled investors, but would not preclude to reaching settlements in the future with similar terms. Therefore, the Company also recognized contingent liability in the amount of <span class=\"xn-money\">RMB530.4 million<\/span> (<span class=\"xn-money\">US$81.3 million<\/span>) as of <span class=\"xn-chron\">December 31, 2020<\/span> in relation to the potential future settlement plan.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n<p>\n        <b><br \/>\n          <i>Income Tax Expenses<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Income tax expense<\/b><br \/>\n        <b>s<\/b><br \/>\n        <b>\u00a0<\/b>for the fourth quarter of 2020 were <span class=\"xn-money\">RMB27.4 million<\/span> (<span class=\"xn-money\">US$4.2 million<\/span>), a 2.6% decrease from the corresponding period in 2019, primarily due to lower effective tax rate.<b>\u00a0<\/b><\/p>\n<p>\n        <b><br \/>\n          <i>Income from Equity in Affiliates<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Income from equity in affiliates<\/b>\u00a0for the fourth quarter of 2020 was <span class=\"xn-money\">RMB39.8 million<\/span> (<span class=\"xn-money\">US$6.1 million<\/span>), compared with <span class=\"xn-money\">RMB14.9 million<\/span> in the corresponding period in 2019. We are still reviewing the financial results of the funds of funds we manage and invest in as the general partner or manager. Although we do not anticipate material variance barring unexpected fluctuations in the portfolio companies&#8217; performance, any potential changes in fair value of those investments could affect the income from equity in affiliates.<\/p>\n<p>\n        <b><br \/>\n          <i>Net Income<\/i><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>\n          <b>Net Income<br \/>&#8211; <\/b><br \/>\n          <b>Net loss <\/b>for the fourth quarter of 2020 was <span class=\"xn-money\">RMB1,572.9 million<\/span> (<span class=\"xn-money\">US$241.1 million<\/span>), compared to net income of <span class=\"xn-money\">RMB117.9 million<\/span> from the corresponding period in 2019.<br \/>&#8211; <b>Net margin <\/b>for the fourth quarter of 2020 was negative, compared with 15.0% for the corresponding period in 2019.<br \/>&#8211; <b>Net loss attributable to Noah shareholders <\/b>for the fourth quarter of 2020 was <span class=\"xn-money\">RMB1,573.5 million<\/span> (<span class=\"xn-money\">US$241.2 million<\/span>), compared to net income attributable to Noah shareholders of <span class=\"xn-money\">RMB102.8 million<\/span> from the corresponding period in 2019.<br \/>&#8211; <b>Net margin attributable to Noah shareholders <\/b>for the fourth quarter of 2020 was negative, compared with 13.0% for the corresponding period in 2019.<br \/>&#8211; <b>Net loss attributable to Noah shareholders per basic and diluted ADS<\/b> for the fourth quarter of 2020 was <span class=\"xn-money\">RMB24.92<\/span><span class=\"xn-money\">(US$3.82)<\/span>, compared with net income attributable to Noah shareholders per basic and diluted ADS of <span class=\"xn-money\">RMB1.67<\/span> and <span class=\"xn-money\">RMB1.66<\/span> respectively, for the corresponding period in 2019.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li>\n          <b>Non-GAAP Net Income Attributable to Noah Shareholders <br \/>&#8211; <\/b><br \/>\n          <b>Non-GAAP net income attributable to Noah shareholders <\/b>for the fourth quarter of 2020 was <span class=\"xn-money\">RMB262.5 million<\/span> (<span class=\"xn-money\">US$40.2 million<\/span>), a 121.1% increase from the corresponding period in 2019.<br \/>&#8211; <b>Non-GAAP net margin attributable to Noah shareholders <\/b>for the fourth quarter of 2020 was 27.5%, up from 15.1% for the corresponding period in 2019.<br \/>&#8211; <b>Non-GAAP net income attributable to Noah shareholders per diluted ADS <\/b>for the fourth quarter of 2020 was <span class=\"xn-money\">RMB4.13<\/span><span class=\"xn-money\">(US$0.63)<\/span>, up from <span class=\"xn-money\">RMB1.92<\/span> for the corresponding period in 2019.<\/li>\n<\/ul>\n<p>\n        <b>FULL YEAR 2020 FINANCIAL RESULTS<\/b>\n      <\/p>\n<p>\n        <b><br \/>\n          <i>Net Revenues<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Net revenues<\/b>\u00a0for the full year 2020 were <span class=\"xn-money\">RMB3,305.8 million<\/span> (<span class=\"xn-money\">US$506.6 million<\/span>), a 2.5% decrease from the full year 2019, primarily due to the decrease in other service fees and partially offset by an increase in performance-based income.\u00a0<\/p>\n<ul type=\"disc\">\n<li>\n          <b>Wealth Management Business<br \/>&#8211; <\/b><br \/>\n          <b>Net revenues from one-time commissions<\/b> for 2020 were <span class=\"xn-money\">RMB762.0 million<\/span> (<span class=\"xn-money\">US$116.8 million<\/span>), a 17.5% decrease from 2019, primarily due to less insurance products that we distributed due to COVID-19 epidemic.<br \/>&#8211; <b>Net revenues from recurring service fees<\/b> for 2020 were <span class=\"xn-money\">RMB1,277.4 million<\/span> (<span class=\"xn-money\">US$195.8 million<\/span>), an 11.1% increase from 2019. The increase was primarily due to the cumulative effect of financial products with recurring service fees previously distributed.<br \/>&#8211; <b>Net revenues from performance-based income<\/b> for 2020 were <span class=\"xn-money\">RMB204.2 million<\/span> (<span class=\"xn-money\">US$31.3 million<\/span>), a 775.4% increase from 2019, primarily due to an increase in performance-based income from public securities products and private equity fund products.<br \/>&#8211; <b>Net revenues from other service fees<\/b> for 2020 were <span class=\"xn-money\">RMB122.8 million<\/span> (<span class=\"xn-money\">US$18.8 million<\/span>), a 44.7% decrease from 2019, primarily due to less value-added services Noah offers to its high net worth clients during the COVID-19 epidemic. <\/li>\n<li>\n          <b>Asset Management Business<br \/>&#8211; <\/b><br \/>\n          <b>Net revenues from recurring service fees <\/b>for 2020 were <span class=\"xn-money\">RMB642.4 million<\/span> (<span class=\"xn-money\">US$98.5 million<\/span>), a 6.4% decrease from 2019. The decrease was primarily due to a decrease in assets under management in credit products.<br \/>&#8211; <b>Net revenues from performance-based income <\/b>for 2020 were <span class=\"xn-money\">RMB183.3 million<\/span> (<span class=\"xn-money\">US$28.1 million<\/span>), a 105.5% increase from 2019, primarily due to an increase in performance-based income from private equity fund products. <\/li>\n<li>\n          <b>Lending and Other Businesses<br \/>&#8211; <\/b><br \/>\n          <b>Net revenues <\/b>for 2020 were <span class=\"xn-money\">RMB64.0 million<\/span> (<span class=\"xn-money\">US$9.8 million<\/span>), a 77.9% decrease from 2019. <\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>Operating costs and expenses<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Operating<\/b><br \/>\n        <b>\u00a0costs and<\/b><br \/>\n        <b>\u00a0expenses<\/b>\u00a0for 2020 were <span class=\"xn-money\">RMB2,047.4 million<\/span> (<span class=\"xn-money\">US$313.8 million<\/span>), a 17.3% decrease from the full year 2019. Operating costs and expenses for the full year 2020 primarily consisted of compensation and benefits of <span class=\"xn-money\">RMB1,504.0 million<\/span> (<span class=\"xn-money\">US$230.5 million<\/span>), selling expenses of <span class=\"xn-money\">RMB271.7 million<\/span> (<span class=\"xn-money\">US$41.6 million<\/span>), general and administrative expenses of <span class=\"xn-money\">RMB277.9 million<\/span> (<span class=\"xn-money\">US$42.6 million<\/span>) and other operating expenses of <span class=\"xn-money\">RMB99.0 million<\/span> (<span class=\"xn-money\">US$15.2 million<\/span>).<\/p>\n<ul type=\"disc\">\n<li>\n          <b>Operating costs and expenses<\/b><br \/>\n          <b>for the wealth management business<\/b> for 2020 were <span class=\"xn-money\">RMB1,548.9 million<\/span> (<span class=\"xn-money\">US$237.4 million<\/span>), a 17.7% decrease from 2019, primarily due to the decrease in compensation and benefits and provision for credit losses. <\/li>\n<li>\n          <b>Operating costs and expenses<\/b><br \/>\n          <b>for the asset management business<\/b> for 2020 were <span class=\"xn-money\">RMB415.7 million<\/span> (<span class=\"xn-money\">US$63.7 million<\/span>), a 6.0% increase from 2019, primarily due to an increase in performance fee compensation related to performance-based income. <\/li>\n<li>\n          <b>Operating costs and expenses<\/b><br \/>\n          <b>for the lending and other businesses<\/b> for 2020 were <span class=\"xn-money\">RMB82.8 million<\/span> (<span class=\"xn-money\">US$12.7 million<\/span>), a 59.2% decrease from 2019, primarily due to a decrease in compensation and benefits as well as other operating expenses.<\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>Operating Margin<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Operating margin <\/b>for the full year 2020 was 38.1%, compared to\u00a027.0% for the full year 2019. <\/p>\n<ul type=\"disc\">\n<li>\n          <b>Operating margin for the wealth management business <\/b>for 2020 was 34.5%, compared to 18.9% for 2019, mainly due to continuously operating efficiency improvement and the decrease of provision for credit losses. <\/li>\n<li>\n          <b>Operating margin for the asset management business<\/b> for 2020 was 52.5%, compared to 49.9% for 2019. <\/li>\n<li>\n          <b>Loss <\/b><br \/>\n          <b>from the lending and other businesses<\/b> for 2020 was <span class=\"xn-money\">RMB18.8 million<\/span> (<span class=\"xn-money\">US$2.9 million<\/span>), compared with income from operations in the amount of <span class=\"xn-money\">RMB85.9 million<\/span> for 2019 due to reduced loan origination <\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>Investment Loss<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b><br \/>\n          <i>Investment loss <\/i><br \/>\n        <\/b>for the full year 2020 was <span class=\"xn-money\">RMB86.4 million<\/span> (<span class=\"xn-money\">US$13<\/span>.2\u00a0million), compared with investment loss of <span class=\"xn-money\">RMB28.6 million<\/span> for the full year 2019. The investment loss was primarily due to an impairment of certain long-term investment.<\/p>\n<p>\n        <b><br \/>\n          <i>Income Tax Expenses<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Income tax expense<\/b><br \/>\n        <b>s<\/b><br \/>\n        <b>\u00a0<\/b>for the full year 2020 were <span class=\"xn-money\">RMB258.5 million<\/span> (<span class=\"xn-money\">US$39.6 million<\/span>), a 17.5% increase from the full year 2019 due to higher taxable income (excluding one-off settlement expense).<\/p>\n<p>\n        <b><br \/>\n          <i>Net Income<\/i><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>\n          <b>Net Income<br \/><\/b><br \/>\n          <b>&#8211; Net loss <\/b>for the full year 2020 was <span class=\"xn-money\">RMB743.5 million<\/span> (<span class=\"xn-money\">US$113.9 million<\/span>), compared to net income of <span class=\"xn-money\">RMB863.8 million<\/span> from the full year 2019.<br \/>&#8211; <b>Net margin <\/b>for the full year 2020 was negative, compared with 25.5% for the full year 2019.<br \/>&#8211; <b>Net loss attributable to Noah shareholders <\/b>for the full year 2020 was <span class=\"xn-money\">RMB745.2 million<\/span> (<span class=\"xn-money\">US$114.2 million<\/span>), compared to net income attributable to Noah shareholders of <span class=\"xn-money\">RMB829.2 million<\/span> for the full year 2019.<br \/>&#8211; <b>Net margin attributable to Noah shareholders <\/b>for the full year 2020 was negative, compared with 24.4% for the full year 2019.<br \/>&#8211; <b>Net loss attributable to Noah shareholders per basic and diluted ADS<\/b> for the full year 2020 was <span class=\"xn-money\">RMB12.01<\/span><span class=\"xn-money\">(US$1.84)<\/span>, compared with net income attributable to Noah shareholders per basic and diluted ADS of <span class=\"xn-money\">RMB13.56<\/span> and <span class=\"xn-money\">RMB13.42<\/span> respectively, for the full year 2019.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li>\n          <b>Non-GAAP Net Income Attributable to Noah Shareholders <br \/><\/b>&#8211;\u00a0<b>Non-GAAP net income attributable to Noah shareholders <\/b>for the full year 2020 was <span class=\"xn-money\">RMB1,129.7 million<\/span> (<span class=\"xn-money\">US$173.1 million<\/span>), a 25.3% increase from the full year 2019. <br \/>&#8211; <b>Non-GAAP net margin attributable to Noah shareholders <\/b>for the full year 2020 was 34.2%, up from 26.6% for the full year 2019. <br \/>&#8211; <b>Non-GAAP net income attributable to Noah shareholders per diluted ADS <\/b>for the full year 2020 was <span class=\"xn-money\">RMB18.12<\/span><span class=\"xn-money\">(US$2.78)<\/span>, up from <span class=\"xn-money\">RMB14.59<\/span> for the full year 2019.<\/li>\n<\/ul>\n<p>\n        <b>BALANCE SHEET AND CASH FLOW<\/b>\n      <\/p>\n<p>As of <span class=\"xn-chron\">December 31, 2020<\/span>, the Company had <span class=\"xn-money\">RMB5,005.2 million<\/span> (<span class=\"xn-money\">US$767.1 million<\/span>) in cash and cash equivalents, compared with <span class=\"xn-money\">RMB4,387.3 million<\/span> as of <span class=\"xn-chron\">December 31, 2019<\/span> and <span class=\"xn-money\">RMB4,597.4 million<\/span> as of <span class=\"xn-chron\">September 30, 2020<\/span>.<\/p>\n<p>Net cash inflow from the Company&#8217;s operating activities during the fourth quarter of 2020 was <span class=\"xn-money\">RMB568.3 million<\/span> (<span class=\"xn-money\">US$87.1 million<\/span>), compared to net cash inflow of <span class=\"xn-money\">RMB842.5 million<\/span> in the corresponding period in 2019. The decrease was mainly due to changes in working capital. Net cash inflow from the Company&#8217;s operating activities during the full year 2020 was <span class=\"xn-money\">RMB796.3 million<\/span> (<span class=\"xn-money\">US$122.0 million<\/span>), compared to <span class=\"xn-money\">RMB1,288.2 million<\/span> during the full year 2019, the variance was mainly due to changes in working capital.<\/p>\n<p>Net cash inflow from the Company&#8217;s investing activities during the fourth quarter of 2020 was <span class=\"xn-money\">RMB189.5 million<\/span> (<span class=\"xn-money\">US$29.0 million<\/span>), compared to net cash outflow of <span class=\"xn-money\">RMB183.9 million<\/span> in the corresponding period in 2019. Net cash inflow from the Company&#8217;s investing activities during the full year 2020 was <span class=\"xn-money\">RMB352.6 million<\/span> (<span class=\"xn-money\">US$54.0 million<\/span>), compared to net cash outflow of <span class=\"xn-money\">RMB182.0 million<\/span> during the full year 2019, due to less loan origination as well as more investments collection made in 2020.<\/p>\n<p>Net cash outflow from the Company&#8217;s financing activities was <span class=\"xn-money\">RMB255.4 million<\/span> (<span class=\"xn-money\">US$39.1 million<\/span>) in the fourth quarter of 2020, compared to net cash inflow of <span class=\"xn-money\">RMB136.3 million<\/span> in the corresponding period in 2019, primarily due to share repurchase since <span class=\"xn-chron\">December 2020<\/span>. Net cash outflow from the Company&#8217;s financing activities during the full year 2020 was <span class=\"xn-money\">RMB371.4 million<\/span> (<span class=\"xn-money\">US$56.9 million<\/span>), compared to <span class=\"xn-money\">RMB543.3 million<\/span> cash inflow during the full year 2019. The cash outflow for 2020 was mainly due to share repurchase since <span class=\"xn-chron\">December 2020<\/span>.<\/p>\n<p>\n        <b>NOTE TO FINANCIAL INFORMATION<\/b>\n      <\/p>\n<p>As of the date of this press release, we\u00a0are still in the process of reviewing the financial results of the funds of funds we manage and invest in as the general partner or manager. \u00a0Any changes in the fair value of those investments could affect the income from equity in affiliates,\u00a0net income, net income attributable to Noah shareholders,\u00a0income per ADS and\u00a0the balance of investments in affiliates in our consolidated financial statements. While not included in the unaudited preliminary fourth quarter 2020 financial results in this press release, we will include any such fair value adjustments in the audited consolidated financial statements in our 2020 Form 20-F and will make a subsequent announcement when our review conclude, as appropriate.<\/p>\n<p>\n        <b>Update on Share Repurchase<\/b>\n      <\/p>\n<p>On <span class=\"xn-chron\">December 1, 2020<\/span>, the Company announced that its board of directors authorized a share repurchase\u00a0program (the &#8220;<b>Share Repurchase Program<\/b>&#8220;) under which the company may\u00a0repurchase\u00a0up to <span class=\"xn-money\">US$100 million<\/span> worth of its ADSs over the following two years. On <span class=\"xn-chron\">February 25, 2021<\/span>, the Company completed the Share Repurchase Program, with approximately 2,233,769 ADSs representing 1,116,885 ordinary shares repurchased at an average price of <span class=\"xn-money\">US$44.77<\/span> per ADS. <\/p>\n<p>\n        <b>2021 FORECAST<\/b>\n      <\/p>\n<p>Even though the ongoing global spread of a novel strain of coronavirus (COVID-19) still have notably slowed down the global economy recovery especially for various travel bans set in <span class=\"xn-location\">Hong Kong<\/span> which puts severe restrictions on distribution of our offshore insurance products to our clients, the Company is excited to see a strong momentum in the transaction value of standardized products being offered in 2020 and remains reasonably optimistic about the moderate growth in its total transaction value, net revenue as well as its key client base in 2021. In the meantime, with the all-round expansion strategy in sight as well as the commitment to further advance its technology and digitalization, the Company has decided to further increase its investment in talents, IT infrastructure and online platform development as well as client experience, and expects to spend around 4-6% of its total net revenue in such investment in 2021. Given the above considerations, the non-GAAP net income attributable to Noah shareholders for the full year 2021 will be in the range of <span class=\"xn-money\">RMB1.2 billion<\/span> to <span class=\"xn-money\">RMB1.3 billion<\/span>. This forecast reflects management&#8217;s current business outlook and is subject to further change.<\/p>\n<p>\n        <b>CONFERENCE CALL <\/b>\n      <\/p>\n<p>Senior management will host a combined English and Chinese language conference call to discuss the Company&#8217;s fourth quarter and full year 2020 unaudited financial results and recent business activities.<\/p>\n<p>The conference call may be accessed with the following details:<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Conference call details <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Date\/Time:<\/span>\n              <\/p>\n<p class=\"prnews_p\">\u00a0<\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Monday, March 15, 2021 at 8:00 p.m., U.S. Eastern Time<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Tuesday, March 16, 2021 at 8:00 a.m., Hong Kong Time<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Dial in details:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;\u00a0United States Toll Free<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">+1 888-317-6003<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;\u00a0Mainland China Toll Free<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4001-206-115<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;\u00a0Hong Kong Toll Free<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">800-963976<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;\u00a0International <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">+1-412-317-6061<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Conference Title:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Noah Holdings\u00a0Fourth Quarter 2020\u00a0Earnings Call<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Participant Password:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntal prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9945089<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>A telephone replay will be available starting approximately one hour after the end of the conference call until March 22, <span id=\"spanHghltec8d\">2021<\/span> at +1-877-344-7529 (US Toll Free) or +1-412-317-0088 (International Toll). The replay access code is 10152670. <\/p>\n<p>A live and archived webcast of the conference call will be available at Noah&#8217;s investor relations website under the News &amp; Events section at <a target=\"_blank\" href=\"http:\/\/ir.noahgroup.com\/\" rel=\"nofollow noopener noreferrer\">http:\/\/ir.noahgroup.com<\/a>.<b><br \/><\/b><\/p>\n<p>\n        <b>DISCUSSION ON NON-GAAP MEASURES\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b>\n      <\/p>\n<p>In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company&#8217;s earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation, non-recurring settlement expense and net of tax impact, if any. See &#8220;Reconciliation of GAAP to Non-GAAP Results&#8221; at the end of this press release. <\/p>\n<p>The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies. <\/p>\n<p>When evaluating the Company&#8217;s operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company&#8217;s management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management. \u00a0<\/p>\n<p>\n        <b>ABOUT NOAH HOLDINGS LIMITED<\/b>\n      <\/p>\n<p>Noah Holdings Limited (NYSE: NOAH) is a leading wealth and asset management service provider in <span class=\"xn-location\">China<\/span> with a focus on high net worth individuals. In the full year 2020, Noah distributed <span class=\"xn-money\">RMB94.7 billion<\/span> (<span class=\"xn-money\">US$14.5 billion<\/span>) of financial products. Through Gopher Asset Management, Noah had assets under management of <span class=\"xn-money\">RMB152.8 billion<\/span> (<span class=\"xn-money\">US$23.4 billion<\/span>) as of <span class=\"xn-chron\">December 31, 2020<\/span>.<\/p>\n<p>Noah&#8217;s wealth management business primarily distributes diversified financial products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,231 relationship managers across 80 cities in mainland <span class=\"xn-location\">China<\/span>, and serves the international investment needs of its clients through offices in <span class=\"xn-location\">Hong Kong<\/span>, <span class=\"xn-location\">Taiwan<\/span>, <span class=\"xn-location\">United States<\/span>, <span class=\"xn-location\">Canada<\/span>, <span class=\"xn-location\">Australia<\/span> and <span class=\"xn-location\">Singapore<\/span>. The Company&#8217;s wealth management business had 360,637 registered clients as of <span class=\"xn-chron\">December 31, 2020<\/span>. As a leading alternative multi-asset manager in <span class=\"xn-location\">China<\/span>, Gopher Asset Management develops and manages assets ranging from private equity, real estate, public securities, credit to multi-strategy investments denominated in Renminbi and other currencies. The Company also provides lending services and other businesses.<\/p>\n<p>For more information, please visit Noah at <i>ir.noahgroup.com<\/i>. <\/p>\n<p>\n        <b>FOREIGN CURRENCY TRANSLATION<\/b>\n      <\/p>\n<p>In this announcement, the unaudited financial results for the fourth quarter of 2020 and full year ended <span class=\"xn-chron\">December 31, 2020<\/span> are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of <span class=\"xn-money\">RMB6.5250<\/span> to <span class=\"xn-money\">US$1.00<\/span>, the effective noon buying rate for <span class=\"xn-chron\">December 31, 2020<\/span> as set forth in the H.10 statistical release of the Federal Reserve Board.<\/p>\n<p>\n        <b>SAFE HARBOR STATEMENT <\/b>\n      <\/p>\n<p>This announcement contains forward-looking statements. These statements are made under the &#8220;safe harbor&#8221; provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as &#8220;will,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;future,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;confident&#8221; and similar statements. Among other things, the outlook for 2021 and quotations from management in this announcement, as well as Noah&#8217;s strategic and operational plans, contain forward-looking 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 report to shareholders, 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&#8217;s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause Noah&#8217;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 <span class=\"xn-location\">China<\/span> and internationally; its expectations regarding demand for and market acceptance of the products it distributes;\u00a0investment risks associated with financial products distributed to Noah&#8217;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 <span class=\"xn-location\">China<\/span> and internationally; general economic and business conditions in <span class=\"xn-location\">China<\/span>; 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&#8217;s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 20-F. 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.<\/p>\n<p>\u00a0<\/p>\n<p>&#8212; FINANCIAL AND OPERATIONAL TABLES FOLLOW &#8212;<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condensed Consolidated Balance Sheets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen13\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">As of<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">September <br \/>30,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December <br \/>31,<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">USD&#8217;000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Assets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Current assets:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cash and cash equivalents<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,597,443<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,005,211<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">767,082<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Restricted cash<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">727<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,993<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,531<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Short-term investments <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">55,382<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">114,928<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,613<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts receivable, net <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">360,189<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">434,458<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">66,584<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loans receivable, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">476,730<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">418,947<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">64,206<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amounts due from related parties<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">696,806<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">520,178<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">79,721<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">194,464<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">199,447<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,567<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,381,741<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,703,162<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,027,304<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Long-term investments, net <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">824,562<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">536,384<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">82,205<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Investment in affiliates<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,252,054<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,264,685<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">193,821<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Property and equipment, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">250,106<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">248,669<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38,110<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating lease right-of-use assets, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">291,694<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">274,154<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,016<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred tax assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">178,358<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">224,240<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,366<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other non-current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">165,559<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">148,292<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,726<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Assets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,344,074<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,399,586<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,440,548<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Liabilities and Equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Current liabilities:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accrued payroll and welfare expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">510,043<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">705,622<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">108,141<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income tax payable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">136,582<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">140,777<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,575<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">125,092<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">71,613<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,975<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other current liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">318,964<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">354,822<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">54,379<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Contingent liability<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">530,433<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">81,292<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total current liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,090,681<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,803,267<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">276,362<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating lease liabilities, non-current<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">289,076<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">272,212<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41,718<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred tax liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">53,891<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">45,881<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,032<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other non-current liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">867<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">855<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">131<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Liabilities\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,434,515<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,122,215<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">325,243<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,909,559<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,277,371<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,115,305<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Liabilities and Equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,344,074<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,399,586<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,440,548<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condensed Consolidated Income Statements<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"7\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three months ended\u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">USD&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenues from others:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0 One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">150,494<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">229,744<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35,210<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">52.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 \u00a0Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">125,851<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">199,372<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,555<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">58.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,909<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">81,488<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,489<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">412.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Other service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">105,691<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39,361<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,032<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(62.8%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues from others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">397,945<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">549,965<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">84,286<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenues from funds Gopher <br \/>\u00a0 manages:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 \u00a0One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,659<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">43,531<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,671<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">308.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 \u00a0Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">342,658<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">239,144<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">36,650<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20 prnpr4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(30.2%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41,981<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">126,382<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,369<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">201.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues from funds <br \/>\u00a0 Gopher manages<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">395,298<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">409,057<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">62,690<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">793,243<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">959,022<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">146,976<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: VAT related surcharges\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,900)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,805)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(890)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">788,343<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">953,217<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">146,086<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating costs and expenses:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Compensation and benefits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Relationship manager\u00a0<br \/>\u00a0\u00a0 compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(133,306)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(185,926)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(28,494)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(240,808)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(259,872)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(39,827)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total compensation and <br \/>\u00a0\u00a0 benefits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(374,114)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(445,798)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(68,321)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Selling expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(77,741)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(94,648)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14,505)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">General and administrative <br \/>\u00a0\u00a0 expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(101,294)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(84,036)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12,879)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(7.0%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Provision for credit losses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(78,718)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,789<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">274<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Other operating expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(42,064)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(22,579)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,460)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(46.3%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Government grants\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,862<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,518<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,217<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">132.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total operating costs and <br \/>\u00a0 expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(662,069)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(617,754)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(94,674)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6.7%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income from operations\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">126,274<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">335,463<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">51,412<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">165.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other income (expense):<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Interest income\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,977<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,537<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,454<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1.9%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Investment loss<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(17,725)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(109,397)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(16,766)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">517.2%.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Settlement expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,828,907)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(280,292)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Other expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(308)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,033)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(771)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1534.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total other income (expense)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,944<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,920,800)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(294,375)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income (loss) before taxes and <br \/>\u00a0 income from equity in <br \/>\u00a0 affiliates<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">131,218<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,585,337)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(242,963)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income tax expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(28,174)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(27,430)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,204)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2.6%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income from equity in affiliates<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,883<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39,836<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,105<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">167.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income (loss)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">117,927<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,572,931)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(241,062)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: net income attributable to <br \/>\u00a0 non-controlling interests<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,134<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntar prnpl10 prnsbl1 prnpr14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">576<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">88<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(96.2%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income (loss) attributable<br \/>\u00a0 to Noah shareholders\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">102,793<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,573,507)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(241,150)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income (loss) per ADS, basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.67<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(24.92)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3.82)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income (loss) per ADS, diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.66<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(24.92)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3.82)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Margin analysis:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating margin<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35.2%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35.2%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net margin<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(165.0%)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(165.0%)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Weighted average ADS <br \/>\u00a0 equivalent<sup>[1]<\/sup>:<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,532,722<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">63,149,844<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">63,149,844<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,900,487<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">63,149,844<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">63,149,844<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">ADS equivalent outstanding at <br \/>\u00a0 end of period<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,599,313<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,088,680<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,088,680<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two<br \/>ADSs.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"9\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condensed Consolidated Income Statements<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Twelve months ended\u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prnpl6 prnsbl1 prnpr14\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prnsbts prnsbr1 prnvab prnsbb1 prntac prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">USD&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenues from others:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">690,860<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">679,014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">104,063<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1.7%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">524,692<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">700,157<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">107,304<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23,437<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">180,529<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,667<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">670.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">522,958<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">196,151<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,061<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(62.5%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues from others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,761,947<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,755,851<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">269,095<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.3%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenues from funds Gopher <br \/>\u00a0 manages:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">240,808<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">129,823<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,896<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(46.1%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,320,773<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,230,042<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">188,512<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6.9%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">89,648<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">208,996<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32,030<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">133.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues from funds <br \/>\u00a0 Gopher manages<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,651,229<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,568,861<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">240,438<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5.0%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,413,176<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,324,712<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">509,533<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2.6%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: VAT related surcharges\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(21,364)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(18,886)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,894)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(11.6%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,391,812<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,305,826<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">506,639<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2.5%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating costs and expenses:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Compensation and benefits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Relationship manager <br \/>compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(625,044)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(613,999)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(94,099)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1.8%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(985,726)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(890,013)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(136,400)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(9.7%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Total compensation and <br \/>\u00a0\u00a0\u00a0 benefits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,610,770)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,504,012)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(230,499)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6.6%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Selling expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(331,346)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(271,692)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(41,639)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(18.0%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 General and administrative <br \/>\u00a0\u00a0\u00a0 expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(296,492)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(277,879)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(42,587)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6.3%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Provision for credit losses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(130,723)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8,083)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,239)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(93.8%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Other operating expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(196,793)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(99,040)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(15,179)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(49.7%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Government grants\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">89,278<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">113,356<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,373<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total operating costs and <br \/>\u00a0 expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,476,846)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,047,350)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(313,770)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(17.3%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income from operations\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">914,966<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,258,476<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">192,869<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other income (expense):<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Interest income\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">89,099<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">67,317<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,317<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(24.4%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Interest expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(430)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Investment loss<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(28,620)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(86,369)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(13,237)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">201.8%.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Settlement expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8212;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,828,907)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(280,292)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0 Other income (expense)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(7,040)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,164<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">638<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total other income (expense)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">53,009<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,843,795)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(282,574)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income (loss) before taxes and <br \/>\u00a0 income from equity in <br \/>\u00a0 affiliates<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">967,975<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(585,319)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(89,705)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income tax expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(220,025)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(258,460)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(39,611)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income from equity in affiliates<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">115,809<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100,257<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,365<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(13.4%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income (loss)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">863,759<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(743,522)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(113,951)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: net income attributable to <br \/>\u00a0 non-controlling interests<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,608<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,703<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">261<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(95.1%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income (loss) attributable <br \/>\u00a0 to Noah shareholders\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">829,151<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(745,225)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(114,212)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income (loss) per ADS, basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13.56<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12.01)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1.84)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income (loss) per ADS, diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13.42<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12.01)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1.84)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td rowspan=\"2\" colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Margin analysis:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating margin<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38.1%<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38.1%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net margin<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25.5%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(22.5%)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(22.5%)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td rowspan=\"2\" colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Weighted average ADS <br \/>\u00a0 equivalent<sup>[1]<\/sup>:<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,160,362<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">62,040,878<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">62,040,878<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,848,191<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">62,040,878<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">62,040,878<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen25\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">ADS equivalent outstanding at <br \/>\u00a0 end of period<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" colspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<td rowspan=\"2\" class=\"prngen25\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,599,313<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,088,680<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,088,680<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen25\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"prngen25\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two <br \/>ADSs.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"10\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condensed Comprehensive Income Statements<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three months ended\u00a0<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December <br \/>31,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December <br \/>31,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December <br \/>31,<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">USD&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income (loss)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">117,927<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,572,931)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(241,062)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other comprehensive income, net of tax:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Foreign currency translation adjustments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(81,693)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(98,385)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(15,078)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Fair value fluctuation of available for sale<br \/>Investment (after tax)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Comprehensive income (loss)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">36,241<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,671,316)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(256,140)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Less: Comprehensive income attributable <br \/>to non-controlling interests<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,090<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">469<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">72<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(96.9%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Comprehensive income (loss) <br \/>attributable to Noah <\/b><br \/>\n                  <b>s<\/b><br \/>\n                  <b>hareholders<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen31 prnpr14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,151<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,671,785)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(256,212)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"10\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condensed Comprehensive Income Statements<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Twelve months ended\u00a0<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December <br \/>31,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December <br \/>31,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December <br \/>31,<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">USD&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income (loss)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">863,759<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(743,522)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(113,951)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other comprehensive income, net of tax:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Foreign currency translation adjustments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,601<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(176,910)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(27,113)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Fair value fluctuation of available for sale <br \/>Investment (after tax)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(797)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">771<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">118<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Comprehensive income (loss)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">924,563<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(919,661)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(140,946)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Less: Comprehensive income attributable<br \/>to non-controlling interests<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,558<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,727<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">265<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(95.0%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Comprehensive income (loss) <br \/>attributable to Noah <\/b><br \/>\n                  <b>s<\/b><br \/>\n                  <b>hareholders<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">890,005<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(921,388)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(141,211)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"6\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Supplemental Information<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">As of<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31,<br \/>2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31,<br \/>2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Number of registered clients\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">293,760<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">360,637<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Number of relationship managers\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,288<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,231<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4.4%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Number of cities in mainland China under <br \/>\u00a0\u00a0 coverage<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">82<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">80<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2.4%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three months ended<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31, <br \/>2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31,<br \/>2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(in millions of RMB, except number of active clients and <br \/>percentages)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Number of active clients<sup>[5]<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,512<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,268<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Number of active clients including mutual fund <br \/>clients<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,535<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,501<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Transaction value:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Public securities products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,708<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,217<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">56.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Private equity products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,811<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,172<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">185.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Credit products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">948<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">89<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(90.6%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Other products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">703<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">841<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total transaction value<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,170<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,319<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Twelve months ended<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31, <br \/>2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31,<br \/>2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(in millions of RMB, except number of active clients and <br \/>percentages)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Number of active clients<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,538<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,161<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(16.4%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Number of active clients including mutual fund <br \/>clients<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">31,495<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,213<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Transaction value:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Public securities products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26,378<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">73,143<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">177.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Private equity products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,279<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,876<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Credit products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,316<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">616<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(98.2%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Other products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,551<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,101<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12.7%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total transaction value<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">78,524<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">94,736<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[5] \u00a0&#8220;Active clients&#8221; for a given period refers to registered high net worth clients who purchase financial <br \/>products distributed or provided by Noah during that given period, excluding clients who transacted on our<br \/>online mutual fund platform.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p \/>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Segment Condensed Income Statements <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0(unaudited) <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen33\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnml120 prnmr20\">\n                <span class=\"prnews_span\">Three months ended December 31, 2020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth <br \/>Management<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset <br \/>Management<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lending and <br \/>other <br \/>Businesses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenues from others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">229,418<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">326<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">229,744<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">198,347<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,025<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">199,372<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">81,351<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">137<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">81,488<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10 prnpr8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,484<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,804<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,073<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39,361<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues from others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">538,600<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,292<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,073<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">549,965<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenues from funds Gopher manages<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,710<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35,821<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">43,531<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100,651<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">138,493<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">239,144<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">126,382<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">126,382<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues from funds Gopher <br \/>\u00a0\u00a0\u00a0\u00a0 manages <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">108,361<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">300,696<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">409,057<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">646,961<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">307,988<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,073<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">959,022<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: VAT related surcharges <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,770)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,957)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(78)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,805)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">643,191<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">306,031<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,995<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">953,217<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating costs and expenses:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Compensation and benefits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Relationship managers <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(185,471)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(455)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(185,926)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(120,349)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(124,714)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14,809)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(259,872)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Total compensation and benefits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(305,820)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(124,714)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(15,264)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(445,798)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Selling expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(84,160)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(9,822)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(666)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(94,648)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">General and administrative <br \/>\u00a0 expenses <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(58,837)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(18,291)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6,908)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(84,036)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Provision for credit losses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,113<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(251)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,073)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,789<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other operating expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(18,287)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,435)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,857)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(22,579)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Government grants<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,100<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">316<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">102<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,518<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total operating costs and expenses <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(436,891)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(154,197)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(26,666)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(617,754)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income (loss) from operations <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">206,300<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">151,834<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(22,671)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">335,463<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p \/>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div class=\"prntal\">\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Segment Condensed Income Statements<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"7\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three months ended December 31, 2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth<br \/>Management<br \/>Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset<br \/>Management<br \/>Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lending and <br \/>other <br \/>Businesses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Revenues from others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">149,806<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">688<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">150,494<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">124,872<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">979<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">125,851<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,909<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,909<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Other service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">47,594<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">718<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">57,379<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">105,691<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Total revenues from others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">338,181<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,385<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">57,379<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">397,945<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Revenues from funds Gopher <br \/>\u00a0 manages<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,344<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,315<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,659<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">183,119<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">159,539<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">342,658<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41,981<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41,981<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Total revenues from funds Gopher <br \/>\u00a0 manages<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">192,463<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">202,835<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">395,298<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Total revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">530,644<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">205,220<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">57,379<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">793,243<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Less: VAT related surcharges\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,707)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,098)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,095)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,900)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">527,937<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">204,122<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">56,284<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">788,343<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Operating costs and expenses:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Compensation and benefits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml50\">\n                <span class=\"prnews_span\">Relationship managers<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(133,306)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(133,306)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml50\">\n                <span class=\"prnews_span\">Others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(143,475)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(75,072)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(22,261)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(240,808)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Total compensation and benefits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(276,781)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(75,072)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(22,261)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(374,114)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Selling expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(64,026)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(9,099)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,616)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(77,741)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">General and administrative <br \/>\u00a0 expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(64,375)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(27,485)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(9,434)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(101,294)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Provision for doubtful credit looses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(74,163)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,165)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,390)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(78,718)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Other operating expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(22,676)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,190)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(16,198)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(42,064)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Government grants\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,925<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,870<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">67<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,862<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Total operating costs and expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(493,096)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(113,141)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(55,832)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(662,069)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income from operations<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,841<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">90,981<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">452<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">126,274<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div class=\"prntal\">\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Segment Condensed Income Statements<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"7\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Twelve months ended December 31, 2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth<br \/>Management<br \/>Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset<br \/>Management<br \/>Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lending and <br \/>other <br \/>Businesses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Revenues from others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">677,726<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,288<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">679,014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">697,140<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,017<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">700,157<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">180,385<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">144<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">180,529<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Other service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">123,458<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,451<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">65,242<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">196,151<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Total revenues from others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,678,709<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,900<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">65,242<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,755,851<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Revenues from funds Gopher <br \/>\u00a0 manages<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">88,520<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41,303<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">129,823<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">587,307<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">642,735<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,230,042<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">24,920<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">184,076<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">208,996<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Total revenues from funds Gopher <br \/>\u00a0 manages<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">700,747<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">868,114<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,568,861<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Total revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,379,456<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">880,014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">65,242<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,324,712<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Less: VAT related surcharges\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(13,123)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,521)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,242)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(18,886)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,366,333<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">875,493<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">64,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,305,826<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Operating costs and expenses:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Compensation and benefits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml50\">\n                <span class=\"prnews_span\">Relationship managers<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(613,101)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(898)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(613,999)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml50\">\n                <span class=\"prnews_span\">Others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(486,668)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(339,691)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(63,654)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(890,013)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Total compensation and benefits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,099,769)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(339,691)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(64,552)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,504,012)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Selling expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(228,853)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(34,302)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8,537)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(271,692)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">General and administrative <br \/>\u00a0 expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(197,511)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(59,440)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(20,928)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(277,879)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Provision for credit losses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,785)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(251)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,047)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8,083)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Other operating expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(76,983)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6,443)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(15,614)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(99,040)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Government grants\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">58,046<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">24,443<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,867<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">113,356<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Total operating costs and expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,548,855)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(415,684)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(82,811)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,047,350)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income (loss) from operations<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">817,478<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">459,809<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(18,811)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,258,476<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div class=\"prntal\">\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen33\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Segment Condensed Income Statements<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen33\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen33\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen33\">\n              \n            <\/td>\n<td class=\"prngen33\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\">\n              \n            <\/td>\n<td colspan=\"7\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Twelve months ended December 31, 2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen33\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth<br \/>Management<br \/>Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen33\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset<br \/>Management<br \/>Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen33\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lending and <br \/>other <br \/>Businesses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen33\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Revenues from others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">688,652<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,208<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">690,860<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">520,013<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,679<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">524,692<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23,333<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">104<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23,437<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Other service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">222,912<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,274<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">295,772<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">522,958<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Total revenues from others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,454,910<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,265<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">295,772<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,761,947<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Revenues from funds Gopher <br \/>\u00a0 manages<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">239,409<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,399<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">240,808<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">635,437<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">685,336<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,320,773<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">97<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">89,551<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">89,648<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Total revenues from funds Gopher <br \/>\u00a0 manages<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">874,943<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">776,286<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,651,229<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Total revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,329,853<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">787,551<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">295,772<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,413,176<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Less: VAT related surcharges\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(10,574)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,971)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6,819)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(21,364)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,319,279<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">783,580<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">288,953<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,391,812<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Operating costs and expenses:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Compensation and benefits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml50\">\n                <span class=\"prnews_span\">Relationship managers<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(625,044)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(625,044)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml50\">\n                <span class=\"prnews_span\">Others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(607,336)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(279,895)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(98,495)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(985,726)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Total compensation and benefits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,232,380)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(279,895)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(98,495)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,610,770)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Selling expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(287,541)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(26,661)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(17,144)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(331,346)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">General and administrative <br \/>\u00a0 expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(194,908)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(71,805)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(29,779)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(296,492)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Provision for credit losses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(121,572)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,800)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,351)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(130,723)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Other operating expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(103,846)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(25,978)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(66,969)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(196,793)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml40\">\n                <span class=\"prnews_span\">Government grants\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">58,704<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,878<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,696<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">89,278<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Total operating costs and expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,881,543)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(392,261)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(203,042)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,476,846)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income from operations<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">437,736<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">391,319<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">85,911<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">914,966<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p \/>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Supplement Revenue Information by Geography <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0(unaudited) <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three months ended December 31, 2020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth<br \/>Management<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset <br \/>Management<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lending and<br \/>Other <br \/>Businesses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Mainland China<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">513,690<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">262,719<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,073<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">780,482<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Hong Kong<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">114,285<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39,536<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">153,821<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,986<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,733<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">24,719<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">646,961<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">307,988<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,073<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">959,022<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p \/>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Supplement Revenue Information by Geography <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0(unaudited) <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three months ended December 31, 2019<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth<br \/>Management<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset <br \/>Management<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lending and <br \/>Other <br \/>Businesses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Mainland China<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">324,935<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">173,100<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">57,379<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">555,414<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Hong Kong<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">135,164<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28,480<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">163,644<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">70,545<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,640<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">74,185<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">530,644<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">205,220<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">57,379<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">793,243<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p \/>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Supplement Revenue Information by Geography <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0(unaudited) <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Twelve months ended December 31, 2020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth <br \/>Management<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset <br \/>Management<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lending and <br \/>Other <br \/>Businesses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Mainland China<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,787,611<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">742,743<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">65,242<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,595,596<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Hong Kong<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">452,810<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">111,431<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">564,241<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">139,035<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,840<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">164,875<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,379,456<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">880,014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">65,242<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,324,712<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Twelve months ended December 31, 2019<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth <br \/>Management<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset <br \/>Management<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lending and <br \/>Other<br \/>Businesses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Mainland China<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,494,742<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">676,837<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">295,772<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,467,351<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Hong Kong<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">633,168<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">99,957<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">733,125<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">201,943<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,757<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">212,700<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,329,853<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">787,551<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">295,772<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,413,176<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Reconciliation of GAAP to Non-GAAP Results<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(In RMB, except for per ADS data and percentages)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                  <sup>[6]<\/sup><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three months ended<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net income (loss) attributable to Noah shareholders<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">102,793<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,573,507)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjustment for share-based compensation <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,977<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,041<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(56.9%)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Add: settlement expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,828,907<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: tax effect of adjustments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,039<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,985<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(60.6%). <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted net income attributable to Noah shareholders<br \/>\u00a0\u00a0 \u00a0(non-GAAP)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">118,731<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">262,456<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">121.1%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net margin attributable to Noah shareholders<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(165.1%)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-GAAP net margin attributable to Noah shareholders<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15.1%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27.5%<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net income (loss) attributable to Noah shareholders per <br \/>\u00a0\u00a0 ADS, diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.66<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(24.92)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-GAAP net income attributable to Noah shareholders <br \/>\u00a0\u00a0 per ADS, diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.92<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.13<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">115.1%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">[6] \u00a0\u00a0Noah&#8217;s Non-GAAP financial measures reflect the respective most directly comparable GAAP financial measures excluding the effects of all forms of share-based compensation, non-recurring settlement expense and net of relevant tax impact, if any. Starting from this quarter, we have excluded the Non-GAAP adjustment related to fair value changes of equity securities (unrealized) and adjustment for sale of equity securities and their related tax impact because the impact of adopting ASU 2016-01 has been reflected in all periods presented. We have also revised the comparative period presentation to conform to current period measurement.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Reconciliation of GAAP to Non-GAAP Results<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(In RMB, except for per ADS data and percentages)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Twelve months ended<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">December 31<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net income (loss) attributable to Noah shareholders<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">829,151<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(745,225)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjustment for share-based compensation <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">94,897<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59,789<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(37.0%)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Add: settlement expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,828,907<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: tax effect of adjustments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,346<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,821<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(38.2%). <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted net income attributable to Noah shareholders<br \/>\u00a0 \u00a0(non-GAAP)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">901,702<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,129,650<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25.3%<\/span>\n              <\/p>\n<p class=\"prnews_p\">\u00a0<\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net margin attributable to Noah shareholders<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">24.4%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(22.5%)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-GAAP net margin attributable to Noah shareholders<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26.6%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34.2%<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net income (loss) attributable to Noah shareholders per <br \/>\u00a0 ADS, diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13.42<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12.01)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-GAAP net income attributable to Noah shareholders <br \/>\u00a0 per ADS, diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14.59<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18.12<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">24.2%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p \/>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN09601&amp;sd=2021-03-15\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/noah-holdings-limited-announces-unaudited-preliminary-financial-results-for-the-fourth-quarter-and-full-year-2020-301247615.html\">http:\/\/www.prnewswire.com\/news-releases\/noah-holdings-limited-announces-unaudited-preliminary-financial-results-for-the-fourth-quarter-and-full-year-2020-301247615.html<\/a><\/p>\n<p>SOURCE  Noah Holdings Limited<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CN09601&amp;Transmission_Id=202103151630PR_NEWS_USPR_____CN09601&amp;DateId=20210315\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire SHANGHAI, March 15, 2021 \/PRNewswire\/ &#8212; Noah Holdings Limited (&#8220;Noah&#8221; or the &#8220;Company&#8221;) (NYSE: NOAH), a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises, today announced its\u00a0unaudited preliminary[1] financial results for the fourth quarter of 2020 and the full year ended December 31, 2020. FOURTH QUARTER 2020 FINANCIAL HIGHLIGHTS N et revenue s for the fourth quarter of 2020 were RMB953.2 million (US$146.1 million), a 20.9% increase from the corresponding period in 2019, and an 11.0% increase compared with third quarter of 2020, due to increases in both one-time commissions and performance-based income. (RMB millions, except percentages) Q4 2019 Q4 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/noah-holdings-limited-announces-unaudited-preliminary-financial-results-for-the-fourth-quarter-and-full-year-2020\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Noah Holdings Limited Announces Unaudited Preliminary Financial Results for the Fourth Quarter and Full Year 2020&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-458080","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Noah Holdings Limited Announces Unaudited Preliminary Financial Results for the Fourth Quarter and Full Year 2020 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/noah-holdings-limited-announces-unaudited-preliminary-financial-results-for-the-fourth-quarter-and-full-year-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Noah Holdings Limited Announces Unaudited Preliminary Financial Results for the Fourth Quarter and Full Year 2020 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire SHANGHAI, March 15, 2021 \/PRNewswire\/ &#8212; Noah Holdings Limited (&#8220;Noah&#8221; or the &#8220;Company&#8221;) (NYSE: NOAH), a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises, today announced its\u00a0unaudited preliminary[1] financial results for the fourth quarter of 2020 and the full year ended December 31, 2020. FOURTH QUARTER 2020 FINANCIAL HIGHLIGHTS N et revenue s for the fourth quarter of 2020 were RMB953.2 million (US$146.1 million), a 20.9% increase from the corresponding period in 2019, and an 11.0% increase compared with third quarter of 2020, due to increases in both one-time commissions and performance-based income. 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FOURTH QUARTER 2020 FINANCIAL HIGHLIGHTS N et revenue s for the fourth quarter of 2020 were RMB953.2 million (US$146.1 million), a 20.9% increase from the corresponding period in 2019, and an 11.0% increase compared with third quarter of 2020, due to increases in both one-time commissions and performance-based income. 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