SHANGHAI, March 27, 2024 /PRNewswire/ — Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors, today announced its unaudited financial results for the fourth quarter of 2023 and the audited financial results for the full year ended December 31, 2023.
FOURTH QUARTER 2023 FINANCIAL HIGHLIGHTS
Net revenues were RMB799.5 million (US$112.6 million), a 9.4% decrease from the corresponding period in 2022, mainly due to decreases in performance-based income generated from private equity products and recurring service fees generated from RMB private equity and private secondary products. The decreases were partially offset by a 13.8% increase in one-time commissions from more distribution of insurance products. On a sequential basis, net revenues increased by 6.6% driven by an increase in the distribution of insurance products.
(RMB millions,
except percentages)
Q4 2022
Q4 2023
YoY Change
Wealth management
646.9
610.3
(5.7 %)
Asset management
223.2
186.2
(16.6 %)
Other businesses
12.0
3.0
(74.9 %)
Total net revenues
882.1
799.5
(9.4 %)
Income from operations was RMB220.7 million (US$31.1 million), effectively flat when compared with the corresponding period in 2022 and a decrease of 11.3% sequentially, primarily due to an increase in marketing activities which was partially offset by a decrease in government grants.
(RMB millions,
except percentages)
Q4 2022
Q4 2023
YoY Change
Wealth management
179.1
150.7
(15.9 %)
Asset management
93.5
95.5
2.0 %
Other businesses
(52.9)
(25.5)
(51.8 %)
Total income from operations
219.7
220.7
0.4 %
Net income attributable to Noah shareholders was RMB216.5 million (US$30.5 million), a 54.8% increase from the corresponding period in 2022, primarily due to a RMB99.0 million non-recurring contingent litigation expense recorded during the fourth quarter of 2022. Net income attributable to Noah shareholders decreased by 7.2% sequentially, primarily due to mark to market adjustments made to certain balance sheet investments. Non-GAAP[1] net income attributable to Noah shareholders was RMB233.7 million (US$32.9 million), an increase of 56.7% from the corresponding period in 2022 and 0.6% from the third quarter of 2023.
FULL YEAR 2023 FINANCIAL HIGHLIGHTS
Net revenues were RMB3,294.7 million (US$464.0 million), a 6.3% increase from 2022, primarily due to a 59.8% increase in one-time commissions from more distribution of insurance products which was partially offset by a 55.5% decrease in performance-based income.
(RMB millions,
except percentages)
FY 2022
FY 2023
YoY Change
Wealth management
2,200.0
2,491.2
13.2 %
Asset management
834.5
766.2
(8.2 %)
Other businesses
65.9
37.3
(43.5 %)
Total net revenues
3,100.4
3,294.7
6.3 %
Income from operations was RMB1,097.9 million (US$154.6 million), a 0.9% increase from 2022, mainly due to a 6.3% increase in net revenues which was partially offset by a 9.2% increase in total operating costs and expenses associated with the low base effect created by strict COVID-19 lockdowns in 2022.
(RMB millions,
except percentages)
FY 2022
FY 2023
YoY Change
Wealth management
741.4
809.9
9.2 %
Asset management
447.8
386.7
(13.7 %)
Other businesses
(100.8)
(98.6)
(2.2 %)
Total income from operations
1,088.4
1,097.9
0.9 %
Net income attributable to Noah shareholders was RMB1,009.5 million (US$142.2 million), a 3.4% increase from 2022, due to a 0.9% increase in income from operations and a RMB99.0 million non-recurring contingent litigation expense recorded in 2022. Non-GAAP net income attributable to Noah shareholders was RMB1,018.8 million (US$143.5 million), a 1.0% increase from 2022.
FOURTH QUARTER AND FULL YEAR 2023 OPERATIONAL UPDATES
Wealth Management Business
Noah offers global investment products and provides value-added services to global mandarin-speaking high-net-worth investors in its wealth management business. Noah primarily distributes private equity, private secondary, mutual funds and other products denominated in RMB, USD and other currencies.
Total number of registered clients as of December 31, 2023 was 455,827, a 4.2% increase from December 31, 2022 and a 0.8% increase from September 30, 2023. Total number of active clients[2] who transacted with Noah during the fourth quarter of 2023 was 9,033, a 30.0% decrease from the fourth quarter of 2022 and a 4.8% decrease from the third quarter of 2023. Total number of active clients who transacted with Noah in 2023 was 22,453, a 37.4% decrease from 2022. Aggregate value of investment products distributed during the fourth quarter of 2023 was RMB16.5 billion (US$2.3 billion), an 8.1% decrease from the corresponding period in 2022, mainly due to a decrease in the distribution of mutual fund products.
Product type
Three months ended December 31,
2022
2023
(RMB in billions, except percentages)
Mutual fund products
12.2
67.7 %
10.9
66.0 %
Private secondary products
3.4
18.7 %
4.2
25.1 %
Private equity products
1.4
8.0 %
0.7
4.3 %
Other products[3]
1.0
5.6 %
0.7
4.6 %
All products
18.0
100.0 %
16.5
100.0 %
Aggregate value of investment products distributed during 2023 was RMB74.1 billion (US$10.4 billion), a 5.4% increase from 2022, mainly due to an increase in the distribution of private secondary and mutual fund products.
Product type
Twelve months ended December 31,
2022
2023
(RMB in billions, except percentages)
Mutual fund products
43.1
61.4 %
47.9
64.6 %
Private secondary products
13.1
18.6 %
18.4
24.8 %
Private equity products
11.1
15.7 %
3.3
4.5 %
Other products
3.0
4.3 %
4.5
6.1 %
All products
70.3
100.0 %
74.1
100.0 %
Coverage network in mainland China included 44 cities as of December 31, 2023, compared with 59 cities as of September 30, 2023, and 75 cities as of December 31, 2022. Noah continues to streamline its presence in China with a focus on strengthening its operations in central hub cities. Number of relationship managers was 1,252 as of December 31, 2023, a decrease of 11.1% from September 30, 2023, and 1.9% from December 31, 2022. As of December 31, 2023, Noah had 89 overseas relationship managers, a 15.6% increase from September 30, 2023.
Asset Management Business
Noah’s asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management"), a leading multi-asset manager in China with global investment capabilities and overseas offices in Hong Kong and the United States. Gopher Asset Management develops and manages assets ranging from private equity, real estate, public securities to multi-strategy investments denominated in RMB, USD and other currencies.
Total assets under management as of December 31, 2023 remained stable at RMB154.6 billion (US$21.8 billion), compared with RMB154.9 billion as of September 30, 2023 and RMB157.1 billion as of December 31, 2022.
Investment type
As of
September 30,
2023
Growth
Distribution/
Redemption
As of
December 31,
2023
(RMB billions, except percentages)
Private equity
131.7
85.0 %
0.5
–
132.2
85.5 %
Public securities[4]
12.2
7.9 %
2.9
3.6
11.5
7.4 %
Real estate
6.3
4.0 %
–
0.1
6.2
4.0 %
Multi-strategies
4.2
2.8 %
–
–
4.2
2.8 %
Others
0.5
0.3 %
–
–
0.5
0.3 %
All Investments
154.9
100.0 %
3.4
3.7
154.6
100.0 %
Investment type
As of
December 31,
2022
Growth
Distribution/
Redemption
As of
December 31,
2023
(RMB billions, except percentages)
Private equity
133.1
84.7 %
2.1
3.0
132.2
85.5 %
Public securities
11.0
7.0 %
10.7
10.2
11.5
7.4 %
Real estate
6.8
4.3 %
0.4
1.0
6.2
4.0 %
Multi-strategies
4.8
3.1 %
–
0.6
4.2
2.8 %
Others
1.4
0.9 %
–
0.9
0.5
0.3 %
All Investments
157.1
100.0 %
13.2
15.7
154.6
100.0 %
Other Businesses
Noah’s other businesses mainly provide clients with additional comprehensive services and investment products. Operating results for other businesses also include headquarter rental income, depreciation and amortization, as well as operating expenses.
Ms. Jingbo Wang, co-founder and Chairwoman of Noah, said "Despite a very challenging year for capital markets, I am pleased to report that Noah generated growth in both net revenues and non-GAAP net income in 2023. We are starting the year on a strong footing, having spent the past few quarters repositioning ourselves to drive growth in this challenging market environment. The pace of our international expansion continues to increase as our clients’ demand for global asset allocation grows. During the year, overseas AUM grew 10.7%; overseas net revenue grew 73.0%; and overseas registered clients and active clients grew 14.2% and 38.0%, respectively. Our balance sheet is robust, clean and is generating sufficient capital to support Noah’s overseas expansion."
"Reflecting our ongoing effort to improve corporate governance, we split the CEO and Chairperson roles at the end of the year with the appointment of Mr. Yin Zhe as CEO. Zhe’s alignment with our values and culture, coupled with his instrumental role in building our Gopher Asset Management franchise, made him the ideal candidate. We have been working seamlessly together since he took on this new role and I have the upmost confidence in his ability to execute our growth initiatives going forward."
FOURTH QUARTER 2023 FINANCIAL RESULTS
Net Revenues
Net revenues for the fourth quarter of 2023 were RMB799.5 million (US$112.6 million), a 9.4% decrease from the corresponding period in 2022.
Wealth Management Business Net revenues from one-time commissions for the fourth quarter of 2023 were RMB306.4 million (US$43.2 million), a 15.1% increase from the corresponding period in 2022 driven by an increase in the distribution of insurance products. Net revenues from recurring service fees for the fourth quarter of 2023 were RMB253.4 million (US$35.7 million), a 20.5% decrease from the corresponding period in 2022, due to a shift in product mix and client investment preferences, as well as a decrease in recurring service fees generated from private secondary and private equity products. Net revenues from performance-based income for the fourth quarter of 2023 were RMB0.1 million, compared with RMB14.1 million in the corresponding period of 2022, primarily due to a decrease in performance-based income from private equity fund products. Net revenues from other service fees for the fourth quarter of 2023 were RMB50.4 million (US$7.1 million), a 4.9% increase from the corresponding period in 2022, primarily due to the growing number of value-added services Noah offers its high-net-worth clients. Asset Management Business Net revenues from recurring service fees for the fourth quarter of 2023 were RMB174.4 million (US$24.6 million), a 13.5% increase from the corresponding period in 2022, due to an increase in the number of real estate investments in the United States and offshore private equity investments managed by Gopher Asset Management. Net revenues from performance-based income for the fourth quarter of 2023 were RMB11.7 million (US$1.7 million), an 82.3% decrease from the corresponding period in 2022, primarily due to a decrease in performance-based income from private equity investments managed by Gopher Asset Management. Other Businesses Net revenues for the fourth quarter of 2023 were RMB3.0 million (US$0.4 million), compared with RMB12.0 million in the corresponding period in 2022, driven by the winding down of the Company’s loan portfolio.
Operating Costs and Expenses
Operating costs and expenses for the fourth quarter of 2023 were RMB578.8 million (US$81.5 million), a 12.6% decrease from the corresponding period in 2022. Operating costs and expenses primarily consisted of 1) compensation and benefits of RMB300.8 million (US$42.4 million); 2) selling expenses of RMB157.4 million (US$22.2 million); 3) general and administrative expenses of RMB98.6 million (US$13.9 million); 4) reversal of credit losses of RMB1.0 million (US$0.1 million); and 5) other operating expenses of RMB25.6 million (US$3.6 million).
Operating costs and expenses for the wealth management business for the fourth quarter of 2023 were RMB459.6 million (US$64.7 million), a 1.8% decrease from the corresponding period in 2022, primarily due to a 5.7% decrease in net revenues. Operating costs and expenses for the asset management business for the fourth quarter of 2023 were RMB90.7 million (US$12.8 million), a 30.0% decrease from the corresponding period in 2022, primarily due to a decrease in performance-based compensation. Operating costs and expenses for other businesses for the fourth quarter of 2023 were RMB28.5 million (US$4.0 million), a 56.1% decrease from the corresponding period in 2022, due to a decrease in recorded credit losses.
Operating Margin
Operating margin for the fourth quarter of 2023 was 27.6%, compared with 24.9% for the corresponding period in 2022.
Operating margin for the wealth management business for the fourth quarter of 2023 was 24.7%, compared with 27.7% for the corresponding period in 2022. Operating margin for the asset management business for the fourth quarter of 2023 was 51.3%, compared with 41.9% for the corresponding period in 2022. Loss from other businesses for the fourth quarter of 2023 was RMB25.5 million (US$3.6 million), compared with RMB52.9 million in the corresponding period of 2022, primarily due to a decrease in provisions for credit losses.
Investment Income/loss
Investment loss for the fourth quarter of 2023 was RMB53.6 million (US$7.5 million), compared with investment income of RMB62.2 million for the corresponding period in 2022, primarily due to unrealized losses from fair value changes on certain equity investments.
Income Tax Expenses
Income tax expenses for the fourth quarter of 2023 were RMB34.1 million (US$4.8 million), a 43.7% decrease from the corresponding period in 2022, primarily due to a lower effective tax rate.
Income from Equity in Affiliates
Income from equity in affiliates for the fourth quarter of 2023 was RMB52.8 million (US$7.4 million), compared with RMB12.3 million for the corresponding period in 2022. The increase was primarily due to an increase in income recognized from the funds of funds that Noah manages and invests in as the general partner or fund manager.
Net Income
Net Income Net income for the fourth quarter of 2023 was RMB213.3 million (US$30.0 million), a 51.8% increase from the corresponding period in 2022. Net margin for the fourth quarter of 2023 was 26.7%, an increase from 15.9% in the corresponding period in 2022. Net income attributable to Noah shareholders for the fourth quarter of 2023 was RMB216.5 million (US$30.5 million), a 54.8% increase from the corresponding period in 2022. Net margin attributable to Noah shareholders for the fourth quarter of 2023 was 27.1%, an increase from 15.9% in the corresponding period in 2022. Net income attributable to Noah shareholders per basic and diluted ADS for the fourth quarter of 2023 was RMB3.12 (US$0.44) and RMB3.12 (US$0.44), respectively, an increase from RMB2.01 and RMB2.01 respectively, in the corresponding period in 2022. Non-GAAP Net Income Attributable to Noah Shareholders Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2023 was RMB233.7 million (US$32.9 million), a 56.7% increase from the corresponding period in 2022. Non-GAAP net margin attributable to Noah shareholders for the fourth quarter of 2023 was 29.2%, an increase from 16.9% in the corresponding period in 2022. Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of 2023 was RMB3.36 (US$0.47), an increase from RMB2.14 in the corresponding period in 2022.
FULL YEAR 2023 FINANCIAL RESULTS
Net Revenues
Net revenues for 2023 were RMB3,294.7 million (US$464.0 million), a 6.3% increase from 2022, primarily due to an increase in one-time commissions associated with Noah’s wealth management business.
Wealth Management Business Net revenues from one-time commissions for 2023 were RMB1,082.4 million (US$152.5 million), a 72.2% increase from 2022, primarily due to an increase in the distribution of insurance products. Net revenues from recurring service fees for 2023 were RMB1,101.7 million (US$155.2 million), a 10.2% decrease from 2022, due to a shift in product mix and client investment preferences, as well as a decrease in recurring service fees generated from private secondary and private equity products. Net revenues from performance-based income for 2023 were RMB86.0 million (US$12.1 million), a 57.3% decrease from 2022, primarily due to a decrease in performance-based income from private secondary products. Net revenues from other service fees for 2023 were RMB221.1 million (US$31.1 million), a 54.1% increase from 2022, primarily due to the growing number of value-added services Noah offers to its high-net-worth clients. Asset Management Business Net revenues from recurring service fees for 2023 were RMB712.5 million (US$100.3 million), a 5.0% increase from 2022. Net revenues from performance-based income for 2023 were RMB51.1 million (US$7.2 million), a 52.1% decrease from 2022, primarily due to a decrease in performance-based income from private equity products. Other Businesses Net revenues for 2023 were RMB37.3 million (US$5.3 million), a 43.5% decrease from 2022.
Operating costs and expenses
Operating costs and expenses for 2023 were RMB2,196.8 million (US$309.4 million), a 9.2% increase from 2022. Operating costs and expenses for 2023 primarily consisted of 1) compensation and benefits of RMB1,456.8 million (US$205.2 million); 2) selling expenses of RMB485.8 million (US$68.4 million); 3) general and administrative expenses of RMB275.7 million (US$38.8 million); 4) reversal of credit losses of RMB7.0 million (US$1.0 million); and 5) other operating expenses of RMB112.5 million (US$15.8 million).
Operating costs and expenses for the wealth management business for 2023 were RMB1,681.4 million (US$236.8 million), a 15.3% increase from 2022, primarily due to an increase in compensation and benefits for relationship managers. Operating costs and expenses for the asset management business for 2023 were RMB379.5 million (US$53.5 million), a 1.8% decrease from 2022, primarily due to a decrease in performance-based compensation. Operating costs and expenses for other businesses for 2023 were RMB135.9 million (US$19.1 million), an 18.5% decrease from 2022, primarily due to a decrease in other operating expenses.
Operating Margin
Operating margin for 2023 was 33.3%, compared to 35.1% for 2022.
Operating margin for the wealth management business for 2023 was 32.5%, compared with 33.7% for 2022, mainly due to an increase in compensation and benefits for relationship managers. Operating margin for the asset management business for 2023 was 50.5%, compared with 53.7% for 2022. Loss from other businesses for 2023 was RMB98.6 million (US$13.9 million), compared with RMB100.8 million for 2022, due to a 43.5% decrease in net revenues.
Investment Loss/Income
Investment loss for 2023 was RMB61.5 million (US$8.7 million), compared with investment income of RMB85.6 million for 2022.
Income Tax Expenses
Income tax expenses for 2023 were RMB262.4 million (US$37.0 million), a 1.8% decrease from 2022, primarily due to a lower effective tax rate.
Income from Equity in Affiliates
Income from equity in affiliates for 2023 was RMB54.1 million (US$7.6 million), compared with RMB89.1 million in 2022. The decrease was primarily due to a decrease in income recognized from the funds of funds that Noah manages and invests in as the general partner or fund manager.
Net Income
Net Income Net income for 2023 was RMB1,001.0 million (US$141.0 million), a 3.0% increase from 2022. Net margin for 2023 was 30.4%, a decrease from 31.3% in 2022. Net income attributable to Noah shareholders for 2023 was RMB1,009.5 million (US$142.2 million), a 3.4% increase from 2022. Net margin attributable to Noah shareholders for 2023 was 30.6%, a decrease from 31.5% in 2022. Net income attributable to Noah shareholders per basic and diluted ADS for 2023 was RMB14.53 (US$2.05) and RMB14.53 (US$2.05), respectively, an increase from RMB14.29 and RMB14.28, respectively, in 2022. Non-GAAP Net Income Attributable to Noah Shareholders Non-GAAP net income attributable to Noah shareholders for 2023 was RMB1,018.8 million (US$143.5 million), a 1.0% increase from 2022. Non-GAAP net margin attributable to Noah shareholders for 2023 was 30.9%, a decrease from 32.5% in 2022. Non-GAAP net income attributable to Noah shareholders per diluted ADS for 2023 was RMB14.66 (US$2.07), a decrease from RMB14.75 in 2022.
BALANCE SHEET AND CASH FLOW
As of December 31, 2023, the Company had RMB5,192.1 million (US$731.3 million) in cash and cash equivalents, compared with RMB4,403.9 million as of December 31, 2022 and RMB4,959.6 million as of September 30, 2023.
Net cash inflow from the Company’s operating activities during the fourth quarter of 2023 was RMB152.5 million (US$21.5 million), compared with RMB33.0 million in the corresponding period in 2022, primarily due to a decrease in trading debt products in the fourth quarter of 2023. Net cash inflow from the Company’s operating activities in 2023 was RMB1,318.3 million (US$185.7 million), compared with RMB632.9 million in 2022.
Net cash inflow from the Company’s investing activities during the fourth quarter of 2023 was RMB226.8 million (US$31.9 million), compared with net cash inflow of RMB58.3 million in the corresponding period in 2022. Net cash outflow from the Company’s investing activities in 2023 was RMB247.1 million (US$34.8 million), compared to net cash inflow of RMB74.3 million in 2022, mainly due to cash payments on short term investments.
Net cash outflow from the Company’s financing activities was RMB94.0 million (US$13.2 million) in the fourth quarter of 2023, compared to net cash inflow of RMB8.0 million in the corresponding period in 2022. Net cash outflow from the Company’s financing activities in 2023 was RMB199.8 million (US$28.1 million), compared to net cash inflow of RMB233.8 million in 2022. The cash inflow in 2022 was mainly due to the net proceeds from the Company’s initial public offering and listing in Hong Kong while the cash outflow in 2023 was mainly due to final dividend payments.
ANNUAL AND SPECIAL DIVIDEND
On March 26, 2024, the Company’s Board of Directors (the "Board") approved an annual dividend of approximately RMB509.0 million (US$71.7 million) in total, which is equivalent to 50% of full year 2023 non-GAAP net income attributable to Noah shareholders, in accordance with the capital management and shareholder return policy (the "Policy") adopted on November 29, 2023. The Board has also approved a non-recurring special dividend of approximately RMB509.0 million (US$71.7 million) in total. The annual and special dividend payment plan will be reviewed during and announced after the Annual General Meeting, which is expected to be held in June 2024.
CONFERENCE CALL
The Company’s senior management will host an earnings conference call to discuss its Q4 and full year 2023 Results and recent business activities. Details of the conference call are as follows:
Zoom webinar details
Conference title
Noah Holdings 4Q and Full Year 2023 Earnings Conference Call
Date/Time
Tuesday, March 26, 2024 at 8:00 p.m., U.S. Eastern Time
Wednesday, March 27, 2024 at 8:00 a.m., Hong Kong Time
Dial in:
– Hong Kong Toll Free:
800-963976
– United States Toll Free:
1-888-317-6003
– Mainland China Toll Free:
4001-206115
– International Toll:
1-412-317-6061
Participant Password:
2326545
A telephone replay will be available starting approximately one hour after the end of the conference until April 2, 2024 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 1565571.
DISCUSSION ON NON-GAAP MEASURES
In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company’s earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation and net of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.
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.
When evaluating the Company’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’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.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH and HKEX:6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for mandarin-speaking high-net-worth investors. In 2023, Noah distributed RMB74.1 billion (US$10.4 billion) of investment products. Through Gopher Asset Management, Noah had assets under management of RMB154.6 billion (US$21.8 billion) as of December 31, 2023.
Noah’s wealth management business primarily distributes private equity, private secondary, mutual fund and other products denominated in RMB and other currencies. Noah’s network covers 44 cities in mainland China, as well as Hong Kong (China), Taiwan (China), New York, Silicon Valley and Singapore. A total of 1,252 relationship managers provide customized financial solutions for clients through this network, and meet their international investment needs. The Company’s wealth management business had 455,827 registered clients as of December 31, 2023. Through Gopher Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in Renminbi and other currencies. The Company also provides other businesses.
For more information, please visit Noah at ir.noahgroup.com.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the fourth quarter of 2023 and audited financial results for the full year ended December 31, 2023 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ 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 RMB7.0999 to US$1.00, the effective noon buying rate for December 29, 2023 as set forth in the H.10 statistical release of the Federal Reserve Board.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah’s cash and cash equivalents and liquidity risk. A number of factors could cause Noah’s actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah’s investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah’s filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.
Contacts:
Noah Holdings Limited
Melo Xi
Tel: +86-21-8035-8292
[email protected]
— FINANCIAL AND OPERATIONAL TABLES FOLLOW —
Noah Holdings Limited
Condensed Consolidated Balance Sheets
As of
September
30, 2023
December
31, 2023
December
31, 2023
(Unaudited)
(Audited)
(Audited)
RMB’000
RMB’000
USD’000
Assets
Current assets:
Cash and cash equivalents
4,959,550
5,192,127
731,296
Restricted cash
153,908
154,433
21,751
Short-term investments
407,872
379,456
53,445
Accounts receivable, net
445,386
503,978
70,984
Loans receivable, net
315,785
286,921
40,412
Amounts due from related parties
406,764
393,891
55,478
Other current assets
189,473
206,250
29,052
Total current assets
6,878,738
7,117,056
1,002,418
Long-term investments, net
995,746
810,484
114,154
Investment in affiliates
1,491,173
1,526,544
215,009
Property and equipment, net
2,510,839
2,482,199
349,610
Operating lease right-of-use assets, net
145,410
139,019
19,580
Deferred tax assets
435,632
431,494
60,775
Other non-current assets
171,083
178,582
25,152
Total Assets
12,628,621
12,685,378
1,786,698
Liabilities and Equity
Current liabilities:
Accrued payroll and welfare expenses
545,240
564,096
79,451
Income tax payable
166,959
89,694
12,633
Deferred revenues
88,377
72,824
10,257
Contingent liabilities
595,137
482,802
68,001
Other current liabilities
578,345
681,802
96,030
Total current liabilities
1,974,058
1,891,218
266,372
Operating lease liabilities, non-current
77,418
76,533
10,779
Deferred tax liabilities
229,003
262,404
36,959
Other non-current liabilities
45,058
27,660
3,896
Total Liabilities
2,325,537
2,257,815
318,006
Equity
10,303,084
10,427,563
1,468,692
Total Liabilities and Equity
12,628,621
12,685,378
1,786,698
Noah Holdings Limited
Condensed Consolidated Income Statements
(unaudited)
Three months ended
December 31,
December 31,
December 31,
Change
2022
2023
2023
Revenues:
RMB’000
RMB’000
USD’000
Revenues from others:
One-time commissions
266,592
303,460
42,741
13.8 %
Recurring service fees
195,872
167,109
23,537
(14.7 %)
Performance-based income
13,998
146
21
(99.0 %)
Other service fees
60,870
59,244
8,344
(2.7 %)
Total revenues from others
537,332
529,959
74,643
(1.4 %)
Revenues from funds Gopher
manages:
One-time commissions
3,915
4,455
627
13.8 %
Recurring service fees
278,376
262,363
36,953
(5.8 %)
Performance-based income
66,819
11,762
1,657
(82.4 %)
Total revenues from funds
Gopher manages
349,110
278,580
39,237
(20.2 %)
Total revenues
886,442
808,539
113,880
(8.8 %)
Less: VAT related surcharges
(4,372)
(9,031)
(1,272)
106.6 %
Net revenues
882,070
799,508
112,608
(9.4 %)
Operating costs and expenses:
Compensation and benefits
Relationship manager
compensation
(146,662)
(140,673)
(19,813)
(4.1 %)
Others
(236,484)
(160,077)
(22,546)
(32.3 %)
Total compensation and
benefits
(383,146)
(300,750)
(42,359)
(21.5 %)
Selling expenses
(142,806)
(157,399)
(22,169)
10.2 %
General and administrative
expenses
(83,952)
(98,637)
(13,893)
17.5 %
Provision for (reversal of) credit losses
(19,836)
1,025
144
N.A.
Other operating expenses
(38,257)
(25,649)
(3,613)
(33.0 %)
Government grants
5,665
2,626
370
(53.6 %)
Total operating costs and expenses
(662,332)
(578,784)
(81,520)
(12.6 %)
Income from operations
219,738
220,724
31,088
0.4 %
Other income (expense):
Interest income
14,251
44,389
6,252
211.5 %
Investment income (loss)
62,240
(53,567)
(7,545)
N.A.
Contingent litigation expenses
(99,000)
–
–
(100.0 %)
Other expense
(8,507)
(16,933)
(2,385)
99.0 %
Total other expense
(31,016)
(26,111)
(3,678)
(15.8 %)
Income before taxes and
income from equity in
affiliates
188,722
194,613
27,410
3.1 %
Income tax expense
(60,530)
(34,068)
(4,798)
(43.7 %)
Income from equity in affiliates
12,331
52,795
7,436
328.1 %
Net income
140,523
213,340
30,048
51.8 %
Less: net income (loss)
attributable to non-controlling
interests
614
(3,190)
(449)
N.A.
Net income attributable to
Noah shareholders
139,909
216,530
30,497
54.8 %
Income per ADS, basic
2.01
3.12
0.44
55.2 %
Income per ADS, diluted
2.01
3.12
0.44
55.2 %
Margin analysis:
Operating margin
24.9 %
27.6 %
27.6 %
Net margin
15.9 %
26.7 %
26.7 %
Weighted average ADS
equivalent[1]:
Basic
69,593,068
69,487,210
69,487,210
Diluted
69,611,652
69,500,978
69,500,978
ADS equivalent outstanding at
end of period
62,603,864
65,261,465
65,261,465
[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADSs.
Noah Holdings Limited
Condensed Consolidated Income Statements
(Audited)
Twelve months ended
December 31,
December 31,
December 31,
Change
2022
2023
2023
Revenues:
RMB’000
RMB’000
USD’000
Revenues from others:
One-time commissions
617,636
1,072,838
151,106
73.7 %
Recurring service fees
768,980
707,580
99,661
(8.0 %)
Performance-based income
184,048
16,344
2,302
(91.1 %)
Other service fees
223,441
270,579
38,110
21.1 %
Total revenues from others
1,794,105
2,067,341
291,179
15.2 %
Revenues from funds Gopher
manages:
One-time commissions
63,809
16,365
2,305
(74.4 %)
Recurring service fees
1,145,435
1,112,850
156,742
(2.8 %)
Performance-based income
125,528
121,265
17,080
(3.4 %)
Total revenues from funds
Gopher manages
1,334,772
1,250,480
176,127
(6.3 %)
Total revenues
3,128,877
3,317,821
467,306
6.0 %
Less: VAT related surcharges
(28,505)
(23,125)
(3,257)
(18.9 %)
Net revenues
3,100,372
3,294,696
464,049
6.3 %
Operating costs and expenses:
Compensation and benefits
Relationship manager
compensation
(497,147)
(655,460)
(92,320)
31.8 %
Others
(944,735)
(801,293)
(112,860)
(15.2 %)
Total compensation and
benefits
(1,441,882)
(1,456,753)
(205,180)
1.0 %
Selling expenses
(349,014)
(485,778)
(68,420)
39.2 %
General and administrative
expenses
(235,319)
(275,727)
(38,835)
17.2 %
Reversal of credit losses
424
7,028
990
1557.5 %
Other operating expenses
(115,653)
(112,506)
(15,846)
(2.7 %)
Government grants
129,521
126,955
17,881
(2.0 %)
Total operating costs and
expenses
(2,011,923)
(2,196,781)
(309,410)
9.2 %
Income from operations
1,088,449
1,097,915
154,639
0.9 %
Other income (expense):
Interest income
61,416
161,926
22,807
163.7 %
Investment income (loss)
85,554
(61,486)
(8,660)
N.A.
Contingent litigation expenses
(99,000)
–
–
(100.0 %)
Other income
13,130
10,892
1,534
(17.0 %)
Total other income
61,100
111,332
15,681
82.2 %
Income before taxes and
income from equity in affiliates
1,149,549
1,209,247
170,320
5.2 %
Income tax expense
(267,108)
(262,360)
(36,953)
(1.8 %)
Income from equity in affiliates
89,148
54,128
7,624
(39.3 %)
Net income
971,589
1,001,015
140,991
3.0 %
Less: net loss attributable to
non-controlling interests
(4,982)
(8,479)
(1,194)
70.2 %
Net income attributable to
Noah shareholders
976,571
1,009,494
142,185
3.4 %
Income per ADS, basic
14.29
14.53
2.05
1.7 %
Income per ADS, diluted
14.28
14.53
2.05
1.8 %
Margin analysis:
Operating margin
35.1 %
33.3 %
33.3 %
Net margin
31.3 %
30.4 %
30.4 %
Weighted average ADS
equivalent[1]:
Basic
68,332,032
69,473,972
69,473,972
Diluted
68,396,142
69,484,516
69,484,516
ADS equivalent outstanding at
end of period
62,603,864
65,261,465
65,261,465
[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADSs.
Noah Holdings Limited
Condensed Comprehensive Income Statements
(unaudited)
Three months ended
December 31,
December 31,
December 31,
Change
2022
2023
2023
RMB’000
RMB’000
USD’000
Net income
140,523
213,340
30,048
51.8 %
Other comprehensive loss,
net of tax:
Foreign currency
translation adjustments
(36,494)
(68,333)
(9,625)
87.2 %
Comprehensive income
104,029
145,007
20,423
39.4 %
Less: Comprehensive
income (loss) attributable to
non-controlling interests
598
(3,287)
(463)
N.A.
Comprehensive income
attributable to Noah
shareholders
103,431
148,294
20,886
43.4 %
Noah Holdings Limited
Condensed Comprehensive Income Statements
(Audited)
Twelve months ended
December
31,
December
31,
December
31,
Change
2022
2023
2023
RMB’000
RMB’000
USD’000
Net income
971,589
1,001,015
140,991
3.0 %
Other comprehensive income, net of tax:
Foreign currency translation
adjustments
137,555
76,990
10,844
(44.0 %)
Comprehensive income
1,109,144
1,078,005
151,835
(2.8 %)
Less: Comprehensive loss attributable
to non-controlling interests
(4,895)
(8,651)
(1,218)
76.7 %
Comprehensive income attributable to
Noah shareholders
1,114,039
1,086,656
153,053
(2.5 %)
Noah Holdings Limited
Supplemental Information
(unaudited)
As of
December 31,
2022
December 31,
2023
Change
Number of registered clients
437,288
455,827
4.2 %
Number of relationship managers
1,276
1,252
(1.9 %)
Number of cities in mainland China under
coverage
75
44
(41.3 %)
Three months ended
December 31,
2022
December 31,
2023
Change
(in millions of RMB, except number of active clients and
percentages)
Number of active clients
12,904
9,033
(30.0 %)
Transaction value:
Private equity products
1,452
717
(50.6 %)
Private secondary products
3,362
4,153
23.5 %
Mutual fund products
12,183
10,901
(10.5 %)
Other products
1,003
764
(23.8 %)
Total transaction value
18,000
16,535
(8.1 %)
Twelve months ended
December 31,
2022
December 31,
2023
Change
(in millions of RMB, except number of active clients and
percentages)
Number of active clients
35,877
22,453
(37.4 %)
Transaction value:
Private equity products
11,037
3,330
(69.8 %)
Private secondary products
13,109
18,403
40.4 %
Mutual fund products
43,133
47,837
10.9 %
Other products
3,002
4,486
49.4 %
Total transaction value
70,281
74,056
5.4 %
Noah Holdings Limited
Segment Condensed Income Statements
(unaudited)
Three months ended December 31, 2023
Wealth
Management
Business
Asset
Management
Business
Other
Businesses
Total
RMB’000
RMB’000
RMB’000
RMB’000
Revenues:
Revenues from others
One-time commissions
303,460
–
–
303,460
Recurring service fees
167,109
–
–
167,109
Performance-based income
146
–
–
146
Other service fees
50,644
–
8,600
59,244
Total revenues from others
521,359
–
8,600
529,959
Revenues from funds Gopher manages
One-time commissions
4,350
105
–
4,455
Recurring service fees
87,399
174,964
–
262,363
Performance-based income
–
11,762
–
11,762
Total revenues from funds Gopher
manages
91,749
186,831
–
278,580
Total revenues
613,108
186,831
8,600
808,539
Less: VAT related surcharges
(2,778)
(650)
(5,603)
(9,031)
Net revenues
610,330
186,181
2,997
799,508
Operating costs and expenses:
Compensation and benefits
Relationship managers
(132,666)
(8,007)
–
(140,673)
Others
(127,236)
(24,783)
(8,058)
(160,077)
Total compensation and benefits
(259,902)
(32,790)
(8,058)
(300,750)
Selling expenses
(119,891)
(27,974)
(9,534)
(157,399)
General and administrative
expenses
(63,627)
(27,058)
(7,952)
(98,637)
Provision for (reversal of) credit
losses
(2,897)
(1,429)
5,351
1,025
Other operating expenses
(15,790)
(1,562)
(8,297)
(25,649)
Government grants
2,502
124
–
2,626
Total operating costs and expenses
(459,605)
(90,689)
(28,490)
(578,784)
Income (loss) from operations
150,725
95,492
(25,493)
220,724
Noah Holdings Limited
Segment Condensed Income Statements
(unaudited)
Three months ended December 31, 2022
Wealth
Management
Business
Asset
Management
Business
Other
Businesses
Total
RMB’000
RMB’000
RMB’000
RMB’000
Revenues:
Revenues from others
One-time commissions
266,592
–
–
266,592
Recurring service fees
195,872
–
–
195,872
Performance-based income
13,998
–
–
13,998
Other service fees
48,245
–
12,625
60,870
Total revenues from others
524,707
–
12,625
537,332
Revenues from funds Gopher manages
One-time commissions
576
3,339
–
3,915
Recurring service fees
124,040
154,336
–
278,376
Performance-based income
187
66,632
–
66,819
Total revenues from funds Gopher
manages
124,803
224,307
–
349,110
Total revenues
649,510
224,307
12,625
886,442
Less: VAT related surcharges
(2,563)
(1,139)
(670)
(4,372)
Net revenues
646,947
223,168
11,955
882,070
Operating costs and expenses:
Compensation and benefits
Relationship managers
(137,016)
(9,646)
–
(146,662)
Others
(152,971)
(73,585)
(9,928)
(236,484)
Total compensation and benefits
(289,987)
(83,231)
(9,928)
(383,146)
Selling expenses
(121,259)
(20,611)
(936)
(142,806)
General and administrative
expenses
(52,723)
(22,609)
(8,620)
(83,952)
Provision for ( reversal of ) credit
losses
249
1,068
(21,153)
(19,836)
Other operating expenses
(9,344)
(4,629)
(24,284)
(38,257)
Government grants
5,224
408
33
5,665
Total operating costs and expenses
(467,840)
(129,604)
(64,888)
(662,332)
Income (loss) from operations
179,107
93,564
(52,933)
219,738
Noah Holdings Limited
Segment Condensed Income Statements
(Aaudited)
Twelve months ended December 31, 2023
Wealth
Management
Business
Asset
Management
Business
Other
Businesses
Total
RMB’000
RMB’000
RMB’000
RMB’000
Revenues:
Revenues from others
One-time commissions
1,072,838
–
–
1,072,838
Recurring service fees
707,580
–
–
707,580
Performance-based income
16,344
–
–
16,344
Other service fees
221,917
–
48,662
270,579
Total revenues from others
2,018,679
–
48,662
2,067,341
Revenues from funds Gopher
manages
One-time commissions
13,732
2,633
–
16,365
Recurring service fees
398,226
714,624
–
1,112,850
Performance-based income
69,977
51,288
–
121,265
Total revenues from funds Gopher
manages
481,935
768,545
–
1,250,480
Total revenues
2,500,614
768,545
48,662
3,317,821
Less: VAT related surcharges
(9,365)
(2,374)
(11,386)
(23,125)
Net revenues
2,491,249
766,171
37,276
3,294,696
Operating costs and expenses:
Compensation and benefits
Relationship managers
(631,082)
(24,378)
–
(655,460)
Others
(544,804)
(224,308)
(32,181)
(801,293)
Total compensation and benefits
(1,175,886)
(248,686)
(32,181)
(1,456,753)
Selling expenses
(370,861)
(88,827)
(26,090)
(485,778)
General and administrative
expenses
(193,248)
(59,367)
(23,112)
(275,727)
Provision for (reversal of) credit
losses
(910)
(921)
8,859
7,028
Other operating expenses
(44,042)
(3,348)
(65,116)
(112,506)
Government grants
103,597
21,638
1,720
126,955
Total operating costs and expenses
(1,681,350)
(379,511)
(135,920)
(2,196,781)
Income (loss) from operations
809,899
386,660
(98,644)
1,097,915
Noah Holdings Limited
Segment Condensed Income Statements
(Audited)
Twelve months ended December 31, 2022
Wealth
Management
Business
Asset
Management
Business
Other
Businesses
Total
RMB’000
RMB’000
RMB’000
RMB’000
Revenues:
Revenues from others
One-time commissions
617,636
–
–
617,636
Recurring service fees
768,980
–
–
768,980
Performance-based income
184,048
–
–
184,048
Other service fees
144,101
–
79,340
223,441
Total revenues from others
1,714,765
–
79,340
1,794,105
Revenues from funds Gopher
manages
One-time commissions
13,953
49,856
–
63,809
Recurring service fees
463,314
682,121
–
1,145,435
Performance-based income
18,407
107,121
–
125,528
Total revenues from funds Gopher
manages
495,674
839,098
–
1,334,772
Total revenues
2,210,439
839,098
79,340
3,128,877
Less: VAT related surcharges
(10,462)
(4,630)
(13,413)
(28,505)
Net revenues
2,199,977
834,468
65,927
3,100,372
Operating costs and expenses:
Compensation and benefits
Relationship managers
(460,237)
(36,910)
–
(497,147)
Others
(619,397)
(285,101)
(40,237)
(944,735)
Total compensation and benefits
(1,079,634)
(322,011)
(40,237)
(1,441,882)
Selling expenses
(299,769)
(41,885)
(7,360)
(349,014)
General and administrative
expenses
(153,643)
(55,872)
(25,804)
(235,319)
Provision for (reversal of) credit
losses
718
386
(680)
424
Other operating expenses
(15,412)
(6,369)
(93,872)
(115,653)
Government grants
89,223
39,120
1,178
129,521
Total operating costs and
expenses
(1,458,517)
(386,631)
(166,775)
(2,011,923)
Income (loss) from operations
741,460
447,837
(100,848)
1,088,449
Noah Holdings Limited
Supplement Revenue Information by Geography
(unaudited)
Three months ended December 31, 2023
Wealth
Management
Business
Asset
Management
Business
Other
Businesses
Total
RMB’000
RMB’000
RMB’000
RMB’000
Revenues:
Mainland China
262,775
110,975
8,600
382,350
Hong Kong
289,973
47,012
–
336,985
Others
60,360
28,844
–
89,204
Total revenues
613,108
186,831
8,600
808,539
Noah Holdings Limited
Supplement Revenue Information by Geography
(unaudited)
Three months ended December 31, 2022
Wealth
Management
Business
Asset
Management
Business
Other
Businesses
Total
RMB’000
RMB’000
RMB’000
RMB’000
Revenues:
Mainland China
442,208
147,301
12,625
602,134
Hong Kong
182,111
54,976
–
237,087
Others
25,191
22,030
–
47,221
Total revenues
649,510
224,307
12,625
886,442
Noah Holdings Limited
Supplement Revenue Information by Geography
(Audited)
Twelve months ended December 31, 2023
Wealth
Management
Business
Asset
Management
Business
Other
Businesses
Total
RMB’000
RMB’000
RMB’000
RMB’000
Revenues:
Mainland China
1,366,538
469,193
48,662
1,884,393
Hong Kong
921,091
193,588
–
1,114,679
Others
212,985
105,764
–
318,749
Total revenues
2,500,614
768,545
48,662
3,317,821
Noah Holdings Limited
Supplement Revenue Information by Geography
(Audited)
Twelve months ended December 31, 2022
Wealth
Management
Business
Asset
Management
Business
Other
Businesses
Total
RMB’000
RMB’000
RMB’000
RMB’000
Revenues:
Mainland China
1,548,395
672,785
79,340
2,300,520
Hong Kong
508,907
83,029
–
591,936
Others
153,137
83,284
–
236,421
Total revenues
2,210,439
839,098
79,340
3,128,877
Noah Holdings Limited
Reconciliation of GAAP to Non-GAAP Results
(In RMB, except for per ADS data and percentages)
(unaudited)
Three months ended
December 31,
December 31,
Change
2022
2023
RMB’000
RMB’000
Net income attributable to Noah shareholders
139,909
216,530
54.8 %
Adjustment for share-based compensation
12,316
21,935
78.1 %
Less: tax effect of adjustments
3,066
4,740
54.6 %
Adjusted net income attributable to Noah shareholders
(non-GAAP)
149,159
233,725
56.7 %
Net margin attributable to Noah shareholders
15.9 %
27.1 %
Non-GAAP net margin attributable to Noah shareholders
16.9 %
29.2 %
Net income attributable to Noah shareholders per ADS,
diluted
2.01
3.12
55.2 %
Non-GAAP net income attributable to Noah shareholders
per ADS, diluted
2.14
3.36
57.0 %
Noah Holdings Limited
Reconciliation of GAAP to Non-GAAP Results
(In RMB, except for per ADS data and percentages)
(unaudited)
Twelve months ended
December 31
December 31
Change
2022
2023
RMB’000
RMB’000
Net income attributable to Noah shareholders
976,571
1,009,494
3.4 %
Adjustment for share-based compensation
42,300
11,530
(72.7 %)
Less: tax effect of adjustments
10,279
2,220
(78.4 %)
Adjusted net income attributable to Noah shareholders
(non-GAAP)
1,008,592
1,018,804
1.0 %
Net margin attributable to Noah shareholders
31.5 %
30.6 %
Non-GAAP net margin attributable to Noah shareholders
32.5 %
30.9 %
Net income attributable to Noah shareholders per ADS,
diluted
14.28
14.53
1.8 %
Non-GAAP net income attributable to Noah shareholders
per ADS, diluted
14.75
14.66
(0.6 %)
[1] Noah’s Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation and net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.
[2] "Active clients" for a given period refers to registered investors who purchase investment products distributed or receive services provided by us during that given period.
[3] "Other products" refers to other investment products, which includes insurance products, multi-strategies products and others.
[4] The asset distribution/redemption of public securities also includes market appreciation or depreciation.
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