Noah Holding Fourth Quarter and Fiscal 2014 Persentation

4Q2014 and Fiscal 2014
Investor Presentation
Noah Holdings Limited
March 2015
Strictly Confidential
Disclaimers
This presentation 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. Among other things, the outlook for 2014 and quotations from
management in this presentation, as well as Noah'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's beliefs and expectations, are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. All information provided in this presentation is as of the date of this presentation. Noah undertakes no duty to update
any information in this presentation or any forward-looking statement as a result of new information, future events or otherwise, except as required
under applicable law.
The presentation contains non-GAAP financial measures that exclude the effects of all forms of share-based compensation and loss or gain on change
in fair value of derivative liabilities. 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 non-GAAP financial measure used by the Company may be prepared differently from and,
therefore, may not be comparable to similarly titled measures used by other companies. The information contained in this document has not been
independently verified. No representation or warranty express or implied is made as to, and no reliance should be placed on the fairness, accuracy,
completeness, reasonableness or correctness of such information or opinions contained herein. The information contained in this document should be
considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments
which may occur after the date of the presentation. None of the Company or any of their respective affiliates, advisers or representatives shall be in
any way responsible for the contents hereof, or shall be liable (in negligence or otherwise) for any loss howsoever arising from any use of this
document or its contents or otherwise arising in connection with this document.
Strictly Confidential
1
Agenda
1
Recent Highlights
2
Industry Overview
3
Overview of Noah
4
Why We Are Different
5
Financial Performance and Forecast
Appendices:
Management Profiles / Awards & Industry Recognitions / Shareholder Structure
Strictly Confidential
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2
3
4
5
2
Agenda
1
Recent Highlights
2
Industry Overview
3
Company Overview
4
Why We Are Different
5
Financial Performance and Forecast
Appendices:
Management Profiles / Awards & Industry Recognitions / Shareholder Structure
Strictly Confidential
1
2
3
4
5
3
Financial
• Net revenues
reached
US$247.9mm in
2014, a 51.3% y/y
increase
• Operating income
of 2014 reached
US$89.7mm, a
48.1% y/y increase
• Non-GAAP net
income reached
US$77.7mm, a
37.11% y/y increase
Management
Recent Highlights
• Recently appointed
Group President
formerly Global
Senior Partner at
McKinsey & Co.
• Strong leadership
and bench strength
each with 10+ years
of industry
experience
Segmentation
Wealth Management
Asset Management
Internet Finance
• Over RMB180bn
aggregate value of
wealth management
products distributed
since inception
• 779 relationship
managers across 63
cities in 94 offices
• Less than 3% turnover
rate for top RMs in the
4Q2014
• AUM of US$8.1bn
by the end of 2014
• Diversified product
portfolio : real
estate decreased
from 66% to 62%,
private equity
increased from 18%
to 21%, and public
equity and other
products increased
from 16% to 17%
• RMB1.4bn total
transaction value by
the end of 2014
• 205 total enterprise
clients reached
Overseas Platform
• Noah Hong Kong is fully
licensed and doubled in
2014, servicing over
1,300 clients
Strictly Confidential
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2
3
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Noah in Numbers
As of December 31, 2014
Experience
Products
Client-Centric
Network
10+ years
US$29bn
70,557
779
Track record and history
Aggregate value of products
distributed (>RMB180bn)
Registered clients
Relationship Managers
15+ years
US$8.1bn
16,749
94
Wealth management
industry experience of
founding partners
AUM of Noah’s subsidiary
Gopher
Asset Management
Accumulated active clients
Branch and sub-branch
offices
across China
93 products
~US$1.1mm
63
Launched
Average value per
transaction per client in
2014
Cities under coverage
across China
4+
years
As a listed company on
NYSE
5
Strictly Confidential
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2
3
4
5
5
Agenda
1
Recent Highlights
2
Industry Overview
3
Company Overview
4
Why We Are Different
5
Financial Performance and Forecast
Appendices:
Management Profiles / Awards & Industry Recognitions / Shareholder Structure
Strictly Confidential
1
2
3
4
5
6
Wealth Management & Asset Management
Size of Market Opportunity in China
Noah’s clients have grown significantly
# of Registered clients
Asia Pacific HNWI wealth
grew 18%, compared to 12%
in the ROW, to reach a
record high of US$14.2
trillion in 2013
# of Active clients
16,749
70,557
12,412
53,501
40,305
7,113
27,144
2011
9,189
2012
2013
2011
2014
2012
2013
2014
Source: Company fillings
Representing private banking clients as of 2012 of ICBC (the largest bank in China) and CMB (the best Private Bank in China)
China has the fastest growth in HNWI1 across large economies
Largest HNWI Populations, 2012 (by Country)
APAC HNWI wealth is
expected to grow at a
compound rate of 9.8%
through 2016 to add US$4.6
trillion, taking it to US$18.8
trillion by 2016
HNWI Population
growth, 2011–2012
(in ’000)
12.0%
3,436
3,068
2011
4.4%
6.7%
14.3%
5.4%
6.4%
6.5%
12.0%
15.1%
4.5%
2012
0.2%
10.9%
165
165
160
144
1,902
1,822
1,015
951
643
562
US
Germany
465
441
UK
430
404
298
280
252282
Canada
207
180
176
168
Australia
Brazil
Source: Capgemini Lorenz Curve Analysis, 2013. PingAn & McKinsey report, 2013
1HNWI stands for High Net Worth Individuals
Strictly Confidential
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Internet Finance
Size of Market Opportunity
Rather Than Take Customers from Banks, Digital Channels Will Add New Ones
Forecast
Transaction Value (US$ Trillion)
100
90
80
70
60
50
40
30
20
10
0
2001
Mobile
2010
Online Banking
Source: The Rise of Digital Finance in China, by BCG, October 2014. (US Market Data)
Call Center
Confidential
2020
ATM
Branch
1
2
3
4
5
8
Wealth Management & Asset Management
Onshore PRC Competitive Landscape
Sales Strength (Platform Driven)
Strong
Product Diversification & Specialization
Strong
Weak
Weak
Strictly Confidential
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2
3
4
5
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Internet Finance
Onshore PRC Competitive Landscape
Alternative Products (High Ticket Size)
High
(Noah’s yuangongbao.com)
HNWI Clients
Low –Middle Class
Mass
Affluent
P2P Providers
Low
Mutual Funds (Low Ticket Size)
Strictly Confidential
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2
3
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Noah Competitive Positioning
Average Ticket Size per
Financial Product (RMB)
>100mm
Major Players in the Market
Private
信托直销Trusts
Banks
中融信托
Noah
Institutional
& FO
Securities
and Fund
Houses
Ultra
HNWI
6-100mm
Noah WM
3~6mm
Other 3rd
Party WM
Fund
Houses
1~3mm
Securities
HNWI
<1mm
Noah
yuangong
bao.com
Source: Public Market Research
Insurance
Co’s
Retail
Banks
Strictly Confidential
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Regulatory Overview – Maintain Constant Dialogue
Promoting Wealth & Asset Management, Internet Finance
Regulator
Wealth
Management
China Securities
Regulatory
Commission (“CSRC”)
Policy and Document
Impact on Noah
• PRC Securities Investment Fund Law (revised)
• Private Investment Fund Manager Registration Certificate
(issued)
Positive
• Chinese Premier (Li Keqiang) speeches to remove implied
guarantee slowly, to support the growth of capital markets
bit-by-bit and to grant licenses to non-traditional FI’s
China Banking
Regulatory
Commission
(“CBRC”), State
Council
• Document No. 99 – Notice on the Adjustment of Calculation
of Net Capital of Trust Company (shareholder guarantee)
• Document No. 107 – Notice on Shadow Banking Regulation
• Measures on Regulating Commercial Bank Wealth
Management Business
Positive
• Insurance fund guarantee for trust co industry
• New regulations over information disclosure, liquidity
support, customer education on risk and proper management
of funds
Asset
Management
PBOC
• Loan amount between banks and non-banking financial
institutions to be included into total bank deposit amount
to calculate reserves
Neutral
• Easing interest rate policies
Internet
Finance
??
Strictly Confidential
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Noah Licenses and Certifications
Licenses/certifications obtained
Potential licenses/certifications
Qualified Private Fund
Manager
Mutual Fund Issuance
Mutual Fund Distribution
Online Payments
Insurance Brokerage
China
Micro Lending
Dealing in Securities (#1)
Advising in Securities (#4)
Asset Management (#9)
Hong Kong
Insurance Brokerage
Family Trust
13
Strictly Confidential
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2
3
4
5
13
Agenda
1
Recent Highlights
2
Industry Overview
3
Company Overview
4
Why We Are Different
5
Financial Performance and Forecast
Appendices:
Management Profiles & Awards & Industry Recognitions
Strictly Confidential
1
2
3
4
5
14
Overview of Noah’s Business Model
Comprehensive financial platform serving the asset
and wealth management needs of Chinese worldwide
White-Collar Professionals
Wealth
Management
HNWIs & Families
SMEs
Institutional Investors
Unique product and service value proposition to clients
(alternative investment, lending, discretionary management,
insurance, and education)
Industry leading network, client loyalty and RM retention
Noah
Hong Kong
 Asset-light
Mini Noah to expand client base in overseas markets
 Diversified
product mix
Provide diversified products and services platform to clients
 Comprehensive
services
Industry leading PE and Real Estate FOFs
Asset
Management
Institutional clients and Family Office services
 O2O
Pioneer in the industry – first PE FOF in China
Internet
Finance
App-based private banking services for white-collar
professionals
Targeted HNW peer-to-peer lending
15
Strictly Confidential
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5
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Noah Core Values
• Care for Clients
• Innovation
• Integrity
• Professionalism
• Learning
16
Strictly Confidential
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4
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Wealth Management Business Model
Target Clients




High Net Worth Individuals
High Net Worth Families
Enterprises
White Collar Professionals
Clients’ Needs


Noah RMs
Wealth Management Solutions
Wealth Management Planning



KYC, assess risk appetite
Provide product and asset
allocation recommendations
Provide IFA-like services
Clients’ Bank Accounts
Noah
WMP’s Escrow Account
Clients’ fund flows
Transaction value
Fee flows
Private
Equity
Public
Equity
Strictly Confidential
Fixed
Income
1) ~1% of commission
fee
2) ~1% of recurring
service fee
1
2
3
4
5
17
Wealth Management Operating Statistics
Transaction Value
2013: Total RMB44.5bn
2014: Total RMB63.4bn
(RMB bn)
(RMB bn)
Private Other
Equity 0.9
6.7 (2%)
(15%)
Other
10.8
(17%)
Private
Equity
12.0
(19%)
Fixed
Income
36.9
(83%)
Fixed
Income
40.6
(64%)
Trust product contribution decreased from 22.9% in 2013 to 9.8% in 2014
Transaction Value Contributor
2013
(RMB bn)
Number of accumulated active clients: Total 16,749
2014
SMEs:
837
(5%)
(RMB bn)
Third Party,
16
(37%)
Gopher,
28
(63%)
Active Clients Types
Gopher,
37
(59%)
Third Party,
26
(41%)
Strictly Confidential
HNW individual:
15,912
(95%)
1
2
3
4
5
18
Overseas Wealth Management Platform
Noah Hong Kong Business Overview
Diversified Products and Services Platform
Wealth Management
Asset
Management
Family Trust
Insurance
Noah HK registered
clients:
1300+
Products:
25+
AUM:
US$1 billion+
AUM Growth:
150%
Transaction Value
Net Revenues
(RMB mm)
(RMB mm)
5
4
178%
30
3,900
3
2
24.6
20
15
1,400
1
10
0
7.7
5
2013
19
219%
25
2014
2013
Strictly Confidential
2014
1
2
3
4
5
19
Asset Management Business Model
Target Clients





High Net Worth Individuals
High Net Worth Families
Enterprises
White Collar Professionals
Institutional Investors
Clients’ Needs
Noah Offerings

Asset Allocation
 Asset Diversification

Clients’ Bank Accounts
Global Asset Allocation
Solutions Based on Clients’ Risk
Appetites
Gopher Asset (Noah)
Fund’s Escrow Account
Clients’ fund flows
Transaction value
PE Fund
FOF
RE Fund
FOF
Strictly Confidential
Fee flows
Equity
Fund FOF
1) ~1% of management
fee per annum
2) Performance fee after
exit
1
2
3
4
5
20
Asset Management AUM Growth
(AUM, US$ mm)
131%
7,620 7,581 8,084
One of the top fund of funds management
companies in China
6,292
5,097
2,963 3,528
1,226
4Q12
Specializing in asset allocation through
fund of funds of private equity, real
estate, and hedge funds
1,782
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
2014
China FOF Innovative Institution
2014
2013
2012
Best Performance RMB Fund of Fund
2013
21
3Q14
4Q14
Strong investment team, effective
strategy, and dedicated research
Three entities received private investment
fund manager registration certificates
Best China Real Estate FOF China General Partner
Strictly Confidential
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Asset Management Operating Statistics
Product Mix
2013 AUM: US$5.1bn
Equity FOF
& other
credit FOF
0.5 (10%)
PE FOF
0.6 (12%)
Equity FOF
& other
credit FOF
1.4 (17%)
RE FoF and
RE Fund
(Fixed)
3.2 (63%)
RE FoF and
RE Fund
(Variable)
0.8 (15%)
Lifestyle Changes
and Aging
Population Drives
Industry Focus:
 TMT
 Health Care
 E-Commerce
 Education
 Entertainment
2014 AUM: US$8.1bn
RE FoF and
RE Fund
(Fixed)
4.0 (49%)
PE FOF
1.7 (21%)
RE FoF and
RE Fund
(Variable)
1.0 (13%)
Carry Terms
2014
38%
% of Total AUM
62%
Carry Terms
2013
22
29%
0%
10%
71%
20%
30%
40%
50%
60%
Strictly Confidential
No Carry Terms
70%
80%
90%
100%
1
2
3
4
5
22
Internet Finance Overview
Private Bank Services & Products for White Collar
Professionals
NOW
BEFORE
Target Clients
White-Collar
Professionals in
China
White-Collar
Professionals in
China
Product Platform
Risk Tolerance
• Generally low to
medium risk
appetite
Purchases Wealth
Management
Products
• Broader range of
product offerings
across risk
spectrum
• Low entry barrier
(avg ~RMB10K
smallest ticket
size)
• Product s screened
and approved by
Noah Risk Cmte
Noah’s 1st internet
finance platform
New Client Sourcing
• Colleagues, friends, family referrals
• Online registration with work email account
Platform Positioning
• Integrated financial services platform that
provides high yield low barrier investment
products
Strictly Confidential
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Internet Finance Operating & Financial Statistics
Growth of Transaction Value on yuangongbao.com
Total Transaction Value of 2014
RMB1.4 billion (US$227 million)
(RMB mm)
450
400
Total Enterprise Clients
205
400
350
320
300
Average Transaction Per Client
RMB145,000 (US$23,500)
280
250
220
200
2014 Net Revenues: US$2.7 million
150
120
100
50
2014 Operating Expenses US$12.9 million
50
30
0
Jun-14
24
Strictly Confidential
Jul-14
Aug-14
Sep-14
1
Oct-14
2
Nov-14
3
4
Dec-14
5
24
Agenda
1
Recent Highlights
2
Industry Overview
3
Company Overview
4
Why We Are Different
5
Financial Performance and Forecast
Appendices:
Management Profiles / Awards & Industry Recognitions / Shareholder Structure
Strictly Confidential
1
2
3
4
5
25
1) History and Key Milestones: leading market position
from strong operating performance management
1,802
70,557
2014
497
Internet finance platform
established
15.3
1,170
53,501
2013
310.4
723
40,305
2012
79.5
480
27,143
2011
16
254
15,413
2010
12
Accumulated Product Distribution
( RMB Hundred Million)
22
2,616
12
1,445
2004
9
934
5
780
2003
2
502
2005
IPO on NYSE
50
6,132
2008
2006
Gopher Asset Management established
110
9,238
2009
2007
Noah Hong Kong established
Number of Registered Clients
Founded in Shanghai – an industry pioneer
AUM
(RMB Hundred Million)
Internet Business Transaction Value
(RMB Hundred Million)
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2) Comprehensive Product Risk Controls: stringent
products selection and portfolio monitoring
2014
Financial Product Research Platform
Over 2,200
products identified from database
Quarterly Product Strategy Meeting
417 products selected for due diligence
Preliminary Review
Risk Management
Committee
184 products approved by risk
management committee
Product Launch
93 products launched in 2014 1
Post Investment Management
Continuous Product Management
Performance Review and Improvement
Product team: about 100 professionals
Risk Controls in Product Selection
Risk Controls After Client Purchase
Client
Financial Needs of Clients
Counterparty
Evaluation
Counterparty
Source: Company information
1 As of December 31, 2014
Risk Analysis
Risk Analysis
Product
Information Disclosure
Client Risk Tolerance
Analysis
Product
Risk Disclosure
Risk Monitoring and
Warning System
Business Ethics
Strictly Confidential
Risk Management
Product Monitoring
Risk Assessment
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3
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3) Visionary Management & Deep Bench Strength
Ching Tao
CFO
Visionary Leadership
Jingbo Wang
 Deep industry knowledge
with 100+ years of shared
experience
Founder, Chairman and Group CEO
 Stable key leadership
team with strong
emphasis on corporate
culture and governance
Frances Chang
CMO
Kenny Lam
Harry Tsai
President
COO
Chen Jiang
CRO
Deep Bench Strength
 Business Segment CEO’s
with significant experience
from relevant fields
28
Zhao Yi
Zhe Yin
Wealth
Management
Asset
Management
Strictly Confidential
Shang
Chuang
Junpeng
Huang
Internet Finance
1
2
Noah HK
3
4
5
28
Agenda
1
Recent Highlights
2
Industry Overview
3
Company Overview
4
Why We Are Different
5
Financial Performance and Forecast
Appendices:
Management Profiles / Awards & Industry Recognitions / Shareholder Structure
Strictly Confidential
1
2
3
4
5
29
Robust 2014 Growth
Transaction Value
Net Revenues
(US$ bn)
(US$ mm)
247.9
10.3
7.2
163.8
4.1
2012
86.7
2013
2014
1.9
1.9
4Q2013
4Q2014
2012
2013
2014
4Q2013
4Q2014
Non-GAAP Net Income (1)
Income from Operations
Margin (%)
(US$ mm)
63.3
45.4
Surpassed guidance for the past 3 years
Margin (%)
(US$ mm)
36.2%
89.7
31.4%
77.7
37.0%
60.6
34.6%
56.7
29.7%
25.8
29.2%
13.3
27.9%
17.6
30.9%
26.8
72-76
50-55
32.2%
14.6
24.6%
4Q2013
4Q2014
15.5
Guidance: 22-25
2012
2013
2014
4Q2013
4Q2014
2012
2013
Source: Company Filings, USD:CNY FX = 6.1708
(1) Representing non-GAAP net income attributable to Noah Shareholders, based on non-GAAP financial measures that exclude the
effects of all forms of share-based compensation
Strictly Confidential
2014
1
2
3
4
5
30
Robust 2014 Growth
Wealth and Asset Management
Revenues
NetNet
Revenue
Compensation & Benefits
(US$ mm)
300.0
51%
247.9
250.0
200.0
49%
245.1
163.8
100.0
163.8
80.0
48.3%
119.6
44.6%
73.0
44.6%
73.0
40.0
50.0
20.0
2013
2014
2013
Pro-forma*
2014
0.0
2013
Income from Operations
40.7%
99.9
36.1%
89.5
100.0
37.0%
60.6
120.0
90.0
37.0%
60.6
60.0
Pro-forma*
2014
2013
2014
Non-GAAP Net Income
Margin (%)
(US$ mm)
64%
47%
120.0
80.0
45.1%
110.6
60.0
100.0
Margin (%)
(US$ mm)
51%
63%
120.0
150.0
0.0
% of Net Rev
(US$ mm)
140.0
60.0
54%
37%
34.6%
56.7
35.8%
87.7
31.4%
77.7
34.6%
56.7
40.0
30.0
20.0
0.0
31
2013
2014
2013
Pro-forma*
2014
*Pro-forma excludes financial impacts of internet finance
0.0
Strictly Confidential
2013
2013 Pro-forma*
2014
2014
1
2
3
4
5
31
2014 Financial Breakdown by Segment
Wealth Management Revenues
(US$ mm)
200.0
185.8
Wealth Management Income from Operations
Margin (%)
(US$ mm)
38.9%
72.2
80.0
160.0
141.0
60.0
120.0
40.0
80.0
20.0
40.0
0.0
0.0
FY
2013
2013
FY2013
FY
2014
FY2014
2014
2013
FYFY2013
2013
Asset Management Revenues
Margin (%)
(US$ mm)
70
59.3
60
46.7%
27.7
30
50
25
40
20
15
22.8
10
20
39.0%
8.9
5
10
32
FY2014
FY2014
2014
Asset Management Income from Operations
(US$ mm)
30
36.7%
51.7
0
0
FY2013
2013
FY2014
2014
Strictly Confidential
FY2013
2013
FY2014
2014
1
2
3
4
5
32
Strong Balance Sheet Position
Cash & ST Investments Contributing Over 70% of Total Assets
(US$ mm)
431.1
28%
303.3
2%
5%
21%
5%
9%
205.4
180.9
12%
1%
11%
16%
2%
24%
65%
65%
76%
2011
Cash and cash equivalents
58%
2012
2013
Short-term investments
Long-term investments
2014
Other assets
Source: Company Filings
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2
3
4
5
33
2015 Financial Outlook
Non-GAAP net
income
attributable to
Noah shareholders
US$90.0 mm
to
Implied YOY
growth of
US$95.0 mm
16% to 22%
Strictly Confidential
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2
3
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Appendix 1: Management Profiles
Name
Title
\
\\\
Founder,
Chairman and
Group CEO
Experience
•
•
•
•
Over 15 years of experience in asset management and wealth management services
•
•
Global Partner, McKinsey & Company
•
Over 17 years of experience in strategic and operational transformations for global and
regional leading financial institutions
•
M.A. (Honors) in Law from Oxford University and B.S. in Finance magna cum laude from
the Wharton School of the University of Pennsylvania
•
•
•
•
Executive Director, IBD, Goldman Sachs
Head of the private banking department at Xiangcai Securities
Deputy head of ABN AMRO Xiangcai Fund Management Co., Ltd
Head of the asset management department at Xiangcai Securities
Jingbo Wang
President
Kenny Lam
CFO
Co-leader , McKinsey Asia Financial Services Practice and Head of McKinsey Asia
Private Banking and Wealth Management Practice
CFO, Charter Group Ltd (fast-growing consumer player in China)
18 years of experience in investment and finance management
MBA from Columbia Business School and B.A. from Dartmouth College
Ching Tao
35
Strictly Confidential
35
Appendix 1: Management Profiles
Name
Title
CMO
Experience
•
•
•
•
CEO for China, ABN AMRO Asset Management Asia
•
•
•
•
•
COO for North Asia, ABN AMRO
CEO for Greater China and South East Asia, Robeco
25+ years of experience in asset management
MA in Library Science from UCLA
Frances Chang
COO
Harry Tsai
36
COO and Executive Vice President , Yuanta Securities of Taiwan
25+ years of experience in securities, asset management and lending
M.S. in Chemical Engineering from University of Southern California
MBA in Finance from University of Illinois, Urbana-Champaign.
Strictly Confidential
36
Appendix 2: Awards & Industry Recognitions
Recent awards and recognitions
2014
2012
2013
2013
2012
37
Best Third Party
Wealth
Management
Company
Highest Potential
Business in China
Most Popular
Independent WM
Institution
2013
2013
2012
2013 Technology
Fast 500 Asia
Pacific
2015
China Best
Employer
2014
2013
Most Popular
Wealth
Management
Institution
China Most
Innovative Wealth
Management
Service Provider
2015
2014
China`s Highest
Potential Listed
Company (No.12)
Top 100 Fast
Growing Chinese
Companies Listed in
the US
Top 50 Fast
Growing
Companies
Strictly Confidential
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Appendix 3: Shareholder Structure
Major Share Ownership As of December 31 2013
Share Ownership
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Jingbo Wang
24.8%
Sequoia China
16.7%
Frances Chia-Yue Chang
8.5%
Boquan He
6.8%
Zhe Yin
5.9%
Total
62.7%
Strictly Confidential
38
Thank You!
Care for Clients
Integrity
Innovation
Learning
Professionalism
“We are confident that Noah’s future will be bright; time is
our friend.”
-- Chairman Ms. Jingbo Wang
Strictly Confidential
39
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