Noah Holdings 諾亞控股私人財富資產管理有限公司 Noah Holdings Private Wealth and Asset Management Limited (於開曼群島以諾亞控股有限公司名義以有限責任註冊成立， 並以諾亞控股私人財富資產管理有限公司於香港經營業務) 股份代號: 6686 2024 年度報告 Noah Holdings Private Wealth and Asset Management Limited 諾亞控股私人財富資產管理有限公司 Annual Report 年度報告 2024 目錄 | 1 | 目錄 | | --- | --- | | 2 | 公司資料 | | 4 | 五年財務概要 | | 6 | 主要摘要 | | 9 | 業務回顧及展望 | | 15 | 管理層討論與分析 | | 26 | 董事會報告 | | 50 | 董事及高級管理層 | | 56 | 企業管治 | | 75 | 其他資料 | | 91 | 獨立審計師報告 | | 96 | 合併資產負債表 | | 98 | 合併經營報表 | | 100 | 合併綜合收益表 | | 101 | 合併權益變動表 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Noah Holdings Noah Holdings Private Wealth and Asset Management Limited 諾亞控股私人財富資產管理有限公司 澄清公告 茲提述諾亞控股私人財富資產管理有限公司（「本公司」）日期為2025年3月26日有 關本公司截至2024年12月31日止年度的經審核綜合全年業績的公告（「全年業績公 告」）。除文義另有所指外，本公告所用詞彙與全年業績公告所界定者具有相同涵 義。 本公司有意澄清(a)全年業績公告第27頁所披露末期股息每股人民幣0.828元（含 稅）及非經常性特別股息每股人民幣0.828元（含稅），與(b)全年業績公告第41頁合 併財務報表附註10所列末期股息每股人民幣0.83元（含稅）及非經常性特別股息每 股人民幣0.83元（含稅）之間的差異純粹由於不同小數位的約整所致。 如全年業績公告第27頁所所載列，末期股息及非經常性特別股息每股人民幣 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Noah Holdings Private Wealth and Asset Management Limited 諾亞控股私人財富資產管理有限公司 （於開曼群島以諾亞控股有限公司名義以有限責任註冊成立，並 以諾亞控股私人財富資產管理有限公司於香港經營業務） （股份代號：6686） 內幕消息 截至2024年12月31日止年度 全年業績公告 本公告乃根據《香港上市規則》第13.09條及《證券及期貨條例》第XIVA部的內幕消 息條文刊發。 本公司欣然宣佈，本公司截至2024年12月31日止年度的經審核綜合全年業績，連 同2023年同期的比較數字。該等全年業績乃根據美國公認會計準則編製（有別於 國際財務報告準則），並已由審核委員會審閱。 Noah Holdings 於本公告內，「諾亞」、「我們」及「我們的」指本公司，並在文義另有所指時指本集 團。本公告所載若干數額及百分比數字已經四捨五入調整或以四捨五入取至小數 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Noah Holdings Noah Holdings Private Wealth and Asset Management Limited 諾亞控股私人財富資產管理有限公司 （於開曼群島以諾亞控股有限公司名義以有限責任註冊成立， 並以諾亞控股私人財富資產管理有限公司於香港經營業務） （股份代號：6686) 內幕消息 2024年第四季度及財政年度財務業績公告 本公告乃根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》（「香港 上市規則」）第13.09條及香港法例第571章《證券及期貨條例》第XIVA部項下內幕 消息條文刊發。 諾亞控股私人財富資產管理有限公司（「本公司」）欣然宣佈，根據美國（「美國」） 證券交易委員會的適用規則刊發截至2024年12月31日止第四季度的未經審計財務 業績及截至2024年12月31日止全年的財務業績（「第四季度及財政年度業績」）。 第四季度及財政年度業績可於香港聯 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Noah Holdings Noah Holdings Private Wealth and Asset Management Limited 諾亞控股私人財富資產管理有限公司 （於開曼群島以諾亞控股有限公司名義以有限責任註冊成立，並 以諾亞控股私人財富資產管理有限公司於香港經營業務） （股份代號：6686） 內幕消息 2024年第三季度未經審核財務業績公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》（「香港上市規則」）第 13.09條及香港法例第571章《證券及期貨條例》第XIVA部內幕消息條文（定義見香 港上市規則）刊發。 諾亞控股私人財富資產管理有限公司（「本公司」）欣然宣佈，根據美國（「美國」） 證券交易委員會的適用規則刊發截至2024年9月30日止第三季度的未經審核 財務業績（「2024年第三季度業績」）。2024年第三季度業績可於香港聯交所網 站www.hkexnews.hk 及我們的 ...

Noah Holdings 諾亞控股私人財富資產管理有限公司 Noah Holdings Private Wealth and Asset Management Limited (於開曼群島以諾亞控股有限公司名義以有限責任註冊成立， 並以諾亞控股私人財富資產管理有限公司於香港經營業務) 股份代號: 6686 2024 中期報告 目錄 | 2 | 公司資料 | | --- | --- | | 4 | 財務概要 | | 6 | 主要摘要 | | 10 | 業務回顧及展望 | | 13 | 管理層討論與分析 | | 22 | 其他資料 | | 34 | 簡明合併財務報表審閱報告 | | 35 | 簡明合併資產負債表 | | 37 | 簡明合併經營報表 | | 39 | 簡明合併綜合收益表 | | 40 | 簡明合併權益變動表 | | 42 | 簡明合併現金流量表 | | 45 | 簡明合併財務報表附註 | | 93 | 釋義及縮寫詞 | 2024 年中期報告 2 公司資料 董事 董事 汪靜波女士 （董事會主席） 殷哲先生 （行政總裁） 非執行董事 章嘉玉女士 何伯權先生 王愷先生 張彤先生 （於2024年6月30日 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Noah Holdings Noah Holdings Private Wealth and Asset Management Limited 諾亞控股私人財富資產管理有限公司 （於開曼群島以諾亞控股有限公司名義以有限責任註冊成立，並 以諾亞控股私人財富資產管理有限公司於香港經營業務） （股份代號：6686) 內幕消息 截至2024年6月30日止六個月中期業績公告 本公告乃根據《香港上市規則》第13.09條及《證券及期貨條例》第XIVA部的內幕消 息條文刊發。 董事會欣然宣佈，本公司截至2024年6月30日止六個月的未經審核綜合中期業 績，連同2023年同期的比較數字。該等中期業績乃根據美國公認會計準則編製 （有別於國際財務報告準則），並已由審核委員會審閱。 於本公告內，「諾亞」、「我們」及「我們的」指本公司，並在文義另有所指時指本集 團。本公告所載若干數額及百分比數字已經四捨五入調整或以四捨五入取至小數 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Noah Holdings Noah Holdings Private Wealth and Asset Management Limited 諾亞控股私人財富資產管理有限公司 （於開曼群島以諾亞控股有限公司名義以有限責任註冊成立，並 以諾亞控股私人財富資產管理有限公司於香港經營業務） （股份代號：6686) 內幕消息 2024年第二季度未經審核財務業績公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》（「香港上市規則」）第 13.09條及香港法例第571章《證券及期貨條例》第XIVA部內幕消息條文（定義見香 港上市規則）刊發。 諾亞控股私人財富資產管理有限公司（「本公司」）欣然宣佈，根據美國（「美國」） 證券交易委員會的適用規則刊發截至2024年6月30日止第二季度的未經審核財務 業績（「2024年第二季度業績」）。 2024年第二季度業績乃根據美國公認會計準則（「美國公認會計準則」）編製，該準 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Noah Holdings Noah Holdings Private Wealth and Asset Management Limited 諾亞控股私人財富資產管理有限公司 （於開曼群島以諾亞控股有限公司名義以有限責任註冊成立，並 以諾亞控股私人財富資產管理有限公司於香港經營業務） （股份代號：6686） 內幕消息 2024年第一季度未經審核財務業績公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》（「香港聯交所」）第13.09 條及香港法例第571章《證券及期貨條例》第XIVA部刊發。 諾亞控股私人財富資產管理有限公司（「本公司」）欣然宣佈，根據美國（「美國」） 證券交易委員會的適用規則刊發截至2024年3月31日止第一季度的未經審核財 務業績（「2024年第一季度業績」）。2024年第一季度業績可於香港聯交所網站 www.hkexnews.hk及我們的網站ir.noahgroup.com閱覽 ...

Leadership and Governance Changes - The company underwent significant leadership changes, including the appointment of Yin Zhe as CEO effective December 29, 2023, replacing Wang Jingbo[5] - Key board changes occurred on August 29, 2023, including the transition of Zhang Jiayu to non-executive director and the resignation of Shen Nanpeng from the same position[5] - The company's audit committee saw leadership changes, with Chen Zhiwu appointed as chairman and Meng Jinhong joining as a new member on August 29, 2023[5] - Noah Holdings' corporate governance and nomination committee underwent restructuring, with Wang Jingbo appointed as chair on March 28, 2023[5] - The company separated the roles of CEO and Chairman, appointing Mr. Yin Zhe as CEO while Ms. Wang Jingbo continues as Chairman, aligning with global corporate governance best practices[12] - Yao Jinbo stepped down as a member of the Corporate Governance and Nomination Committee on March 28, 2023, and Wang Jingbo was appointed as the new chairperson of the committee[127] - Shen Nanpeng resigned as a non-executive director on August 29, 2023, and Wang Kai was appointed to replace him[127] - Yang Zijiang retired as an independent director and chairman of the Audit Committee on August 29, 2023, and Meng Jinhong was appointed as an independent director and member of the Audit Committee[127] Financial Performance - Total revenue for the year reached RMB 3,413,176 thousand, with net income of RMB 3,391,812 thousand[8] - Revenue from Gopher-managed funds amounted to RMB 1,651,229 thousand, contributing significantly to total income[8] - Operating income for the year was RMB 914,966 thousand, reflecting a decrease from the previous year's RMB 1,258,476 thousand[8] - Net profit attributable to shareholders was RMB 1,009,494 thousand, showing an increase from RMB 976,571 thousand in 2022[9] - Total assets increased to RMB 12,685,378 thousand, up from RMB 11,798,135 thousand in 2022[10] - Total liabilities decreased to RMB 2,257,815 thousand, compared to RMB 2,297,660 thousand in the previous year[10] - Shareholders' equity rose to RMB 10,427,563 thousand, indicating strong financial health[10] - Interest income surged to RMB 161,926 thousand, a significant increase from RMB 61,416 thousand in 2022[9] - Investment losses were recorded at RMB 61,486 thousand, compared to a gain of RMB 85,554 thousand in the previous year[9] - Government subsidies received amounted to RMB 89,278 thousand, contributing to the reduction in operating expenses[8] - Net income for 2023 reached RMB 3,294.7 million, a 6.3% increase from 2022, driven by expanded insurance product distribution and a 59.8% increase in placement fee income[14] - Shareholders' net profit increased by 3.4% from RMB 976.6 million in 2022 to RMB 1,009.5 million in 2023[14] - Non-GAAP shareholders' net profit slightly increased by 1.0% from RMB 1,008.6 million in 2022 to RMB 1,018.8 million in 2023[14] - Overseas AUM grew by 7.6% to USD 5.1 billion by the end of 2023, with overseas net income surging 73.0%[17] - Wealth management segment revenue rose 13.1% to RMB 2,500.6 million in 2023, driven by a 72.0% increase in insurance product distribution fees[18] - Total transaction value of investment products in 2023 reached RMB 74.1 billion, up 5.4% from 2022[18] - Asset management segment revenue declined 8.4% to RMB 768.5 million in 2023 due to weaker capital market performance[19] - Total AUM remained stable at RMB 1,546 billion by the end of 2023, with a slight 1.6% decrease from 2022[19] - Total revenue increased by 6.0% from RMB 3,128.9 million in 2022 to RMB 3,317.8 million in 2023, driven by increased fundraising fees from insurance product distribution in the wealth management business[22] - Wealth management business revenue grew by 13.1% from RMB 2,210.4 million in 2022 to RMB 2,500.6 million in 2023, with fundraising fees increasing by 72.0% due to higher insurance product distribution[23] - Asset management business revenue decreased by 8.4% from RMB 839.1 million in 2022 to RMB 768.5 million in 2023, primarily due to a 94.7% drop in fundraising fees from private equity product distribution[24] - Other business revenue declined by 38.7% from RMB 79.3 million in 2022 to RMB 48.7 million in 2023, mainly due to the reduction in lending activities[25] - Operating costs and expenses rose by 9.2% from RMB 2,011.9 million in 2022 to RMB 2,196.8 million in 2023, driven by increased client events and travel expenses as part of global expansion efforts[27] - The company's operating income increased by 0.9% from RMB 1,088.4 million in 2022 to RMB 1,097.9 million in 2023[35] - The company's net income increased by 3.0% from RMB 971.6 million in 2022 to RMB 1,001.0 million in 2023[37] - As of December 31, 2023, the company held cash and cash equivalents of RMB 5,192.1 million, with RMB 9.7 million held by consolidated funds[38] - The company's leverage ratio decreased to 17.8% as of December 31, 2023, compared to 19.5% as of December 31, 2022[41] - No accounts payable as of December 31, 2023 (December 31, 2022: none)[43] - Contingent liabilities related to the unresolved Chengxing incident amounted to RMB 482.8 million as of December 31, 2023 (December 31, 2022: RMB 568.0 million)[44] - Capital expenditures for 2023 were RMB 157.9 million, primarily due to the renovation and upgrade of the new headquarters in Shanghai (2022: RMB 62.7 million)[45] - No outstanding loans, overdrafts, or borrowings from banks or financial institutions as of December 31, 2023 (December 31, 2022: none)[46] - The company's consolidated financial statements were audited by Deloitte Touche Tohmatsu, which will retire at the upcoming annual general meeting but is eligible for re-election[97] - The company paid RMB 10,070 thousand for audit services and RMB 154 thousand for audit-related services to its external auditor, Deloitte, for the year ended December 31, 2023[160] Business Operations and Strategy - Noah Holdings Private Wealth and Asset Management Limited reported its 2023 annual financial summary, covering the past five fiscal years from 2019 to 2023[7] - The company maintains dual listings on both the Hong Kong Stock Exchange (Stock Code: 6686) and the New York Stock Exchange (Ticker: NOAH)[6] - Noah Holdings' primary business operations are headquartered in Shanghai, China, with a major office in Hong Kong's Times Square[6] - The company's financial statements are audited by Deloitte Touche Tohmatsu, with Maples Fund Services (Cayman) Limited serving as the registrar in the Cayman Islands[6] - The company successfully recruited 89 overseas wealth managers by the end of 2023, with an additional 12 in the recruitment process, aiming to expand global influence in high-potential markets[12] - The company launched the CATS solution, focusing on cash and liquidity management, alternative global secondary market products, cross-cycle global private market products, and wealth preservation solutions[12] - The company upgraded its technology systems to enhance global client experience and optimize internal efficiency[12] - The company was recognized as "Best Wealth Manager for HNWIs" and "Best Wealth Manager for Overseas Asset Management" by *Asian Money* in 2023[13] - The company won the "Best Independent Wealth Manager – China" award at the 13th Asian Private Banker Awards and the "Best Wealth Management Platform – Investments and Digital Innovation" award at the iFAST Wealth Advisor Awards[13] - The company expects continued strong demand for asset safety, diversification, and insurance products in 2024 amid market volatility[20] - The company maintains a robust capital structure with total assets exceeding RMB 12 billion and no interest-bearing debt[19] - The company aims to expand its international private banking team to 200 by 2024, with a long-term goal of exceeding 300, and plans to increase dollar product assets under management from $8 billion to $20 billion[21] - The company plans to launch new products, including M&A funds, private equity S funds, and early-stage venture capital funds, leveraging undervalued opportunities in private markets[21] - The company's asset management scale remained stable at RMB 154.6 billion as of December 31, 2023, a slight decrease of 1.6% from RMB 157.1 billion in 2022[24] - Wealth management fundraising increased by 5.4% from RMB 70.3 billion in 2022 to RMB 74.1 billion in 2023, driven by a RMB 5.3 billion increase in private securities fund products[23] - The company's international team had 89 overseas wealth managers by the end of 2023, with an additional 12 in recruitment, targeting 1,000 to 1,500 new international black card clients to support growth[21] - The company acquired DD Finance Ltd. for RMB 8.8 million to enhance its digital capabilities and integrate AI technology for portfolio analysis, aiming to improve user experience and operational efficiency[63] - The company implemented strict customer due diligence processes, including identity verification, biometric recognition, and investment fund source declarations during account opening[59] - The company requires clients to complete a comprehensive "Know Your Customer" questionnaire before purchasing products, collecting detailed personal and financial information[59] - The company has a risk scoring model for clients and products, ensuring that recommended products match or are lower than the client's risk profile[60] - The company has established an anti-money laundering (AML) information reporting system and conducts regular AML training for employees[60] - The company continuously reviews and updates its risk management and internal control policies to ensure effectiveness and adequacy[60] - The company is committed to environmental sustainability, focusing on energy conservation, carbon reduction, and water management[61] - The company ensures compliance with all relevant laws and regulations, with no significant violations reported in 2023[62] - The company operates domestic asset management business through contractual arrangements, adhering to foreign investment restrictions in China[64] - Contract arrangements generated net income of RMB 922.1 million, accounting for 30.1% of the company's net income[65] - Total assets under contract arrangements amounted to RMB 3,618.8 million, representing 28.5% of the company's total assets[65] - The company relies on contract arrangements to conduct domestic asset management business due to foreign investment restrictions in China[65] - Risks associated with contract arrangements include potential legal and regulatory changes, tax scrutiny, and conflicts of interest among shareholders[66] - The company's current structure and operations may be affected by the new Foreign Investment Law[66] - No new contract arrangements were established, renewed, or terminated during the fiscal year ending December 31, 2023[67] - The exclusive purchase agreement allows the company to acquire equity in Noah Investment at the minimum price permitted by Chinese law[68] - The exclusive purchase agreement was amended in June 2022 to remove the 10-year validity period and automatic renewal clause[68] - Exercising the option to acquire Noah Investment's equity may result in significant costs and tax implications[68] - Exclusive Support Service Agreement between Noah Investment and Noah Group, with service fees based on Noah Investment's revenue minus expenses and licensing fees, and the agreement is now valid indefinitely until all equity is transferred to Noah Group[69] - Equity Pledge Agreement where registered shareholders pledged their equity in Noah Investment to Noah Group as security for obligations under the Exclusive Support Service Agreement and Exclusive Purchase Agreement[70] - Power of Attorney granted by registered shareholders to Noah Group, allowing Noah Group to act on their behalf in all matters related to Noah Investment, including voting rights and equity transfers[71] - Exemptions granted by the Hong Kong Stock Exchange regarding the reporting, annual review, announcement, circular, independent financial advice, and shareholder approval requirements for transactions related to the contractual arrangements[72] - Conditions for the contractual arrangements, including no changes without independent director approval, no changes without independent shareholder approval, and the ability to renew or renegotiate the arrangements without shareholder approval[73][75] - Independent directors confirmed that the contractual arrangements were conducted in accordance with relevant provisions, no dividends were distributed to equity holders, and the arrangements were fair and reasonable[77] - Auditor's confirmation that the contractual arrangements were in compliance with the Hong Kong Listing Rules and relevant standards as of December 31, 2023[78] - Revenue from the top five clients accounted for 28.6% of the company's total revenue in 2023, up from 20.5% in 2022, with no single client contributing more than 10.0% of total revenue (2022: 11.1%)[80] - The company made charitable donations of RMB 6.3 million in 2023, compared to RMB 3.2 million in 2022[83] - The company's subsidiary, Shanghai Gopher, was involved in the Chengxing incident, affecting 818 clients with an outstanding amount of RMB 3.4 billion in unpaid receivables[85] - As of December 31, 2023, 1,462,340 restricted share units had been vested by clients who accepted the settlement offer related to the Chengxing incident[86] - The company's board authorized the issuance of up to 1.6% of the company's share capital annually for ten years to settle claims related to the Chengxing incident, starting from August 24, 2020[86] - The company plans to distribute a final dividend of RMB 509.0 million (approximately USD 71.7 million) for the fiscal year ending December 31, 2023, representing 50% of the non-GAAP net profit attributable to shareholders[87] - A special dividend of RMB 509.0 million (approximately USD 71.7 million) will also be distributed from the accumulated return surplus of previous years[87] - The final dividend and special dividend will be RMB 1.55 per share (approximately USD 0.22 or HKD 1.71), subject to adjustments based on the number of shares entitled to receive the dividend[88] - The distributable reserves of the company as of December 31, 2023, amounted to RMB 3,564.2 million, compared to RMB 2,778.3 million as of December 31, 2022[90] - The company has adopted a dividend policy that aims to provide stable and continuous returns to shareholders, with a minimum annual dividend of 35% of the non-GAAP net profit attributable to shareholders[87] - The final and special dividends are subject to approval at the annual general meeting scheduled for June 12, 2024, and are expected to be paid by August 2024[88] - The company's retirement benefit plan requires contributions based on a percentage of employee salaries, with no ongoing liability after contributions are made to the Chinese government-mandated multi-employer defined contribution plan[95] - No significant contracts or service agreements were entered into with the single largest shareholder during the year ended December 31, 2023[96] - No arrangements were made during the year for directors to acquire shares or bonds of the company or any other corporation[98] - The single largest shareholder and directors had no interests in businesses competing directly or indirectly with the company during the year[99] - Non-executive directors may hold positions in private or listed companies with similar industries, but their roles do not affect the company's independence[100] - Wang Jingbo, the company's founder and chairman, has over 22 years of experience in wealth and asset management and stepped down as CEO on December 29, 2023[102] - Yin Zhe, appointed as CEO on December 29, 2023, has over 22 years of professional experience in wealth and asset management and previously served as chairman of Gopher Asset Management[102] - Zhang Jiayu, a non-executive director, holds several non-executive roles within the group, including vice chairman of Noah Wealth and director of Noah Investment[105] - Wang Kai, a non-executive director since August 29, 2023, has extensive experience in venture capital and private equity investments and serves as managing director of HongShan Capital[105] - He Boquan has been an independent director since October 2011 and is the founder of Guangdong Today Investment Co., Ltd., focusing on new investments in China's retail and service industries[106] - Chen Zhiwu has been an independent director since January 2014 and is currently a professor of finance at the University of Hong Kong, with extensive experience in financial research and investment management[107] - Chen Zhiwu holds a Ph.D. in Financial Economics from Yale University and has served as an independent non-executive director for several listed companies, including PetroChina and Bank of Communications[107][108] - Meng Jinhong has been an independent director since August 2023 and has over a decade of experience in investment banking and equity research, particularly in the TMT sector[108] - Meng Jinhong founded Shende Investment Co., Ltd. in 2016 and has expertise in ESG/sustainability strategy and crisis management[108] - Meng Jinhong holds an MBA from Northwestern University's Kellogg School of Management and has professional qualifications from the Hong Kong Securities and Investment Institute[109] - The company decided to decentralize the risk management function to specific business divisions, eliminating the Chief Risk Officer position at the group level, effective March 27, 2024[114] - The company deviated from the Corporate Governance Code by having Ms. Wang Jingbo serve as both Chairman and CEO until December 29, 2023, when Mr. Yin Zhe was appointed as CEO to replace her[117] - Mr. Yin Zhe was appointed as CEO on December 29, 2023, separating the roles of Chairman and CEO, with Ms. Wang Jingbo continuing as Chairman[117] - Mr. Pan Qing has been serving as the company