Noah Holdings Announces US$50 Million Share Repurchase Program

Core Viewpoint - Noah Holdings Limited has announced a share repurchase program authorizing the repurchase of up to US$50 million of its shares, reflecting its commitment to enhancing shareholder returns [1][3][4] Group 1: Share Repurchase Program - The share repurchase program is effective immediately and has a term of two years [1] - Repurchases will be conducted on the open market or through other legally permissible means, depending on market conditions [3] - The program will be funded from the company's existing cash balance and cash generated from operations [3] Group 2: Capital Management and Shareholder Return Policy - In November 2023, the company adopted a policy allocating up to 50% of its non-GAAP net income to a Corporate Actions Budget for dividends and share repurchases [2][6] - The Corporate Actions Budget for 2024 will be determined and announced alongside the earnings results for the fourth quarter and full year ending December 31, 2024 [2][6] Group 3: Financial Performance and Shareholder Returns - The company recently completed a record dividend payout of RMB1,018 million (approximately US$140.1 million) for the full year 2023, equivalent to 100% of its annual non-GAAP net income [5] - The company emphasizes its commitment to shareholder interests and believes its stock is undervalued relative to its growth prospects and strong financial position [4]