Noah Holdings Limited Provides Further Updates on the Status of the Legal Proceedings Related to Certain Credit Funds Managed by Shanghai Gopher Asset Management Co., Ltd.

Core Viewpoint - Noah Holdings Limited is providing updates on legal proceedings related to certain credit funds managed by Shanghai Gopher Asset Management, which were involved in fraudulent activities linked to Camsing International Holding Limited [1][2][3][4]. Group 1: Legal Proceedings - The Camsing Credit Funds managed by Shanghai Gopher invested in supply chain account receivables related to Camsing's sales of electronics, which were later found to be associated with fraudulent activities [2]. - The Shanghai No.2 Intermediate People's Court convicted the controlling shareholder of Camsing of contract fraud, sentencing him to life imprisonment, while other defendants received varying prison sentences [3]. - The Shanghai High People's Court upheld the initial judgment, confirming the convictions and making the ruling final as of January 5, 2024 [3]. Group 2: Company Overview - Noah Holdings is a leading wealth management service provider in China, focusing on high-net-worth investors and offering global investment and asset allocation advisory services [1][5]. - In the first nine months of 2023, Noah distributed investment products worth RMB57.5 billion (approximately US$7.9 billion) and managed assets totaling RMB154.9 billion (approximately US$21.2 billion) as of September 30, 2023 [5]. - The company operates a network of 1,408 relationship managers across 59 cities, serving 452,222 registered clients, and provides a range of investment products including private equity and mutual funds [6].