The wealth management company has cut its profit projection for the whole year by up to 35.5% Key Takeaways: Noah Holdings revised down its non-GAAP annual net profit forecast from a maximum of 1.55 billion yuan to a minimum of 1 billion yuan, as it posted its third consecutive quarterly revenue drop The company is expanding overseas and reducing the number of cities where it operates on the Chinese mainland By Stone Shek Switching its focus to high net worth clients helped Noah Holdings Ltd. (NOAH.US; 6686.HK) through a time…
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FAST NEWS: Noah Seeks to Upgrade Hong Kong Listing Status
The latest: Noah Holdings Private Wealth and Asset Management Ltd. (NOAH.US; 6686.HK) announced Wednesday that its board has approved allowing the company to convert its Hong Kong listing from secondary to primary status, and authorized the company’s senior management to take necessary steps for such a conversion. Looking up: Noah faces the risk of being delisted in the U.S., where it is one of more than 100 Chinese firms identified by U.S. securities regulators as being in danger of failing to comply with tighter auditing rules. By obtaining a second…
Read More » /*!-- Ideo Concepts deletedFAST NEWS: Hywin to Acquire Health Management Services Company
The latest: Wealth management services provider Hywin Holdings Ltd. (HYW.US) said on Friday it has agreed to buy a controlling interest in Beijing iLife3 Technology Co. Ltd., a provider of health management services, for 140 million yuan ($20.7 million). Looking Up: The acquisition will provide Hywin with a major new revenue source as it seeks to tap exploding demand for services in China’s healthcare services market. Take Note: The purchase is well outside Hywin’s core business of providing wealth management services, and thus would bring the company into unfamiliar territory.…
Read More » /*!-- Ideo Concepts deletedWealth Manager Noah Banks on Hong Kong to Revive Fortunes
The Chinese financial firm serving high-net-worth investors will soon list on the Hong Kong Stock Exchange to fund its business expansion.
Read More » /*!-- Ideo Concepts deletedNoah Holdings Stung by High Costs Amid Pivot to China’s Rich
Investors dump asset manager’s shares after its latest quarterly report shows heavy spending eroded profit margins Key points: Asset manager Noah Holdings’ second quarter revenue grew 20%, but margins got squeezed by faster-growing operating expenses High expenses came from recruitment of new wealth management staff as company shifts focus to affluent Chinese customers By Warren Yang For a refocused Noah Holdings Ltd. (NOAH.US) banking on Chinese millionaires as its main customers, growth is proving costly. The company, one of the oldest private asset managers in China, reported 899.4 million yuan…
Read More » /*!-- Ideo Concepts deletedNoah Holdings Finds Resurgent Riches in China’s Wealthy
One of the nation’s oldest private wealth managers posts record business in first quarter, but forecasts more modest profit gains for all 2021 Key points: Asset manager Noah Holdings is focusing on higher-margin, affluent customers over more mainstream ones The strategy could position it for stronger growth in the next few years as it emerges as one of the survivors from China’s recent P2P cleanup By Doug Young Forget the Average Joe and focus on the rich. That’s the message coming in the latest earnings report from Noah Holdings Ltd.…
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