SHANGHAI, January 23, 2025 – Noah Holdings (NYSE:NOAH) Limited (NYSE: NOAH and HKEX: 6686), a prominent wealth management service provider with a market capitalization of $726 million and an impressive 9.4% dividend yield, announced today the resignation of Mr. Kai Wang from his position as a non-executive director, effective immediately. According to InvestingPro data, the company maintains robust financial health with a current ratio of 4.43.
Mr. Wang, who has chosen to dedicate more time to his other commitments, has confirmed his departure is amicable and there are no unresolved issues that need to be disclosed to the shareholders. The company stated his resignation does not impact the Board's operations or the company's business continuity. InvestingPro analysis shows the company has demonstrated strong momentum with a 41% price increase over the past six months, suggesting investor confidence remains high.
The Board expressed its appreciation for Mr. Wang's valuable service during his tenure. Details of a successor or any changes to the Board's composition following Mr. Wang's departure have not been disclosed.
This announcement is based on a statement from a SEC filing by Noah Holdings.
In other recent news, Noah Holdings Limited reported its third-quarter earnings for 2024, experiencing an 11% sequential increase from the previous quarter despite a year-on-year revenue decrease of 8.8%. The firm's total revenues reached RMB689 million with overseas revenues, constituting 55.1% of the total, rising by 28.9% year-on-year. This marks the first time the overseas segment has contributed over half of the group's total revenues, highlighting the company's strategic shift towards global expansion.
Morgan Stanley (NYSE:MS) recently downgraded Noah Holdings' stock to Equalweight from Overweight, setting a new price target of $13.00. The investment firm acknowledged Noah Holdings' growth potential through increased global asset allocation among its high net worth clients and praised the company's shareholder returns.
However, Morgan Stanley also noted the restructuring of Noah Holdings' domestic business could exert pressure on earnings and affect the growth of overall client assets in the short term.
Additionally, Noah Holdings is focusing on becoming the primary wealth management platform for Mandarin-speaking investors globally. The company plans to continue enhancing product offerings, expanding its international presence, and improving online service capabilities. Despite the international gains, the company's overall revenue has seen a decline compared to the same period last year, with domestic revenues dropping by 32.6% year-on-year due to limited new business activities and lower recurring service fees.
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