Noah Holdings approves $50M repurchase program

Noah Holdings announced that the board of directors of the Company authorized a share repurchase program under which the Company may repurchase up to $50M of its American depositary shares or ordinary shares, effective immediately. The authorized term for carrying out this share repurchase program is two years. The Company announced in November 2023 that a new capital management and shareholder return policy had been adopted, pursuant to which up to 50% the Company’s non-GAAP net income attributable to shareholders of the preceding financial year will be allocated to a Corporate Actions Budget which will serve various purposes, including dividend distribution and share repurchases. The share repurchase program announced today does not form a part of the Corporate Actions Budget under the Policy. The Corporate Actions Budget based on the Company’s financial performance in 2024 is expected to be determined and announced alongside the Company’s earnings results for the Q4 and FY24. The Board will review the share repurchase program periodically and may authorize adjustments of its terms and size. The Company expects to fund repurchases made under this program from its existing cash balance and cash generated from operations.