SHANGHAI - Noah Holdings (NYSE:NOAH) Limited (NYSE: NOAH and HKEX: 6686), a wealth management service provider catering to Mandarin-speaking high-net-worth individuals, announced recent changes to its Board of Directors. The company appointed Mr. David Zhang and Ms. Xiangrong Li as Independent Directors effective June 30, 2024. Concurrently, Dr. Zhiwu Chen retired and Mr. Jinbo Yao resigned from their positions as Independent Directors after serving for a decade and nine years, respectively, citing no disagreements with the company.
Ms. Li will take the role of Chairwoman of the Audit Committee, and Mr. Zhang will serve as a member, joining Ms. Cynthia Jinhong Meng. Ms. May Yihong Wu stepped down from the Audit Committee but will continue as an Independent Director and Chairwoman of the Compensation Committee. Additionally, Ms. Meng has been appointed to the Corporate Governance and Nominating Committee.
Mr. Zhang brings a wealth of legal expertise in securities and mergers & acquisitions, particularly with Chinese issuers and investment banks in the US and Hong Kong IPOs. His previous roles include senior corporate partner at Kirkland & Ellis International LLP and partner at Latham & Watkins LLP. He has been a board member of Tulane University and an independent director of Fosun International Limited (HKEX: 0656).
Ms. Li's background is in accounting and financial management. She has served as deputy general manager and financial controller of Beijing Tourist Hotel (Group) Co. (SSE (LON:SSE): 600258) and has held various roles at Unilever (LON:ULVR), including financial controller for the Greater China region. She has also served on the boards of Viva Biotech Holdings (HKSE: 1873) and MakeMyTrip Limited (NASDAQ: MMYT).
Jingbo Wang, co-founder and chairwoman of Noah, expressed gratitude to Dr. Chen and Mr. Yao for their contributions and welcomed the new appointees, highlighting their financial, corporate, and legal experience as valuable assets to the company's strategic direction.
Noah Holdings, recognized for its comprehensive advisory services on global investment and asset allocation, reported distributing RMB18.9 billion (US$2.6 billion) of investment products in Q1 2024. Gopher Asset Management, a subsidiary, had assets under management of RMB153.3 billion (US$21.2 billion) as of March 31, 2024.
The information is based on a press release statement.
InvestingPro Insights
Amidst the strategic board changes at Noah Holdings, the company's financial outlook remains a focal point for investors. According to InvestingPro, Fosun International Limited (HKEX: 0656), where Mr. Zhang serves as an independent director, is considered a significant entity in the Industrial Conglomerates industry. This association could bring valuable industry insights to Noah Holdings, potentially influencing its strategic direction.
InvestingPro Data highlights that Fosun International Limited is expected to see net income growth this year. This is an encouraging sign for Noah Holdings, as it suggests that Mr. Zhang is associated with financially robust companies. Furthermore, Fosun International Limited's ability to maintain dividend payments for 17 consecutive years can be seen as a testament to its financial stability and could serve as a model for Noah Holdings' own financial strategies.
For investors interested in exploring further insights, InvestingPro offers additional tips on Fosun International Limited's performance, including its trading at a low Price / Book multiple and a low revenue valuation multiple. These metrics suggest that the company is potentially undervalued, which might be an attractive point for investors considering Noah Holdings' connection through Mr. Zhang's board membership.
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