Many US-listed Chinese firms turned to Hong Kong for listing after 2021
US-listed Chinese wealth management service provider Noah Holdings filed its prospectus to list on the HK stock exchange on June 22; Goldman Sachs acted as the exclusive sponsor.
Noah Wealth is currently the largest third-party wealth management institution in China, with Sequoia Capital investing in 2007. It offered one-stop advisory services on global investment and asset allocation primarily for high-net-worth investors.
In 2020, the asset manager listed on the New York Stock Exchange under the ticker symbol of NOAH.
According to its prospectus, Noah delivers service through a network of 1,316 relationship managers across 84 cities in mainland China, and serves the international investment needs of its clients through offices in Hong Kong, Taiwan, New York, Silicon Valley and Singapore.
In the full year 2021, Noah distributed CNY 97.2 billion (USD 15.3 billion) of investment products, with CNY 156.0 billion (USD 24.5 billion) worth of assets under management as of December 31, 2021.
In the first quarter of 2022, Noah achieved a net revenue of CNY 796 million, down 35% year on year and down 37% quarter on quarter. Noah reported USD 0.73 earnings per share for the first quarter of 2022, the ROE for the quarter was 15.27%.
Its domestic rivals include China’s big four asset management companies (AMCs)—Cinda, Huarong, China Orient, and Great Wall.