SHANGHAI, July 17, 2012
/PRNewswire-Asia/ -- Noah Holdings Limited ("Noah" or the
"Company") (NYSE: NOAH), the leading independent service provider
focusing on distributing wealth management products to the high net
worth population in China, today
announced its updated 2012 forecast.
The Company currently estimates that non-GAAP net income
attributable to Noah shareholders for the full year 2012 is
expected to be in a range of US$22.0
million and US$25.0 million,
the midpoint of the revised range represents a year-over-year
decline of approximately 10%. This estimate reflects management's
current assessment and is subject to change. Noah's non-GAAP net
income is net income under US GAAP excluding the effects of all
forms of share-based compensation.
"The growth in our business has been slower than we had
anticipated. Uncertainty of macro environment continued to impact
clients' risk appetite, affecting clients' overall demand for
wealth management products Noah distributes and types of products
purchased. This, along with lower one-time commission rate from
shorter duration of fixed income products purchased by clients, as
a result of risk aversion, dampened revenues outlook for the
Company this year," said Tom Wu,
Chief Financial Officer. "We remain positive on longer term outlook
of China's wealth management
industry, driven by economic growth and liberalization in financial
markets in the future, and we have continued to invest in our
business, including Noah Upright,
our mutual fund distribution business, and our office in
Hong Kong. These should further
compliment product capability and improve servicing needs of our
client base."
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited is the leading independent service
provider focusing on distributing wealth management products to the
high net worth population in China. Noah distributes over-the-counter
wealth management products that are originated in China, including primarily fixed income
products, private equity funds and securities investment funds.
With over 550 relationship managers in 60 branch offices as of
June 30, 2012, Noah's total coverage
network encompasses China's most
economically developed regions where the high net worth population
is concentrated. Through this extensive coverage network, product
sophistication, and client knowledge, the Company caters to the
wealth management needs of China's
high net worth population. For more information please visit the
Company's website at http://www.noahwm.com.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Noah
may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission, in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about Noah's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement. Further information
regarding these and other risks is included in Noah's filings with
the Securities and Exchange Commission. Noah does not undertake any
obligation to update any forward-looking statement as a result of
new information, future events or otherwise, except as required
under applicable law. All information provided in this press
release and in the attachments is as of the date of this press
release, and Noah undertakes no duty to update such information,
except as required under applicable law.
Contacts:
Noah Holdings Limited
Shang Chuang, Director of IR
Tel: +86 21 3860 2388
ir@noahwm.com
SOURCE Noah Holdings Limited