Noah Holdings (NOAH) Announces $50M Buyback

Noah Holdings Limited (NYSE: NOAH today announced that its board of directors has authorized a share repurchase program. Effective on July 8, 2017, the Company is authorized to repurchase up to $50 million of its issued and outstanding American Depositary Shares (ADSs) for a 12-month period (the "2017 Share Repurchase Plan"). Over the past 12 months, the Company has repurchased 280,956 ADSs for an aggregate purchase price of approximately $6.4 million.

The proposed share repurchases may be made on the open market at prevailing market prices pursuant to Rule 10b-18 of the Securities Exchange Act of 1934, in privately negotiated transactions, in block trades or otherwise from time to time depending on market conditions and in accordance with applicable rules and regulations. Noah's board of directors will review the 2017 Share Repurchase Plan periodically, and may authorize adjustment of its terms and size at its discretion.

Furthermore, as part of the 2017 Share Repurchase Plan, the Company has adopted an automatic trading plan for the purpose of repurchasing up to $20 million of ADSs in accordance with the guidelines specified under Rule 10b5-1 (the "Rule 10b5-1 Plan") under the Securities Exchange Act of 1934, as amended. Rule 10b5-1 allows a company to repurchase its shares or ADSs automatically and regularly at times when it otherwise might be prevented from doing so under the insider trading laws or because of self-imposed blackout periods, provided, among other considerations, that repurchases are made pursuant to a plan adopted when the company is not aware of material nonpublic information or is not otherwise prohibited from acquiring its own shares or ADSs. A large U.S. investment bank is acting as the Company's agent to purchase its ADSs on pre-arranged terms pursuant to the Rule 10b5-1 Plan.

"We are pleased to have a robust balance sheet and strong cash flows, which enable us to return value to shareholders where appropriate through share repurchases and to invest in opportunities that will further strengthen our core capabilities for the longer term," commented Kenny Lam, Noah's Group President.

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