SHANGHAI - Noah Holdings (NYSE:NOAH) Limited (NYSE: NOAH and HKEX: 6686), a prominent wealth management service provider in China, announced the latest developments in the legal proceedings concerning certain credit funds managed by Shanghai Gopher Asset Management Co., Ltd., its affiliated entity. The proceedings relate to investments in supply chain account receivables by the Camsing Credit Funds, which were later implicated in suspected fraudulent activities.
The Shanghai No.2 Intermediate People's Court issued a judgment on November 1, 2022, convicting the controlling shareholder of Camsing International Holding Limited and others of contract fraud and imposing sentences ranging from life imprisonment to shorter jail terms. The Shanghai High People's Court upheld this judgment on January 5, 2024, finalizing the ruling.
Noah Holdings has stated that these legal outcomes are not expected to have a material adverse impact on its business operations or reputation. The company is committed to keeping investors informed of any further developments.
The company's performance in the wealth management sector remains robust, with assets under management reported at RMB154.9B (US$21.2B) as of September 30, 2023. Noah's network spans across major cities in mainland China and extends internationally, with a registered client base of 452,222 as of the same date.
This update is based on a press release statement from Noah Holdings Limited.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.