| Wednesday | ||||
Noah Holdings is up 9.1%,… Noah Holdings is up 9.1%, or $1.33 to $16.00. | ||||
| Over a month ago | ||||
Noah Holdings (NOAH)… Noah Holdings (NOAH) informed its investors that it is aware of the closure of Silicon Valley Bank (SIVB) and appointment of the Federal Deposit Insurance Corporation as receiver. Noah currently has cash and cash equivalents of less than $1 million with the SVB, representing less than 0.2% of its total cash and cash equivalents, and therefore believes its exposure to any liquidity concern as a result of the SVB's Receivership is immaterial to its business operations or financial condition. In addition, Noah, under its asset management business, serves as the general partner or fund manager for certain investment funds with accounts at the SVB, and has taken necessary measures to protect against or minimize the potential impact of the SVB's Receivership on these funds. Noah will continue to monitor this situation and proactively fulfill its fiduciary duties to the limited partners and investors of the funds. | ||||
| Over a quarter ago | ||||
Noah Holdings announced… Noah Holdings announced that the company's voluntary conversion of its secondary listing status to a primary listing status on the Main Board of The Stock Exchange of Hong Kong Limited became effective December 22. The company is now a dual-primary listed company on both the Hong Kong Stock Exchange in Hong Kong and the New York Stock Exchange in the United States. The company's American Depositary Shares listed on the NYSE and the ordinary shares listed on the Hong Kong Stock Exchange are fungible, and investors can continue to choose to hold their shares in the form of ADSs traded on the NYSE or ordinary shares traded on the Hong Kong Stock Exchange. | ||||
Daiwa analyst Ling Tan… Daiwa analyst Ling Tan initiated coverage of Noah Holdings with a Buy rating and $22 price target. Noah is a "leading" wealth management player in China focused on high net worth individuals and Tan sees the company being well placed to benefit amid the upturn in A-share market sentiment in 2023 and looks for its fee rate to rise from higher insurance product sales, the analyst tells investors. | ||||
JPMorgan analyst… JPMorgan analyst Katherine Lei downgraded Noah Holdings to Neutral from Overweight with a $1524 price target. The analyst sees further share price downside near term as she expects earnings growth to be "lackluster" in 2023 on the back of macro uncertainty and poor investment sentiment in China. In addition, Lei said Noah is likely to stop disclosing its annual profit guidance due to Hong Kong listing requirements, which reduces earnings visibility and increases stock volatility. | ||||
JPMorgan analyst… JPMorgan analyst Katherine Lei downgraded Noah Holdings to Neutral from Overweight with a price target of $15, down from $24. The analyst cites the company's "poor" Q3 results and challenging operating environment for the downgrade. | ||||
Noah Holdings is down… Noah Holdings is down -14.9%, or -$2.23 to $12.73. | ||||
Noah Holdings is down… Noah Holdings is down -8.8%, or -$1.31 to $13.65. | ||||
Pre-earnings options… Pre-earnings options volume in Noah Holdings is normal with calls leading puts 7:1. Implied volatility suggests the market is anticipating a move near 6.8%, or $1.03, after results are released. Median move over the past eight quarters is 6.6%. | ||||
Noah Holdings provides an… Noah Holdings provides an update on the Company's proposed voluntary conversion of its secondary listing status on The Main Board of The Stock Exchange of Hong Kong to dual-primary listing. Application for Voluntary Conversion to Dual Primary Listing. The Company has applied to the Hong Kong Stock Exchange with respect to the Primary Conversion. On October 19, 2022, the Company received the acknowledgement from the Hong Kong Stock Exchange in respect of the application of Primary Conversion. The Effective Date on which the Primary Conversion will become effective is expected to be on or before December 31, 2022. Upon the Effective Date, the Company will be dual primary listed on the Hong Kong Stock Exchange and the New York Stock Exchange. Proposed Grant of Issuance Mandate and Repurchase Mandate. Ordinary resolutions will be proposed at the annual general meeting of the Company to be convened on or around December 6 to approve the grant of an issuance mandate to the directors of the Company to allot, issue or deal with Class A ordinary shares of the share capital of the Company with a par value of 00.05c each, or securities convertible into Shares and/or American depositary shares, not exceeding 20% of the total number of issued Shares as of the date of the First GM; and a repurchase mandate to the Directors to repurchase Shares not exceeding 10% of the total number of issued Shares and/or ADSs as of the date of the First GM. | ||||
