What are Pan Qing’s NOAH share holdings after this RSU conversion?

After the reported transaction, Pan Qing directly holds 928,520 NOAH ordinary shares. This figure reflects the additional 1,095 shares received from the RSU conversion and provides context for the overall equity stake following the completion of the RSU award vesting.

NOAH (NOAH) CFO Pan Qing completes RSU vesting, adds 1,095 shares

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

NOAH Holdings Ltd Chief Financial Officer Pan Qing reported the vesting and exercise of restricted stock units into ordinary shares. On June 29, 2026, 109.5 RSUs converted into 1,095 ordinary shares, reflecting the final monthly installment of a 6,383‑RSU award.

This vesting completes the award, which converted RSUs to ordinary shares at a 10‑to‑1 ratio and had been vesting monthly since January 29, 2024. Following this transaction, Pan Qing directly holds 928,520 ordinary shares, and no RSUs from this specific award remain outstanding.

Insider Trade Summary

109.5 shares exercised/converted

Mixed 2 txns

Insider Pan Qing

Role CHIEF FINANCIAL OFFICER

Type	Security	Shares	Price	Value
Exercise	RESTRICTED STOCK UNIT	109.5	$0.00	--
Exercise	ORDINARY SHARES	1,095	$0.00	--

Holdings After Transaction: RESTRICTED STOCK UNIT — 0 shares (Direct, null); ORDINARY SHARES — 928,520 shares (Direct, null)

Footnotes (1)

Restricted stock units ("RSUs") convert into ordinary shares on the basis of ten ordinary shares per unit. Represents an award of 6,383 RSUs, each representing the right to receive 10 ordinary shares. 3,272 RSUs vested on December 29, 2023. The remaining 3,111 RSUs vest in equal monthly installments of 103 RSUs at the end of each month, commencing January 29, 2024. The award will be fully vested on June 29, 2026. This Form 4 reports the final monthly vesting installment, upon which the award became fully vested. Monthly installments are subject to rounding; accordingly, the number of RSUs vesting in this final installment differs slightly from the unvested balance reported on the prior Form 4. Following this transaction, no RSUs under this award remain outstanding.

Key Figures

Shares received from RSU vesting: 1,095 ordinary shares RSUs exercised in this installment: 109.5 RSUs RSU-to-share conversion ratio: 10 ordinary shares per RSU +3 more

6 metrics

Shares received from RSU vesting 1,095 ordinary shares Converted from RSUs on June 29, 2026

RSUs exercised in this installment 109.5 RSUs Final monthly vesting installment of award

RSU-to-share conversion ratio 10 ordinary shares per RSU Restricted stock unit conversion basis

Total RSUs in award 6,383 RSUs Equity award described in footnote

Shares held after transaction 928,520 ordinary shares Direct holdings following RSU conversion

Final vesting date June 29, 2026 Date award became fully vested

Key Terms

Restricted stock units ("RSUs"), convert into ordinary shares, vest in equal monthly installments, award will be fully vested, +1 more

5 terms

Restricted stock units ("RSUs") financial

"Restricted stock units ("RSUs") convert into ordinary shares on the basis of ten ordinary shares per unit."

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

convert into ordinary shares financial

"Restricted stock units ("RSUs") convert into ordinary shares on the basis of ten ordinary shares per unit."

vest in equal monthly installments financial

"The remaining 3,111 RSUs vest in equal monthly installments of 103 RSUs at the end of each month, commencing January 29, 2024."

award will be fully vested financial

"The award will be fully vested on June 29, 2026."

Form 4 regulatory

"This Form 4 reports the final monthly vesting installment, upon which the award became fully vested."

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/30/2026 - 06:46 AM Accepted by SEC EDGAR 06/30/2026 - 06:46 AM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Pan Qing

(Last)

(First)

(Middle)

34TH FLOOR, TOWER 2, TIMES SQUARE,

1 MATHESON STREET, CAUSEWAY BAY

(Street)

(City)

(State)

(Zip)

HONG KONG

(Country)

2. Issuer Name and Ticker or Trading Symbol
NOAH HOLDINGS LTD [ NOAH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	CHIEF FINANCIAL OFFICER

2a. Foreign Trading Symbol
[HKEX: 6686]

3. Date of Earliest Transaction (Month/Day/Year)
06/29/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
ORDINARY SHARES	06/29/2026		M		1,095	A	⁽¹⁾	928,520	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
RESTRICTED STOCK UNIT	⁽¹⁾	06/29/2026		M			109.5	⁽²⁾	⁽²⁾	ORDINARY SHARES	1,095	$0.0	0	D

Explanation of Responses:

1. Restricted stock units ("RSUs") convert into ordinary shares on the basis of ten ordinary shares per unit.

2. Represents an award of 6,383 RSUs, each representing the right to receive 10 ordinary shares. 3,272 RSUs vested on December 29, 2023. The remaining 3,111 RSUs vest in equal monthly installments of 103 RSUs at the end of each month, commencing January 29, 2024. The award will be fully vested on June 29, 2026. This Form 4 reports the final monthly vesting installment, upon which the award became fully vested. Monthly installments are subject to rounding; accordingly, the number of RSUs vesting in this final installment differs slightly from the unvested balance reported on the prior Form 4. Following this transaction, no RSUs under this award remain outstanding.

	/s/ QING PAN	06/30/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did NOAH CFO Pan Qing report on this Form 4?

Pan Qing reported a vesting-related transaction, where restricted stock units converted into ordinary shares. The filing shows RSUs were exercised into 1,095 NOAH ordinary shares as part of a scheduled equity award vesting, rather than an open-market share purchase or sale.

How many NOAH ordinary shares did Pan Qing receive from the RSU vesting?

The transaction reports that 109.5 restricted stock units converted into 1,095 ordinary shares. Each RSU represents the right to receive ten ordinary shares, so the vesting installment delivered these shares as part of the compensation award’s final monthly tranche.

What is the size and structure of Pan Qing’s NOAH RSU award mentioned in the filing?

The award consists of 6,383 restricted stock units, each representing the right to receive 10 ordinary shares. Portions vested earlier, and this Form 4 covers the final monthly installment, after which the award is fully vested and no RSUs under it remain outstanding.

Was this NOAH Form 4 transaction an open-market buy or sell?

No, the Form 4 describes a derivative exercise, not an open-market trade. The M transaction code and description indicate restricted stock units converted into ordinary shares as part of a compensation grant vesting schedule, without a reported purchase or sale in the market.

When did the NOAH RSU award to Pan Qing become fully vested?

The award became fully vested on June 29, 2026. The filing explains that RSUs vested monthly in equal installments starting January 29, 2024, and this Form 4 reports the final monthly vesting installment, after which no RSUs under this award remain outstanding.