Noah CEO exercises RSUs for 740 new shares

NOAH HOLDINGS LTD insider activity shows an entity associated with Chief Executive Officer Zhe Yin exercising restricted stock units into additional ordinary shares.

Rhea-AI Filing Summary

NOAH HOLDINGS LTD insider activity shows an entity associated with Chief Executive Officer Zhe Yin exercising restricted stock units into additional ordinary shares. Yin Investment Co., Ltd., which holds shares for the benefit of Mr. Yin and his family through Safe Harbor Trust, acquired 740 ordinary shares following the conversion of RSUs.

The RSUs convert at a rate of ten ordinary shares per unit. This transaction relates to an award of 21,883 RSUs, of which 19,661 vested on December 29, 2023. The remaining 2,222 RSUs vest in equal monthly installments of 74 RSUs through June 29, 2026. After this activity, indirect holdings stand at 17,204,570 ordinary shares and 74 RSUs.

Insider Trade Summary

74 shares exercised/converted

Exercise 2 txns

Insider YIN ZHE

Role CHIEF EXECUTIVE OFFICER

Type	Security	Shares	Price	Value
Exercise	RESTRICTED STOCK UNIT	74	$0.00	$0.00
Exercise	ORDINARY SHARES	740	$0.00	$0.00

Holdings After Transaction: RESTRICTED STOCK UNIT — 74 contracts (Indirect, See Footnote); ORDINARY SHARES — 17,204,570 shares (Indirect, See Footnote)

Footnotes (3)

1. F1. Restricted stock units ("RSUs") convert into ordinary shares on the basis of ten ordinary shares per unit.
2. F2. By Yin Investment Co., Ltd., a British Virgin Islands company controlled by Ark Trust (Hong Kong) Limited as trustee of Safe Harbor Trust, with Mr. Zhe Yin as settlor and Mr. Zhe Yin and his family members as beneficiaries. Ark Trust (Hong Kong) Limited as trustee of Safe Harbor Trust has no power to dispose of the ordinary shares held by Yin Investment Co., Ltd. except upon written instruction by Mr. Zhe Yin, except in certain limited situations.
3. F3. Represents an award of 21,883 RSUs, each representing the right to receive 10 ordinary shares. 19,661 RSUs vested on December 29, 2023. The remaining 2,222 RSUs vest in equal monthly installments of 74 RSUs at the end of each month, commencing January 29, 2024. The award will be fully vested on June 29, 2026.

Key Figures

RSUs exercised: 74 RSUs Shares from RSU conversion: 740 ordinary shares Indirect ordinary share holdings: 17,204,570 shares +4 more

7 metrics

RSUs exercised 74 RSUs Converted on May 29, 2026

Shares from RSU conversion 740 ordinary shares 10 ordinary shares per RSU

Indirect ordinary share holdings 17,204,570 shares Held after the transaction

Total RSU award 21,883 RSUs Equity award terms for CEO

Vested RSUs on Dec 29, 2023 19,661 RSUs Single vesting date

Remaining RSUs 2,222 RSUs Vest 74 RSUs monthly to Jun 29, 2026

RSUs outstanding after filing entry 74 RSUs Shown as total following derivative transaction

Key Terms

Restricted stock units ("RSUs"), Safe Harbor Trust, settlor, beneficiaries, +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.

Safe Harbor Trust financial

"as trustee of Safe Harbor Trust, with Mr. Zhe Yin as settlor and Mr. Zhe Yin and his family members as beneficiaries."

settlor financial

"with Mr. Zhe Yin as settlor and Mr. Zhe Yin and his family members as beneficiaries."

beneficiaries financial

"with Mr. Zhe Yin as settlor and Mr. Zhe Yin and his family members as beneficiaries."

Beneficiaries are the people or organizations designated to receive benefits, such as money or assets, from a financial arrangement like a trust, insurance policy, or retirement plan. They matter to investors because choosing the right beneficiaries ensures that assets are passed on according to their wishes, providing financial security or support to loved ones when needed. Think of beneficiaries as the intended recipients of a gift or inheritance.

trustee financial

"Ark Trust (Hong Kong) Limited as trustee of Safe Harbor Trust has no power to dispose of the ordinary shares"

A trustee is a person or institution legally appointed to hold and manage assets or enforce an agreement on behalf of other people (beneficiaries). Think of a trustee as a neutral referee or custodian who must act in the beneficiaries’ best interests, follow the trust or contract rules, and handle distributions, recordkeeping and enforcement. Investors care because a trustworthy trustee protects their rights, ensures promised payments or remedies are delivered, and can influence recoveries if things go wrong.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did NOAH CEO Zhe Yin report on this Form 4?

An entity associated with NOAH CEO Zhe Yin exercised restricted stock units, resulting in the acquisition of 740 ordinary shares. The transaction reflects conversion of equity awards rather than an open‑market stock purchase or sale, and is part of a pre‑granted RSU package.

How many NOAH ordinary shares does the Yin Investment Co., Ltd. entity hold after the transaction?

Following the reported RSU conversion, Yin Investment Co., Ltd. holds 17,204,570 NOAH ordinary shares indirectly for the benefit of Zhe Yin and his family. This figure reflects the updated indirect ownership position as shown after the May 29, 2026 transaction date.

What are the terms of the RSU award reported for NOAH CEO Zhe Yin?

The award covers 21,883 RSUs, each representing 10 ordinary shares. Of these, 19,661 RSUs vested on December 29, 2023. The remaining 2,222 RSUs vest in equal monthly installments of 74 RSUs, with full vesting scheduled for June 29, 2026.

How do NOAH’s RSUs held by Yin Investment Co., Ltd. convert into ordinary shares?

Each NOAH restricted stock unit converts into 10 ordinary shares upon vesting and settlement. In this filing, 74 RSUs were exercised, corresponding to 740 ordinary shares. This fixed 10‑to‑1 conversion ratio governs the relationship between RSUs and underlying ordinary shares.

Who controls the NOAH shares held by Yin Investment Co., Ltd. for Zhe Yin?

The shares are held by Yin Investment Co., Ltd., controlled by Ark Trust (Hong Kong) Limited as trustee of Safe Harbor Trust. The trustee may dispose of ordinary shares only upon written instruction from Mr. Zhe Yin, except in certain limited situations defined in the trust arrangement.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/29/2026 - 08:24 AM Learn about SEC filing dates

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^*

YIN ZHE

(Last) (First) (Middle)

333 NORTH BRIDGE ROAD, #05-11, ODEON 333

(Street)

188721

(City) (State) (Zip)

SINGAPORE

(Country)

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

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

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

2a. Foreign Trading Symbol
[[HKEX: 6686]]

3. Date of Earliest Transaction (Month/Day/Year)
05/29/2026

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)
			Code	V	Amount	(A) or (D)	Price
ORDINARY SHARES	05/29/2026		M		740	A	(1)	17,204,570	I	See Footnote(2)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
RESTRICTED STOCK UNIT	(1)	05/29/2026		M			74	(3)	(3)	ORDINARY SHARES	740	$0.0	74	I	See Footnote(2)

Explanation of Responses:

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

2. By Yin Investment Co., Ltd., a British Virgin Islands company controlled by Ark Trust (Hong Kong) Limited as trustee of Safe Harbor Trust, with Mr. Zhe Yin as settlor and Mr. Zhe Yin and his family members as beneficiaries. Ark Trust (Hong Kong) Limited as trustee of Safe Harbor Trust has no power to dispose of the ordinary shares held by Yin Investment Co., Ltd. except upon written instruction by Mr. Zhe Yin, except in certain limited situations.

3. Represents an award of 21,883 RSUs, each representing the right to receive 10 ordinary shares. 19,661 RSUs vested on December 29, 2023. The remaining 2,222 RSUs vest in equal monthly installments of 74 RSUs at the end of each month, commencing January 29, 2024. The award will be fully vested on June 29, 2026.

	/s/ ZHE YIN	05/29/2026
	** 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)