Is this Noah Holdings (NOAH) Form 4 an open-market buy or a compensation-related event?

This Form 4 reflects a compensation-related derivative exercise , not an open-market trade. RSUs were converted into ordinary shares at a stated price of $0.00 , consistent with equity awards rather than discretionary buying or selling in the market.

Noah Holdings (NYSE: NOAH) CEO gains shares through RSU conversion

Q: What insider transaction did Noah Holdings (NOAH) report for CEO Zhe Yin?

Noah Holdings reported that CEO Zhe Yin , via Yin Investment Co., Ltd., exercised 74 restricted stock units , converting them into 740 ordinary shares . This reflects routine equity compensation rather than an open-market purchase or sale.

Q: How do Noah Holdings (NOAH) restricted stock units convert into ordinary shares?

The filing states that each Noah Holdings restricted stock unit (RSU) converts into 10 ordinary shares . In this transaction, 74 RSUs were exercised, resulting in the issuance of 740 ordinary shares credited to the indirect ownership structure.

Q: What is the vesting schedule of the RSU award reported by Noah Holdings (NOAH)?

The award covers 21,883 RSUs , each for 10 ordinary shares. 19,661 RSUs vested on December 29, 2023 , and the remaining 2,222 RSUs vest in 74-unit monthly installments through June 29, 2026 , according to the filing.

Q: Who controls the Noah Holdings (NOAH) shares held by Yin Investment Co., Ltd.?

The shares are held by Yin Investment Co., Ltd. , which is controlled by Ark Trust (Hong Kong) Limited as trustee of Safe Harbor Trust. The trustee may dispose of the shares only upon written instruction from Mr. Zhe Yin , subject to limited exceptions.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Noah Holdings chief executive officer Zhe Yin, through Yin Investment Co., Ltd., exercised restricted stock units into ordinary shares. On the transaction date, 74 RSUs converted into 740 ordinary shares at a stated price of $0.00 per share.

Following the transaction, the indirect holdings reported for this structure totaled 17,203,830 ordinary shares and 148 RSUs. Each RSU represents the right to receive 10 ordinary shares, and they vest in monthly installments of 74 RSUs, with the award scheduled to be fully vested on June 29, 2026.

Insider Trade Summary

74 shares exercised/converted

Mixed 2 txns

Insider YIN ZHE

Role CHIEF EXECUTIVE OFFICER

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

Holdings After Transaction: RESTRICTED STOCK UNIT — 148 shares (Indirect, See Footnote); ORDINARY SHARES — 17,203,830 shares (Indirect, See Footnote)

Footnotes (1)

Restricted stock units ("RSUs") convert into ordinary shares on the basis of ten ordinary shares per unit. 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. 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: 17,203,830 shares +5 more

8 metrics

RSUs exercised 74 RSUs Converted into ordinary shares on April 29, 2026

Shares from RSU conversion 740 ordinary shares Result of 74 RSUs exercised at $0.00 per share

Indirect ordinary share holdings 17,203,830 shares Total ordinary shares indirectly held after the transaction

Remaining RSU holdings 148 RSUs Indirect RSU balance following the reported exercise

RSU-to-share ratio 10 ordinary shares per RSU Conversion basis specified in the footnotes

Total RSUs in award 21,883 RSUs Size of the RSU award described in the footnotes

Initially vested RSUs 19,661 RSUs Portion that vested on December 29, 2023

Remaining RSUs to vest 2,222 RSUs Vest in 74-unit monthly installments through June 29, 2026

Key Terms

Restricted stock units ("RSUs"), Ark Trust (Hong Kong) Limited, Safe Harbor Trust, indirect ownership, +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.

Ark Trust (Hong Kong) Limited financial

"a British Virgin Islands company controlled by Ark Trust (Hong Kong) Limited as trustee of Safe Harbor Trust"

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"

indirect ownership financial

"total_shares_following_transaction ... ownership_type": "indirect""

Exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

Form 4 Insider Transactions: What Each Field Means →

2026-04-30 - 01:58 p.m.

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)
04/29/2026

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	04/29/2026		M		740	A	⁽¹⁾	17,203,830	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)
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⁾	04/29/2026		M			74	⁽³⁾	⁽³⁾	ORDINARY SHARES	740	$0.0	148	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	04/30/2026
	** 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 Holdings (NOAH) report for CEO Zhe Yin?

Noah Holdings reported that CEO Zhe Yin, via Yin Investment Co., Ltd., exercised 74 restricted stock units, converting them into 740 ordinary shares. This reflects routine equity compensation rather than an open-market purchase or sale.

How many Noah Holdings (NOAH) shares does the reported entity hold after this Form 4?

After the transaction, the reported indirect holdings totaled 17,203,830 ordinary shares for the Yin Investment Co., Ltd. structure. The filing also shows remaining indirect holdings of 148 RSUs, each linked to 10 ordinary shares upon conversion.

How do Noah Holdings (NOAH) restricted stock units convert into ordinary shares?

The filing states that each Noah Holdings restricted stock unit (RSU) converts into 10 ordinary shares. In this transaction, 74 RSUs were exercised, resulting in the issuance of 740 ordinary shares credited to the indirect ownership structure.

What is the vesting schedule of the RSU award reported by Noah Holdings (NOAH)?

The award covers 21,883 RSUs, each for 10 ordinary shares. 19,661 RSUs vested on December 29, 2023, and the remaining 2,222 RSUs vest in 74-unit monthly installments through June 29, 2026, according to the filing.

Who controls the Noah Holdings (NOAH) shares held by Yin Investment Co., Ltd.?

The shares are held by Yin Investment Co., Ltd., which is controlled by Ark Trust (Hong Kong) Limited as trustee of Safe Harbor Trust. The trustee may dispose of the shares only upon written instruction from Mr. Zhe Yin, subject to limited exceptions.