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Noah Holdings (NOAH) director adds shares via ongoing RSU vesting

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Noah Holdings Ltd director and ten percent owner Wang Jingbo indirectly acquired additional ordinary shares through restricted stock units. On an exercise coded as a derivative conversion, 74 RSUs converted into 740 ordinary shares at a stated price of $0.0000 per share, held via Jing Investors Co., Ltd. Following this, indirect holdings totaled 68,735,250 ordinary shares and 148 RSUs. The RSU award covers 13,234 units, with 11,012 RSUs vested on December 29, 2023 and the remaining 2,222 vesting in 74-unit monthly installments until fully vested on June 29, 2026.

Positive

  • None.

Negative

  • None.

Insights

Routine RSU vesting adds a small number of shares to an already large indirect stake.

The filing shows Wang Jingbo converting 74 restricted stock units into 740 ordinary shares of Noah Holdings Ltd. This is part of a larger award of 13,234 RSUs, each representing ten ordinary shares, granted as equity-based compensation.

After the transaction, Wang holds 68,735,250 ordinary shares indirectly and 148 RSUs, so the new shares are small relative to her existing stake. Vesting continues in 74-RSU monthly installments through June 29, 2026, indicating a structured, time-based compensation schedule rather than a discretionary market trade.

Insider Wang Jingbo (Norah)
Role null
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 — 68,735,250 shares (Indirect, See Footnote)
Footnotes (1)
  1. Restricted stock units ("RSUs") convert into ordinary shares on the basis of ten ordinary shares per unit. By Jing Investors Co., Ltd., a British Virgin Islands company wholly owned by Magic Beams Enterprises Ltd., a British Virgin Islands company, which is in turn wholly owned by Ark Trust (Singapore) Ltd. as trustee of Norah Family Trust, with Ms. Jingbo Wang as settlor and Ms. Jingbo Wang and her family members as beneficiaries. Ms. Wang is the sole director of Jing Investors Co., Ltd. and as such has power to vote and dispose of the ordinary shares of the Issuer held by Jing Investors Co., Ltd. Represents an award of 13,234 RSUs, each representing the right to receive 10 ordinary shares. 11,012 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.
RSUs converted 74 RSUs Exercised on April 29, 2026
Shares from RSU conversion 740 ordinary shares Resulting non-derivative shares acquired
Indirect shares after transaction 68,735,250 ordinary shares Total indirect holdings following transaction
RSUs remaining after transaction 148 RSUs Derivative holdings following transaction
Total RSU award size 13,234 RSUs Each RSU represents 10 ordinary shares
RSUs vested Dec 29, 2023 11,012 RSUs Portion of the award already vested
Unvested RSUs 2,222 RSUs Vest in 74-RSU monthly installments
Final vesting date June 29, 2026 Award fully vested on this date
Restricted stock units ("RSUs") financial
"Restricted stock units ("RSUs") convert into ordinary shares on the basis"
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.
derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security""
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
ten percent owner regulatory
""is_ten_percent_owner": 1"
vesting financial
"11,012 RSUs vested on December 29, 2023. The remaining 2,222 RSUs vest"
Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.
indirect ownership financial
""direct_or_indirect": "I","nature_of_ownership": "See Footnote""
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Wang Jingbo (Norah)
(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)
XDirectorX10% Owner
Officer (give title below)Other (specify below)
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)
XForm 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)
CodeVAmount(A) or (D)Price
ORDINARY SHARES04/29/2026M740A(1)68,735,250ISee 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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
RESTRICTED STOCK UNIT(1)04/29/2026M74 (3) (3)ORDINARY SHARES740$0.0148ISee 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 Jing Investors Co., Ltd., a British Virgin Islands company wholly owned by Magic Beams Enterprises Ltd., a British Virgin Islands company, which is in turn wholly owned by Ark Trust (Singapore) Ltd. as trustee of Norah Family Trust, with Ms. Jingbo Wang as settlor and Ms. Jingbo Wang and her family members as beneficiaries. Ms. Wang is the sole director of Jing Investors Co., Ltd. and as such has power to vote and dispose of the ordinary shares of the Issuer held by Jing Investors Co., Ltd.
3. Represents an award of 13,234 RSUs, each representing the right to receive 10 ordinary shares. 11,012 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/ JINGBO WANG04/30/2026
** Signature of Reporting PersonDate
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 did Wang Jingbo report in this NOAH Form 4 filing?

Wang Jingbo reported the conversion of 74 restricted stock units into 740 ordinary shares of Noah Holdings Ltd. The transaction is coded as an exercise or conversion of a derivative security and increases her indirect shareholding through Jing Investors Co., Ltd.

How many Noah Holdings (NOAH) shares does Wang Jingbo hold after the transaction?

Following the RSU conversion, Wang Jingbo indirectly holds 68,735,250 ordinary shares of Noah Holdings Ltd and 148 remaining RSUs. These securities are held through Jing Investors Co., Ltd., which she controls, reflecting a very large existing ownership position.

What is the size and structure of Wang Jingbo’s RSU award at NOAH?

The award consists of 13,234 restricted stock units, each convertible into 10 ordinary shares. Of these, 11,012 RSUs vested on December 29, 2023, while the remaining 2,222 RSUs vest in monthly installments of 74 units until June 29, 2026.

What vesting schedule applies to the remaining NOAH RSUs held by Wang Jingbo?

The remaining 2,222 RSUs vest in equal monthly installments of 74 RSUs at each month-end, starting January 29, 2024. The award will be fully vested on June 29, 2026, providing a clear time-based vesting timetable.

How are Noah Holdings (NOAH) RSUs converted into ordinary shares for this award?

Each restricted stock unit converts into ten ordinary shares of Noah Holdings Ltd. In this filing, 74 RSUs converted into 740 ordinary shares, consistent with the 10-to-1 conversion ratio disclosed in the footnotes to the Form 4.

Through what structure does Wang Jingbo hold her NOAH shares reported here?

The shares are held by Jing Investors Co., Ltd., wholly owned by Magic Beams Enterprises Ltd., which is wholly owned by Ark Trust (Singapore) Ltd. as trustee of Norah Family Trust. Wang is settlor, beneficiary, and sole director of Jing Investors.