NOAH CFO exercises RSUs into 1,035 shares

NOAH HOLDINGS LTD chief financial officer Pan Qing reported a routine equity compensation event.

Rhea-AI Filing Summary

NOAH HOLDINGS LTD chief financial officer Pan Qing reported a routine equity compensation event. On April 29, 2026, 103 restricted stock units were exercised, converting into 1,035 ordinary shares, consistent with the plan’s 10-shares-per-unit structure.

After this conversion, Pan Qing directly holds 926,390 ordinary shares and 208 restricted stock units. The RSU award originally covered 6,383 units, with 3,272 units vesting on December 29, 2023 and the remaining 3,111 units vesting in monthly installments of 103 units through June 29, 2026.

Insider Trade Summary

103 shares exercised/converted

Exercise 2 txns

Insider Pan Qing

Role CHIEF FINANCIAL OFFICER

Type	Security	Shares	Price	Value
Exercise	RESTRICTED STOCK UNIT	103	$0.00	$0.00
Exercise	ORDINARY SHARES	1,035	$0.00	$0.00

Holdings After Transaction: RESTRICTED STOCK UNIT — 208 contracts (Direct); ORDINARY SHARES — 926,390 shares (Direct)

Footnotes (2)

1. F1. Restricted stock units ("RSUs") convert into ordinary shares on the basis of ten ordinary shares per unit.
2. F2. 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.

Key Figures

RSUs exercised: 103 units Shares from RSU conversion: 1,035 ordinary shares Shares held after transaction: 926,390 ordinary shares +5 more

8 metrics

RSUs exercised 103 units Restricted stock units exercised on April 29, 2026

Shares from RSU conversion 1,035 ordinary shares 10 ordinary shares per RSU

Shares held after transaction 926,390 ordinary shares Direct holdings following April 29, 2026 exercise

RSUs remaining 208 units Restricted stock units held after transaction

Total RSU award 6,383 units Original RSU grant to CFO Pan Qing

Initial vested RSUs 3,272 units Vested on December 29, 2023

Remaining RSUs vesting 3,111 units Vest in 103-unit monthly installments to June 29, 2026

Monthly vesting rate 103 RSUs per month From January 29, 2024 through June 29, 2026

Key Terms

Restricted stock units, RSUs, derivative exercise/conversion, ordinary shares

4 terms

Restricted stock units financial

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

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

RSUs financial

"Represents an award of 6,383 RSUs, each representing the right to receive 10 ordinary shares."

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

derivative exercise/conversion financial

"transaction_action": "derivative exercise/conversion"

ordinary shares financial

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

Ordinary shares are a type of ownership stake in a company, giving shareholders a right to participate in the company’s profits and decision-making through voting. They are similar to owning a piece of a business, and their value can rise or fall based on the company's performance. Investors buy ordinary shares to potentially earn dividends and benefit from the company's growth over time.

FAQ

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

What insider transaction did NOAH (NOAH) report for CFO Pan Qing?

NOAH reported that CFO Pan Qing exercised 103 restricted stock units, converting them into 1,035 ordinary shares. This is a routine equity compensation event under an existing RSU award rather than an open-market share purchase or sale.

How many NOAH (NOAH) shares does CFO Pan Qing hold after this Form 4?

Following the reported transactions, CFO Pan Qing directly holds 926,390 ordinary shares of NOAH and 208 restricted stock units. These holdings reflect equity compensation and prior accumulations, giving the officer a meaningful ongoing ownership stake.

What is the conversion ratio for NOAH (NOAH) restricted stock units?

Each NOAH restricted stock unit converts into 10 ordinary shares. In this filing, 103 RSUs converted into 1,035 ordinary shares, illustrating how the company’s equity compensation structure translates long-term incentives into actual share ownership over time.

How is CFO Pan Qing’s NOAH (NOAH) RSU award scheduled to vest?

The RSU award totals 6,383 units. 3,272 RSUs vested on December 29, 2023, and the remaining 3,111 RSUs vest in equal monthly installments of 103 RSUs through June 29, 2026, gradually increasing share ownership.

Is the NOAH (NOAH) Form 4 a buy or sell of shares?

The Form 4 reflects an exercise of restricted stock units, not an open-market buy or sell. CFO Pan Qing acquired 1,035 ordinary shares through RSU conversion, a standard compensation-related transaction rather than a discretionary market trade.

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

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Accepted by SEC EDGAR 04/30/2026 - 01:57 PM 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^*

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)
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)
			Code	V	Amount	(A) or (D)	Price
ORDINARY SHARES	04/29/2026		M		1,035	A	(1)	926,390	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
RESTRICTED STOCK UNIT	(1)	04/29/2026		M			103	(2)	(2)	ORDINARY SHARES	1,035	$0.0	208	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.

	/s/ QING PAN	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)