Noah Holdings CFO exercises RSUs for 1,035 shares

Noah Holdings Ltd chief financial officer Pan Qing reported a compensation-related equity transaction.

Rhea-AI Filing Summary

Noah Holdings Ltd chief financial officer Pan Qing reported a compensation-related equity transaction. On May 29, 2026, Pan Qing exercised restricted stock units (RSUs) that converted into 1,035 ordinary shares, with each RSU representing ten ordinary shares.

Following the transaction, Pan Qing directly owned 927,425 ordinary shares. The filing also notes an award of 6,383 RSUs, of which 3,272 RSUs vested on December 29, 2023, and the remaining RSUs vest in equal monthly installments of 103 RSUs and are scheduled to be fully vested on 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 — 105 contracts (Direct); ORDINARY SHARES — 927,425 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

Shares acquired via RSU conversion: 1,035 ordinary shares RSUs exercised: 103 RSUs Shares owned after transaction: 927,425 ordinary shares +5 more

8 metrics

Shares acquired via RSU conversion 1,035 ordinary shares Converted from RSUs on May 29, 2026

RSUs exercised 103 RSUs Derivative exercise on May 29, 2026

Shares owned after transaction 927,425 ordinary shares Direct ownership following RSU conversion

RSU-to-share ratio 10 ordinary shares per RSU Conversion basis for restricted stock units

Total RSU award size 6,383 RSUs Award described in footnote

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

Monthly vesting installment 103 RSUs per month From January 29, 2024 to June 29, 2026

Award fully vested date June 29, 2026 Scheduled full vesting of RSU award

Key Terms

Restricted stock units ("RSUs"), derivative security, vested, ordinary shares

4 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.

derivative security financial

"Transaction code M is described as an 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.

vested financial

"3,272 RSUs vested on December 29, 2023."

ordinary shares financial

"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 CFO Pan Qing report on this Form 4?

Pan Qing reported exercising restricted stock units that converted into 1,035 ordinary shares of Noah Holdings. This compensation-related transaction increased her direct share ownership, without any reported open-market purchases or sales in the filing excerpt.

How many Noah Holdings (NOAH) shares does Pan Qing hold after the transaction?

After the reported transaction, Pan Qing directly holds 927,425 ordinary shares of Noah Holdings. This figure reflects her position immediately following the RSU conversion disclosed in the Form 4, providing context for the scale of the compensation-related share acquisition.

How do Pan Qing’s RSUs convert into Noah Holdings (NOAH) ordinary shares?

Pan Qing’s restricted stock units convert into Noah Holdings ordinary shares at a ratio of ten ordinary shares per RSU. This means each vested RSU delivers ten shares, as explicitly described in the footnote explaining the structure of the RSU award.

What is the size and vesting schedule of Pan Qing’s Noah Holdings (NOAH) RSU award?

Pan Qing received an award of 6,383 RSUs, each representing the right to receive ten ordinary shares. Of these, 3,272 RSUs vested on December 29, 2023, with the remaining 3,111 vesting in equal monthly installments of 103 RSUs through June 29, 2026.

How many RSUs did Pan Qing exercise in this Noah Holdings (NOAH) filing?

The filing shows Pan Qing exercised 103 restricted stock units, treated as a derivative exercise. These 103 RSUs converted into 1,035 ordinary shares at the stated ten-to-one conversion ratio, contributing to her increased direct share ownership.

Is the reported Noah Holdings (NOAH) insider transaction a market sale or purchase?

The transaction is classified as an exercise or conversion of a derivative security, not an open-market trade. Pan Qing acquired shares through RSU conversion, and the excerpt does not show any related open-market buying or selling of Noah Holdings stock.

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

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Accepted by SEC EDGAR 05/29/2026 - 08:20 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^*

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)
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		1,035	A	(1)	927,425	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)	05/29/2026		M			103	(2)	(2)	ORDINARY SHARES	1,035	$0.0	105	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	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)