NOAH (NOAH) CFO Pan Qing converts RSUs into over 226K ordinary shares

Rhea-AI Filing Summary

NOAH HOLDINGS LTD chief financial officer Pan Qing exercised restricted stock units into ordinary shares rather than making any open‑market trades. On March 31, 2026, she converted two RSU awards into 225,230 and 1,035 ordinary shares at a conversion price of $0.00 per share. Following these derivative exercises, she directly owns 925,355 ordinary shares. The RSUs convert into ordinary shares on the basis of ten ordinary shares per unit, and the awards continue to vest over time according to the schedules described.

Insider Trade Summary

22,626 shares exercised/converted

Mixed 4 txns

Insider Pan Qing

Role CHIEF FINANCIAL OFFICER

Type	Security	Shares	Price	Value
Exercise	RESTRICTED STOCK UNIT	103	$0.00	--
Exercise	RESTRICTED STOCK UNIT	22,523	$0.00	--
Exercise	ORDINARY SHARES	1,035	$0.00	--
Exercise	ORDINARY SHARES	225,230	$0.00	--

Holdings After Transaction: RESTRICTED STOCK UNIT — 311 shares (Direct); ORDINARY SHARES — 700,125 shares (Direct)

Footnotes (1)

1. Restricted stock units ("RSUs") convert into ordinary shares on the basis of ten ordinary shares per unit. 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. Represents an award of 90,092 RSUs, each representing the right to receive 10 ordinary shares. 22,523 RSUs vested on March 29, 2024. The remaining 67,569 RSUs vest in equal annual installments of 22,523 RSUs on March 29 of each year thereafter, commencing March 29, 2025. The award will be fully vested on March 29, 2027.

Key Figures

RSUs exercised: 22,626 RSUs Shares from RSU conversion: 225,230 ordinary shares Additional shares from RSU conversion: 1,035 ordinary shares +5 more

8 metrics

RSUs exercised 22,626 RSUs Total derivative exercises reported with code M on March 31, 2026

Shares from RSU conversion 225,230 ordinary shares Ordinary shares acquired from one RSU award conversion

Additional shares from RSU conversion 1,035 ordinary shares Ordinary shares acquired from a second RSU award conversion

Post-transaction holdings 925,355 ordinary shares Direct ownership after the Form 4 transactions

RSU conversion ratio 10 ordinary shares per RSU Stated basis for RSU conversion into ordinary shares

First RSU award size 6,383 RSUs RSU award with monthly vesting through June 29, 2026

Second RSU award size 90,092 RSUs RSU award with annual vesting through March 29, 2027

Initial vesting from second award 22,523 RSUs Portion of 90,092 RSUs that vested on March 29, 2024

Key Terms

Restricted stock units ("RSUs"), vest, equal monthly installments, equal annual installments, +2 more

6 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.

vest financial

"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"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

equal monthly installments financial

"The remaining 3,111 RSUs vest in equal monthly installments of 103 RSUs at the end of each month"

equal annual installments financial

"The remaining 67,569 RSUs vest in equal annual installments of 22,523 RSUs on March 29 of each year thereafter"

derivative exercise/conversion financial

"transaction_action": "derivative exercise/conversion""

chief financial officer financial

"officer_title": "CHIEF FINANCIAL OFFICER""

A Chief Financial Officer (CFO) is the person in charge of a company's money and financial planning. They decide how to spend, save, and invest funds to help the company grow and stay stable. Their role is important because good financial decisions keep the company healthy and successful.

Form 4 Insider Transactions: What Each Field Means →

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)

7TH FLOOR, BLOCK B, NOAH WEALTH CENTER,

1226 SHENBIN SOUTH ROAD, MINHANG

(Street)

SHANGHAI 201107

(City) (State) (Zip)

CHINA

(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)
03/31/2026

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	03/31/2026		M		1,035	A	(1)	700,125	D
ORDINARY SHARES	03/31/2026		M		225,230	A	(1)	925,355	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)	03/31/2026		M			103	(2)	(2)	ORDINARY SHARES	1,035	$0.0	311	D
RESTRICTED STOCK UNIT	(1)	03/31/2026		M			22,523	(3)	(3)	ORDINARY SHARES	225,230	$0.0	22,523	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.

3. Represents an award of 90,092 RSUs, each representing the right to receive 10 ordinary shares. 22,523 RSUs vested on March 29, 2024. The remaining 67,569 RSUs vest in equal annual installments of 22,523 RSUs on March 29 of each year thereafter, commencing March 29, 2025. The award will be fully vested on March 29, 2027.

	/s/ QING PAN	03/31/2026
	** 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)

FAQ

What insider activity did NOAH CFO Pan Qing report on this Form 4?

Pan Qing reported exercising restricted stock units into ordinary shares, with no open-market buying or selling. She converted RSUs into 225,230 and 1,035 ordinary shares at $0.00 per share, increasing her directly held position in NOAH Holdings.

How many NOAH ordinary shares does Pan Qing hold after these transactions?

After the reported transactions, Pan Qing directly holds 925,355 ordinary shares of NOAH Holdings. This figure reflects the addition of 225,230 and 1,035 shares acquired through RSU conversions reported as code M derivative exercises on March 31, 2026.

How do NOAH Holdings RSUs held by Pan Qing convert into ordinary shares?

Each restricted stock unit converts into ten NOAH ordinary shares. The filing states that RSUs convert on the basis of ten ordinary shares per unit, so vesting and exercise of RSU awards can significantly increase ordinary share holdings over their multi-year schedules.

What are the key RSU awards disclosed for NOAH CFO Pan Qing?

Pan Qing holds an award of 6,383 RSUs and another of 90,092 RSUs, each RSU representing the right to receive ten ordinary shares. Portions of these awards vested on December 29, 2023 and March 29, 2024, with additional tranches vesting monthly or annually through 2026 and 2027.

Did Pan Qing sell any NOAH shares or have tax withholding in this Form 4?

The Form 4 shows no open-market sales or tax-withholding dispositions. All reported transactions use code M for derivative exercises, converting RSUs into ordinary shares at $0.00 per share, with no F-code tax withholding or S-code sale entries disclosed.

How many restricted stock units did Pan Qing exercise in this NOAH filing?

She exercised a total of 22,626 restricted stock units. The filing lists 103 RSUs and 22,523 RSUs converted, consistent with the transaction summary showing 22,626 derivative exercise shares, which translate into ordinary shares under the ten‑to‑one RSU conversion ratio.