Noah Holdings director exercises RSUs into shares

Noah Holdings Ltd director and 10% owner Jingbo (Norah) Wang indirectly acquired 765 ordinary shares through the exercise of restricted stock units (RSUs).

Accepted by SEC EDGAR 06/30/2026 - 06:53 AM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Noah Holdings Ltd director and 10% owner Jingbo (Norah) Wang indirectly acquired 765 ordinary shares through the exercise of restricted stock units (RSUs). The RSUs convert into ordinary shares at a rate of 10 shares per unit, and this transaction represents the final monthly vesting installment of a 13,234-RSU award.

The shares are held indirectly via Jing Investors Co., Ltd., which Ms. Wang controls and through which she has voting and disposal power. Following this exercise, 68,736,755 ordinary shares are reported as indirectly held, and no RSUs remain outstanding under this particular award.

Insider Trade Summary

76.5 shares exercised/converted

Exercise 2 txns

Insider Wang Jingbo (Norah)

Role Director, 10% Owner

Type	Security	Shares	Price	Value
Exercise	RESTRICTED STOCK UNIT	76.5	$0.00	$0.00
Exercise	ORDINARY SHARES	765	$0.00	$0.00

Holdings After Transaction: RESTRICTED STOCK UNIT — 0 contracts (Indirect, See Footnote); ORDINARY SHARES — 68,736,755 shares (Indirect, See Footnote)

Holdings Before and After: RESTRICTED STOCK UNIT, 76.5 to 0 contracts (Indirect, See Footnote); ORDINARY SHARES, 68,735,990 to 68,736,755 shares (Indirect, See Footnote)

Footnotes (3)

1. F1. Restricted stock units ("RSUs") convert into ordinary shares on the basis of ten ordinary shares per unit.
2. F2. 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. F3. 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. This Form 4 reports the final monthly vesting installment, upon which the award became fully vested. Monthly installments are subject to rounding; accordingly, the number of RSUs vesting in this final installment differs slightly from the unvested balance reported on the prior Form 4. Following this transaction, no RSUs under this award remain outstanding.

Key Figures

Ordinary shares acquired: 765 ordinary shares RSUs exercised in final installment: 76.5 RSUs RSU-to-share conversion ratio: 10 ordinary shares per RSU +4 more

7 metrics

Ordinary shares acquired 765 ordinary shares RSUs converted into shares on June 29, 2026

RSUs exercised in final installment 76.5 RSUs Final monthly vesting installment of award on June 29, 2026

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

Total RSUs in award 13,234 RSUs Compensation award to Jingbo Wang

Initial RSUs vested 11,012 RSUs Vested on December 29, 2023

Remaining RSUs vesting schedule 2,222 RSUs Vested in 74-RSU monthly installments through June 29, 2026

Shares held after transaction 68,736,755 ordinary shares Indirect holdings following RSU exercise

Key Terms

Restricted stock units ("RSUs"), derivative security, Norah Family Trust, vesting installments, +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.

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.

Norah Family Trust financial

"wholly owned by Ark Trust (Singapore) Ltd. as trustee of Norah Family Trust, with Ms. Jingbo Wang as settlor"

vesting installments financial

"The remaining 2,222 RSUs vest in equal monthly installments of 74 RSUs at the end of each month"

indirect ownership financial

""ownership_type": "indirect", "ownership_code": "I""

FAQ

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

What insider transaction did NOAH reporting person Jingbo Wang report on this Form 4?

Jingbo (Norah) Wang reported exercising restricted stock units that converted into 765 ordinary shares. The RSUs were compensation-related, not an open-market purchase or sale, and reflect the final vesting installment of a previously granted equity award.

How many Noah Holdings (NOAH) shares does Jingbo Wang report holding after this transaction?

After the RSU exercise, 68,736,755 ordinary shares of Noah Holdings are reported as indirectly held. These shares are held through Jing Investors Co., Ltd., which Ms. Wang controls and through which she has voting and disposal power over the issuer’s shares.

What are the terms of the RSU award disclosed in this Noah Holdings (NOAH) Form 4?

The award covered 13,234 restricted stock units, each representing the right to receive 10 ordinary shares. 11,012 RSUs vested on December 29, 2023, and the remaining 2,222 vested in monthly installments of 74 RSUs, ending on June 29, 2026.

What does the final vesting installment mean for NOAH’s RSU award to Jingbo Wang?

The Form 4 reports the final monthly vesting installment of 76.5 RSUs, converting into 765 ordinary shares. With this installment, the entire 13,234-RSU award is fully vested and no RSUs remain outstanding under this specific compensation grant.

Are the Noah Holdings (NOAH) shares from this Form 4 held directly by Jingbo Wang?

The shares are held indirectly through Jing Investors Co., Ltd., a British Virgin Islands company. That entity is ultimately controlled via a family trust structure, with Ms. Wang as settlor, beneficiary, and sole director of Jing Investors Co., Ltd., giving her voting and disposal power.

Was this Noah Holdings (NOAH) transaction a market sale or purchase of shares?

No, the transaction reflects an exercise and vesting of restricted stock units, not an open-market trade. The RSUs converted into ordinary shares at no exercise price, consistent with a compensation-related equity award rather than a discretionary buy or sell in the market.

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

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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^*

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)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol
[HKEX: 6686]

3. Date of Earliest Transaction (Month/Day/Year)
06/29/2026

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	06/29/2026		M		765	A	(1)	68,736,755	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
RESTRICTED STOCK UNIT	(1)	06/29/2026		M			76.5	(3)	(3)	ORDINARY SHARES	765	$0.0	0	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 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. This Form 4 reports the final monthly vesting installment, upon which the award became fully vested. Monthly installments are subject to rounding; accordingly, the number of RSUs vesting in this final installment differs slightly from the unvested balance reported on the prior Form 4. Following this transaction, no RSUs under this award remain outstanding.

	/s/ JINGBO WANG	06/30/2026
	** 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)