NOAH director exercises RSUs for 740 shares

Noah Holdings director and 10% owner Jingbo (Norah) Wang, through Jing Investors Co., Ltd., exercised restricted stock units on May 29, 2026, converting them into 740 ordinary shares.

Rhea-AI Filing Summary

Noah Holdings director and 10% owner Jingbo (Norah) Wang, through Jing Investors Co., Ltd., exercised restricted stock units on May 29, 2026, converting them into 740 ordinary shares. These RSUs convert at ten ordinary shares per unit. After the transaction, her indirect holdings total 68,735,990 ordinary shares. The award covers 13,234 RSUs, with 11,012 units already vested and the remaining 2,222 units vesting in monthly installments of 74 RSUs until full vesting on June 29, 2026.

Insider Trade Summary

74 shares exercised/converted

Exercise 2 txns

Insider Wang Jingbo (Norah)

Role Director, 10% Owner

Type	Security	Shares	Price	Value
Exercise	RESTRICTED STOCK UNIT	74	$0.00	$0.00
Exercise	ORDINARY SHARES	740	$0.00	$0.00

Holdings After Transaction: RESTRICTED STOCK UNIT — 74 contracts (Indirect, See Footnote); ORDINARY SHARES — 68,735,990 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.

Key Figures

Ordinary shares from RSU exercise: 740 ordinary shares Indirect holdings after transaction: 68,735,990 ordinary shares RSU award size: 13,234 RSUs +4 more

7 metrics

Ordinary shares from RSU exercise 740 ordinary shares Converted from RSUs on May 29, 2026

Indirect holdings after transaction 68,735,990 ordinary shares Held indirectly via Jing Investors Co., Ltd.

RSU award size 13,234 RSUs Each RSU represents 10 ordinary shares

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

Unvested RSUs 2,222 RSUs Vest in monthly 74-RSU installments

Monthly vesting rate 74 RSUs per month From January 29, 2024 until June 29, 2026

RSU conversion ratio 10 ordinary shares per RSU As specified for Noah Holdings RSUs

Key Terms

Restricted stock units ("RSUs"), derivative security, trustee, settlor, +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.

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.

trustee financial

"wholly owned by Ark Trust (Singapore) Ltd. as trustee of Norah Family Trust"

A trustee is a person or institution legally appointed to hold and manage assets or enforce an agreement on behalf of other people (beneficiaries). Think of a trustee as a neutral referee or custodian who must act in the beneficiaries’ best interests, follow the trust or contract rules, and handle distributions, recordkeeping and enforcement. Investors care because a trustworthy trustee protects their rights, ensures promised payments or remedies are delivered, and can influence recoveries if things go wrong.

settlor financial

"with Ms. Jingbo Wang as settlor and Ms. Jingbo Wang and her family members as beneficiaries"

beneficiaries financial

"with Ms. Jingbo Wang as settlor and Ms. Jingbo Wang and her family members as beneficiaries"

Beneficiaries are the people or organizations designated to receive benefits, such as money or assets, from a financial arrangement like a trust, insurance policy, or retirement plan. They matter to investors because choosing the right beneficiaries ensures that assets are passed on according to their wishes, providing financial security or support to loved ones when needed. Think of beneficiaries as the intended recipients of a gift or inheritance.

vesting financial

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

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.

FAQ

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

What insider transaction did Noah Holdings (NOAH) report for Jingbo (Norah) Wang?

Noah Holdings reported that Jingbo (Norah) Wang exercised restricted stock units, converting them into 740 ordinary shares. This derivative exercise increased her indirect ordinary share holdings while leaving the overall ownership structure otherwise unchanged, as it reflects compensation vesting rather than an open-market purchase or sale.

How many Noah Holdings (NOAH) shares does Jingbo (Norah) Wang hold after this Form 4?

After the reported transaction, Jingbo (Norah) Wang indirectly holds 68,735,990 ordinary shares of Noah Holdings. These shares are held through Jing Investors Co., Ltd., an entity ultimately controlled via a family trust structure for which she serves as settlor, beneficiary, and sole director.

How do Noah Holdings (NOAH) RSUs held by Jingbo (Norah) Wang convert into ordinary shares?

The restricted stock units convert into Noah Holdings ordinary shares at a fixed ratio of ten ordinary shares per unit. This means 74 RSUs correspond to 740 ordinary shares. The conversion described reflects equity compensation mechanics rather than a cash-funded share purchase on the open market.

What is the size and vesting schedule of Jingbo (Norah) Wang’s RSU award at Noah Holdings (NOAH)?

The award consists of 13,234 RSUs, each representing ten ordinary shares. Of these, 11,012 RSUs vested on December 29, 2023, and the remaining 2,222 RSUs vest in equal monthly installments of 74 RSUs, with full vesting expected on June 29, 2026.

Through which entities are Jingbo (Norah) Wang’s Noah Holdings (NOAH) shares held?

Her Noah Holdings ordinary shares are held by Jing Investors Co., Ltd., a British Virgin Islands company wholly owned by Magic Beams Enterprises Ltd., which is ultimately controlled by Ark Trust (Singapore) Ltd. as trustee of the Norah Family Trust, with Ms. Wang as settlor and beneficiary.

Is the Form 4 transaction for Noah Holdings (NOAH) an open-market trade?

No, the Form 4 transaction reflects an exercise or conversion of derivative securities, specifically restricted stock units, into ordinary shares. It does not involve an open-market buy or sell, but rather the vesting and settlement of previously granted equity compensation units.

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

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Accepted by SEC EDGAR 05/29/2026 - 08:23 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^*

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)
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		740	A	(1)	68,735,990	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)	05/29/2026		M			74	(3)	(3)	ORDINARY SHARES	740	$0.0	74	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.

	/s/ JINGBO WANG	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)