NOAH HOLDINGS LTD ownership disclosure: FIL Limited and affiliated entities report beneficial ownership of 33,476,330 shares of common stock, representing 9.9% of the class. The filing attributes sole dispositive power over 33,476,330 shares and sole voting power of 31,876,755 shares to the reporting persons. The Schedule 13G/A is filed as an amendment and references Exhibit 99 for subsidiary/agency detail and a 13d-1(k)(1) agreement.
Positive
None.
Negative
None.
Insights
FIL Limited reports a 9.9% stake in NOAH, disclosed via amended Schedule 13G/A.
The filing documents beneficial ownership of 33,476,330 shares and shows sole dispositive control for that amount, with 31,876,755 shares of sole voting power. It lists related entities (Pandanus Partners, L.P.; Pandanus Associates, Inc.) and attaches Exhibit 99 for subsidiary classification.
Disclosure is routine for large passive holders; subsequent filings or Exhibit 99 may clarify voting arrangements or pass-through beneficiaries. Further public filings will show any changes to the position.
Key Figures
Beneficial ownership:33,476,330 sharesPercent of class:9.9%Sole voting power:31,876,755 shares+2 more
5 metrics
Beneficial ownership33,476,330 sharesAmount beneficially owned reported in Item 4
Percent of class9.9%Percent of class reported in Item 4
Sole voting power31,876,755 sharesSole voting power listed on cover responses
Sole dispositive power33,476,330 sharesSole power to dispose reported in Item 4
Amendment identifierAmendment No. 10Form header
Key Terms
Schedule 13G/A, Beneficially owned, Sole dispositive power, 13d-1(k)(1) agreement
4 terms
Schedule 13G/Aregulatory
"Item 1. (a) Name of issuer: NOAH HOLDINGS LTD"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Sole dispositive powerregulatory
"Item 4. (iii) Sole power to dispose: 33476330.00"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
13d-1(k)(1) agreementregulatory
"Please see Exhibit 99 for 13d-1(k) (1) agreement."
What stake does FIL Limited report in NOAH (NOAH)?
FIL Limited reports beneficial ownership of 33,476,330 shares of NOAH common stock, equal to 9.9% of the class. The filing is an amended Schedule 13G/A and includes related entities in the reporting group.
How much voting power does the filer control in NOAH?
The filer reports sole voting power over 31,876,755 shares. The Schedule 13G/A lists voting and dispositive power breakdowns for the reporting persons and affiliates.
Which entities are listed as part of the FIL reporting group?
The filing lists FIL Limited, Pandanus Partners, L.P., and Pandanus Associates, Inc. as reporting persons, each tied to the disclosed beneficial ownership and power figures.
Does the filing indicate whether shares are held for others or exceed 5% on behalf of another?
The filing states one or more other persons may have rights to dividends or proceeds, but no single other person is identified as holding more than 5% of NOAH common stock.
Where can I find additional details referenced in the Schedule 13G/A?
The amendment references Exhibit 99 for subsidiary identification and a 13d-1(k)(1) agreement. Exhibit 99 should provide the subsidiary classification and agreement particulars.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 10)
NOAH HOLDINGS LTD
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
G6542K126
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
G6542K126
1
Names of Reporting Persons
FIL Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
BERMUDA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
31,876,755.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
33,476,330.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
33,476,330.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
FI
SCHEDULE 13G
CUSIP Number(s):
G6542K126
1
Names of Reporting Persons
Pandanus Partners, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
33,476,330.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
33,476,330.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
G6542K126
1
Names of Reporting Persons
Pandanus Associates, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
33,476,330.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
33,476,330.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
NOAH HOLDINGS LTD
(b)
Address of issuer's principal executive offices:
NO. 1687 CHANGYANG ROAD,CHANGYANG VALLEY, BUILDING 2,SHANGHAI,F4,200090
Item 2.
(a)
Name of person filing:
FIL Limited
(b)
Address or principal business office or, if none, residence:
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Please see Exhibit 99.
Item 4.
Ownership
(a)
Amount beneficially owned:
33476330.00
(b)
Percent of class:
9.9 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Please see the responses to Items 5 and 6 on the cover page.
(ii) Shared power to vote or to direct the vote:
0.00
(iii) Sole power to dispose or to direct the disposition of:
33476330.00
(iv) Shared power to dispose or to direct the disposition of:
0.00
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
One or more other persons are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the COMMON STOCK of NOAH HOLDINGS LTD. No one other person's interest in the COMMON STOCK of NOAH HOLDINGS LTD is more than five percent of the total outstanding COMMON STOCK.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See attached Exhibit 99.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
FIL Limited
Signature:
Richard Bourgelas
Name/Title:
Duly authorized under Power of Attorney effective as of April 13, 2026, by and on behalf of FIL Limited and its direct and indirect subsidiaries*
Date:
05/05/2026
Pandanus Partners, L.P.
Signature:
Richard Bourgelas
Name/Title:
Duly authorized under Power of Attorney effective as of April 13, 2026, by Pandanus Associates, Inc. on behalf of Pandanus Partners, L.P.*
Date:
05/05/2026
Pandanus Associates, Inc.
Signature:
Richard Bourgelas
Name/Title:
Duly authorized under Power of Attorney effective as of April 13, 2026, by and on behalf of Pandanus Associates, Inc.*
Date:
05/05/2026
Comments accompanying signature: * This power of attorney is incorporated herein by reference to Exhibit 24 to the Schedule 13G filed by FIL Limited on April 29,2026, accession number: 0000318989-26-000050.
