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2019 Annual Report

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Noah Holdings Limited (NYSE: NOAH) is a leading wealth and asset management service provider in China with a focus on high net worth individuals. During the first quarter of 2020, Noah distributed RMB23.2 billion (US$3.3 billion) of financial products. Through Gopher Asset Management, Noah had assets under management of RMB161.7 billion (US$22.8 billion) as of March 31, 2020.