Noah Holdings (NOAH) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

November 21, 2022 7:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, dear investors and analysts, and welcome to the Noah Holdings' Third Quarter 2022 Earnings Conference Call. Please note, your line has been automatically muted and this event is being recorded. The company management team will first give a quarterly update presentation. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]

Thank you. I would now like to turn the conference over to Ms. Jingbo Wang, Chair, President, and CEO of Noah Holdings. Please go ahead.

Jingbo Wang

[Foreign Language]

The agenda of today's teleconference. I will first share my views on the macro market. I then introduce Noah's overall performance in the third quarter of 2022, the development of several business sectors, and our overall strategy. Next, let's invite Pan Qin to introduce quarterly financial information, then conclude with the interactive Q&A.

First of all, I would like to report to you that we have received the acknowledgment from the Hong Kong Stock Exchange regarding our voluntary applications for conversion to do primary listing in Hong Kong.

We sent the recognition from the stock exchange. Before the new year of 2023, Noah would become a dual primary-listed company both in the United States and Hong Kong.

Although the compliance requirements for the two jurisdictions are stricter, Noah has also completely removed the ADR delisting risk. The third quarter of 2022 is a difficult quarter we had experienced with Federal Reserve raising interest rates significantly and the global secondary market continuing to fluctuate. The prevention and control policy of COVID in China has continued to cause lockdowns in different cities across the country, bringing huge challenges to business operations and our client investment sentiment continued to be low.

With the increasingly fierce competition between China and the United States, as well as the Russia-Ukraine war, investors' willingness to invest down to the phrasing point in the third quarter. The most urgent demand of clients is to protect the security and liquidity of the investable assets of their own families. The increase of global uncertainty superimposed many external risks making us feel that the period of strategic activities for peaceful development has turned into a wartime stage. In times of crisis, how to increase the frequency of contact with clients, increase the client wallet share on the management and protect current assets are the key points of our thinking and action.