Noah Holdings Limited (NYSE:NOAH) Q1 2024 Results Conference Call May 29, 2024 8:00 PM ET

Company Participants

Melo Xi - Director of Investor Relations
Zhe Yin - Co-Founder, Chief Executive Officer & Director
Qing Pan - Group Chief Financial Officer

Conference Call Participants

Peter Zhang - JPMorgan

Operator

Good day, and welcome to the Noah Holdings First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Melo Xi, Director of IR. Please go ahead.

Melo Xi

Thank you, operator. Good morning, and welcome to Noah's 2024 First Quarter Earnings Call. Joining me today on the call are: Ms. Wang, Jingbo, our Co-Founder and Chair Lady; Mr. Zander Yin, our Co-Founder, Director and CEO; and Mr. Grant Pan, our CFO. Mr. Yin will begin with an overview of our recent business highlights, followed by Mr. Pan, who will discuss our financial and operational results. They will all be available to take your questions in the Q&A session that follows.

Before we begin, please note that the discussion today will contain forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially from those in our forward-looking statements. Potential risks and uncertainties include, but not limited to, those outlined in our public filings with ICC and the Hong Kong Stock Exchange. Noah does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

In addition, today's call will include discussions of certain non-GAAP financial measures. A reconciliation of non-GAAP measures to the most directly comparable GAAP measures can be found in our earnings release.

Lastly, this call should not be interpreted as a solidification to sell or purchase an interest in any Noah affiliated products.

Please also be aware that a link to a live webcast with presentation materials is available on our Investor Relations website.

With that, I would like to pass the call to Mr. Yin. Please go ahead.

Zhe Yin

Good morning, all investors and analysts. I'm Zander Yin, and this is my first time sharing and discussing company's performance as CEO of Noah Holdings. Thank you all for joining us today.

I'd like to start today's call by sharing our views on the macroeconomic environment, our performance for the first quarter of 2024 and the strategy we're deploying going forward. Domestic capital market continued to experience extreme fluctuation during the first quarter. The real estate market remains sluggish, while the primary market faced hurdle due to the periodic policy restrictions, resulting in a slow exit process. It's clear that high net worth individuals are becoming increasingly cautious with their investments. Adding to the challenge, some noncompliant wealth management companies with capital pooling have collapsed, severely affecting domestic clients and leading to a stricter regulatory environment.