Noah Holdings Announces $50M Share Repurchase, Signaling Confidence in Overseas Growth
Noah Holdings (NYSE: NOAH, HKEX: 6686) has announced a $50 million share repurchase program, signaling confidence in its overseas growth strategy. The company reported total net revenue of RMB 616 million for Q2 2024, with wealth management generating RMB 416 million and asset management contributing RMB 192 million. Noah's overseas expansion is gaining traction, with overseas net revenue contribution increasing to 46.3% in H1 2024 and assets under management growing 14.1% year-over-year. The company raised US$ 338 million for overseas funds, a 40.2% YoY increase. Income from operations rose 10.3% sequentially to RMB 134 million, with an improved operating margin of 21.8%. Noah's overseas registered clients increased by 23.0% YoY to 16,786, reflecting growing demand for global asset allocation.
Noah Holdings (NYSE: NOAH, HKEX: 6686) ha annunciato un programma di riacquisto di azioni da 50 milioni di dollari, esprimendo fiducia nella sua strategia di crescita all'estero. L'azienda ha riportato un fatturato netto totale di 616 milioni di RMB per il secondo trimestre del 2024, con la gestione patrimoniale che ha generato 416 milioni di RMB e la gestione degli asset che ha contribuito con 192 milioni di RMB. L'espansione all'estero di Noah sta guadagnando slancio, con il contributo del fatturato netto dall'estero che è aumentato al 46,3% nel primo semestre del 2024 e gli asset sotto gestione che sono cresciuti del 14,1% su base annua. L'azienda ha raccolto 338 milioni di dollari USA per fondi esteri, un aumento del 40,2% rispetto all'anno precedente. Il reddito dalle operazioni è aumentato del 10,3% rispetto al trimestre precedente, raggiungendo i 134 milioni di RMB, con un margine operativo migliorato del 21,8%. I clienti registrati all'estero di Noah sono aumentati del 23,0% su base annua, raggiungendo 16.786, a testimonianza della crescente domanda di allocazione globale di attivi.
Noah Holdings (NYSE: NOAH, HKEX: 6686) ha anunciado un programa de recompra de acciones de 50 millones de dólares, señalando confianza en su estrategia de crecimiento en el extranjero. La compañía reportó un ingreso neto total de 616 millones de RMB para el segundo trimestre de 2024, con la gestión de patrimonios generando 416 millones de RMB y la gestión de activos aportando 192 millones de RMB. La expansión en el extranjero de Noah está ganando impulso, con la contribución de ingresos netos del extranjero aumentando al 46,3% en el primer semestre de 2024 y los activos bajo gestión creciendo un 14,1% interanual. La empresa recaudó 338 millones de dólares para fondos en el extranjero, un aumento del 40,2% interanual. Los ingresos operativos aumentaron un 10,3% secuencialmente a 134 millones de RMB, con un margen operativo mejorado del 21,8%. Los clientes registrados en el extranjero de Noah aumentaron un 23,0% interanual a 16.786, reflejando la creciente demanda de asignación de activos globales.
노아 홀딩스 (NYSE: NOAH, HKEX: 6686)는 5천만 달러의 자사주 매입 프로그램을 발표하며 해외 성장 전략에 대한 자신감을 나타냈습니다. 이 회사는 2024년 2분기에 총 순수익 6억 1천 6백만 RMB를 보고했으며, 자산 관리가 4억 1천 6백만 RMB를 생성하고 자산 관리가 1억 9천 2백만 RMB에 기여했습니다. 노아의 해외 확장이 가속화되고 있으며, 2024년 상반기 해외 순수익 기여도가 46.3%로 증가했습니다. 또한 관리되는 자산이 전년 대비 14.1% 성장했습니다. 이 회사는 해외 자금을 위해 3억 3천 8백만 달러를 모금했으며, 이는 전년 대비 40.2%의 증가입니다. 운영 수익은 1억 3천 4백만 RMB로 전분기 대비 10.3% 증가했으며 운영 마진은 21.8%로 개선되었습니다. 노아의 해외 등록 고객 수는 전년 대비 23.0% 증가하여 16,786명이 되었으며, 이는 글로벌 자산 배분에 대한 수요 증가를 반영합니다.
Noah Holdings (NYSE: NOAH, HKEX: 6686) a annoncé un programme de rachat d'actions de 50 millions de dollars, signalant sa confiance dans sa stratégie de croissance à l'étranger. L'entreprise a rapporté un revenu net total de 616 millions de RMB pour le deuxième trimestre 2024, avec la gestion de patrimoine générant 416 millions de RMB et la gestion d'actifs contribuant à hauteur de 192 millions de RMB. L'expansion à l'étranger de Noah prend de l'ampleur, avec la contribution des revenus nets étrangers augmentant à 46,3% au premier semestre 2024 et les actifs sous gestion croissant de 14,1% d'une année sur l'autre. L'entreprise a levé 338 millions de dollars pour des fonds étrangers, soit une augmentation de 40,2% par rapport à l'année précédente. Le revenu d'exploitation a augmenté de 10,3% par rapport au trimestre précédent pour atteindre 134 millions de RMB, avec une marge opérationnelle améliorée de 21,8%. Le nombre de clients enregistrés à l'étranger chez Noah a augmenté de 23,0% d'une année sur l'autre pour atteindre 16 786, reflétant la demande croissante pour l'allocation d'actifs globale.
Noah Holdings (NYSE: NOAH, HKEX: 6686) hat ein Aktienrückkaufprogramm über 50 Millionen US-Dollar angekündigt, was Vertrauen in seine Wachstumsstrategie im Ausland signalisiert. Das Unternehmen berichtete von einem Gesamtumsatz netto von 616 Millionen RMB im zweiten Quartal 2024, wobei das Vermögensmanagement 416 Millionen RMB und das Asset Management 192 Millionen RMB beisteuerte. Noahs Expansion im Ausland gewinnt an Dynamik, mit einem Anstieg des Beitrags der Nettoerlöse aus dem Ausland auf 46,3% im ersten Halbjahr 2024 und einem Anstieg der verwalteten Vermögen um 14,1% im Vergleich zum Vorjahr. Das Unternehmen hat 338 Millionen USD für Auslandsfonds gesammelt, was einem Anstieg von 40,2% im Vergleich zum Vorjahr entspricht. Das Betriebseinkommen stieg sequenziell um 10,3% auf 134 Millionen RMB, wobei die Betriebsmarge auf 21,8% verbessert wurde. Die im Ausland registrierten Kunden von Noah stiegen im Jahresvergleich um 23,0% auf 16.786, was eine wachsende Nachfrage nach globaler Vermögensallokation widerspiegelt.
- $50 million share repurchase program announced
- Overseas net revenue contribution increased to 46.3% in H1 2024
- Assets under management grew 14.1% year-over-year
- US$ 338 million raised for overseas funds, a 40.2% YoY increase
- Income from operations rose 10.3% sequentially to RMB 134 million
- Operating margin improved to 21.8% from 18.7% in Q1 2024
- Overseas registered clients increased by 23.0% YoY to 16,786
- Overseas diamond and black card clients increased by 14.2% YoY
- Potential temporary impact on domestic business activity due to restructuring
- Streamlining of branch network may lead to short-term disruptions
Insights
Noah Holdings' Q2 2024 results paint a mixed picture. While total net revenue of
The operating margin improvement to
The surge in overseas client acquisition is a positive indicator for Noah's global strategy. A
However, the domestic market remains challenging. The company's focus on streamlining operations and adjusting its client service model in response to regulatory changes could lead to short-term volatility. Investors should closely monitor how these changes impact client retention and acquisition rates in the coming quarters. The
Noah recorded total net revenue of
Strategically Overseas Expansion and Comprehensive investment Solutions
Noah's overseas expansion is gaining momentum as client demand for global asset allocation strengthens, with overseas net revenue contribution increasing to
Income from operations was
"The pace of our overseas expansion is gaining momentum," said Zhe Yin, the Chief Executive Officer of Noah Holdings. "Our team of overseas relationship managers directly supporting this expansion grew
"Domestically, we are focused on stabilizing operations by streamlining our branch network to reduce overhead costs and adjusting our client service model to comply with evolving regulatory requirements by separating relationship and business development managers into different independent business units. While these initiatives may temporarily impact business activity over the next few quarters, they will ensure our ability to effectively and compliantly serve clients with a comprehensive portfolio of products in the long term. I am pleased with the progress we have made this quarter in expanding overseas, and confident in both our long-term growth potential and ability to consistently generate returns for shareholders."
As of June 30, 2024, the number of overseas registered clients increased by
The Company also observed a shift in product preferences, a trend that aligns with the forward-looking strategies outlined in Noah's Chief Investment Office's (CIO) house view. Interest in investment products increased substantially as a result of expectations for a potential Federal Reserve rate cut during the second half of the year. Known for its expertise and ability to offer clients alternative investments on a global basis, Noah is uniquely positioned to capitalize on this opportunity to grow its USD AUA.
As of June 30, 2024, Noah's overseas relationship manager team grew to 113, a
Prioritizing Shareholder Interests and Delivering Sustained Returns
As part of its commitment to enhancing shareholder returns, the board of directors of the Company authorized a share repurchase program under which the Company may repurchase up to
Noah announced in November 2023 that a new capital management and shareholder return policy (the "Policy") had been adopted, pursuant to which up to
Ms. Jingbo Wang, co-founder and chairwoman of Noah, commented, "This share repurchase program, along with the dividend payout we just completed, reflects our unwavering commitment to prioritizing shareholder interests and delivering sustained returns. While
"As such, we believe that our stock is deeply undervalued and does not reflect our growth prospects, robust balance sheet and cash reserves, or the special bond we have formed with the Mandarin-speaking HNWIs globally. We value both our long-term and new shareholders and are committed to sharing our success with them through more proactive capital allocation policies moving forward."
Strengthening Commitment to ESG Principles
In the first half of 2024, Noah published its 10th Annual environmental, social, and governance (ESG) report, highlighting its decade-long commitment to corporate responsibility and sustainable practices. Additionally, Gopher Asset Management, Noah's asset management arm, also joined the latest Nature Responsible Management initiative, Spring, announced by Principles for Responsible Investment (PRI) in 2024, reinforcing its role in driving responsible investment practices in order to halt and reverse biodiversity loss by 2030.
By aligning with the PRI, Noah reaffirms its commitment to integrating ESG factors into its investment processes, fostering sustainable and responsible investment practices that benefit all stakeholders.
Noah continues to adapt and evolve amidst a challenging market environment. The Company's strategic initiatives, focused on global expansion, technological innovation, and sustainable practices, are beginning to yield tangible results, laying a strong foundation for continued success in the years to come.
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SOURCE Noah Holdings Limited
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