Wang Jingbo exercises NOAH (NOAH) RSUs into 200,740 ordinary shares via trust
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
NOAH HOLDINGS LTD director and ten percent owner Wang Jingbo (Norah) exercised previously granted restricted stock units into ordinary shares through an indirectly owned entity. On March 31, 2026, awards totaling 20,074 RSUs were converted into 200,740 ordinary shares, at a stated exercise price of $0.0000 per unit.
These RSUs convert at a fixed rate of ten ordinary shares per unit. Following the related non-derivative entries, indirect holdings reported for ordinary shares increased to 68,734,510 shares, all held through Jing Investors Co., Ltd., which is controlled via a family trust structure where Ms. Wang has voting and disposal power.
Positive
- None.
Negative
- None.
Insider Trade Summary
20,074 shares exercised/converted
Mixed
6 txns
Insider
Wang Jingbo (Norah)
Role
Director, 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | RESTRICTED STOCK UNIT | 74 | $0.00 | -- |
| Exercise | RESTRICTED STOCK UNIT | 12,500 | $0.00 | -- |
| Exercise | RESTRICTED STOCK UNIT | 7,500 | $0.00 | -- |
| Exercise | ORDINARY SHARES | 740 | $0.00 | -- |
| Exercise | ORDINARY SHARES | 125,000 | $0.00 | -- |
| Exercise | ORDINARY SHARES | 75,000 | $0.00 | -- |
Holdings After Transaction:
RESTRICTED STOCK UNIT — 222 shares (Indirect, See Footnote);
ORDINARY SHARES — 68,534,510 shares (Indirect, See Footnote)
Footnotes (1)
- Restricted stock units ("RSUs") convert into ordinary shares on the basis of ten ordinary shares per unit. By Jing Investors Co., Ltd., a British Virgin Islands company wholly owned by Magic Beams Enterprises Ltd., a British Virgin Islands company, which is in turn wholly owned by Ark Trust (Singapore) Ltd. as trustee of Norah Family Trust, with Ms. Jingbo Wang as settlor and Ms. Jingbo Wang and her family members as beneficiaries. Ms. Wang is the sole director of Jing Investors Co., Ltd. and as such has power to vote and dispose of the ordinary shares of the Issuer held by Jing Investors Co., Ltd. Represents an award of 13,234 RSUs, each representing the right to receive 10 ordinary shares. 11,012 RSUs vested on December 29, 2023. The remaining 2,222 RSUs vest in equal monthly installments of 74 RSUs at the end of each month, commencing January 29, 2024. The award will be fully vested on June 29, 2026. Represents an award of 50,000 RSUs, each representing the right to receive 10 ordinary shares. 12,500 RSUs vested on June 12, 2024. The remaining 37,500 RSUs vest in equal annual installments of 12,500 RSUs on March 29 of each year thereafter, commencing March 29, 2025. The award will be fully vested on March 29, 2027. Represents an award of 30,000 RSUs, each representing the right to receive 10 ordinary shares. 7,500 RSUs vested on March 31, 2025. The remaining 22,500 RSUs vest in equal annual installments of 7,500 RSUs on March 31 of each year thereafter, commencing March 31, 2026. The award will be fully vested on March 31, 2028.
Key Figures
RSUs exercised: 20,074 RSUs
Shares from RSUs: 200,740 shares
Conversion ratio: 10 shares per RSU
+3 more
6 metrics
RSUs exercised
20,074 RSUs
Total derivative exercises on March 31, 2026
Shares from RSUs
200,740 shares
Ordinary shares received from RSU conversions
Conversion ratio
10 shares per RSU
Fixed RSU-to-ordinary share conversion rate
Post-transaction holdings
68,734,510 shares
Indirect ordinary shares held after last non-derivative entry
Single RSU vesting tranche
12,500 RSUs
Portion of 50,000 RSU award vested on June 12, 2024
Another RSU vesting tranche
7,500 RSUs
Portion of 30,000 RSU award vested on March 31, 2025
Key Terms
Restricted stock units, derivative security, indirect ownership, ten percent owner, +1 more
5 terms
Restricted stock units financial
"Restricted stock units ("RSUs") convert into ordinary shares on the basis of ten ordinary shares per unit."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security""
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
indirect ownership financial
""ownership_type": "indirect", "ownership_code": "I""
ten percent owner financial
""is_ten_percent_owner": 1"
vesting financial
"RSUs vest in equal monthly installments of 74 RSUs at the end of each month"
Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.
FAQ
What insider transaction did NOAH (NOAH) report for Wang Jingbo on March 31, 2026?
NOAH reported that director and ten percent owner Wang Jingbo exercised restricted stock units into ordinary shares on March 31, 2026. She converted 20,074 RSUs into 200,740 ordinary shares, reflecting the compensation vesting schedule rather than an open-market share purchase or sale.
Are the NOAH (NOAH) RSU exercises in this Form 4 open-market purchases or sales?
The transactions are coded as M, indicating derivative exercises or conversions, not open-market trades. They show RSUs converting into ordinary shares at a stated price of $0.0000 per unit, reflecting equity compensation vesting rather than discretionary buying or selling in the market.