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©Reuters.
SHANGHAI – Noah Holdings (NYSE:) Limited (NYSE: NOAH and HKEX: 6686), a prominent asset management service provider in China, has filed a lawsuit regarding certain credit funds managed by Shanghai Gopher Asset Management Co., Ltd. announced the latest developments. ., its affiliated organizations. The case relates to an investment in supply chain receivables by Khamsing Credit Fund, which was later accused of fraud.
On November 1, 2022, the Shanghai Second Intermediate People’s Court found the controlling shareholders of Camsing International Holding Limited guilty of contract fraud and sentenced them to sentences ranging from life imprisonment to short-term imprisonment. The Shanghai High People’s Court upheld this judgment on January 5, 2024, and the judgment became final.
Noah Holdings said these legal consequences are not expected to have a material adverse effect on its business operations or reputation. We strive to keep investors informed about future developments.
The company’s performance in the wealth management sector continues to be strong, with reported assets under management of RMB 154.9 billion (USD 21.2 billion) as of September 30, 2023. Noah’s network spans major cities in mainland China and has an international reach with a registered customer base. As of the same day, there were 452,222 people.
This update is based on a press release statement from Noah Holdings Limited.
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