Q3 2023 Noah Holdings Ltd Earnings Call

Good day and welcome to Noah Holdings third quarter 2023 earnings Conference call.

Speaker 1: Good day and welcome to NOAA Holdings' third quarter of the 2023 earnings conference call.

Speaker 1: All participants will be in listen-only mode. If you need assistance, please signal conference specialists by pressing the star key followed by zero. After today's presentation, the main opportunity is for you to sign up for the webinar.

All participants will be in listen only mode.

You need assistance. Please signal a conference specialist by pressing the star key followed by zero.

After todays presentation, there remain opportunities to ask questions.

Speaker 1: Please note that this event is being recorded. I'd like to turn the conference over to Melo Zee, investor relations director. Please go ahead.

Please note that this event is being recorded.

I'd like to turn the conference over to Matt Lucey.

<unk> Investor Relations Director. Please go ahead.

Speaker 2: Thank you, operator, and good morning and welcome to NOAA's 2023 third quarter earnings call. Joining me on the call today are Ms. Wang Jingbo, our co-founder, chairlady and CEO , and Mr. Grant Pan, our CFO . Ms. Wang will begin with an overview of our recent business highlights, followed by Mr. Pan, who will discuss our financial and operational results.

Thank you operator, and good morning, and welcome to know what 2023 third quarter earnings call. Joining me on the call today are Mr. <unk> bore Oracle founder Chairman and CEO and Mr. Grant Pan our CFO, Mr. Wang will begin with an overview of our recent business highlights followed by Mr Pan who will discuss.

Our financial and operational results.

Speaker 2: They will both be available to take your questions in the Q&A session that follows.

They will both be available to take your questions in the Q&A session that follows.

Speaker 2: I'd like to genuinely remind you that we just held our annual investor day on November 14 in Hong Kong, where NOAA's executive management team provided an in-depth review of the business and laid out our strategic priorities for the future.

Like to Jetblue, you remind you that we just held our annual Investor day on November 14th in Hong Kong, where no one's executive management team provided an in depth review of the business and laid out our strategic priorities for the future the presentations and panel discussions focused on our resilient standardized product offering overseas expansion plans.

Speaker 2: The presentations and the panel discussions focused on our resilience standardized product offering, overseas expansion plans, solution-driven advisory services, global product leadership, as well as the client service strategy.

Solution, driven advisory services global product leadership as well as the client service strategy a full replay of the event and presentation materials can be found on our Investor Relations website, which I encourage all of you to watch.

Speaker 2: A full replay of the event and presentation materials can be found on our investor relations website, which I encourage all of you to watch.

Speaker 2: Before we begin, please note that 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.

Four we begin please note that discussion today will contain forward looking statements.

Jack to risks and uncertainties that may cause actual results to differ materially from those in our forward looking statements.

Speaker 2: Potential risks and incentives include, but are not limited to, those outlined in our public filings with the ICC and the Hong Kong Stock Exchange.

Actual risks and uncertainties include but are not limited to those outlined in our public filings with the ICC in the Hong Kong stock exchange, nor does not undertake any obligation to update any forward looking statements.

Speaker 2: No one does not undertake any obligation to update any four local statements, except as required under applicable law. In addition, today's call will include discussions of certain non- GAAP financial measures, a reconciliation of the non- GAAP measures to the most directly comparable GAAP measures can be found in our earnings release.

That would require under applicable law. In addition, today's call will include discussions of certain non-GAAP financial measures.

Calculation of the non-GAAP measures to the most directly comparable GAAP measures can be found in our earnings release.

Speaker 2: Lastly, this call should not be interpreted as a solicitation to sell or purchase an interest in any NOAA or NOAA-affiliated product. Please also be aware that the 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 Ms. Wang. Please go ahead.

Lastly, this call should not be interpreted as a so let's patient to sell or purchase an interest in any more or affiliated products. Please also be aware that the link to our live webcast with the presentation material is available on our Investor Relations website.

I would like to pass the call to MS. Wang. Please go ahead.

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Speaker 3: Thank you for your attention.

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Speaker 2: Thank you all for joining us. I would like to begin today's call by sharing some recent insight, Gleam from the face-to-face interactions that had with Noah Klein and my thoughts on the state of the wealth management industry. After that, I will cover the recent progress in our overseas business, provide a comprehensive overview of our third-quarter performance, and go over some updates of our Manga business at the moment.

Thank you all for joining us I would like to begin today's call by sharing some recent insights gleaned from the face to face interactions I had with no clients and my thoughts on the state of the wealth management industry. After that I'll cover the recent progress in our overseas business provide a comprehensive overview of our third quarter performance and go over it.

Some updates from our business segment.

Speaker 2: Over the past two months, we have how numerous annual meetings with over 1,200 domestic clients at our new headquarters in Shanghai, where we offered each of them an application assessment paired with strategic advice tailored to their unique circumstances.

Over the past two months, we have how numerous annual meetings with over 1200 domestic clients at our new headquarters in Shanghai.

We offer each of them and that's the allocation assessment paired with strategic advice tailored to their unique circumstances such.

Speaker 2: Subsequently, in Singapore and Hong Kong, we held meetings with over 150 and over 800 international Black Card clients, respectively, allowing us to gain valuable insight into their needs while promoting NOAA International's product and service offices.

Subsequently in Singapore, and Hong Kong, we held meetings with over 150 and over 800 international Black card clients, respectively, allowing us to gain valuable insight into their needs, while promoting nor international product and service offerings are.

Speaker 2: are close discussions, revealed and encouraging evolution in the wealth management needs of Noah's high network client. In particular, there has been a noticeable shift in focus from specific products and returns to a broader array of considerations in compadding asset security,

Our close discussions reviewed and encouraging evolution in the wealth management needs of Noah's high net worth clients. In particular, there has been a noticeable shift in focus from specific products and returns to a broader array of considerations and compacting asset security enterprise and family succession plan and global.

Global strategic asset allocation. This transition, it's particularly pronounced among lower international clients, reflecting their journey from product centric to asset allocation driven wealth management needs.

Speaker 2: This transition is particularly pronounced among NOAA's international clients, reflecting their journey from product-centric to asset allocation to different wealth management needs.

Speaker 2: Over the past two to three years, NOAA has overhauled its offering, transitioning from a product-driven to a solution-driven approach. In our international wealth management segment, we roll out the CCI model comprising of the chief investment office, client strategy office, and investment and product solution offices.

Over the past two to three years Noah has overhauled its offering transitioning from a product driven to a solution driven approach in our international wealth management segment, we rollout the CCI modal comprising of the Chief investment Officer client strategy office and investment in product solution offers through the.

Speaker 2: Through the CCI model, we directly align our MACLAR health views with the client demand to build product solutions and improve relationship manager service standards and client satisfaction.

<unk> Mato with directly align our macro house views with the client demand to build product and solution and improved relationship manager service standards and class client satisfaction.

Speaker 2: No international wealth management product offering and services matrix provides high-end work clients with our four global account allocation schemes and better in our technology infrastructure, significantly enhancing the ability of no relationship managers to provide as an application advice and continuity of service.

International wealth management product offering our services matrix.

<unk> provides high network clients with our with our four global account allocations scheme embedded in our technology infrastructure significantly enhancing the ability of Noah's relationship managers to provide after application of <unk> and continue to be of service.

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We believe to achieve success wealth and asset management firms must have a solid track records offer a diverse product portfolio, maintaining efficient sales channels and build high quality AUR in place.

Speaker 2: We believe to achieve success. Well, and after management firms, most have a solid track records, offer a diverse product portfolio, maintain efficient sales channels, and build high quality AUM.

Speaker 2: At NOAA, we recognize the pivotal role of talent and focus on cultivating a strong team through a long-term talent screening and development.

No we recognize the pivotal role of talent and focus on cultivating a strong team through a long term clock pallet screening and development system.

Speaker 2: We also believe it's crucial to have a mission, vision, and values that resonate with our clients. Our organizational and technological architecture underscores our commitment to providing high quality, client-centered services, with client satisfaction serving as a cornerstone of our long-term relationship.

We also believe it's crucial to have a mission vision and values that resonate with our clients.

Our organizational and technological artist sector underscores our commitment to providing high quality client centric services with client satisfaction, serving as a cornerstone of our long term relationships.

Speaker 2: NOAA remains dedicated to serving Hainanworth Chinese clients globally. Leveraging Hong Kong as a hub, we have begun building teams of relationship managers in key locations such as Singapore, Europe , and the United States to cater to Chinese clients comprehensive at the allocation.

Noah remains dedicated to serving high net worth Chinese clients globally, leveraging Hong Kong at the hub, we Havent got building teams of relationship managers and key relocation such as Singapore, Europe, and the United States to cater to Chinese clients comprehensive asset allocation.

Speaker 2: As the international wealth management team continues to mature, we're confident that we'll sustain our growth and expand our reach to serve a growing number of clients globally.

The international wealth management team continues to mature, we're confident that will sustain our growth and expand our reach to serve a growing number of clients globally.

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Speaker 2: Now, turning to our financial performance for the first three quarters of 2023, we generated total revenues of RMB 2.5 billion and year and year increase of 11.9%. The domestic business contributed RMB 1.5 billion and year and year increase of 11.6%. Accounting for 59.9% of the total network.

Now turning to our financial performance for the first three quarters of 2023, we generated total revenues of RMB, two 5 billion in Euro and Euro increase of 11, 9%. The domestic business contributed RMB, one 5 billion a year on year decrease of 11, 6% accounting for $59.

9% of the total net revenues.

Speaker 2: The growing client demand for global asset allocation, coupled with notes on going investments in channels, products, and comprehensive services, propel overseas revenue to RMB1 billion, and year-and-year increase of 85.1%. Accounting for 40.1% of revenue, up from 24.3% in the previous year. Brickening.

Growing client demand for global asset allocation, coupled with notes ongoing investments in channels products and comprehensive services propelled overseas revenue to RMB 1 billion and year on year increase of five 1% accounting for 41% of revenue up from 24, 3% in the previous year.

Sure.

Breaking it down by segment wealth management contributed RMB, one 9 billion a significantly year on year increase of 29% the domestic wealth management business contributed RMB, one 1 billion a slight year on year decrease of four 2%. The overseas wealth was wealth management business contributed RMB seven <unk>.

Speaker 2: Welfth Management contributed RMB 1.9 billion, a significantly year-end year increase of 20.9%. The Domestic Welfth Management Business contributed RMB 1.1 billion, a slight year-end year decrease of 0.2%. The overseas Welfth Management Business contributed RMB 784 million, a year-end year increase of 72.3%. As it benefits from the growth in overseas the establishing nativebbie that has developed its own enterprise? sano

$84 million a year on year increase of 72, 3% as it benefits from the growth in overseas transaction value and comprehensive services income.

Speaker 2: The ASA Management Secondment Contributed R&B 582 million, a year and year decreased of 5.4%, the Domestic ASA Management Business Contributed R&B 358 million, a year and year decline of 31.8%, while the Overtise Business Contributed R&B 223 million, a year and year increase of 150.3%. Primarily driven by the growth of Overtise AUA and AUM.

The asset management segment contributed RMB $582 million a year on year, a decrease of five 4% the domestic asset management business contributed RMB $358 million a year on year decline of 31, 8%, while the overseas business contributed RMB $223 million a year.

The increase of 153%, primarily driven by the growth of our overseas.

Speaker 2: On the comprehensive services front, we continue to see robust demand for wealth protection and inherited solutions from a high-level client.

On the comprehensive services front, we continue to see robust demand for wealth protection inherent solutions from high net worth clients, our domestic insurance brokerage business achieved a remarkable year on year growth of 63, 4% in the first three quarters of 2023. Meanwhile revenue.

Speaker 2: Our domestic insurance brokerage business achieved a remarkable year-on-year growth of 63.4% in the first three quarters of 2023. Meanwhile, revenues from overseas insurance, trust, and other comprehensive services surged 381.8% year-on-year. The number of active overseas insurance clients increased more than fourfold in year-on-year 2023.

From overseas Insurance Trust and other comprehensive services.

381, 8% year on year, the number of active overseas insurance clients increased more than fourfold and year on year 'twenty Q.

Q3 over.

Speaker 2: Over the past quarter, we have increased our investments in digitalizing our insurance and comprehensive services program.

Over the past quarters, we have increased our investments in Digitalized, our insurance and comprehensive services program.

Speaker 2: Our technology team has begun integrating our system with insurance companies worldwide, making us the first company in the Hong Kong market to offer fully digital insurance applications and premium payments through a no less nominee account. This has made insurance applications a significantly more efficient experience for our clients while enhancing our ability to provide high quality for film and service.

Our technology team has begun integrating our system with the insurance companies worldwide, making us the first company in Hong Kong market to offer fully digital insurance applications and premium payments through our newest nominee accounts. This has made an insurance application that's significantly more efficient experience for our clients while enhancing.

Our ability to provide high quality fulfillment services for.

Speaker 2: For the first three quarters of 2023, operating profits stood at RMB 877 million with an operating profit margin of 35.7 million.

For the first three quarters of 2023 operating profit stood at RMB $877 million with an operating profit margin of 35, 2%.

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With that thank you.

Speaker 2: Our Domestic Wealth Management Strategy continues to focus on first year and other highly populated cities in China. We have also implemented Alchemistist Structure Adjustment to ensure business compliance.

Our domestic wealth management strategy continues to focus on first are on other highly populated cities in China. We have also implemented ultimate additional structure adjustments to ensure business compliance.

Speaker 2: As of the end of the third quarter, the number of domestic relationship managers increased by 6.7% year on year and 0.9% quarter on quarter to 1,331.

At the end of the third quarter, the number of domestic relationship managers increased by six 7% year on year and 9% quarter on quarter to 1000 1331.

Speaker 2: Our Domestic Wealth Management Fund, we have continuously invested in technology infrastructure, rolling now functions such as CCF portfolio report in one click, and as the allocation is reviewed through our mobile app.

Our domestic wealth management funds, we have continuously invested in technology infrastructure Rolling now functions, such as PCI portfolio reported one click and the asset allocation and review through a mobile mobile app.

Speaker 2: This enhances the client experience while generating new business leads within the fulfillment service program process.

He has done for client experience, while generating new business leads within the fulfillment service program process in.

Speaker 2: In the first three quarters, the transaction value of neutrophiles exceeded on the 36.9 billion a year-and-year increase of 19.3%. The transaction value of private secondary products exceeded on the 14.2 billion, a substantial year-and-year increase of 46.2%.

In the first three quarters the transaction value of mutual funds exceeded RMB $36 9 billion a year on year increase of 19, 3% the transaction value of private secondary products exceeded RMB 14, 2 billion a substantial year on year increase of 46, 2%.

Speaker 2: In terms of corporate and institutional clients, the small treasury platform that launched in 2022 has successfully onboarded nearly 6,000 clients. In the first nine months of 2023, active clients increased by 73.7% year on year, with an average client AUA exceeding RMB $600,000.

In terms of corporate and institutional clients. The small treasury pool platform that launched in 2022 and successfully on boarded nearly 6000 clients in the first three months of.

In the first nine months of 2023 active clients increased by 73, 7% year on year with an average client exceeding RMB 600000.

Speaker 2: On the International Wealth Management side, we continue to recruit private bankers in Hong Kong and Singapore. As of the end of the third quarter, we have 77 relationship managers in Hong Kong and Singapore. 37.5% quarter are quartered. As we make steady progress towards our annual recruitment goal of 120 overseas relationships and managers.

On the international wealth management side, we continued to recruit private bankers in Hong Kong, Singapore at the end of the third quarter. We had 70 70 relationship managers in Hong Kong, Singapore up 37, 5% quarter on quarter as we make steady progress towards our annual recruitment goal of 100.

'twenty overseas relationship managers. Additionally, in the third quarter of 2023, we opened our client service center in Los Angeles relaunched our U S insurance products and continued setting up our Dubai office to better serve the wealth management needs of Chinese clients around the world.

Speaker 2: Additionally, in the third quarter of 2023, we opened the Client Service Center in Los Angeles, relaunched our US insurance products and continued setting up our Dubai office.

Speaker 2: better serve the wealth management needs of Chinese clients around the world.

Speaker 2: As of the third quarter of 2023, NOAA International had more than 14,200 international clients with a number of clients in Hong Kong and Singapore growing by 12.8% and 316.2% young year respectively.

The third quarter of 2023, nor international had more than 14200 international clients with a number of clients in Hong Kong and Singapore growing by 12, 8% and 313, 2% year on year, respectively cash management product.

Speaker 2: Cash management product AUM, which are US$570 million, reflecting a quarter and quarter increase of 14.4%, with the number of active clients in Q3 increasing by 30.3% quarter and quarter, and the number of cumulative clients reaching 2598, up 3.5% quarter and quarter.

Our U S dollar $570 million, reflecting a quarter on quarter increase of 14, 4% with the number of active clients in Q3, increasing by 33% quarter on quarter and the number of cumulative clients, reaching 2598 up three 5% quarter on quarter clients.

Speaker 2: Clients AUA with NOAA on a discretionary investment basis reached US $300 million. Up 13.1% quarter on quarter, with the active clients during the quarter increasing 40.5% quarter on quarter, and cumulative number of clients hitting 633, up 38.6% quarter on quarter.

With nowhere on the discretionary investment basis reached U S dollar $300 million up 14, 1% quarter on quarter with the active clients during the quarter, increasing 45% quarter on quarter and cumulative number of clients, who need 663 up 38, 6% quarter on quarter.

Speaker 2: In terms of international online wealth management, we continue to expand the product offering on our wealth management app. Expanding the client service categories to provide different solutions to individual clients, institutions, and in particular agency clients, which we have made significant progress during the quarter.

In terms of international online wealth management, we continue to expand the product offerings on our wealth management App expanding the client service categories to provide different solutions to individual client institutions and in particular agency clients, which we have made significant.

Robust during the quarter.

Speaker 2: In Q3, the number of overall access overseas clients increased by 78.6% year-on-year and 14.6% quarter-on-quarter to 2,284. Overseas Conduction Value reached US$967 million, reflecting on year-and-year increase of 106.9% quarter-on-quarter.

In Q3, the number of overall access overseas clients increased by 78, 6% year on year at 14, 6% quarter on quarter to 2284.

Overseas transaction value reached U S dollar and $957 million, reflecting on year on year increase of 106, 9% quarter on quarter.

Speaker 2: and quarter on quarter increase of 22.9%. The number of active clients in the US dollar mutual funds reached 1,758, reflecting a year on year increase of 105.6%, with transaction value reaching US dollar 269 million, up 59% year on year.

And color on color increase of 20 to 22, 9% the number of active clients in the U S. Dollar mutual funds reached 1758, reflecting a year on year increase of 105, 6% with transaction value, reaching U S dollar $269 million up 59%.

Year on year.

Speaker 2: As of the end of 23, we have successfully attracted more than 210 overseas corporate institutional clients. The transaction value of overseas mutual funds reached over US $120 million year to date.

At the end of Q3, we have successfully attracted more than 210 overseas corporate and institutional clients.

The transaction value of overseas mutual funds reached over U S. Dollar 120 million year on year to date.

In addition, the international wealth met online wealth management business began trial operations for two agent business, which drives the development of E M and multifamily offices, leveraging SaaS platform and know its comprehensive product offering our objective is to develop diverse sales channels and targeting.

Speaker 2: In addition, the International Online Work Management Business began trial operations for a two-agent business, which drives the development of EAMs and multi-family offices, leveraging a SaaS platform and know its comprehensive product office.

Speaker 2: Our objective is to develop the BirdSelves channel and targeting the goal of serving 300 overseas EAMs and multi-family options.

The goal of serving 300 overseas.

And multifamily offices.

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Speaker 2: In terms of asset management, Goldberg's total AUM was RMB 134.9 billion, representing a year and year decrease of 0.9 percent, driven by the continued exit of RMB Prev Equity Fund and decrease in NADF some public market security products. As of the end of the third quarter, RMB AUM decreased by 5 percent year and year reaching RMB 119.4 billion.

In terms of asset management corporate total AUM was RMB $454 9 billion, representing a year on year decrease of <unk>, 9% driven by the continued exit of RMB private equity funds and decrease and then you have some public market security products.

As of the end of the third quarter RMB.

<unk> by 5% year on year, reaching RMB $119 4 billion.

Speaker 2: The third quarter of 2023 was catapultized by significant volatility in public markets with a share high-composite index and changing component index falling by 4.1 and 9.4% respect.

The third quarter of 2023 was categorized by significant volatility in public markets with the Shanghai Composite index and Shenzhen component index, followed by 419.

4% respectively.

Speaker 2: Go for its actively managed party strategy product team, remain committed to balancing drop down volatility and maximizing long-term yield. As of the end of the third quarter, annualized returns for active investment products with negative 1.6% with the volatility of 6% on the sharp ratio of negative 0.5.

Actively managed part of the strategy product team remains committed to balancing dropped all down volatility and maximizing long term yields I felt the end of the third quarter annualized returns for active investment products was negative one 6% with the volatility of six 6% on the sharp ratio of negative two five.

Speaker 2: The balanced investment products generated an annualized return of 3.1% with volatility of 5.7% and a Sharpe ratio of 0.3. Stable investment products generated an annualized return of 8.2% with volatility of 2.1% and a Sharpe ratio of 3.2.

The balance investment products generated an annualized return of three 1% with volatility of five 7% and a sharp ratio of 0.3 stable investment products generated an annualized return of eight 2% with volatility of two 1% and a sharp ratio of three two.

Speaker 2: Internationally, we are fully committed to enhancing our global investment product nature.

Internationally, we are fully committed to enhancing our global investment product matrix.

Speaker 2: Overseas AUM of actively managed products reached US$4.9 per cent with selecting on year and year increase of 13.4% and its proportion of groups total AUM also increased to 22.9%.

Perceived AUM of actively managed products reached U S. Dollar for $9 2 billion, reflecting an increase of 13, 4% and its proportion of group's total are you also increased to 22, 9% in.

In the primary markets.

Speaker 2: Beyond traditional PEVC products, we have gradually launched infrastructure, GP stake, private credit, secondary funds, and resulting in a more comprehensive product made.

Traditional PVC products, we have gradually launched infrastructure GP stake private credit.

Secondary funds and resulting in a more comprehensive product matrix.

Speaker 2: Burying the domestic strategy, our DSP strategy deployed across the Silicon Valley VC ecosystem, focused on fundraising from the top GP first, followed by investing as an LP to a fund fund, with a goal to ultimately establishing a long cooperative relationship with the GP to secure co-investment opportunities.

During the domestic strategy, our ESG strategies deployed across the Silicon Valley VC ecosystem focused on fundraising from the pop Gp's first followed by investing as an L. P through a fund of funds.

Which will go to ultimately establishing a long cooperative relationships with GPS to secure co investment opportunities, we expect to deploy our PSC strategy across a wider spectrum of products in that segment in the future.

Speaker 2: We expect to deploy our DSC strategy across a wider spectrum of product segments in the future. As of the end of the third quarter, overseas PE AUM reached US $3.8 billion with selecting a year-and-year increase of 5.7%.

I felt the end of the third quarter overseas.

AUM reached U S dollar three eight to $3 8 billion, reflecting a year on year increase of five 7%.

Speaker 2: In public markets, we have intensified our screening and coverage of top hedge fund managers worldwide. 10 of the top 50 hedge fund managers globally have been onboarded, with 9 more in the due diligence process.

In public markets, we have intensified our screening and coverage of top hedge fund managers worldwide 10 of the top 50 hedge fund managers globally have been on boarded with nine more in the due diligence process.

Speaker 2: are offering incompatible diverse range of strategy, including long, neutral, hedging, trend following, and multi-strategy.

Our offering and composites, a diverse range of strategies, including long mutual hedging trend following in multi strategy.

Speaker 2: At the same time, our investment team is developing new actively managed products such as fund of hedge funds and the discretionary investment product.

At the same time, our investment team is developing new actively managed products such as fund of hedge funds and discretionary investment products.

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Speaker 2: In terms of our ESG efforts, NOAA's management places premium on promoting effective corporate governance and organizational decision-making methods.

In terms of our ESG efforts North management places a premium on promoting effective corporate governance and organizational decision, making mechanisms we employ a committee based operation.

Speaker 2: We employ a committed-based operation and collective leadership decision making progress across our business units to ensure that no it remains a dynamic of its organization and an industry leader.

Our collective leadership decision, making progress across our business units to ensure that no. It remains a dynamic organization and the industry leader we.

Speaker 2: We maintain our strong focus on data security as well, and prioritize in the confidentiality and security of client information.

We maintain our strong focus on data security as well and prioritize confidentiality and security of client information, we have establish separate domestic and foreign data centers governed by stringent client data usage audits mechanism to create a robust firewall between domestic and foreign data and insured.

Speaker 2: We have established separate domestic and foreign data centers governed by stringing client data usage audit magnets.

Speaker 2: to create a robot firewall between domestic and foreign data, and ensure that we safeguard client privacy at all times.

Safeguard client privacy at all times.

Speaker 2: in conclusion as an independent world management institution, knows core competitive advantage stem from its profound client insights and strong track records. We're firmly committed to investing in the digital capabilities and infrastructure needed for our relationship managers to grow the business and provide the best client experience. We pride ourselves in providing high quality as the allocation solutions due to improved research based house

In conclusion, I'd say independent wealth management institution, Noah's core competitive advantage stems from its profound client insights and strong track record, we're firmly committed to investing in the digital capabilities and infrastructure needed for our relationship managers to grow the business and provide the best climbing spear.

We pride ourselves in providing high quality asset allocation solutions rooted in prudent research base houses, while acknowledging the significant role of technology, we've recognized that the human touch trust and personalized relationship remains independent bowls, particularly in meeting the complex needs of Noah's high net.

Speaker 2: While acknowledging the significant role of technology, we recognize that a human touch, trust, and personalized relationship remains indepensable, particularly in meeting the complex needs of Noah's high-neighbor's clients.

Worth clients, our core competitiveness competencies are centered on creating real and long term client value encapsulate. It and that's also a client centric with survival. So the bottom line, we firmly believe that only by helping our clients thrive and we succeed as a business and thereby creating enduring value for our shareholders.

Speaker 2: Our core competencies are centered on creating real and long-term client values, encapsulated in the Auditor

Speaker 2: We firmly believe that only by helping our clients thrive can we succeed as a business and thereby creating and drawing value for our shareholders.

Finally, a note on the our updated shareholder return policy no export of directors recently approved a plan to allocate up to 50% of company's annual non-GAAP net profits towards dividends and share repurchases.

Speaker 2: Finally, a note on our updated shareholder return policy. No sport of directors recently approved the plan to allocate up to 50% of companies annual non-GAPNAN profits towards dividends and share repercussions.

Speaker 2: In the strategic decision, underscores management's confidence in the company's stable operations and long-term growth professionalism.

This strategic decision underscores management's confidence in the Companys stable operations and long term growth potential.

Speaker 2: I'll now hand over to Mr. Grant Pan for a detailed overview of our third quarter financial results. I'll now hand over to Mr. Grant Pan for a detailed overview of our third quarter financial

I'll now hand over to Mr. Grant Pan for a detailed overview of our third quarter financial results. Thank you everyone.

Speaker 4: Thank you, Carol. And yeah.

Grant anything mellow and.

Yes.

Speaker 4: Thanks, Metal. And thank you chair lady for working through the quarter three operations. And good morning, Messers, Anna, and good evening. For today's presentation, I'd like to start by sharing the latest insights of our clients profile and how Noah's strategy has been adapting to meet their needs in order to drive the growth of business.

Thanks, Mary and thank you chairlady for Whitecap.

Three operations.

Good morning investors.

And good evening.

For today's presentation.

I'd like to start by sharing the latest insight of our clients' profile.

Our strategy has been adapting to.

To meet their needs in order to try to grow the business.

Speaker 1: According to a recent survey, more than half the clients are engaged.

According to a recent survey more than half the clients are engaged.

Speaker 1: in the past, in export-oriented manufacturing, trade or internet industries, with very deep foreign currency assets already, including cash, equity, and stock up.

In export oriented manufacturing shape or inkjet.

Industries.

Very deep foreign currency assets already.

And cash equity and stock options.

Speaker 1: H.Y. most of the black card and diamond card finance. Are you in there mid 50 or even six?

Age wise most of the Black card and diamond clients are in their mid <unk> or even <unk>.

Speaker 1: that predominantly reside in China, major metropolitan centers.

Dominant side in China major Metropolitan centers.

Speaker 1: and going out with this strategy of consolidating operations in key cities.

Our leasing strategy of consolidating operations in key cities.

Speaker 1: In terms of their wealth management objectives, we're seeing two key shifts in investment appetite taking place in tomorrow's climate.

In terms of their wealth management objectives, we're seeing two key shifts in invest mode.

Taking place among our client base.

Speaker 1: China's first generation entrepreneurs continue to be the primary ???? makers within their families

China's first generation entrepreneurs.

<unk> continued to be the primary decision makers within their families.

Speaker 1: and are seeking more balance and security to other allocation strategies for their wealth.

And I was thinking more balanced and secured equipment allocation strategies for their wells.

Speaker 1: This is marked by the censorship from the water breathably seeking highly-term funding investment in the past. To focus on...

This is marked by a distinct ships on the water desperately seeking higher returns on investment in the past.

So our focus on wealth protection.

Speaker 1: Definitely many are trying to now enter a new phase of globalization in business and also capital. Not only is there a personal demand for global ad allocation of privacy increasing, but their enterprise sites need to enter global markets as entrepreneurs. It also grows.

Definitely may or clients are now entering a new phase of globalization.

And also capsule not.

Not only have their personal demand or global asset allocation services, increasing and supplier sites need to employ global markets.

It's also growing.

Speaker 1: This will lead to an accelerated wealth accumulation effect for climate-worth clients in the coming year.

This will lead to an extra layer of the wealth accumulation, but for high net worth exploring.

Yes.

Speaker 1: According to a survey, 70 percent of the clients demand global ask allocation. And as a result, the ability to provide global pollution is a key requirement for wealth walkman?

According to a survey 70% of the client demand global asset allocation.

Results the ability to provide global solutions.

Key requires a wealth management firm.

Speaker 1: With years of in-depth experience in building a business in the high net work, wealth management industry, we now possess a deep understanding of our clients and it's capable of providing complete mental solutions for their globalization needs.

With years of in depth experience in building our business in the high net worth wealth management industry. We now possess a deep understanding of our clients and is capable of providing comprehensive solutions.

Globalization needs.

Speaker 1: Our results for the first three quarters of 2023, which featured solid revenue growth driven by insurance products sales and a robust expansion, now over-seekedness demonstrated how we're successfully eating wine to man in both the two weeks.

Our results for the first three quarters of 2023, which featured solid revenue growth driven by insurance product sales and a robust expansion.

<unk> demonstrated how we are successfully meeting once demand in both situations.

Speaker 1: Furthermore, our healthy financial position ensures we are well positioned to further expand.

Furthermore, our healthy financial position ensures we are well positioned.

So the spend.

Speaker 1: with close to RMB 5 billion cash, balance sheet, healthy sets after a racial and zero into sterling sets on a balance.

With close to RMB 5 billion cash on our balance sheet healthy debt to asset ratio.

Interest bearing debt on the balance sheet.

Speaker 1: Crucially, welcome to have a very clean AUA.

Crucially, we also have a very clean.

Speaker 1: Where you from, are any legacies or not to private credit or residential relicator exposure?

Or do you foresee any legacy domestic credit all residential real estate exposures.

Speaker 1: In addition, we have a deep range of talents across our key functions, product investments, sales teams, both domestically and globally.

In addition, we have a deep bench of talent across our key function rather than less.

Both teams both domestically and globally.

Speaker 1: These factors give a confidence that no one is ideally positioned to need ever evolving these of mentoring speaking, kindness working individuals in the next phase of China's globalization.

These factors give us confidence that Norway is ideally positioned to meet the ever evolving needs of Mandarin speaking high net worth individuals and the next phase of China's globalization.

Speaker 1: with that, let's get into the details of our quarter three financial performance.

With that let's get into the details of our quarter three financial performance.

In the third quarter top line continued to see robust year over year growth with net revenues, reaching RMB $750 million.

Close to 10% increase compared to the same periods last year.

Additionally, our third quarters, the rest of the clients due to the seasonality as our sales and marketing teams to prepare for the red opening season or the beginning of the fourth quarter.

Net revenues for the first three quarters of 2023 increased by 12, 5% year over year to RMB, two 5 billion.

Mainly driven by the 19% year over year.

A one time commission fee.

Which amounted to RMB $780 million.

Speaker 1: In insurance products contributed 94% of total one time commission fees in quarter three and have emerged as an important component of our revenue structure.

Insurance products contributed 94% of total onetime commission fees in quarter, three and have emerged as an important component of our revenue structure.

Speaker 1: This can be attributed to the more defensive position being adopted by our clients when the emphasis of safeguarding assets and wealth in light of ongoing market volatility and geopolitical facts.

This can be attributed to the more defensive.

Being adopted by our clients when the emphasis of safeguarding assets in the world.

In light of ongoing market volatility and geopolitical factors.

Speaker 1: We believe the trend of clients' increasing allocation towards protection-driven products will continue for the near future. That being said, we'll continue to strengthen our overseas alternative product offerings, including global primer markets and hedge fund solutions to provide clients with more balanced solutions that can deliver long-term return while minimizing volatility and risk.

We believe the trend of clients increasing allocation towards protection driven products will continue for the near future.

That being said when continue to strengthen our oversea alternative product offerings.

Clothing global primary market and hedge fund solutions to provide clients with more balanced solutions that can deliver long term returns, while minimizing volatility and risks.

Speaker 1: Over the now revenues have accounted for 39% of total now revenues during the third quarter. A figure anticipate will continue to grow going forward.

Overseas revenues accounted for 39% of total net revenues during the third quarter.

We anticipate we'll continue to grow going forward.

Speaker 1: Notably, we officially opened our LaFanilist Office in the third quarter, which will provide client service interface for local clients in the United States, expanding our US insurance business and promote our investment business.

Notably, we officially opened our Los Angeles office in the third quarter, which will provide a client service interface for local clients in the United States, expanding our U S insurance business and promote our investment business.

Speaker 1: Additionally, we have an exciting lineup of events planned for our clients, including a flagship annual conference exclusively for esteemed Black Parks volunteers.

Additionally, we have an exciting lineup of events planned for our clients, including a flagship annual conference.

Exclusively steam the Blackhawks volumes.

Speaker 1: In addition, we recently began establishing a dedicated product selection team based in York City, specifically focusing on U.S. Touch-Farm managers.

In addition, we recently began establishing a dedicated product selection team based in Europe City, specifically focusing on U S hedge fund managers.

Speaker 1: We expect over-the-revenue contribution to increase further as we continue to expand our global footprint.

We expect overseas revenue contribution to increase further as we continue to expand our global footprint.

Speaker 1: Recurring service fees, which are a key stabilizer in the revenue mix, were RMB 1.4 billion year to date, a slightly decrease of 3.2% year over year due to a decrease in our AUM as we continue to exit RMB investment.

Recurring service fees, which are a key stabilize our revenue mix were RMB, one 4 billion year to date, a slightly decrease of 32% year over year due to a decrease in our AUM as.

We'll continue to exit RMB investments.

Speaker 1: Performance-based income was RMB 125 million in the first nine months of 2023, down 45% year-over-year. This decline can be attributed to the relatively low valuation of assets resulting from a high-yield environment.

Performance based income was RMB $125 million in the first nine months of 2023 down 45% year over year. This decline can be attributed to the relatively low valuation of assets, resulting from a higher yield environment.

Speaker 1: That being said, our Silicon Valley team was still able to achieve exits in this tough market, contributing to the performance-based income for this year.

That being said our Silicon Valley team was still able to achieve in this tough markets.

<unk> to the performance based income for this year.

Speaker 1: Other service fee income in the first nine months of the year was RMB 205 million of 37.2% year over year Primarily to more value added services provided to our clients

Other service fee income in the first nine months of the year was RMB $205 million up 37, 2% year over year.

Primarily due to a more value added services provided to our clients.

Operating profit for third quarter was RMB $215 million up seven 4% year over year and down 28% quarter over quarter.

Speaker 1: Operating profit for third quarter was RMB 250 million, up 7.4% year over year, and down 28% quarter over quarter.

Speaker 1: Operating profit margins for the third quarter remained largely stable year over year at 33.2%.

Operating profit margin for the third quarter remained largely stable year over year at 33, 2%.

Speaker 1: Our compensation and operating expenses equid by 15% quarter to quarter, but increased by 10% yield a year, mainly due to the high-based effect created by COVID-19 lockdown in 2022.

Our compensation and operating expenses decreased by 15% quarter over quarter, but increased by 10% year over year, mainly due to the high base effect created by Covid Lockdown in 2022.

Speaker 1: which curtailed both marketing activity and business travel, as well as the increase in international travel this year in support of our global expansion.

Which curtailed both marketing activity and business travel as well as the increased international travel this year in support of our global expansion.

In addition, we incurred a number of one time expenses related to the relocation so that several have headquarter and the consolidation of our domestic network among others amounting to RMB 40 million.

Speaker 1: In addition, we incur a number of one-time expenses related to the relocation to the Shanghai headquarters and the consolidation of our domestic network, among others, amounting to RMB 40 minutes.

Speaker 1: Over the long term, however, with expected reduced annual cost savings by RMB 15.

Over the long term, however would expect will reduce annual cost savings by RMB 50 million.

Speaker 1: Government subsidies for the quarter, where RMB 105.3 million, a sharp increase of 141% year over year, but flats on a year-to-date basis due to the delay in distribution of government subsidies across various regions this year.

Government subsidies for the quarter were RMB 105.

3 million, a sharp increase of 141% year over year, but flat on a year to date basis due to the delay in the distribution of government subsidies.

Various regions this year.

non-GAAP profit for quarter, three was RMB $232 million.

Speaker 1: Nung Gap Profit for quarter three was RMB 232 million, up 21.8 million year over year, and RMB 785 million year to eight, down 8.7% year over year. The teacher was stopped because quarter earlier this year.

21, 8% year over year, and RMB 785 million year to date.

Eight 7% year over year due to a soft first quarter earlier this year.

Transaction values reached RMB 23, 3 billion in the third quarter.

Speaker 1: Transaction values reached RMB 22.3 billion in a third quarter, representing a strong increase of 24 percent year over the year and 21 percent quarter over the quarter.

Representing a strong increase of 24% year over year, and 21% quarter over quarter by.

Speaker 1: By region, the total domestic transaction value in the first three quarters of 2023 was RMB 15.3 billion, our total 0.5% yield over year and 20% quarter of a quarter.

By region. The total domestic transaction value in the first three quarters of 2023 was RMB 15, 3 billion or four 5% year over year and 20% quarter over quarter.

Speaker 1: The total overseas transaction value with US dollar, 957 million, up 106.9% year-over-year, and 22.9% quarter-over-quarter.

The total overseas transaction value with U S dollar.

$957 million up 106, 9% year over year, and 22, 9% quarter over quarter.

Speaker 1: The increase in transaction value was primarily driven by mutual funds and overseas private secondary products. Thanks to the introduction of US dollar cash management and structured products.

The increase in transaction revenue was primarily driven by mutual fund and overseas private secondary products.

Thanks to the introduction of U S dollar cash management.

<unk> products.

Speaker 1: In the third quarter, mutual funds completed RMB 14.9 billion in transaction value up to 28.1% yield over year.

In the third quarter mutual funds contributed RMB $14 9 billion in transaction value.

Up to 28, 1% year over year.

Speaker 1: A total transaction money for overseas 5-bit 50-merit product for US $530.

The total transaction value for overseas quite a big secondary product for the U S dollar $530 million.

Speaker 1: In the quarter of 17 times year over year 65%, quarter of quarter driven mainly by sentiment for discretionary investment products and structure products.

In the third quarter up 17 times year over year at 65% quarter over quarter, driven mainly by strong demand for discretionary investment products and structured products.

Going forward, we expect to increase the share of global investment products and foster the growth of overseas AUM.

Speaker 1: So in forward, we expect to increase the sheer global investment products and foster the growth of overseas AUM.

Speaker 1: As of September 39, September 30th, I will oversee the AUM through 13.4% near over year two US dollar 4.9 pounds.

As of September 39.

30th our overseas AUM grew 13, 4% year over year to U S dollar $4 9 billion.

Speaker 1: Turning to the results of each segment in the first nine months, net revenues from wealth management or RMB 1.9 billion and net revenues from asset management or RMB 0.6 billion, accounting for 75% and 23% of total revenues, respectively.

Turning to the results for each segment in the first nine months net revenues from wealth management were RMB, one 9 billion and net revenues from asset management were RMB <unk> 6 billion accounting for 75% in 2023% of total revenues respectively.

Speaker 1: As of end of quarter, we have 7,461 diamond card clients and 2,250 black card clients. The total number of diamond and black card clients were 9,711.

As of end of quarter, we had 7461 diamond clients in 2250 black clients. The total number of Diamond and Black card clients were 9711.

Speaker 1: Up 0.3% quarter of a quarter and down 0.7% year over year rather

0.3% quarter over quarter, and down 7% year over year, rather flat.

Speaker 1: The number of active clients of quarter three was 9,489. Down 58% year over year. So I'm really due to individual clients adopted a rather conservative approach towards R&B public security progress.

The number of active clients of quarter, three was 9489 down 58% year over year, primarily due to individual clients adopted a rather conservative approach towards RMB public security programs.

Speaker 1: In light of 4.1% and 9.2% to up in the shell-hired securities, composite index and stringence securities from composite index respectively during the third quarter.

In light of a four 1% and nine 2% drop in Shanghai Securities can positive index and syndrome Securities composite business.

Secondly during.

During the third quarter.

Speaker 1: That being said, transaction value during the quarter was not negatively impactful.

That being said transaction value during the quarter was not negatively impacted by this as our corporate and institutional clients continued to transact with us.

On the other hand overseas active clients increased close to 80% year over year to 2284 as it continued to build up our overseas distribution channels with 77 overseas arms by end of this quarter.

Speaker 1: On the other hand, Overseas Active Clunch increased close to 80% the over year. To 2,284, as we continue to build up our Overseas Digital Television channels, with 77 Overseas Iron by end of this quarter.

Speaker 1: Turning to the balance sheet, our debt to after-racial and comrades to improve sequentially will have maintained a very healthy liquidity position without comrades to at 3.5 times. And our debt to after-racial at 18.4% was zero into machibine.

Turning to the balance sheet, our debt to asset ratio and current ratio improved sequentially.

<unk> maintains a very healthy liquidity position with a current ratio of three five times and our debt to asset ratio at 18, 4% with zero interest bearing debt.

Speaker 1: We have RMB 5.0 billing in cash and cash equipment providing ample resources to support our global expansion plans. What is the stall at decreasing it counts with equivalent quarter three primary secret, with majority conlection mathematics insurance.

We have RMB 5.0 billion in cash and cash equivalents, providing ample resources.

To support our global expansion plans. We also saw a decrease in accounts receivable in quarter three primary seats with accelerated collection of domestic insurance Commission.

The board has always placed shareholder return and capital management efficiency is a priority.

Speaker 1: The Board has always placed shareholder return and capital management efficiency as a priority.

Speaker 1: based on strong and clean balance sheet and strong liquidity position, and after considering the necessary investments associated with our global expansion plan.

Based on a strong clean balance sheet and strong liquidity position.

After considering the necessary investments associated with our global expansion plans.

Speaker 1: The board has authorized new shareholder rhythm and power.

The board has authorized a new shareholder return policy, where we will allocate up to 50%.

Speaker 1: where we will allocate up to 50% of total annual non-get-net income.

Total annual non-GAAP net income attributable to shareholders to corporate actions budgets to be useful purposes, including dividends and share repurchases.

Speaker 1: to share holders to cooperate actions budget to be used for purposes including dividends and share repurchase.

Speaker 1: Under this new policy, we will allocate no less than 35% of its annual non-step and as we view to both shareholders towards dividends, something to their contractors. The final dividend.

Under this new policy.

We will allocate no less than 35% of its annual lungs that.

Attributable to shareholders.

Fourth dividends subject to various factors.

The final dividend payout ratio.

Speaker 1: fiscal year 2023 and still in timing of any share repurpose program will be determined at a company's fourth quarter board meeting in March 2024 and announced selling for $5 million of in Congress.

Fiscal year 2023 of the timing of any share repurchase program will be determinant of the company's fourth quarter report meeting in March 2024.

<unk> thereafter.

Speaker 1: To sum up, we remain optimistic for the high net worth of individual wealth management industry. The third quarter showcased our ability and resilience to drive robust revenue growth and generate strong cash flow, giving a relatively quiet market environment.

To sum up where it may optimistic for the high net worth individuals wealth management industry.

Third quarter showcase our ability and the resilience to drive robust revenue growth and generate strong cash flow even in a relatively quiet market environment.

Speaker 1: Looking at what the robot's balance is, and nearly five billion cash and cash equipment, and poll liquidity, and a standardized product offering in the AUA will well position to fuel future growth and execute on strategy as well as increase returns for shareholders.

Looking ahead with a robust balance sheet and nearly <unk>.

5 billion cash and cash equivalents ample liquidity and a standardized product offering.

We're well positioned to fuel future growth and execute on our strategy.

As well as increased returns for shareholders.

Speaker 1: Our other balance sheet, quote-unquote, a clean AUA with no legacy private credit, or residential real estate exposure, has built us a solid reputation as a top-to-the-diviser to our clients, which were leveraging to drive our global expansion, as demands for global asset allocation growth.

All other balance sheet quote unquote clean with.

With no legacy private credit.

Residential real estate exposure, that's built out.

<unk> reputation as a trusted advisor.

Our clients, which we're leveraging to drive our global expansion of demand for global asset allocation close.

Speaker 1: We will continue to scale our international operations following the successful launch of the office in the third quarter. While still preparing to commence operations in Dubai, I continue to recruit relationship managers in Hong Kong and Singapore and other talents active in the global industry.

We will continue to scale our international operations following its successful launch of <unk>.

The office in the third quarter.

I'll still preparing to commence operations in Dubai.

We continue to recruit relationship managers in Hong Kong, and Singapore, and the other talents activity.

Speaker 1: As will continue to execute our growth strategy, we will embrace involving landscape and maintain our quilted flexibility. In the long term, we're very confident that our diverse offerings and commitment to globalization will enable us to meet the need of global client, investors, and continue to achieve value for our shareholders.

We will continue to execute our growth strategy, we will embrace involving landscape and are maintaining our corporate flexibility.

In the long term, we're very confident that our diverse offerings.

Globalization.

Enable us to meet the needs of global <unk>.

Clients investors and continuously adding value for our shareholders.

Speaker 1: Thank you for listening. We'll now open the floor for questions.

Thank you for listening.

We will now open the floor for questions.

Speaker 1: Thank you. We'll now begin the question and answer session. Ask a question plus far than one on your touch on phone. We'll draw your question for the next far than two.

Thank you well now begin the question and answer session I have a quick question plus fall and then one on you touched on phone.

All your question E Tech Star then two.

Using a speakerphone please pick up your handset before pressing the keys.

Speaker 1: Using a speakerphone, please pick up your handset before pressing the key.

I'm one of them apparently.

Speaker 5: I'm going to literally pause to a simple arrest.

Pause to assemble the roster.

Speaker 5: First question, away from Helen Lou of UBS, please go ahead.

First question will be from L. A little of UBS. Please go ahead.

Thanks management. This is how long from UBS I have two questions if I may 1st.

Speaker 3: Thanks, management. This is Helen from EBS. I have two questions if I may. First, the growth increase in Goldfer AUM was RMB 4.7 billion in the third quarter.

Increase in Gulf of EM was RMB, four 7 billion in the third quarter.

Speaker 3: almost doubled that of the second quarter. But why did one-time commissions from Gopher managed funds decline sharply to RMB 32,000? That's my first question. And second question, in terms of the transaction value mix, I noticed that a proportion of Gopher products increased to 21% in the third quarter.

Almost double that of the second quarter.

Why is it one time commissions Frank also mentioned bonds declined sharply to RMB subject yourself. That's my first question and second question.

The transaction value mix I noticed that a proportion of also products increased to 21% in the third quarter.

Speaker 3: I'm just wondering whether you have any long-term target for the transaction value mix from GoPro products and what GoPro product pipelines for the fourth quarter and into next year. Thank you. Thank you very much. This is my two questions. The first is the question on the package. This is the question on the package.

Just wondering whether you have any longer term targets for that transaction that would meet some cold side products and what Oh place product pipelines for the fourth quarter and into next year. Thank you.

Got you can't buy any official word you say Oh, Yeah go ahead.

Got it.

Real quick just on the when she can go to I was just going to go pedal.

Speaker 3: fairy tale ever be hymns why a knight like him never triumphs with humanity. a story TV lasted completely for 100 years, but this time he witnessed the shrug of a Bye.

Just what kind of dollar Joseph is a golfer that gave us a O N.

Hi, guys. Thank you for what you just said.

Sure Chi.

I'm also sure like you should be doing and I hope you can keep on telling shall Sunday.

Speaker 3: sanion to sociiting and thank you to. To go first to like coffeate Qu leader to the teily other people, to Cha one you go say on TCH you to show pass with their sat down dollars. Some one are dical oriation.

Joseph Thank you Joseph Goldstein.

Likely equal safeguard I need as you guys can give any color that you thought.

Ken why don't you go okay.

Fashion, where they shut down some of our particularly our interest margin now Thiago and judicial Shanghai, Guangdong, especially just as I think I must thank you she said its home market.

Speaker 3: The second question is actually to ask Wang Dong. This is actually from the perspective of the goal of the three-year-old. It is actually a high-speed product. In terms of the high-speed product, the price is 1% to 21%. I don't know if it's a high-speed product, but there is a lot of cost-effective product. In terms of the speed and the speed of the four-year-old, That's not too cool.

Hi, just a golfer like how did you.

Is it on the Guangzhou Shenzhen 70 children dollar back into actually well the Doctor says I'm not going to see the hot yeah Yeah.

Just yesterday I'm looking now.

Okay champion, Kansas, Pushout, because greenwash, how's that going and that's where you go from here I mean, Joseph Goldstein gave quite a chunky you'll not see there you go.

For sure.

Okay.

Okay.

Speaker 1: Other party hellla, I will make's you go and keep you and you don't want to cheer? Lo that woman there, a U M and the people in the TH down.

Hey, Dan.

We're not going to do ones, you don't want to cheer that woman there.

Again that people can have things gone no excuses here we are after.

Speaker 1: choers three years ago, high wea things. When time P or change in bther Y say: let me tell you ire purchers of which TR Sue the Trans one fath, that's go. You Sing the mood don't like? So you have A. my man Cho want to go so through. The final woman could now buy. You got the what you got private hedge fund. You got got one time commission to. J find that done, what you in.

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Firing up the outward or you go private hedge fund that clearly you're going to be I'll call. It a one time commission to judge will findings that down but you put it yet.

So hang on I'll explain.

Speaker 1: So Helen, I'll explain your question. So basically, a good chunk of the AUM increase.

Your question so basically.

Good chunk.

The AUM increase.

Speaker 1: The goal for product actually came from the $1 cash men's products and some of the discretionary portfolio investments for deposits.

For product actually came from U S dollar cash management products and some of the discretionary.

Portfolio investments for deposits. So basically a majority of the revenue structure will come from management fees going forward.

Speaker 1: So basically, majority of the revenue structure will come from these going forward. The same quarter revenue actually doesn't reflect as we actually don't charge.

The same quarter revenue actually doesn't reflect as we actually don't charge.

Speaker 1: A very high, so-call that the stion PE, for this type of pro.

Hi, so call it a subscription fee for this type of products.

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The pace of the potential I'm, not saying they will have to compete.

And can easily move totally out of the tendency.

Speaker 2: Thank you, Helen. I'll translate for Chair, ladies. So in terms of Gover international front, we are committed to increasing our capabilities in actively manage product space, including primary, secondary, public securities, as well as cash management. So that is kind of a more of a long-term process. Now in terms of the third-party distributed products versus our actively manage product.

Thank you Harlan our transfer translate for chairlady. So in terms of golfers International front are.

We are committed to.

Increasing our capabilities in <unk>.

Actively managed product space, including primary secondary public securities as well as cash management.

So.

That is kind of a.

More of a long term process now in terms of the third party distributed products versus our actively managed products we don't have.

Speaker 6: We don't have.

Speaker 2: quite a clear picture in terms of the split yet, but then going forward, it will be depending on what the client really means, and also, you know, our investment in increasing our research and investment capabilities in goalfors overseas market.

Quite a clear picture in terms of the splits yet, but then going forward it will be depending on what the client really needs and also.

Our investment in increasing our research and investment in capabilities in golfers overseas market.

Hello.

Okay transaction on June four.

Speaker 5: Yeah, thank you, Alan. Operator, I believe we have Peter, Langing up in the queue as well. Yes, thank you. Again, to ask a question, press star then one. Next question will be from Peter Chung, JP Morgan. Please go ahead.

Yeah. Thank you Alan.

Operator, I believe we have Peter are lining up in the queue as well, yes. Thank you again to ask a question Press Star then one next question will be from Peter Chung of J P. Morgan. Please go ahead.

Speaker 1: Thank you for giving me the opportunity. I have two questions to ask. First, I think there is a highlight in this quarter that the amount of transactions of our financial products has rebounded. I would like to ask if you can help us to disassemble this part again, is it mainly driven by international transactions or domestic ones? Then, Guan Licheng also mentioned that he has been communicating a lot with investors recently. I would like to ask if the mood of the investors has changed recently?

T J E T.

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Sure.

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Joe you know yourself or somebody in China.

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Patricia do you feel that your government in conjunction side are in trouble.

Speaker 1: I have a question. First one is on the wealth management transaction volume. We noticed That's good.

But I will tell the people with some stuff.

Oh sure yes.

Just a bunch of all cash all the time, but yeah.

Sure.

Oh shoot.

Sure Let me do the <unk> I have two questions first one is on the <unk>.

Wealth management transactional volume, we noticed that.

Speaker 1: The transaction world would increase the financial in the quarter, we wish to understand what the driver behind it is mainly driven by the transaction of, say, in the income from international crime overseas crime. And mentioned also mentions that NOAA engage with a crime in the quarter. But what's the latest crime investment sentiment you'll get back?

Yes.

Transaction volume increased sequentially in the quarter, but we're still in does that what's the driver on it did mainly driven by.

The transaction offered.

King.

International client obviously declining.

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Speaker 1: say the first question. On second question we noted that on the concept also called here is

On the cost side, plus a quarter Dan.

Large.

Speaker 1: blocks the contribution from the government subsidiary, which helped you reduce the old packing culture. We wish to understand what the data represent or what the driver behind it. And what's the trend going forward? Thank you. You.

Large.

Contribution from the government subsidies, which helped fuel.

The old packing, so culture, but wish to understand what was.

What does that represent.

What's the driver behind it and what.

Does it change the trends going forward. Thank you.

Watching pension John Yeah go ahead.

Yeah.

Uh huh.

Speaker 1: So Peter, the first question, the contribution actually mainly came from the US toilet side, which we managed to actually distribute around one gallon.

So Peter on the first question the contribution actually mainly came.

From the U S dollar side.

We managed to actually distribute around one thing.

Speaker 1: US dollars in the transaction value, which has seen a significant increase about 132% year over year. At the same time, we'll maintain the rather healthy distribution on R&B, which is attributable to the corporate client transaction, which is in the client from small treasury that account for about 100,

Ah, yes dollars and apply.

<unk> body, which have seen.

Maybe I can increase about 132%.

Year over year at the same time, we've maintained a rather healthy distribution.

RMB, which is attributable to the corporate client transaction institutional client from smart special rates that account for about funded.

<unk>.

Speaker 1: actually 12.9 billion armed mutual funds transactions. So both actually added and contributed to a rather healthy transaction values this year.

Actually $12 9 billion.

RMP mutual funds transactions, so both actually added.

Contributors to a rather healthy transaction values this year.

Speaker 1: And your second question in terms of, I'll leave the client sentiment observation to chair lady and also I will share a little bit of my insights as well.

And to your second question in terms of Oh, I'll leave the client sentiment observation to chairlady and also I will share a little bit my insights as well.

Speaker 1: The second question in terms of the government subsidy the total year to date actually remain pretty stable The first so quarters first week quarters comparing to last year

Second question in terms of the government subsidy the total year to date actually remained pretty stable.

Waters for three quarters comparing to last year.

Speaker 1: but the timing of the grant of the actual path.

But the timing of the grant of the actual cash.

Speaker 1: The timing usually is I will say pretty spontaneous based on the government fiscal situation. So this year we happen to receive the subsidies in the third quarter. But the total amount actually remains rather stable from the last period of year.

The timing easily.

I will stay pretty spontaneous.

Based on the government's fiscal situation. So this year, we happened to receipt of the subsidies in the third quarter, but the total amount.

They've remained rather stable from the last period of years.

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Please go crazy over faster switching now how did you come in to get a free at the Monaco century, Jonathan What's your investment dollars.

Okay.

Yeah, So I will try to translate.

Speaker 2: Yeah, I'll try to translate for both grand and chair ladies. So, you know, we have how various conferences and annual gala events in the past couple of months. You share high Singapore and Hong Kong. And we have interacted with over 1000 clients late.

Yeah, I'll try to translate for both Grand and generally do so.

We have how various congresses and annual gala events in the past couple of months.

Shanghai, Singapore, and Hong Kong, and we've have interacted with over 1000 clients lately. So.

Speaker 2: So, what we have witnessed was that first overall that the clients have remained rather rational and they are seeking kind of a more balanced solution and diversity in their global asset management or global asset allocation.

We have witnessed a was that first overall that the clients have remained rather rational and they are seeking kind of a more balanced solutions and diversity in their global asset management, our global asset allocation.

Speaker 2: And also we have witnessed a very obvious shift from focusing on product and recent returns from the past, compared to now that...

And also we have witnessed a V.

Very obvious shift from focusing on product and our rates of returns.

From the past comparing from now that the clients are more focusing on the comprehensive solution on their overall wealth management needs, including their family and enterprise are inherent.

Speaker 2: are more focusing on the comprehensive solution on their overall law management needs, including their family and enterprise inheritance and succession plans. We have seen that the

And succession plans and we have seen that.

Basically the maturity and sophistication of clients have increased so which is a good news or independent wealth managers like Noah. We have spent quite a lot of resources in that sort of education and building our internal research capabilities. So now that we kind of.

Speaker 2: basically the maturity and sophistication of clients have increased.

Speaker 2: So, which is the good news for independent wealth managers like Noah, we have spent quite a lot of resources in better education and building our internal research capabilities. So now that we kind of are, it's easier for us to reach a consensus with our clients.

It's easier for us to reach a consensus between our clients and Chairlady has also commented that in the past.

Speaker 2: And, you know, charity has also commented that, you know, in the past, year also, you know, basically the general market or

Oh, so you.

Basically, it's a general market or.

Speaker 2: HANA works individuals in China in general, not just only Noah's client, has seen many risk-related events in the past.

In other words individuals in China in general not just only Noah's clients has seen many risk related events in the past and you know.

Speaker 2: and their demands and needs have become more clear and more focusing on asset protection and security and more focusing on global macro views including currency risk.

They are their demands and needs have become more clear.

And more focusing on asset protection and security and more focusing on global macro views, including you know currency risk.

Speaker 2: And such so so we're spending more time to do in metro education on on those funds

As such so so we're spending more time to do and that's your education on those funds.

Hope that answer your question Peter.

Speaker 1: Let me do the translation. I have a full of questions on government subsidiaries. »

Yes, she is going to affect our clean Bette Jo Nikola Tesla trajectory Lincoln way.

She Belgium, sure yet from Beijing, and the layoffs.

Oh sure sure chips off the table now among publicly and photo sharing all that kind of a wildcard.

Yes.

They bought it actually the old kind of simple.

Paul of Ultrashape.

Let me do the translation I have a follow up question on government subsidies.

Because.

Speaker 1: Mr. Pantra mentioned that the year to day amount has been stable from previous level. Can I say that going forward the annual amount likely to be stable while there can be a because I see the analogy being called about culture at present.

Just to touch the.

Pat just mentioned that the actual amount has been stable from previous level of cost saves that going forward.

The annual amount of likely to be stable, while there can be.

Let's see then that are key.

And quarter by quarter. Thank you.

Speaker 1: Peter, I think for 2023, it's probably the right way to put it. Going forward, I think it's very hard to say in terms of the government subsidies, which is a

Peter I think for 2023.

Probably.

Right way to put it.

Going forward I think.

It's very hard to say in terms of the government service fees, which is a form of a refund of of <unk>.

Speaker 1: form of refund of taxes or actually some of that is associated with the job creation. So depending on the structure going forward on the, you know, R&B revenue and income that we actually make domestically.

Taxes or actually.

Some of that is associated with their job.

<unk>.

So depending on the structure.

Going forward on the RMB revenue income that we actually make domestically.

Speaker 1: I'm not sure whether or not to say that it will remain consistent, pretty hard to predict. So if we do have a increased revenue going forward, on the domestic side, we'll probably see a higher subsidy, but if not, we'll see a little bit volatility.

I'm not sure whether or not a safe to say that it will remain consistent it's pretty hard to predict so if we do have a increased revenue going forward.

On the domestic side, we'll probably see a higher subsidy, but if not we'll see a little bit of volatility in that.

Speaker 1: But I guess from what we have seen, I believe, at least this year, the government is still honoring other subsidies to us.

But I guess from what we have seen I believe.

At least this year the government is still you know.

Honoring their subsidies to us yes.

Thank you. Thank you that's very clear.

Okay. Thank you Peter.

Thank you next question will be from Chile, Duane Morgan Stanley. Please go ahead.

Speaker 5: Thank you. Next question will be from Chiao. If you're having a Morgan Stanley , please go ahead.

Speaker 7: As if one mon FAM, where here I'm doing going, didn't take Fe. That did be counes to should home you something. Now the do should kind of hideing that to conens about UL. Take PID hour, your Ed to some.

I think anything that helps our long standing by itself.

Julian can come very happy they'll begin to creep on again, please executive deal is interesting, but I think I got it.

Tom you have some figures.

When she came to us in Baton Rouge.

I'm convinced the board you look at something.

Just wanted to get a little bit so I'll start with you just you're going to take off.

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Paul.

So I think about it.

They're all doing it kind of a new box at all the pre leasing capital.

Sure.

You don't get a whole new bed.

John wanted to without putting any of them.

Uh huh.

Yes.

One of them and so what you gave quite a slowdown.

So that would be.

Now, let's get into the organization.

Speaker 7: Let me translate briefly. The first question is follow up on the Black Hawk. Scott, that's put place in several cities recently, just swungering of the progress in terms of a transaction value. Ganyer, Ganyer, and then the BPS be provided quite strong support to the...

Let me translate briefly the first question a follow up on the <unk>.

Hi, Scott.

<unk> several.

City information pretty just wondering what's the progress in terms of our transaction value.

<unk> generated and with EPS.

Provide quite strong support to the <unk> revenue.

Speaker 7: And the second question is not forethought in the ensuring commission rates, we saw some adjustment actually quite notable just on the about ensuring commission rates. So the management expect the commission rates in Norway would also face potential changes going forward and after potential impact the revenue.

And the second question is regarding the insurance Commission rates and we saw some adjustments actually if I noted like ethanol in the Ambac assurances.

Emission rates so the management expect.

Commission rates in no way I would also based on potential changes going forward and backward potential impact.

Revenue for Q.

Speaker 1: Thank you. I'll take the first question. We actually seeing a very good turn up attendance with the past three stops. And we have two more to go for the annual Gallup, but probably will take place in next year, early next year. From what we have seen for first three stops, with the high attendance, we'll believe the total creation of revenue.

Thank you I'll take the first question.

We actually seeing a very good 10 turn up.

Attendance for the past three stops and we have two more to go for the annual gala, but probably would take place.

In next year early next year.

From what I've seen for first three stops.

Hi, attendance I believe the total creation of revenue.

Speaker 1: or placement of financial products. So, you know, we're pretty optimistic about what's going to come. But in terms of transaction value, as much as we understand...

Or placement of financial products.

You know, we're pretty optimistic about what's going to.

To come but in terms of transaction value as much as we understand.

Speaker 1: It's a pretty key matrix in terms of, you know, to measure how much of clients wallet share you're taking. We are not aggressively pushing for any specific type of products. But we're mainly focusing on, as we mentioned earlier, the total solution for our clients. So basically, if the client prefers to allocate more towards insurance products.

It's a pretty key metrics.

In terms of you know.

To measure how much of clients' wallet share you're taking a we are not aggressively pushing for any specific type of products.

But we're mainly focusing on as we mentioned earlier the total solution for our clients. So basically if the client prefers to allocate more towards insurance products, you, probably wouldnt see as high as transaction values.

Speaker 1: You probably wouldn't see as high as transaction values as in traditional investment products.

In traditional investment products.

Speaker 1: But we're okay with that. I think we're pretty comfortable with the strategy of as long as, you know, a caterer's stock funds will need as we believe that they're much more sophisticated than before. But with that said, we do have very ample supplies of investment products, especially on the overseas side. We believe our clients are still very globally minded compared to the past. They're more...

Okay with that now I think we're pretty comfortable with the strategy of as long as it caters smokes funds Rio need.

We believe that there are much more sophisticated than before but with that said, we do have very ample supplies.

Investment product, especially on the overseas side, we believe our clients are still a.

Very globally minded comparing to the past there you know more.

Speaker 1: I think more sophisticated and deeper understanding how the global investment in products play compared to the figures.

I think a more sophisticated and deeper understanding of how the global investment in robotics play as compared with interest back.

I believe Theres a second question.

Speaker 1: I believe there's a second question. Can you remind me of what the second question is?

Can you remind me what the second question is.

Speaker 1: I can talk without the confirmed activation rate

So that's the only one.

With all the transmission rate change.

Speaker 7: i you

Are there any risk.

Commission.

Speaker 1: Can say they they ton ight I'm going to say.

I'm going to say.

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Speaker 2: Yeah, so on the insurance commission side in terms of insurance brokerage, commission, the clock, right now the regulation is mainly focused on bank insurance channel. So the independent insurance brokers are not affected yet.

Yeah. So so on the insurance commission sides in terms of the insurance brokerage Commission declines.

Right now the regulations, mainly focused bank insurance channel.

So the independent insurance brokers are not affected yet.

Speaker 2: But if the regulations should change in the future to include the independent brokerage, then we would have no choice but to follow. But in terms of a global scale, we're not seeing any regulatory changes in the overseas research brokerage business or market. So that part should not be affected. And in fact, that after COVID,

But as deregulation should change in the future to include the independent brokerage then we would be.

Have no choice, but to follow but in terms of our global scale, we're not seeing any regulatory changes in the overseas insurance brokerage business, where market so that part should not be affected and.

In fact that you know after COVID-19.

Speaker 2: the overseas insurance brokerage business has been generating more revenue share comparing to our domestic business at the moment.

The overseas insurance brokerage business has been generating more revenue share comparing to our domestic business at the moment.

Oh sure.

Thank you.

Thank you Chuck.

Speaker 5: Thank you. That concludes our question and answer session. It also concludes our conference for today. Thank you for attending today's presentation. You may now disconnect.

Thank you that concludes our question and answer session.

Also concludes our conference for today. Thank you for attending today's presentation you may now disconnect.

Thank you all for here. Thank you al.