Noah Holdings Limited

Good evening and welcome to the NOAA Holdings 4Q20 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note, today's conference is being recorded. I would now like to hand the conference over to Ms. Jingbo Wang, Co-Founder and Chief Executive Officer at NOAA Holdings. Please go ahead.

Thank you. Last but not least, interactive questions. Looking back at the past year, the market has been moving forward like a car. China's financial products supply chain reform continues. Residential assets accelerate the transfer of near-term products, exceeding market expectations. Among them, the size of the new fund increased by 123%, reaching 3.2 trillion yuan. The non-purchasing volume of the market continues to grow, reaching a historical high of 10.99 trillion yuan. Zhe Yin, Zhe Yin, Zhe Yin, Zhe Yin, Zhe Yin Today for the agenda of the conference call, I will first talk about the micro view, then report on NOAA's overall performance in 2020 and the development of our major business sectors.

Our CFO, Mr. Qing Pan, will then introduce the detailed annual financial results, followed by Q&A session. Looking back on the past year, the market has been moving forward faster like a high-speed train. The supply-side reform of China's financial products has continued, and the transfer of household assets to NAV-based products has exceeded market expectations. Among them, the value of the new funds increased by 123%. Thank you very much. and the insurance of equity products is accelerated. Together with the normalization that house are for living in and not for speculative investment. Capital market reform and the return rate of equity funds continue to rise. More and more individual investment behaviors have been replaced by institutional management. It is expected that the securities products in the open market will continue to reach record high in 2021. It has been six quarters since NOAA started the transformation from non-standardized products to standardized products. In 2020, the transaction value of standardized products, the number of active clients, and the performance-based income have all reached the historical high, which are good results we have achieved in the transformation.