Noah Holdings Limited

Hello dear investors and analysts and welcome to the NOAA Holdings Third Quarter 2022 Earnings Conference Call. Please note, your line has been automatically muted and this event is being recorded. The company management team will first give a quarterly update presentation. After today's presentation, there will be an opportunity to ask questions. Please use the raise hand function in Zoom during the Q&A session. When selected, you can then turn on the microphone to ask a question, and please mute yourself after the question. Thank you. I would now like to turn the conference over to Miss Jingbo Wang, Chairperson and CEO of NOAA Holdings. Please go ahead.

Weiguo Wu, Hong Li, Wing Shan Ng, Melo Xi But Loya has also completely resolved the risk of the Chinese stock market retreating. The third quarter of 2022 is a relatively difficult quarter for us. The United States, the Fed, and the global second-tier markets continue to fluctuate. China's epidemic prevention and control policies continue to cause different cities all over the country to enter lockdown. It has brought huge challenges to the commercial industry. Customer investment sentiment continues to decline, accompanied by increasingly intense Sino-US competition and Russian-Ukrainian war. Investors' willingness to invest has dropped to the peak in the last three seasons. The safety and liquidity of the investment assets to protect themselves and their families is the most urgent demand of current customers. The increase in uncertainty around the world has added many external risks. The opportunity to feel peaceful has turned into a temporary state. In times of crisis, how can we increase the frequency of contact with customers? Weiguo Wu, Hong Li, Wing Shan Ng, Melo Xi China's high-profile customers will become a major trend in the future. The end of industrialization and industrial globalization is just the beginning of China's capital globalization. Foreign Chinese customers' demand for wealth is ignored or not fully satisfied. They need financial institutions that are familiar with them to serve. The change in customer demand is the core driving the development of Luo Ya internationalization, and it is also the key development direction of Luo Ya now and in the future.

The agenda of today's teleconference, I will first share my views on the micro market, and then introduce NOAA's overall performance in the third quarter of 2022, the development of several business sectors, and our overall strategy. Next. does invite Pan Qing to introduce quarterly financial information, then conclude with an interactive Q&A. First of all, I would like to report to you that we have received the acknowledgement from the Hong Kong Stock Exchange regarding our voluntary application for conversion to do primary listing in Hong Kong. We thank the recognition from the Stock Exchange. Before the new year of 2023, NOA would become a dual primary listed company, both in the United States and Hong Kong. Although the compliance requirements for the two jurisdictions are stricter, NOAA has also completely removed the ADR delisting risk. The third quarter of 2022 is a difficult quarter we have experienced, with the Federal Reserve raising interest rates significantly and the global secondary market continuing to fluctuate. The prevention and control policy of COVID in China has continued to cause lockdowns in different cities across the country. bring huge challenges to business operations, and our clients' investment sentiment continues to be low. With the increasingly fierce competition between China and the United States, as well as the Russia-Ukraine war, investors' willingness to invest fell to the freezing point in the third quarter. The most urgent demand of clients is to protect the security and liquidity of the investable assets of their own and families. The increase of global uncertainty superimposed many external risks, making us feel that the period of strategic opportunities for peaceful development has turned into a wartime stage. In times of crisis, how to increase the frequency of contact with clients, increase the client's wallet share under management, and protect client assets are the key points of our thinking and action. At such a moment, NOAA's management needs to be aware of the market situation and make decisions decisively. The execution team needs to implement efficiently, respond quickly, and reconfigure resources quickly to ensure NOAA's future survival and development and keep it in a healthy state. We believe the current micro-situation presents not only challenges but also opportunities.