Noah Holdings Limited

Hi, good morning, everyone, and welcome to NOAA's fourth quarter and year-end conference call. I'm Melo Xi, Director of Investor Relations at NOAA Group. The presenters joining us today are Ms. Wang Jingbo, our co-founder, chairlady, and CEO, and Mr. Graham Pan, our CFO. Before we start, we would like to kindly remind you that during today's call, we may make forward-looking statements based on our current expectation of the business. Please keep in mind that these statements are subject to risks and uncertainties that may cause NOAA's actual results to differ from these statements. We do not undertake any duty to update these statements. For discussion of some of the risks that could affect results, please see the Safe Harbor Statement section of our 6-K filing. We also refer to certain non-GAAP measures and you will find reconciliations in our 6K report made available on the financial report section of NOAA's investor relations website. Also please note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any NOAA or NOAA affiliated products. This call is copyrighted material of NOAA and may not be duplicated without consent. Also, we will appreciate for you to change your display name to first and last name plus your institution name. With that, I would like to welcome our chair lady and CEO, Ms. Wang Jingbo. Chair lady, hand it to you now.

Today's phone conference agenda, I would like to first talk about Hongguan's views and Luoyao's international progress. I would like to report on Luoyao's overall performance in 2022 and the development of several major business segments. First, I would like to introduce annual financial information, and lastly, interactive questions. 2022 is a very complex year for the global Hongguan environment, and it is also destined to be an unusual year. In the beginning of 2022, we did not fully predict the complex situation that occurred throughout the year. From the beginning of the first quarter, the Shanghai lockdown began in March, and almost the entire year of the United States, the market hardship and the complex situation in 2022 exceeded our expectations. It can also be said that in 2022, we witnessed the investment confidence of the most serious customers in the past few decades. China, China, China, China, China, China, China, China Weiguo Wu, Hong Li, Wing Shan Ng, Melo Xi The COVID-19 pandemic has caused the global supply chain to suffer serious losses in the past three years. The global economy has suffered the most serious inflation in decades due to the impact of the land conflict on the general price of goods. In order to prevent inflation, the global central bank, which represents the United States and the United Nations, has quickly adopted the fastest-growing measures in the past 40 years, such as the reduction of volume and the rise of risk-free interest rates. Zhe Yin, Qing Pan, Sunia Han, Weiguo Wu, Hong Li, Wing Shan Ng

For the agenda of today's conference call, I'd like to start by discussing the macroeconomic landscape and update on our globalization strategy, then report on NOAA's overall performance and the development of various business segments in 2022. Mr. Pan will then present the financial information for the year and conclude with the Q&A session. Year 2022 was an extraordinary year with an extremely complex global macroeconomic environment. The extreme market gyrations caused by the Russian and Ukraine conflict during the first quarter, Shanghai lockdown during the second, and the rapid Fed rate hike spanning almost the entire year has by far exceeded our expectations. In other words, we have seen the most drastic drop in investor confidence and Zhe Yan. Turning to the global market, since the subprime financial crisis in 2008, prolonged quantitative easing and abundant liquidities have led to a significant level of global asset inflation. With global supply chains severely disrupted over the past three years by the raging pandemic, coupled with the impact of surging commodity prices due to geopolitical conflicts, we have seen the most acute global inflation in decades. In order to tame inflation, the world's major central banks, led by the US Federal Reserve, moved quickly to raise interest rates at the fastest pace in almost 40 years. The sudden quantitative tightening measures and escalating risk-free rate of return led to huge losses in risk assets, with both equity and bond markets experiencing their worst year since 2008. The significant shift in investor sentiment led to a decrease in preference for high-yield products and an increase in demand for assets with lower volatilities and higher liquidities. As a wealth and asset management firm focusing on serving global Chinese high net worth clients, NOAA's mission is to understand and gain insight into the ever-changing needs of our clients.