Noah Holdings Limited

Good day and welcome to the NOAA Holdings first quarter 2024 earnings conference call. All participants will be in 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. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Melohee, Director of IR. Please go ahead.

Thank you, Operator. Good morning and welcome to NOAA's 2024 First Quarter Earnings Call. Joining me today on the call are Ms. Wang Jingbo, our Co-Founder and Chairlady, Mr. Xander Ng, our Co-Founder, Director, and CEO, and Mr. Graham Pan, our CFO. Mr. Ng will begin with an overview of recent business highlights, followed by Mr. Pan, who will discuss our financial operational results. They will all be available to take your questions in the Q&A session that follows. Before we begin, please note that this 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. Potential risks and uncertainties include, but not limited to, It was outlined in our public filings with ICC and the Hong Kong Stock Exchange. NOAA does not undertake any obligation to update any forelooking statements, except as required under applicable law. In addition, today's call will include discussions of certain non-GAAP financial measures. A reconciliation of non-GAAP measures to the most directly comparable GAAP measures can be found in our earnings release. Lastly, this call should not be interpreted as a solicitation to sell or purchase in any interest and interest in any NOAA-affiliated products. Please also be aware that a link to a live webcast with presentation materials is available on our investment relations website. With that, I would like to pass the call to Mr. Yin. Please go ahead.

Thank you, Melo. Good morning, founders and analysts of NOAA. I'm Yin Zhe. This is my first time as the CEO of NOAA Control to share and discuss the company's interests Thank you for your participation. As usual, I would like to share with you the views of Hongguan about the performance of the first quarter of 2024 and the development strategy of NOIA. In terms of Hongguan, during the first quarter, the domestic capital market fluctuated significantly, the real estate market continued to be weak, and the first-tier market was slowed down due to the influence of stage policy. We can clearly feel that the high-quality people are becoming more and more cautious in terms of investment. What is even more challenging is that in the past, there were some non-regulated wealth management companies that had capital pool businesses. High-quality domestic customers were seriously injured, and the supervision was getting more and more strict. Here, I would like to once again declare that Luoya has never done a business with capital pools since the first day of its startup. Without the wrong timing and to customers. So far, the net worth of the non-token-based equity fund and the RMB housing and real estate fund is basically zero. The continued inflation in the international market has caused the U.S. Fed to drop its forecast for the end of 2023. The high interest rate environment will continue for a longer time. Good morning, NOAA investors and analysts. I'm Denner Inn, and this is my first time sharing and discussing companies' performance as CEO of NOAA Holdings. Thank you all for joining us today.