NOAH HOLDINGS TO PURSUE PRIMARY LISTING ON THE STOCK EXCHANGE OF HONG KONG LIMITED AND BECOME DUAL-PRIMARY LISTED IN NEW YORK AND HONG KONG

SHANGHAI,Aug. 10,2022 -- Noah Holdings Private Wealth and Asset Management Limited (the "Company"or"Noah Holdings") announcesthattheboardofdirectorsoftheCompany (the"Board")hasapproved a motiontopursuethevoluntary conversiontodual-primarylisting(the"PrimaryConversion") ontheMainBoardofTheStockExchangeofHongKongLimited(the"HongKongStock Exchange") pursuanttotheHongKongStockExchange'sguidanceletterHKEX-GL112-22.TheBoardalsoauthorizedtheCompany's seniormanagementtoproceedwiththerelevant preparatoryworkandundertake thenecessaryprocedurestocompletethePrimaryConversion. AftercompletionofthePrimaryConversion,theCompany's ordinarysharesandAmerican DepositaryShareswillcontinuetobetraded ontheHongKongStock ExchangeandtheNewYork Stock Exchange,respectively,and remain mutually fungible,as disclosed in the section headed "InformationaboutthisDocument andtheGlobalOffering"intheCompany's prospectusdatedJune 30,2022.

ThePrimaryConversionisconditionaluponandsubject to,amongothers,theCompany's compliancewiththeRulesGoverningtheListingofSecuritiesofTheStockExchangeofHong KongLimited(the"ListingRules")andtheCompany'sobtainingofthenecessary approvalsfrom the Hong Kong Stock Exchange. The Company will make further announcement(s) to disclose any material updates and progress with respect to the Primary Conversion to the extent required by theListingRulesandotherapplicablelawsandregulationsasandwhenappropriate.

Thisannouncementisforinformationalpurposes onlyanddoesnotconstitute,orform partof,anyinvitationoroffertoacquire,purchase orsubscribeforanysecuritiesofthe Company. Shareholders and potential investors should exercise caution when dealing in the securities of the Company.

ByOrderoftheBoard

NoahHoldings PrivateWealthandAssetManagementLimited

Jingbo Wang

ChairwomanoftheBoard

HongKong,August[10],2022

As at the date of this announcement,the Board comprises Ms. Jingbo Wang,the chairwoman of the Board,Mr. Zhe Yin and Ms. Chia-Yue Chang as executive directors; Mr. Neil Nanpeng Shen andMr. Boquan He as non-executive directors; and Dr. Zhiwu Chen,Mr. Tze-Kaing Yang,Mr. JinboYao and Ms. May Yihong Wu as independent directors.

ABOUT NOAH HOLDINGS LIMITED

Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors. Noah is a Cayman Islands holding company and carries on business in Hong Kong as Noah Holdings Private Wealth and Asset Management Limited. In the first quarter of 2022,Noah distributed RMB15.0 billion (US$2.4 billion) of investment products. Through Gopher Asset Management,Noah had assets under management of RMB156.1 billion (US$24.6 billion) asof March 31,2022.

Noah's wealth management business primarily distributes private equity,public securities and insurance products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,281 relationship managers across 83 cities in mainland China,and serves the international investment needs of its clients through offices in Hong Kong,Taiwan,New York,Silicon Valley and Singapore. The Company's wealth management business had 415,082 registered clients as of March 31,2022. Through Gopher Asset Management,Noah manages private equity,public securities,real estate,multi-strategyand other investments denominated in Renminbi and other currencies. Noah also provides other businesses.

For more information,please visit Noah at ir.noahgroup.com.

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