Noah Holdings Limited (NYSE:NOAH) Q4 2022 Earnings Call Transcript

Unidentified Analyst: Maybe I’ll add one more question about the investment sentiment. So in 2023, do you see improve improvement household investment segment in your clients and how does this compare to the 2022 or 2021 level?

Qin Pan: Yeah, so Peter, I think just to supplement obviously in quarter — fourth quarter would benefited quite a bit of I guess heightened interaction with the clients who actually held pretty big client conference in Singapore towards end of December, actually before the official opened up of China market last year, about 300 clients flew over to Singapore. And also we held a very large conference last week in Hong Kong, and about 600 clients came over and joined our conferences. And were providing views from different GPs, our own GP, and also economics just to share the outlook of the capital marketer plan. So we’re able to actually interact I guess at a better quality and better interaction frequency with the clients. And in terms of the sentiment, we actually published a white paper with PWC for 2022 high net worth individual sentiment index and this first year we’re doing this white paper.

And I think it’s actually a great way for us to understand what people are thinking, especially the very unique group of high net with individuals in China, mostly actually our private business owners and our entrepreneurs. It seems that obviously, after the reopening up, I alleviated quite a bit, but I think the overall sentiment towards investment and wealth management or as allocation will continue to be conservative, towards RMB type of products. But we think that they probably were looking, continue to look to further diversifying their allocation across the board also in the product mix. Peter?

Qin Pan: Thank you, Peter. We have no more — we have no further questions from the audience. So with that, we would like to conclude this quarter and yearend’s earnings call. For our most updated financial reports, please refer to the financial statement section within our Investor Relations website. So thank you all for listening and thank you very much.