Noah Holdings Limited (ADR) (NYSE:NOAH) shares rose 11.90% to $24.91 on Tuesday, carrying on with its bullish momentum after the company printed its quarterly earnings report.
Noah Holdings Limited (ADR) (NYSE:NOAH) shares are now moving around the middle of its 52-week range of $18.66 to $36.33. The company reported that net revenues in the first quarter of 2016 were RMB607 million, a 35.6% increase from the corresponding period in 2015, and non-GAAP net income was RMB214 million, up 52.6% year-on-year.
In addition, operating margin in the first quarter of 2016 improved most notably to 37.4% from 8.2% in the fourth quarter of 2015 and from 31.7% in the first quarter of 2015, indicating that Noah Holdings Limited (ADR) (NYSE:NOAH) has effectively managed the growth of operating cost and expenses. Total assets under management as of March 31, 2016 reached RMB94.6 billion, 60.7% increase from March 31, 2015 and 9.2% increase from December 31, 2015.
For its wealth management business, registered clients totaled 105,557 as of March 31 this year, representing a 6.6% increase from the end of 2015 or 40.9% increase since March 31, 2015. The total number of active clients during the first quarter of 2016 saw an increase of 7.5% quarter-over-quarter, as the company continued its efforts to educate investors and adjusted their product mix to the changing market landscape.
Noah Holdings Limited (ADR) (NYSE:NOAH) CEO Jingbo Wang noted that the good performance can be attributed to their deep understanding of the industry and their efforts to develop a global open product platform to focus on continuous client education and to expand our product and service offerings with our product differentiation and innovation.
Noah Holdings Limited (ADR) (NYSE:NOAH) is a wealth management service provider with a focus on global wealth investment and asset allocation services for high net worth individuals and enterprises in China. Aside from that, it also provides Internet finance services to clients in China with direct access to the country’s high net worth population.
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