Wang Jingbo (Norah) 4
4 · NOAH HOLDINGS LTD · Filed Mar 31, 2026
Research Summary
AI-generated summary of this filing
NOAH (NOAH) 10% Owner Wang Jingbo Exercises RSUs
What Happened
Wang Jingbo, a reported 10% owner of NOAH Holdings Ltd (NOAH), converted RSUs into ordinary shares on March 31, 2026. The filing shows three conversions that together generated 200,740 ordinary shares (740 + 125,000 + 75,000). Concurrently, 20,074 shares (74 + 12,500 + 7,500) were surrendered/withheld at $0.00 to satisfy tax withholding obligations, leaving 180,666 net shares delivered to Ms. Wang. No cash proceeds or market-sale of shares were reported.
Key Details
- Transaction date: 2026-03-31 (filed same day).
- Transaction type: M (exercise/conversion of derivative — RSUs). Acquisition: 200,740 shares. Dispositions (tax withholding): 20,074 shares at $0.00.
- Conversion detail: RSUs convert at 10 ordinary shares per RSU (footnote F1). The three conversions reflect vesting under RSU awards described in F3–F5 (74 RSUs → 740 shares; 12,500 RSUs → 125,000 shares; 7,500 RSUs → 75,000 shares).
- Shares owned after transaction: not specified in the provided filing excerpt.
- Ownership/control note: Ms. Wang exercises voting/disposition power through entities described in F2 (Jing Investors Co., Ltd. and related trust structure); she is a 10% owner.
- Filing timeliness: Filed on the report date (no late filing indicated).
Context
These were RSU conversions (derivative-to-share settlements), not open-market purchases or sales. The disposals reported at $0.00 are routine share withholdings by the issuer to cover taxes (not market sales). As a 10% owner with shares held via affiliated entities, this reflects vesting-related share issuance and tax withholding rather than a directional public-market trade.
Insider Transaction Report
- Exercise/Conversion
ORDINARY SHARES
[F1][F2]2026-03-31+740→ 68,534,510 total(indirect: See Footnote) - Exercise/Conversion
ORDINARY SHARES
[F1][F2]2026-03-31+125,000→ 68,659,510 total(indirect: See Footnote) - Exercise/Conversion
ORDINARY SHARES
[F1][F2]2026-03-31+75,000→ 68,734,510 total(indirect: See Footnote) - Exercise/Conversion
RESTRICTED STOCK UNIT
[F1][F3][F2]2026-03-31−74→ 222 total(indirect: See Footnote)→ ORDINARY SHARES (740 underlying) - Exercise/Conversion
RESTRICTED STOCK UNIT
[F1][F4][F2]2026-03-31−12,500→ 12,500 total(indirect: See Footnote)→ ORDINARY SHARES (125,000 underlying) - Exercise/Conversion
RESTRICTED STOCK UNIT
[F1][F5][F2]2026-03-31−7,500→ 15,000 total(indirect: See Footnote)→ ORDINARY SHARES (75,000 underlying)
Footnotes (5)
- [F1]Restricted stock units ("RSUs") convert into ordinary shares on the basis of ten ordinary shares per unit.
- [F2]By Jing Investors Co., Ltd., a British Virgin Islands company wholly owned by Magic Beams Enterprises Ltd., a British Virgin Islands company, which is in turn wholly owned by Ark Trust (Singapore) Ltd. as trustee of Norah Family Trust, with Ms. Jingbo Wang as settlor and Ms. Jingbo Wang and her family members as beneficiaries. Ms. Wang is the sole director of Jing Investors Co., Ltd. and as such has power to vote and dispose of the ordinary shares of the Issuer held by Jing Investors Co., Ltd.
- [F3]Represents an award of 13,234 RSUs, each representing the right to receive 10 ordinary shares. 11,012 RSUs vested on December 29, 2023. The remaining 2,222 RSUs vest in equal monthly installments of 74 RSUs at the end of each month, commencing January 29, 2024. The award will be fully vested on June 29, 2026.
- [F4]Represents an award of 50,000 RSUs, each representing the right to receive 10 ordinary shares. 12,500 RSUs vested on June 12, 2024. The remaining 37,500 RSUs vest in equal annual installments of 12,500 RSUs on March 29 of each year thereafter, commencing March 29, 2025. The award will be fully vested on March 29, 2027.
- [F5]Represents an award of 30,000 RSUs, each representing the right to receive 10 ordinary shares. 7,500 RSUs vested on March 31, 2025. The remaining 22,500 RSUs vest in equal annual installments of 7,500 RSUs on March 31 of each year thereafter, commencing March 31, 2026. The award will be fully vested on March 31, 2028.