Wang Jingbo (Norah) 4

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.