Pan Qing 4

What Happened
Pan Qing, Chief Financial Officer of Noah Holdings Ltd (NOAH), converted restricted stock units (RSUs) into a total of 226,265 ordinary shares on 2026-03-31. The Form 4 shows two conversion events: 1,035 shares and 225,230 shares were acquired (derivative conversion, code M). Simultaneously, 103 shares and 22,523 shares were reported as disposed at $0.00 (derivative), which the filing shows occurred at the same date — resulting in 22,626 shares surrendered/withheld and a net receipt of 203,639 shares. No cash sale proceeds were reported for the withheld/disposed shares.

Key Details

• Transaction date: 2026-03-31 (Form 4 filed 2026-03-31). Transaction code M = conversion/exercise of a derivative.
• Shares acquired (gross): 1,035 and 225,230 (total 226,265).
• Shares disposed at $0.00: 103 and 22,523 (total 22,626) — indicated as derivative disposals (commonly tax withholding).
• Net shares received: 203,639 ordinary shares.
• Price: acquisitions reported as N/A; disposals reported at $0.00. No cash proceeds reported.
• Shares owned after the transaction: not specified in the provided filing excerpts.
• Footnotes: RSUs convert into ordinary shares at a rate of 10 ordinary shares per RSU (footnotes describe the underlying RSU awards and vesting schedules).

Context

• These were RSU conversions (not open‑market purchases or voluntary sales). The reported $0.00 disposals are consistent with shares being withheld to satisfy tax withholding obligations upon vesting.
• Such conversions are routine compensation events and do not by themselves indicate an intent to buy or sell shares in the market.
• Filing appears timely (report and transaction date are the same).