Wang Jingbo (Norah) 4

What Happened

• Wang Jingbo, a 10% owner of Noah Holdings Ltd., had 74 restricted stock units (RSUs) convert into 740 ordinary shares on April 29, 2026 (conversion ratio: 10 ordinary shares per RSU). On the same date, 74 ordinary shares were disposed of at $0.00—commonly used to satisfy tax withholding—resulting in a net increase of 666 shares from this vesting event. No cash proceeds were reported for the disposal.

Key Details

• Transaction date: 2026-04-29; Form filed: 2026-04-30 (timely).
• Acquired: 740 shares via RSU conversion (transaction code M — exercise/conversion of derivative); price N/A.
• Disposed: 74 shares at $0.00 (reported as derivative disposition); total proceeds $0.
• Net change from these entries: +666 shares.
• Shares owned after transaction: not stated in the provided filing excerpt.
• Relevant footnotes:
  • F1: RSUs convert into ordinary shares at 10 ordinary shares per RSU.
  • F2: Wang’s holdings are held through Jing Investors Co., Ltd., a BVI company controlled via family trust (she is the settlor and sole director).
  • F3: The award totals 13,234 RSUs (each = 10 shares); 11,012 RSUs vested Dec 29, 2023; remaining RSUs vest monthly (74 RSUs/month) and the award fully vests on June 29, 2026.

Context

• This was a routine vesting/conversion of RSUs rather than an open-market purchase or sale. The small number of shares surrendered at $0.00 is consistent with standard share-withholding to satisfy tax obligations on vested awards, not a market sale.
• As a 10% owner via a controlled entity, Wang’s transactions reflect her ownership structure and compensation vesting rather than independent market trading decisions.