Pan Qing 4

What Happened

• Pan Qing, Chief Financial Officer of Noah Holdings (NOAH), reported the conversion/exercise of restricted stock units (derivative transactions) on April 29, 2026. The Form 4 shows an acquisition of 1,035 ordinary shares and a simultaneous disposition of 103 shares at $0.00 (reported as a derivative disposal).
• The filing reflects RSU-related activity rather than an open-market buy or sale; the $0.00 disposition is consistent with shares surrendered to satisfy withholding/tax obligations rather than a cash sale.

Key Details

• Transaction date: April 29, 2026. Transaction types reported as "M" (exercise/conversion of derivative).
• Reported amounts: Acquired 1,035 shares; Disposed 103 shares at $0.00 (value reported $0).
• Shares owned after transaction: Not specified in the Form 4 filing.
• Footnotes: F1—each RSU converts into 10 ordinary shares. F2—award was 6,383 RSUs (63,830 underlying shares); 3,272 RSUs vested Dec 29, 2023; remaining 3,111 RSUs vest monthly (103 RSUs per month), with full vesting on June 29, 2026.
• Filing timeliness: The Form 4 was filed Apr 30, 2026 for transactions on Apr 29, 2026; the filing does not indicate a late report.

Context

• This was an RSU conversion event, not an opportunistic market purchase or a discretionary sale. The reported disposition at $0 typically indicates shares were withheld/surrendered to cover taxes or other withholding obligations associated with vesting.
• For retail investors, RSU vesting and withholding transactions are routine executive compensation mechanics and do not necessarily signal a change in insider sentiment about the stock.