Pan Qing 4

What Happened
Pan Qing, Chief Financial Officer of NOAH Holdings Ltd., converted restricted stock units (RSUs) into ordinary shares on May 29, 2026. The filing shows an acquisition of 1,035 ordinary shares via conversion (derivative exercise/conversion, code M) and a simultaneous disposal of 103 ordinary shares at $0.00 per share (also reported as a derivative transaction). These were not open-market purchases or cash sales — they reflect conversion/settlement activity related to an RSU award.

Key Details

• Transaction date: 2026-05-29 (filed same day). Transaction code M = exercise/conversion of derivative.
• Acquired: 1,035 ordinary shares (via RSU conversion). Disposed: 103 ordinary shares at $0.00 (reported as derivative).
• Shares owned after transaction: not specified in the provided filing.
• Footnotes: RSUs convert into ordinary shares on a 10-for-1 basis. The award described is 6,383 RSUs (each representing right to 10 shares); 3,272 RSUs vested Dec 29, 2023, and the remaining 3,111 RSUs vest in monthly installments of 103 RSUs (monthly vesting commenced Jan 29, 2024) and fully vest on June 29, 2026.
• Timeliness: Filing appears timely (transaction and report date both May 29, 2026).

Context
This was a conversion/settlement of RSUs, not a purchase that signals additional insider buying. The 103 shares reported disposed at $0.00 commonly reflect shares withheld or transferred to satisfy tax or settlement obligations in connection with RSU vesting (the filing reports this as a derivative disposition). Such routine post-vesting conversions and withholdings are standard and do not necessarily indicate a change in the insider’s investment view.