Pan Qing 4

What Happened

• Pan Qing, CFO of NOAH Holdings Ltd., had the final installment of an RSU award convert into ordinary shares on June 29, 2026. The conversion resulted in 1,095 ordinary shares being issued and 109.5 shares surrendered/withheld (disposed) to cover tax obligations. The withheld shares were recorded at $0.00 (no cash proceeds).

Key Details

• Transaction date: 2026-06-29; Form 4 filed 2026-06-30 (timely).
• Reported transactions: 1,095 shares acquired (conversion of derivative, code M); 109.5 shares disposed at $0.00 (withheld for taxes).
• Net shares delivered to the insider after withholding: 985.5 shares (1,095 − 109.5).
• Shares owned after transaction: not specified in this Form 4.
• Footnotes: RSUs convert into ordinary shares on a 10-for-1 basis. The award was 6,383 RSUs (each = 10 ordinary shares); the award fully vested with this final installment and no RSUs under this grant remain outstanding. Monthly vesting installments were subject to rounding, which explains fractional counts.
• Filing timeliness: not reported late.

Context

• This was an RSU vesting/conversion (derivative conversion), not an open-market sale or purchase. The disposal of shares at $0.00 reflects shares withheld to satisfy tax withholding obligations, not a market sale. Such award vestings are routine compensation events and do not, by themselves, indicate a buy/sell decision by the insider.