Noah Holdings (NOAH) Announced $50M Common Stock Buyback Plan
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Noah Holdings (NYSE: NOAH) announced that its board of directors has approved a share repurchase program, effective immediately, which authorizes the Company to repurchase up to US$50 million worth of its issued and outstanding American Depositary Shares ("ADSs") over the course of one year.
In addition to the Company's share repurchase program, three executive directors, Ms. Jingbo Wang, Mr. Zhe Yin, and Ms. Chia-Yue Chang, all intend to purchase Noah's ADSs on the open market.
The repurchases will be made on the open market at prevailing market prices or in block trades and subject to restrictions relating to volume, price and timing. The timing and extent of any purchases will depend upon market conditions, the trading price of the ADSs, the nature of other investment opportunities presented to the Company, the Company's cash flows and expected cash flows, general economic conditions and other factors. The Company and executive directors may effect buyback transactions pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
"Management is very confident in the Company's direction and long-term value. We continue to see strong momentum in our current businesses and are committed to delivering on our strategic plans. We note the recent volatility in the stock market, both in China and in the United States, with respect to China-related companies. Our focus has always been in assisting our clients with long-term asset allocation, and we believe that these short-term market fluctuations have limited impact on our core businesses and services. This share repurchase program reflects our confidence in the future prospects of our Company," said Ms. Jingbo Wang, Noah's co-founder, Chairman and CEO.
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