Noah Holdings controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2025
Retrial of Chengxing-Derived Financial Advisory Case: Original Finance Leasing Subsidiary Bears 70% Liability
In 2025, public reports indicated that the Supreme People's Court, upon retrial of a dispute derived from Chengxing, reversed the original judgment, holding Noah's former finance leasing business entity 70% liable for RMB 99 million and interest losses of Zhongxin Company. This entry pertains to advisory duty liability, distinct from the case where Gopher Asset Management, as the defrauded party, sought compensation.
2019
Camsing International alleged-fraud exposure
Noah disclosed that approximately $495 million of credit products overseen by one of its units were affected by alleged fraud at Camsing International Holding. The disclosure led to a sharp decline in Noah's shares and criticism over the adequacy of its due diligence and product controls.
2019
Chengxing's Fabricated Supply Chain Financing Causes Fund Losses; Internal Staff Also Involved in Criminal Case
In 2019, funds related to Noah's Gopher Asset Management became embroiled in Chengxing's fabricated supply chain financing case, with exposure of approximately RMB 3.4 billion. Subsequently, Chengxing's controller and related personnel were sentenced, and Noah sought compensation from relevant parties; a 2024 civil judgment confirmed Chengxing's payment liability and JD.com's non-liability. This entry completes the original fraud exposure and subsequent developments.
2018
Hong Kong compliance fine
Hong Kong's Securities and Futures Commission fined Noah's Hong Kong unit for inadequate know-your-customer, due-diligence, and related controls during a period from January 2014 to June 2016. The matter concerned regulatory and internal-control shortcomings rather than a stated financial performance figure.
2018
SFC Fines Noah Holdings HK$5 Million for Inadequate Compliance in Investment Advisory Sales
In 2018, the Hong Kong Securities and Futures Commission (SFC) reprimanded and fined Noah Holdings HK$5 million for compliance failures in the investment product sales process, customer risk assessment, and suitability at Noah Hong Kong. This entry completes the original Hong Kong compliance fine record, with the entity being a licensed Hong Kong company.
2017
Huishan Dairy exposure
Products managed by Gopher Asset Management had exposure to China Huishan Dairy Holdings, which collapsed after being targeted by short sellers. Gopher sought legal protection, and a Shanghai court agreed to freeze assets valued at approximately $79 million. The episode highlighted risks associated with alternative and private-market investment products.