Noah Holdings is a wealth management firm focused on serving high-net-worth (HNW) Mandarin-speaking individuals and their families, primarily Chinese nationals in mainland China and overseas. Noah targets clients with investable assets exceeding RMB 6M, with its most valuable tiers classified as "black card" (assets under advisement over RMB 50M) and "diamond" card clients. Noah serves roughly 18,450 active clients through a network of relationship managers who build personalized asset allocation plans. Noah operates through two core functions: a wealth management distribution arm, which places third-party private equity, hedge fund, insurance, and other investment products with clients for upfront commissions; and an asset management arm, which manages proprietary funds-of-funds and alternative vehicles for recurring management fees and performance-based carry. Domestically, Noah distributes through Noah Upright and manages assets through Gopher; internationally, through Ark (wealth management) and Olive (asset management), with offices in Hong Kong, Singapore, New York, and elsewhere. Overseas revenues now account for roughly half of total revenues, reflecting a deliberate shift away from domestic RMB-denominated private equity toward global asset allocation. Noah is also actively pivoting its revenue mix from transaction-driven commissions toward recurring, AUM-based fees. The firm is deploying AI across client engagement and back-office operations, and is exploring digital assets through a partnership with Coinbase Asset Management. Noah carries no debt, holds RMB 5.0B in cash, and has returned over RMB 2B to shareholders since 2022.