China $21.8 Billion Wealth & Asset Manager Noah International Wealth Management Hong Kong-Based CEO Oscar Liu & Singapore CEO Casey Zhou Have Both Resigned
24th May 2024 | Hong Kong
China wealth & asset manager Noah Holdings with $21.8 billion AUM (Assets under Management) International Wealth Management Hong Kong-based CEO Oscar Liu & Singapore CEO Casey Zhou have both resigned. Earlier in May 2024, a Shanghai court ruled China e-Commerce Giant JD.com not liable to pay China wealth manager Noah Holdings, with JD.com accusing Noah of engaging in malicious lawsuit & misleading public in $4.2 billion fraud during Shanghai court trial. The Shanghai court accepted compensation claims of $470 million from Noah subsidiaries Gopher Asset Management and $11 million from Ziyan Car Rental Service against Hong Kong-based Camsing. Camsing had used false JD.com documents & caused over $1.1 billion of losses, Camsing Chairman Lo Ching had been sentenced to jail for life, and Gopher Asset Management executive Fang Jianhua had also been sentenced to jail for accepting bribes.
“ China $21.8 Billion Wealth & Asset Manager Noah International Wealth Management Hong Kong-Based CEO Oscar Liu & Singapore CEO Casey Zhou Have Both Resigned “
Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors. In 2023, Noah distributed RMB74.1 billion (US$10.4 billion) of investment products. Through Gopher Asset Management, Noah had assets under management of RMB154.6 billion (US$21.8 billion) as of December 31, 2023. Noah’s wealth management business primarily distributes private equity, private secondary, mutual funds, and other products denominated in RMB and other currencies. Noah’s network covers major cities in mainland China, as well as Hong Kong (China), Taiwan (China), New York, Silicon Valley, Singapore and Los Angeles. A total number of 1,252 relationship managers across 44 cities provide customized financial solutions for clients through this network, and meet their investment needs. The Company’s wealth management business had 455,827 registered clients as of December 31, 2023. Through Gopher Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in Renminbi and other currencies. Noah also provides other services.
Shanghai Court Rules China E-Commerce Giant JD.com Not Liable to Pay China Wealth Manager Noah Holdings, JD.com Accusing Noah of Engaging in Malicious Lawsuit & Misleading Public in $4.2 Billion Fraud During Shanghai Court Trial, Shanghai Court Accepted Compensation Claims of $470 Million from Noah Subsidiaries Gopher Asset Management & $11 Million from Ziyan Car Rental Service Against Hong Kong-Based Camsing, Camsing Used False JD.com Documents & Caused Over $1.1 Billion of Losses, Camsing Chairman Lo Ching Had Been Sentenced to Jail for Life, Gopher Asset Management Executive Fang Jianhua Sentenced to Jail for Accepting Bribes
10th May 2024 – Shanghai court has ruled China e-Commerce Giant JD.com not liable to pay China wealth manager Noah Holdings, with JD.com accusing Noah of engaging in malicious lawsuit & misleading public in $4.2 billion fraud during Shanghai court trial. The Shanghai court accepted compensation claims of $470 million from Noah subsidiaries Gopher Asset Management and $11 million from Ziyan Car Rental Service against Hong Kong-based Camsing. Camsing had used false JD.com documents & caused over $1.1 billion of losses, Camsing Chairman Lo Ching had been sentenced to jail for life, and Gopher Asset Management executive Fang Jianhua had also been sentenced to jail for accepting bribes.
China E-Commerce Giant JD.com Accused China Wealth Manager Noah Holdings of Engaging in Malicious Lawsuit & Misleading Public in $4.2 Billion Fraud During Shanghai Court Trial , Noah Subsidiary Gopher Asset Management Provided Financing to Liu Jing with False JD.com Documents & Causing Over $1.1 Billion of Losses & was Sentenced to Life for Fraud, Gopher Asset Management Executive Fang Jianhua Sentenced to Jail for Accepting Bribes from Liu Jing
8th December 2023 – China e-commerce giant JD.com has accused China wealth manager Noah Holdings of engaging in a malicious lawsuit & misleading public in $4.2 billion fraud (CNY 30 billion) during a Shanghai court trial. Noah Holdings subsidiary Gopher Asset Management had provided financing to Liu Jing (providing Noah with false JD.com documents) & causing over $1.1 billion of losses, and was sentenced to life for fraud. Gopher Asset Management Executive Fang Jianhua had also been sentenced to jail for accepting bribes from Liu Jing. JD.com cited Noah Holdings had been involved in more than 10 similar incidents and had been warned & punished by authorities.
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