Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2016shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
Trading Symbol | NOAH |
Entity Registrant Name | NOAH HOLDINGS LTD |
Entity Central Index Key | 1,499,543 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 28,231,328 |
Consolidated Balance Sheets
Consolidated Balance Sheets | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
Current assets: | |||
Cash and cash equivalents | $ 429,570,728 | ¥ 2,982,509,565 | ¥ 2,132,923,674 |
Restricted cash | 144,030 | 1,000,000 | 1,000,000 |
Short-term investments (including short-term investments measured at fair value of RMB496,565,847 and RMB154,594,435, as of December 31, 2015 and 2016, respectively) | 43,090,081 | 299,174,435 | 560,073,899 |
Accounts receivable, net of allowance for doubtful accounts of nil as of December 31, 2015 and December 31, 2016 | 29,401,097 | 204,131,815 | 122,346,687 |
Amounts due from related parties | 63,206,041 | 438,839,542 | 238,236,268 |
Loans receivable, net of allowance for loan losses of RMB1,334,502 and RMB1,150,707 as of December 31, 2015 and December 31, 2016, respectively | 16,407,887 | 113,919,956 | 132,109,897 |
Factoring receivables | 87,019,444 | 604,176,000 | |
Deferred tax assets | 0 | 0 | 0 |
Other current assets | 12,786,819 | 88,778,883 | 75,141,655 |
Total current assets | 681,626,127 | 4,732,530,196 | 3,261,832,080 |
Long-term investments (including long-term investments measured at fair value of RMB10,069,729 and nil, as of December 31, 2015 and 2016, respectively) | 49,966,920 | 346,920,327 | 251,781,945 |
Investment in affiliates | 77,657,570 | 539,176,511 | 326,155,843 |
Property and equipment, net | 35,069,784 | 243,489,512 | 196,475,249 |
Other non-current assets | 5,566,233 | 38,646,355 | 16,885,730 |
Non-current deferred tax assets | 8,026,329 | 55,726,799 | 43,863,568 |
Total assets | 857,912,963 | 5,956,489,700 | 4,096,994,415 |
Current liabilities: | |||
Accrued payroll and welfare expenses (including accrued payroll and welfare expense of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB181,685,160 and RMB72,212,423 as of December 31, 2015 and December 31, 2016, respectively) | 79,969,482 | 555,228,116 | 494,688,785 |
Income tax payable (including income tax payable of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB55,966,327 and RMB-5,036,501 as of December 31, 2015 and December 31, 2016, respectively) | 3,336,020 | 23,161,986 | 61,650,980 |
Deferred revenues (including deferred revenue of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB29,021,820 and RMB29,834,124 as of December 31, 2015 and December 31, 2016, respectively) | 13,431,134 | 93,252,362 | 68,425,735 |
Payable to individual investors of factoring receivables | 82,007,033 | 569,374,828 | |
Other current liabilities (including other current liabilities of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB76,026,370 and RMB31,079,003 as of December 31, 2015 and December 31, 2016, respectively) | 48,206,031 | 334,694,476 | 340,905,107 |
Deferred tax liabilities | 641,846 | 4,456,335 | 1,159,774 |
Total current liabilities | 226,949,700 | 1,575,711,768 | 966,830,381 |
Non-current uncertain tax position liabilities (including uncertain tax position liabilities of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB67,248 an nil as of December 31, 2015 and December 31, 2016, respectively) | 67,248 | ||
Deferred tax liabilities | 641,846 | 4,456,335 | 1,159,774 |
Other non-current liabilities (including other non-current liabilities of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB39,635,057 and nil as of December 31, 2015 and December 31, 2016, respectively) | 14,251,168 | 98,945,858 | 77,876,237 |
Convertible notes | 80,000,000 | 555,440,000 | 518,224,000 |
Total Liabilities | 321,842,714 | 2,234,553,961 | 1,562,997,866 |
Mezzanine Equity | |||
Redeemable Non-controlling Interest of a Subsidiary | 47,625,568 | 330,664,322 | |
Total Mezzanine Equity | 47,625,568 | 330,664,322 | |
Shareholders' equity: | |||
Treasury stock (1,246,073 ordinary shares as of December 31, 2015 and 1,287,205 ordinary shares as of December 31, 2016) | (18,787,083) | (130,438,720) | (117,836,564) |
Additional paid-in capital | 176,611,794 | 1,226,215,683 | 990,515,956 |
Retained earnings | 322,871,055 | 2,241,693,736 | 1,597,865,303 |
Accumulated other comprehensive loss | (782,553) | (5,433,263) | (21,757,099) |
Total Noah Holdings Limited shareholders' equity | 479,927,444 | 3,332,136,241 | 2,448,885,729 |
Non-controlling interests | 8,517,237 | 59,135,176 | 85,110,820 |
Total Shareholders' Equity | 488,444,681 | 3,391,271,417 | 2,533,996,549 |
Total Liabilities and Equity | 857,912,963 | 5,956,489,700 | 4,096,994,415 |
Class A | |||
Shareholders' equity: | |||
Ordinary shares | 10,047 | 69,758 | 69,086 |
Total Shareholders' Equity | 69,758 | 69,086 | |
Class B | |||
Shareholders' equity: | |||
Ordinary shares | $ 4,184 | 29,047 | 29,047 |
Total Shareholders' Equity | ¥ 29,047 | ¥ 29,047 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2016CNY (¥)¥ / sharesshares | Dec. 31, 2015CNY (¥)¥ / sharesshares |
Available for sale investments | ¥ 154,594,435 | ¥ 496,565,847 |
Accounts receivable, allowance for doubtful accounts | ¥ | ||
Loans receivable, allowance for loan losses | 1,150,707 | 1,334,502 |
Available for sale investments | ¥ | 10,069,729 | |
Accrued payroll and welfare expenses | 555,228,116 | 494,688,785 |
Income tax payable | 23,161,986 | 61,650,980 |
Deferred revenues | 93,252,362 | 68,425,735 |
Other current liabilities | 334,694,476 | 340,905,107 |
Non-current uncertain tax position liabilities | ¥ | 67,248 | |
Other non-current liabilities | ¥ 98,945,858 | ¥ 77,876,237 |
Ordinary shares, treasury stock | 1,287,205 | 1,246,073 |
Variable Interest Entity, Primary Beneficiary | ||
Accrued payroll and welfare expenses | ¥ 72,212,423 | ¥ 181,685,160 |
Income tax payable | (5,036,501) | 55,966,327 |
Deferred revenues | 29,834,124 | 29,021,820 |
Other current liabilities | 31,079,003 | 76,026,370 |
Non-current uncertain tax position liabilities | ¥ | 67,248 | |
Other non-current liabilities | ¥ | ¥ 39,635,057 | |
Class A | ||
Ordinary shares, par value | (per share) | ¥ 0.0005 | ¥ 0.0005 |
Ordinary shares, shares authorized | 91,394,900 | 91,394,900 |
Ordinary shares, shares issued | 21,003,533 | 20,802,611 |
Ordinary shares, shares outstanding | 19,716,328 | 19,556,538 |
Class B | ||
Ordinary shares, par value | (per share) | ¥ 0.0005 | ¥ 0.0005 |
Ordinary shares, shares authorized | 8,605,100 | 8,605,100 |
Ordinary shares, shares issued | 8,515,000 | 8,515,000 |
Ordinary shares, shares outstanding | 8,515,000 | 8,515,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations | 12 Months Ended | |||
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2016CNY (¥)¥ / sharesshares | Dec. 31, 2015CNY (¥)¥ / sharesshares | Dec. 31, 2014CNY (¥)¥ / sharesshares | |
Third-party revenues | ||||
Total third-party revenues | $ 204,980,513 | ¥ 1,423,179,705 | ¥ 1,114,710,141 | ¥ 797,763,861 |
Related party revenues | ||||
Total related party revenues | 163,971,821 | 1,138,456,364 | 1,117,985,965 | 819,394,401 |
Total revenues | 368,952,334 | 2,561,636,069 | 2,232,696,106 | 1,617,158,262 |
Less: business taxes and related surcharges | (6,922,555) | (48,063,299) | (112,768,265) | (88,673,371) |
Net revenues | 362,029,779 | 2,513,572,770 | 2,119,927,841 | 1,528,484,891 |
Operating cost and expenses: | ||||
Relationship manager compensation | (81,178,135) | (563,619,789) | (524,629,723) | (322,052,574) |
Performance fee compensation | (1,173,126) | (8,145,016) | (24,786,763) | (22,034,438) |
Other compensations | (104,945,867) | (728,639,155) | (615,075,893) | (393,373,326) |
Total compensation and benefits | (187,297,128) | (1,300,403,960) | (1,164,492,379) | (737,460,338) |
Selling expenses | (46,473,789) | (322,667,518) | (263,815,409) | (147,265,810) |
General and administrative expenses | (33,773,306) | (234,488,066) | (170,929,513) | (151,626,278) |
Other operating expenses | (21,761,115) | (151,087,419) | (94,624,304) | (29,961,830) |
Government subsidies | 23,385,319 | 162,364,268 | 132,709,712 | 90,931,462 |
Total operating cost and expenses | (265,920,019) | (1,846,282,695) | (1,561,151,893) | (975,382,794) |
Income from operations | 96,109,760 | 667,290,075 | 558,775,948 | 553,102,097 |
Other income (expenses): | ||||
Interest income | 5,694,624 | 39,537,775 | 39,698,790 | 38,901,980 |
Interest expenses | (2,778,167) | (19,288,813) | (16,050,359) | |
Investment income | 6,990,888 | 48,537,737 | 51,954,918 | 23,552,297 |
Other (expense) income | (364,629) | (2,531,621) | 455,030 | (13,961,307) |
Total other income | 9,542,716 | 66,255,078 | 76,058,379 | 48,492,970 |
Income before taxes and income from equity in affiliates | 105,652,476 | 733,545,153 | 634,834,327 | 601,595,067 |
Income tax expense | (22,756,242) | (157,996,588) | (129,885,747) | (151,293,021) |
Income from equity in affiliates | 3,218,046 | 22,342,896 | 21,352,767 | 13,583,865 |
Net income | 86,114,280 | 597,891,461 | 526,301,347 | 463,885,911 |
Less: net income (loss) attributable to non-controlling interests | (5,847,803) | (40,601,294) | (9,522,737) | 17,333,060 |
Less: Loss attributable to redeemable non-controlling interest of a subsidiary | (768,498) | (5,335,678) | ||
Net income attributable to Noah Holdings Limited shareholders | $ 92,730,581 | ¥ 643,828,433 | ¥ 535,824,084 | ¥ 446,552,851 |
Net income per share: | ||||
Basic | (per share) | $ 3.29 | ¥ 22.87 | ¥ 19.08 | ¥ 16.02 |
Diluted | (per share) | $ 3.18 | ¥ 22.08 | ¥ 18.31 | ¥ 15.82 |
Weighted average number of shares used in computation: | ||||
Basic | 28,150,139 | 28,150,139 | 28,085,521 | 27,873,501 |
Diluted | 30,036,763 | 30,036,763 | 30,145,976 | 28,227,823 |
One Time Commissions | ||||
Third-party revenues | ||||
Total third-party revenues | $ 116,757,217 | ¥ 810,645,359 | ¥ 391,188,385 | ¥ 423,218,934 |
Related party revenues | ||||
Total related party revenues | 46,297,239 | 321,441,733 | 428,687,491 | 180,943,785 |
Recurring Service Fees | ||||
Third-party revenues | ||||
Total third-party revenues | 68,414,270 | 475,000,278 | 401,292,465 | 319,933,077 |
Related party revenues | ||||
Total related party revenues | 111,727,830 | 775,726,326 | 634,913,375 | 560,071,763 |
Performance Based Income | ||||
Third-party revenues | ||||
Total third-party revenues | 2,843,182 | 19,740,213 | 193,939,030 | 24,632,724 |
Related party revenues | ||||
Total related party revenues | 5,689,238 | 39,500,382 | 53,825,293 | 76,342,053 |
Other Service | ||||
Third-party revenues | ||||
Total third-party revenues | 16,965,844 | 117,793,855 | 128,290,261 | 29,979,126 |
Related party revenues | ||||
Total related party revenues | $ 257,514 | ¥ 1,787,923 | ¥ 559,806 | ¥ 2,036,800 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Net income | $ 86,114,280 | ¥ 597,891,461 | ¥ 526,301,347 | ¥ 463,885,911 |
Other comprehensive income, net of tax | ||||
Change in foreign currency translation adjustment | 2,771,433 | 19,242,060 | 4,884,837 | 6,426,044 |
Fair value fluctuation of available-for-sale investment (Note 4) | (678,401) | (4,710,140) | 718,414 | 2,620,351 |
Fair value fluctuation of available-for-sale investment held by affiliates | 246,206 | 1,709,411 | ||
Other comprehensive income | 2,339,238 | 16,241,331 | 5,603,251 | 9,046,395 |
Comprehensive income | 88,453,518 | 614,132,792 | 531,904,598 | 472,932,306 |
Less: comprehensive income attributable to non-controlling interest | (5,859,686) | (40,683,799) | (9,520,184) | 17,331,172 |
Less: Loss attributable to redeemable non-controlling interest of a subsidiary | (768,498) | (5,335,678) | ||
Comprehensive income attributable to Noah Holdings Limited shareholders | $ 95,081,702 | ¥ 660,152,269 | ¥ 541,424,782 | ¥ 455,601,134 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity | USD ($)shares | CNY (¥)shares | Class ACNY (¥)shares | Class BCNY (¥)shares | Treasury StockCNY (¥)shares | Additional Paid-in CapitalCNY (¥) | Retained earningsCNY (¥) | Accumulated other comprehensive incomeCNY (¥) | Total Noah Holdings Limited shareholders' equityUSD ($) | Total Noah Holdings Limited shareholders' equityCNY (¥) | Noncontrolling InterestCNY (¥) |
Balance (in shares) at Dec. 31, 2013 | shares | 20,200,882 | 8,515,000 | (1,067,816) | ||||||||
Balance at Dec. 31, 2013 | ¥ 1,423,799,687 | ¥ 67,224 | ¥ 29,047 | ¥ (73,250,528) | ¥ 852,663,581 | ¥ 615,488,368 | ¥ (36,406,080) | ¥ 1,358,591,612 | ¥ 65,208,075 | ||
Net Income | 463,885,911 | 446,552,851 | 446,552,851 | 17,333,060 | |||||||
Dividends distribution by subsidiaries | (1,614,489) | (1,614,489) | |||||||||
Share-based compensation | ¥ 32,691,687 | 32,691,687 | 32,691,687 | ||||||||
Vesting of restricted shares (in shares) | shares | 278,779 | ||||||||||
Vesting of restricted shares | ¥ 862 | (862) | |||||||||
Issuance of ordinary shares upon exercise of options (in shares) | shares | 128,457 | 128,457 | 128,457 | ||||||||
Issuance of ordinary shares upon exercise of options | ¥ 4,062,622 | ¥ 397 | 4,062,225 | 4,062,622 | |||||||
Other comprehensive income-foreign currency translation adjustments | 6,426,044 | 6,427,932 | 6,427,932 | (1,888) | |||||||
Other comprehensive income-change in fair value of available-for-sale investments | 5,164,535 | 5,164,535 | 5,164,535 | ||||||||
Other comprehensive income-realized gains on the available-for-sale investments | (2,544,184) | (2,544,184) | (2,544,184) | ||||||||
Non-controlling interest capital injection | 8,000,000 | 8,000,000 | |||||||||
Balance (in shares) at Dec. 31, 2014 | shares | 20,608,118 | 8,515,000 | (1,067,816) | ||||||||
Balance at Dec. 31, 2014 | 1,939,871,813 | ¥ 68,483 | ¥ 29,047 | ¥ (73,250,528) | 889,416,631 | 1,062,041,219 | (27,357,797) | 1,850,947,055 | 88,924,758 | ||
Net Income | 526,301,347 | 535,824,084 | 535,824,084 | (9,522,737) | |||||||
Share-based compensation | ¥ 67,672,488 | 67,672,488 | 67,672,488 | ||||||||
Vesting of restricted shares (in shares) | shares | 144,606 | ||||||||||
Vesting of restricted shares | ¥ 446 | (446) | |||||||||
Issuance of ordinary shares upon exercise of options (in shares) | shares | 49,887 | 49,887 | 49,887 | ||||||||
Issuance of ordinary shares upon exercise of options | ¥ 4,351,330 | ¥ 157 | 4,351,173 | 4,351,330 | |||||||
Repurchase of ordinary shares (in shares) | shares | (178,257) | ||||||||||
Repurchase of ordinary shares (Note 13) | (44,586,036) | ¥ (44,586,036) | (44,586,036) | ||||||||
Other comprehensive income-foreign currency translation adjustments | 4,884,837 | 4,882,284 | 4,882,284 | 2,553 | |||||||
Other comprehensive income-change in fair value of available-for-sale investments | 44,166,013 | 44,166,013 | 44,166,013 | ||||||||
Other comprehensive income-realized gains on the available-for-sale investments | (43,447,599) | (43,447,599) | (43,447,599) | ||||||||
Non-controlling interest capital injection | 5,882,000 | 5,882,000 | |||||||||
Non-controlling Interest capital return | (4,000,000) | (4,000,000) | |||||||||
Changes in equity ownership on partial disposal of subsidiaries | 32,900,356 | 29,076,110 | 29,076,110 | 3,824,246 | |||||||
Balance (in shares) at Dec. 31, 2015 | shares | 20,802,611 | 8,515,000 | (1,246,073) | ||||||||
Balance at Dec. 31, 2015 | 2,533,996,549 | ¥ 69,086 | ¥ 29,047 | ¥ (117,836,564) | 990,515,956 | 1,597,865,303 | (21,757,099) | 2,448,885,729 | 85,110,820 | ||
Net Income | 603,227,139 | 643,828,433 | 643,828,433 | (40,601,294) | |||||||
Share-based compensation | ¥ 79,171,317 | 79,171,317 | 79,171,317 | ||||||||
Vesting of restricted shares (in shares) | shares | 138,492 | ||||||||||
Vesting of restricted shares | ¥ 466 | (466) | |||||||||
Issuance of ordinary shares upon exercise of options (in shares) | shares | 62,430 | 62,430 | 62,430 | ||||||||
Issuance of ordinary shares upon exercise of options | ¥ 4,539,237 | ¥ 206 | 4,539,031 | 4,539,237 | |||||||
Repurchase of ordinary shares (in shares) | shares | (41,132) | ||||||||||
Repurchase of ordinary shares (Note 13) | $ (1,800,000) | (12,602,156) | ¥ (12,602,156) | (12,602,156) | |||||||
Other comprehensive income-foreign currency translation adjustments | 2,771,433 | 19,242,060 | 19,324,565 | 19,324,565 | (82,505) | ||||||
Other comprehensive income-change in fair value of available-for-sale investments | 24,692,207 | 24,692,207 | 24,692,207 | ||||||||
Other comprehensive income-realized gains on the available-for-sale investments | (27,692,936) | (27,692,936) | (27,692,936) | ||||||||
Non-controlling interest capital injection | 5,698,000 | 5,698,000 | |||||||||
Changes in equity ownership on partial disposal of subsidiaries | 161,000,000 | 151,989,845 | $ 21,891,091 | 151,989,845 | 9,010,155 | ||||||
Balance (in shares) at Dec. 31, 2016 | shares | 21,003,533 | 8,515,000 | (1,287,205) | ||||||||
Balance at Dec. 31, 2016 | $ 488,444,681 | ¥ 3,391,271,417 | ¥ 69,758 | ¥ 29,047 | ¥ (130,438,720) | ¥ 1,226,215,683 | ¥ 2,241,693,736 | ¥ (5,433,263) | ¥ 3,332,136,241 | ¥ 59,135,176 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Cash flows from operating activities: | ||||
Net income | $ 86,114,280 | ¥ 597,891,461 | ¥ 526,301,347 | ¥ 463,885,911 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Loss from disposal of property and equipment | 683,625 | 4,746,406 | 211,270 | 169,166 |
Depreciation and amortization | 8,831,965 | 61,320,332 | 34,417,668 | 22,398,968 |
Share-based compensation | 11,403,042 | 79,171,317 | 67,672,488 | 32,691,687 |
Income from equity in affiliates | (3,218,046) | (22,342,896) | (21,352,767) | (13,583,865) |
Provision for loan losses | (26,472) | (183,795) | 167,702 | 227,300 |
Income from amortization of discount on held-to-maturity investments | 17,004 | 118,058 | (877,825) | |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (11,779,508) | (81,785,128) | (54,277,414) | |
Amounts due from related parties | (13,554,408) | (94,108,258) | (86,362,877) | (93,845,185) |
Other current assets | (1,964,169) | (13,637,228) | (16,631,435) | (30,082,367) |
Other non-current assets | (1,766,285) | (12,263,319) | (3,411,463) | (5,072,761) |
Accrued payroll and welfare expenses | 11,911,325 | 82,700,331 | 174,226,234 | 141,907,574 |
Income taxes payable | (5,543,568) | (38,488,994) | 6,204,254 | 39,951,591 |
Deferred revenues | 3,575,778 | 24,826,627 | (29,284,206) | 3,690,121 |
Other current liabilities | (3,634,616) | (25,235,138) | 167,615,661 | 79,151,660 |
Other non-current liabilities | (157,192) | (1,091,381) | 46,826,675 | 9,278,672 |
Amounts due to related parties | 1,767,527 | 12,271,940 | ||
Uncertain tax position liabilities | (9,685) | (67,246) | (11,060,449) | 1,136,675 |
Deferred tax assets and liabilities | (1,809,843) | (12,565,739) | (7,770,022) | (22,095,408) |
Acquisitions and sales of financial products through internet financial service business | 17,999,464 | 124,970,281 | (118,360,318) | (22,511,765) |
Net cash provided by (used in) operating activities | 98,840,218 | 686,247,631 | 675,132,348 | 589,637,901 |
Cash flows from investing activities: | ||||
Purchases of property and equipment | (14,600,231) | (101,369,405) | (136,290,010) | (59,462,184) |
Purchase of held-to-maturity investments | (82,699,121) | (574,180,000) | (25,240,000) | (39,000,003) |
Proceeds from redemption of held-to-maturity investments | 65,510,586 | 454,840,000 | 46,400,000 | 121,999,998 |
Purchases of trading securities investments | (95,000,000) | (218,287,169) | ||
Proceeds on trading securities investments | 95,000,000 | 306,142,599 | ||
Purchases of available-for-sale investments | (97,770,054) | (678,817,482) | (3,670,107,653) | (111,876,970) |
Proceeds from sale or redemption of available-for-sale investments | 130,869,617 | 908,627,753 | 3,346,540,000 | 45,487,686 |
Purchase of long-term investments | (13,132,421) | (91,178,400) | (222,368,846) | (53,805,229) |
Proceeds from sale of long-term investments | 32,440,000 | 29,915,000 | ||
Increase in investment in affiliates | (27,709,518) | (192,387,183) | (94,422,851) | (121,486,049) |
Capital return from investment in affiliates | 11,851,553 | 2,083,982 | ||
Purchase of factoring receivables | (667,320,936) | (4,633,209,259) | ||
Proceeds on factoring receivables | 593,691,539 | 4,122,000,357 | ||
Net cash used in investing activities | (127,292,943) | (883,794,899) | (759,462,206) | (93,518,339) |
Cash flows from financing activities: | ||||
Proceeds from issuance of ordinary shares upon exercise of stock options | 653,786 | 4,539,237 | 4,351,330 | 4,062,622 |
Contribution from non-controlling shareholders of subsidiaries | 24,009,506 | 166,698,000 | 38,782,356 | 8,000,000 |
Increase in Mezzanine Equity - Redeemable non-controlling Interest of a Subsidiary | 48,394,066 | 336,000,000 | ||
Return of non-controlling interests of subsidiaries | (4,000,000) | |||
Transfer of factoring receivables recorded as secured borrowing | 619,935,145 | 4,304,209,715 | ||
Repayment of transferred factoring receivables recorded as secured borrowing | (547,920,166) | (3,804,209,715) | ||
Dividend distribution | (1,614,489) | |||
Payment for repurchase of ordinary shares | (1,815,088) | (12,602,156) | (44,586,036) | |
Proceeds from short-term bank loan | 50,000,000 | |||
Repayment of short-term bank loan | (50,000,000) | |||
Proceeds from convertible notes | 518,224,000 | |||
Net cash (used in) provided by financing activities | 143,257,249 | 994,635,081 | 462,771,650 | 60,448,133 |
Effect of exchange rate changes | 7,561,296 | 52,498,078 | 4,276,967 | 6,426,044 |
Net increases in cash and cash equivalents | 122,365,820 | 849,585,891 | 382,718,759 | 562,993,739 |
Cash and cash equivalents-beginning of the period | 307,204,908 | 2,132,923,674 | 1,750,204,915 | 1,187,211,176 |
Cash and cash equivalents-end of the period | 429,570,728 | 2,982,509,565 | 2,132,923,674 | 1,750,204,915 |
Supplemental disclosure of cash flow information: | ||||
Cash paid for income taxes | 27,962,327 | 205,052,252 | 130,494,511 | 133,436,838 |
Cash paid for interest expenses | 2,647,286 | 18,380,107 | 9,068,920 | 2,875,000 |
Supplemental disclosure of non-cash investing and financing activities: | ||||
Purchase of property and equipment in accounts payable | 1,614,418 | 11,208,902 | 13,391,314 | 3,531,311 |
Related Parties | ||||
Cash flows from investing activities: | ||||
Loans disbursement | (15,338,473) | (106,495,016) | (4,000,000) | (45,000,000) |
Principal collection of loans originated from third parties | 45,000,000 | |||
Third Parties | ||||
Cash flows from investing activities: | ||||
Loans disbursement | (244,598,913) | (1,698,250,250) | (960,113,463) | (1,117,206,667) |
Principal collection of loans originated from third parties | $ 245,804,982 | ¥ 1,706,623,986 | ¥ 870,849,064 | ¥ 1,166,976,667 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2016 | |
Organization and Principal Activities | 1. Organization and Principal Activities Noah Holdings Limited (“Company”) was incorporated on June 29, 2007 in the Cayman Islands by six individuals (the “Founders”). The Company, through its subsidiaries and consolidated variable interest entities (“VIEs”) (collectively, the “Group”), is a leading wealth management service provider with a focus on global wealth investment and asset allocation services for the high net worth population in the People’s Republic of China (“PRC”). The Group began offering services in 2005 through Shanghai Noah Investment Management Co., Ltd. (“Noah Investment”), a consolidated variable interest entity, founded in the PRC in August 2005. The Company’s significant subsidiaries as of December 31, 2016 include the following: Date of Incorporation Place of Incorporation Percentage of Shanghai Noah Rongyao Investment Consulting Co., Ltd. August 24, 2007 PRC 100 % Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd. September 29, 2007 PRC 100 % Shanghai Noah Financial Services Co., Ltd. April 18, 2008 PRC 100 % Kunshan Noah Xingguang Investment Management Co., Ltd. August 12, 2011 PRC 100 % Noah Holdings (Hong Kong) Limited September 1, 2011 Hong Kong 100 % Shanghai Rongyao Information Technology Co., Ltd. March 2, 2012 PRC 100 % Zigong Noah Financial Service Co., Ltd. October 22, 2012 PRC 100 % Noah Financial Express (Wuhu) Microfinance Co., Ltd. August 13, 2013 PRC 100 % Shanghai Noah Chuangying Enterprise Management Co., Ltd. December 14, 2015 PRC 100 % Shanghai Noah Yijie Finance Technology Co., Ltd March 17, 2014 PRC 54.93 % Noah Commercial Factoring Co., Ltd. April 1, 2014 PRC 95 % Noah (Shanghai) Financial Leasing Co., Ltd December 20, 2014 PRC 100 % Noah Holdings International Limited January 7, 2015 Hong Kong 100 % Kunshan Noah Rongyao Investment Management Co., Ltd. December 2, 2015 PRC 100 % Noah Insurance (Hong Kong) Limited January 3, 2011 Hong Kong 100 % Gopher Holdings (Hong Kong) Limited April 5, 2016 Hong Kong 100 % Gopher International Investment Management (Shanghai) Limited November 14, 2016 PRC 92 % Noah Investment’s significant subsidiaries as of December 31, 2016 include the following: Date of Incorporation Place of Incorporation Percentage of Shanghai Noah Investment Management Co., Ltd. August 26, 2005 PRC 100 % Shanghai Noah Rongyao Insurance Broker Co., Ltd. September 24, 2008 PRC 100 % Gopher Asset Management Co., Ltd. February 9, 2012 PRC 100 % Wuhu Gopher Asset Management Co., Ltd. October 10, 2012 PRC 100 % Gopher Nuobao (Shanghai) Asset Management Co., Ltd. April 10, 2013 PRC 100 % In March 2016, Shanghai Noah Financial Service Co., Ltd. (“Noah Financial Services”) acquired 100% equity interest of Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd. (“Noah Upright”) from Noah Investment at a premium. The premium was recorded as investment income of Noah Investment and eliminated in the Group’s consolidated financial statement. The transaction was recorded as equity transaction between entities under common control with no impact on the consolidated financial statements, other than the tax incurred on the premium recorded in income tax expense. |
Summary of Principal Accounting
Summary of Principal Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Principal Accounting Policies | 2. Summary of Principal Accounting Policies (a) Basis of Presentation The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). (b) Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and consolidated VIEs. All inter-company transactions and balances have been eliminated upon consolidation. A consolidated subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power or has the power to: appoint or remove the majority of the members of the board of directors; cast a majority of votes at the meeting of the board of directors; or govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. U.S. GAAP provides guidance on the identification and financial reporting for entities over which control is achieved through means other than voting interests. The Group evaluates each of its interests in private companies to determine whether or not the investee is a VIE and, if so, whether the Group is the primary beneficiary of such VIE. In determining whether the Group is the primary beneficiary, the Group considers if the Group (1) has power to direct the activities that most significantly affects the economic performance of the VIE, and (2) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Group consolidates the VIE. The Company had been engaged in the fund distribution business and distribution of asset management plans sponsored by mutual fund management companies as part of its business through contractual arrangements among its PRC subsidiary, Shanghai Noah Rongyao Investment Consulting Co., Ltd. (“Noah Rongyao”), its PRC variable interest entity, Noah Investment, and Noah Investment’s shareholders because it was difficult for foreign investor entities and subsidiaries of foreign investor entities to apply for a fund distribution license. Noah Upright, a subsidiary of Noah Investment before March 2016, holds the licenses and permits necessary to conduct fund distribution and distribution of asset management plans sponsored by mutual fund management companies in China. However, as the license and permit approval authorities relaxed their requirements for foreign investor entities to apply for fund distribution license, Noah Upright was restructured to be a subsidiary of Shanghai Noah Financial Services Corp., or Noah Financial Services, through equity transfer in March 2016. In addition, as foreign-invested companies engaged in insurance brokerage business are subject to stringent requirements compared with Chinese domestic enterprises under the current PRC laws and regulations, Noah Rongyao and its subsidiaries, as foreign-invested companies, do not meet all such requirements and therefore none of them are permitted to engage in the insurance brokerage business in China. Therefore, the Company conducts the insurance brokerage business in China through Noah Investment and its subsidiaries which are PRC domestic companies beneficially owned by the Founders. Since the Company does not have any equity interests in Noah Investment, in order to exercise effective control over its operations, the Company, through its wholly owned subsidiary Noah Rongyao, entered into a series of contractual arrangements with Noah Investment and its shareholders, pursuant to which the Company is entitled to receive effectively all economic benefits generated from Noah Investment shareholders’ equity interests in it. These contractual arrangements include: (i) a Power of Attorney Agreement under which each shareholder of Noah Investment has executed a power of attorney to grant Noah Rongyao or its designee the power of attorney to act on his or her behalf on all matters pertaining to Noah Investment and to exercise all of his or her rights as a shareholder of the Company, (ii) an Exclusive Option Agreement under which the shareholders granted Noah Investment or its third-party designee an irrevocable and exclusive option to purchase their equity interests in Noah Investment when and to the extent permitted by PRC law, (iii) an Exclusive Support Service Agreement under which Noah Investment engages Noah Rongyao as its exclusive technical and operational consultant and under which Noah Rongyao agrees to assist in arranging the financial support necessary to conduct Noah Investment’s operational activities, (iv) a Share Pledge Agreement under which the shareholders pledged all of their equity interests in Noah Investment to Noah Rongyao as collateral to secure their obligations under the agreement, and (v) a Free-Interest Loan Agreement under which each shareholder of Noah Investment entered into a loan agreement with Noah Rongyao for their respective investment in the equity interests in Noah Investment. The total amount of interest-free loans extended to the Founders is RMB27 million (approximately US$3.6 million) which has been injected into Noah Investment. The Founders of Noah Investment effectively acted as a conduit to fund the required capital contributions from the Company into Noah Rongyao, are non-substantive re-entered no-interest no-interest The Exclusive Option Agreement and Power of Attorney Agreements provide the Company effective control over the VIE and its subsidiaries, while the equity pledge agreements secure the equity owners’ obligations under the relevant agreements. Because the Company, through Noah Rongyao, has (i) the power to direct the activities of Noah Investment that most significantly affect the entity’s economic performance and (ii) the right to receive substantially all of the benefits from Noah Investment, the Company is deemed the primary beneficiary of Noah Investment. Accordingly, the Group has consolidated the financial statements of Noah Investment since its inception. The aforementioned contractual agreements are effective agreements between a parent and a consolidated subsidiary, neither of which is accounted for in the consolidated financial statements (i.e. a call option on subsidiary shares under the Exclusive Option Agreement or a guarantee of subsidiary performance under the Share Pledge Agreement) or are ultimately eliminated upon consolidation (i.e. service fees under the Exclusive Support Service Agreement or loans payable/receivable under the Loan Agreement). The Company believes that these contractual arrangements are in compliance with PRC laws and regulations and are legally enforceable. The restructure of fund distribution business from Noah Investment to Noah Financial Service in 2016 and the transfer of Tianjin Gopher Asset Management Co., Ltd and Gopher Asset Management Co., Ltd from Noah Rongyao to Noah Investment in 2012 do not impact the legal effectiveness of these contractual arrangements and do not impact the conclusion that the Company is the primary beneficiary of Noah Investment and its subsidiaries. However, the aforementioned contractual arrangements with Noah Investment and its shareholders are subject to risks and uncertainties, including: • Noah Investment and its shareholders may have or develop interests that conflict with the Group’s interests, which may lead them to pursue opportunities in violation of the aforementioned contractual arrangements. • Noah Investment and its shareholders could fail to obtain the proper operating licenses or fail to comply with other regulatory requirements. As a result, the PRC government could impose fines, new requirements or other penalties on the VIE or the Group, mandate a change in ownership structure or operations for the VIE or the Group, restrict the VIE or the Group’s use of financing sources or otherwise restrict the VIE or the Group’s ability to conduct business. • The aforementioned contractual agreements may be unenforceable or difficult to enforce. The equity interests under the Share Pledge Agreement have been registered by the shareholders of Noah Investment with the relevant office of the administration of industry and commerce, however, the VIE or the Group may fail to meet other requirements. Even if the agreements are enforceable, they may be difficult to enforce given the uncertainties in the PRC legal system. • The PRC government may declare the aforementioned contractual arrangements invalid. They may modify the relevant regulations, have a different interpretation of such regulations, or otherwise determine that the Group or the VIE have failed to comply with the legal obligations required to effectuate such contractual arrangements. • It may be difficult to finance Noah Investment by means of loans or capital contributions. Loans from the offshore parent company to the VIE must be approved by the relevant PRC government body and such approval may be difficult or impossible to obtain. The following amounts of Noah Investment and its subsidiaries were included in the Group’s consolidated financial statements: As of December 31 2015 2016 2016 RMB RMB US$ Cash and cash equivalents 585,191,507 312,278,112 44,977,403 Restricted cash 1,000,000 1,000,000 144,030 Short-term investments 167,583,165 — — Accounts receivable, net of allowance for doubtful accounts 52,715,369 14,828,126 2,135,694 Amounts due from related parties 135,302,942 209,034,051 30,107,166 Deferred tax assets 26,071,201 11,158,149 1,607,108 Other current assets 23,410,853 33,452,455 4,818,156 Long-term investments 113,390,404 81,168,283 11,690,664 Investment in affiliates 298,229,612 488,263,302 70,324,542 Property and equipment, net 40,161,068 28,804,397 4,148,696 Other non-current 5,611,229 13,775,274 1,984,052 Total assets 1,448,667,350 1,193,762,149 171,937,511 Accrued payroll and welfare expenses 181,685,160 72,212,423 10,400,753 Income tax payable 55,966,327 (5,036,501 ) (725,407 ) Amount due to related parties — 12,000,000 1,728,360 Amounts due to the Group’s subsidiaries 161,666,257 125,713,660 18,106,533 Deferred revenue 29,021,820 29,834,124 4,297,008 Other current liabilities 76,026,370 31,079,003 4,476,307 Non-current 67,248 — — Other non-current 39,635,057 — — Total liabilities 544,068,239 265,802,709 38,283,554 Years Ended December 31, 2014 2015 2016 2016 RMB RMB RMB US$ Revenue: Third-party revenues One-time 80,516,730 145,325,240 1,184,222 170,563 Recurring service fees 111,927,921 181,288,609 56,997,896 8,209,405 Performance-based income 22,994,446 165,971,926 8,596,435 1,238,144 Other service fees 1,346,667 9,616,062 38,881,405 5,600,087 Total third-party revenues 216,785,764 502,201,837 105,659,958 15,218,199 Related party revenues One-time 21,471,381 122,949,788 2,887,327 415,862 Recurring service fees 285,753,554 348,870,146 278,460,025 40,106,586 Performance-based income 75,204,704 53,825,292 38,413,825 5,532,742 Other service fees 1,217,894 2,102,882 19,856,658 2,859,954 Total related party revenues 383,647,533 527,748,108 339,617,835 48,915,144 Total revenues 600,433,297 1,029,949,945 445,277,793 64,133,343 Less: business taxes and related surcharges (33,672,899 ) (57,713,861 ) (10,206,252 ) (1,470,006 ) Net revenues 566,760,398 972,236,084 435,071,541 62,663,337 Operating cost and expenses (183,003,728 ) (624,541,431 ) (452,182,413 ) (65,127,814 ) Other income 11,888,078 39,115,317 67,038,384 9,665,536 Net income 310,817,616 327,597,694 24,381,722 3,511,698 Net income attributable to Noah Holding Limited shareholders 292,244,283 326,209,370 22,123,106 3,186,390 Cash flows provided by (used in) operating activities* 250,372,200 402,492,302 (316,764,831 ) (45,623,625 ) Cash flows (used in) provided by investing activities (53,726,568 ) (293,697,015 ) 28,995,441 4,176,212 Cash flows provided by financing activities 1,365,117 3,282,000 14,855,995 2,139,708 * Cash flows provided by operating activities in 2014, 2015 and 2016 include amounts due to the Group’s subsidiaries of RMB169,322,299, RMB161,666,257 and RMB125,713,660 (US$18,106,533). The VIEs contributed an aggregate of 37.1%, 45.9% and 17.3% of the consolidated net revenues for the years ended December 31, 2014, 2015 and 2016, respectively and an aggregate of 67.0%, 62.2% and 4.1% of the consolidated net income for the years ended December 31, 2014, 2015 and 2016, respectively. As of December 31, 2015 and 2016, the VIEs accounted for an aggregate of 35.4% and 20.1%, respectively, of the consolidated total assets. There are no consolidated assets of the VIEs and their subsidiaries that are collateral for the obligations of the VIEs and their subsidiaries and can only be used to settle the obligations of the VIEs and their subsidiaries. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholder of the VIEs or entrustment loans to the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 16 for disclosure of restricted net assets. (c) Consolidation policy Upon Adoption of ASU No. 2015-02 2016-17 In February 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-02, The Group early adopted ASU 2015-02 re-evaluated Under ASU 2015-02, In October 2016, the FASB issued ASU 2016-17, 2016-17”). 2015-02 2016-17 In evaluating whether the investment funds in the legal form of limited partnership the Group managed as general partner are VIEs or not, the Group firstly assessed whether a simple majority or lower threshold of limited partnership interests, excluding interests held by the general partner, parties under common control of the general partner, or parties acting on behalf of the general partner, have substantive kick-out kick-out non-related kick-out non-related The Group started to manage the contractual funds which it manages as fund manager and earns management fee and/or carried interest from second half of 2014. The contractual funds are VIEs as the fund investors do not have substantive kick-out As of December 31, 2015 and 2016, the Group had variable interests in various investment funds and contractual funds that are VIEs but determined that it was not the primary beneficiary and, therefore, was not consolidating the VIEs. The maximum potential financial statement loss the Group could incur if the investment funds and contractual funds were to default on all of their obligations is (i) the loss of value of the interests in such investments that the Group holds, including equity investments recorded in investment in affiliates as well as debt securities investments recorded in short-term investments and long-term investments in the consolidated balance sheet, and (ii) any management fee and/or carried interest receivables recorded in accounts receivable. The following table summarizes the Group’s maximum exposure to loss associated with identified nonconsolidated VIEs in which it holds variable interests as of December 31, 2016 and 2015, respectively. As of December 31, 2015 2016 2016 RMB RMB US$ Accounts receivable 14,007,287 32,492,199 505,621 Investments 383,778,327 508,010,848 73,168,781 Maximum exposure to loss in non-consolidated 397,785,614 540,503,047 73,674,402 The Group has not provided financial support to these nonconsolidated VIEs during the years ended December 31, 2015 and 2016, and had no liabilities, contingent liabilities, or guarantees (implicit or explicit) related to these nonconsolidated VIEs as of December 31, 2015 and 2016. (d) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ materially from such estimates. Significant accounting estimates reflected in the Group’s consolidated financial statements include assumptions used to determine valuation allowance for deferred tax assets, allowance for accounts receivable, allowance for loan losses, fair value measurement of underlying investment portfolios of the funds that the Group invests, assumptions related to the consolidation of entities in which the Group holds variable interests, assumptions related to the valuation of share-based compensation, including estimation of related forfeiture rates and assumption related to valuation of investments. (e) Concentration of Credit Risk The Group is subject to potential significant concentrations of credit risk consisting principally of cash and cash equivalents, accounts receivable, amounts due from related parties, loan receivables and investments. All of the Group’s cash and cash equivalents and a majority of investments are held with financial institutions that Group management believes to be high credit quality. In addition, the Group’s investment policy limits its exposure to concentrations of credit risk. Substantially all revenues were generated within China. There were no product providers or underlying corporate borrowers which accounted for 10% or more of total revenues for the years ended December 31, 2014, 2015, and 2016. Credit of small loan business is controlled by the application of credit approvals, limits and monitoring procedures. To minimize credit risk, the Group requires collateral in form of right to securities. The Group identifies credit risk on a customer by customer basis. The information is monitored regularly by management. (f) Investments in Affiliates Affiliated companies are entities over which the Group has significant influence, but which it does not control. The Group generally considers an ownership interest of 20% or higher to represent significant influence. Investments in affiliates are accounted for by the equity method of accounting. Under this method, the Group’s share of the post-acquisition profits or losses of affiliated companies is recognized in the statements of operations and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. Unrealized gains on transactions between the Group and its affiliated companies are eliminated to the extent of the Group’s interest in the affiliated companies; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group’s share of losses in an affiliated company equals or exceeds its interest in the affiliated company, the Group does not recognize further losses, unless the Group has incurred obligations or made payments on behalf of the affiliated company. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary. The Group has not recorded any impairment losses in any of the periods reported. The Group also considers it has significant influence over the funds that it serves as general partner or fund manager. For funds that the Group is not deemed the primary beneficiary of these funds. The equity method of accounting is accordingly used for investments by the Group in these funds. In addition, the investee funds meet the definition of an Investment Company and are required to report their investment assets at fair value. The Group records its equity pick-up (g) Fair Value of Financial Instruments The Group records certain of its financial assets and liabilities at fair value on a recurring basis. Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is as follows: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. (h) Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and demand deposits, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less when purchased. (i) Restricted Cash The Group’s restricted cash primarily represents cash deposits required by China Insurance Regulatory Commission for entities engaging in insurance agency or brokering activities in China. Such cash cannot be withdrawn without the written approval of the China Insurance Regulatory Commission. Funds that are raised on behalf of investors, prior to the establishment of certain third party investment vehicles, are legally segregated from the Group and will be transferred to such investment vehicles upon formation. (j) Investments The Group invests in debt securities and equity securities and accounts for the investments based on the nature of the products invested, and the Group’s intent and ability to hold the investments to maturity. The Group’s investments in debt securities include marketable bond fund securities, trust products, asset management plans, contractual funds and real estate funds those have a stated maturity and normally pay a prospective fixed rate of return and secondary market equity fund products, the underlying assets of which are portfolios of equity investments in listed enterprises. The Group classifies the investments in debt securities as held-to-maturity Held-to-maturity held-to-maturity available-for-sale, The Group records investments in private equity funds and secondary market equity fund products under the cost method when they do not qualify for the equity method. Gains or losses are realized when such investments are sold. The Group reviews its investments except for those classified as trading securities for other-than-temporary impairment based on the specific identification method and considers available quantitative and qualitative evidence in evaluating potential impairment. If the cost of an investment exceeds the investment’s fair value, the Group considers, among other factors, general market conditions, government economic plans, the duration and the extent to which the fair value of the investment is less than cost and the Group’s intent and ability to hold the investment to determine whether an other-than-temporary impairment has occurred. The Group recognizes other-than-temporary impairment in earnings if it has the intent to sell the debt security or if it is more-likely-than-not If the investment’s fair value is less than the cost of an investment and the Group determines the impairment to be other-than-temporary, the Group recognizes an impairment loss based on the fair value of the investment. To date, the Group has not recorded an other-than-temporary impairment. (k) Non-controlling A non-controlling Non-controlling non-controlling non-controlling non-controlling non-controlling The following schedule shows the effects of changes in the Company’s ownership interest in less than wholly owned subsidiaries on equity attributable to Noah Holdings Limited shareholders: Years Ended December 31, 2014 2015 2016 2016 RMB RMB RMB US$ Net income attributable to Noah Holdings Limited shareholders 446,552,851 535,824,084 643,828,433 92,730,581 Transfers from (to) the non-controlling Increase in Noah’s equity by partial disposal of subsidiaries — 29,076,110 151,989,845 21,891,091 Net transfers from (to) non-controlling — 29,076,110 151,989,845 21,891,091 Change from net income (loss) attributable to Noah and transfers (to) from non-controlling 446,552,851 564,900,194 795,818,278 114,621,672 (l) Property and Equipment, net Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the following estimated useful lives: Estimated Useful Lives in Years Leasehold improvements Shorter of the lease term or expected useful life Furniture, fixtures, and equipment 3—5 years Motor Vehicles 5 years Software 2—5 years Gains and losses from the disposal of property and equipment are included in income from operations. (m) Revenue Recognition The Group derives revenue primarily from one-time The Group recognizes revenues when there is persuasive evidence of an arrangement, service has been rendered, the sales price is fixed or determinable and collectability is reasonably assured. Prior to a client’s purchase of a wealth management product, the Group provides the client with a wide spectrum of consultation services, including product selection, review, risk profile assessment and evaluation and recommendation for the client. Revenues are recorded, net of sales related taxes and surcharges. One-time The Group enters into one-time one-time one-time one-time The Group also earns one-time commissions from insurance brokerage business, and recognizes revenues when the underlying insurance contracts become effective. To realign the Company’s services provided under different business segments, starting from the first quarter of 2016, revenue from insurance brokerage business was reclassified from “other service fees” to “one-time commissions” in 2016. Recurring Service Fees Recurring service fees depend on the types of wealth management products the Company distributes and/or manages and are calculated as either (i) a percentage of the total capital commitments of investments made by the investors or (ii) as a percentage of the fair value of the total investment in the wealth management product, calculated daily. As the Group provides these services throughout the contract term, for either method of calculation, revenue is recognized on a daily basis over the contract term, assuming all other revenue recognition criteria have been met. Recurring service agreements do not include rights of return, credits or discounts, rebates, price protection or other similar privileges. Multiple Element Arrangements The Group enters into multiple element arrangements when a product provider or underlying corporate borrower engages it to provide both wealth management product distribution and recurring services. The Group also provides both wealth management product distribution and recurring services to funds that it serves as general partner, or fund manager. The Group allocates arrangement consideration in multiple-deliverable revenue arrangements at the inception of an arrangement to all deliverables based on the relative selling price in accordance with the selling price hierarchy, which includes: (i) vendor-specific objective evidence (“VSOE”) if available; (ii) third-party evidence (“TPE”) if VSOE is not available; and (iii) best estimate of selling price (“BESP”) if neither VSOE nor TPE is available. VSOE. The Group determines VSOE based on its historical pricing and discounting practices for the specific service when sold separately. In determining VSOE, the Group requires that a substantial majority of the selling prices for these services fall within a reasonably narrow pricing range. The Group historically had provided wealth management product distribution services on a stand-alone basis but the volume of such services has been significantly decreased in recent years. Therefore VSOE is no longer available for its wealth management product distribution services. The Group has not sold its recurring services on a stand-alone basis, no VSOE exists for recurring services. TPE. When VSOE cannot be established for deliverables in multiple element arrangements, the Group applies judgment with respect to whether it can establish a selling price based on TPE. TPE is determined based on competitor prices for similar deliverables when sold separately. Generally, the Group’s products and services contain certain level of differentiation such that the comparable pricing of services with similar functionality cannot be obtained. Furthermore, the Group is unable to reliably determine what similar competitor services’ selling prices are on a stand-alone basis. As a result, the Group has not been able to establish selling price based on TPE. BESP. When it is unable to establish selling price using VSOE or TPE, the Group uses BESP in its allocation of arrangement consideration. The objective of BESP is to determine the price at which the Group would transact a sale if the service were sold on a stand-alone basis. The Group determines BESP for deliverables by considering multiple factors including, but not limited to, prices it charged for similar offerings, market conditions, specification of the services rendered, product lifecycles, and pricing strategies and practices. The Group has used BESP to allocate the selling price of wealth management product distribution service and recurring services under these multiple element arrangements. Revenue for the respective units of accounting is also recognized in the same manner as described above. Performance-based Income In a typical arrangement in which the Group serves as fund manager, and in some cases in which the Company serves as distributor, except for secondary market funds of funds, the Group is entitled to a performance-based fee based on the extent by which the fund’s investment performance exceeds a certain threshold at the end of the contract term. Such performance-based fee is typically calculated and distributed at the end of the contract term when the cumulative return of the fund can be determined, and is not subject to clawback provisions. The Group does not record any performance-based income until the end of the contract term. Beginning in 2015, for certain secondary market products for which the Group provides recurring services, including both the funds for which the Group serves as the distribution channel and the funds of funds for which the Group acts as the fund manager, the performance-based income may also include a variable performance fee contingent upon the performance of the underlying investment in the measurement period, typically calculated at the end of the measurement period and settled subsequently. Such performance-based fee is not subject to clawback provisions and is recognized when the contingent criteria are met at the end of the measurement period. Other Service Fees The Group also derived revenues from 1) interest payment from small short-term loan, 2) internet financial service business and 3) payment related service, which were recorded as other service fees and represented 1%, 0.4% and 0.6% of the Group’s total net revenue for the year ended December 31, 2016. From November 2013, the Group started offering small short-term loan services. Revenue is recognized when there are probable economic benefits to the Group and when the revenue can be measured reliably. Interest on loan receivables is accrued monthly in accordance with their contractual terms and recorded in accrued interest receivable. Interest income is recorded as part of other service fees in |
Net Income per Share
Net Income per Share | 12 Months Ended |
Dec. 31, 2016 | |
Net Income per Share | 3. Net Income per Share The following table sets forth the computation of basic and diluted net income per share attributable to ordinary shareholders: Years Ended December 31, 2014 2015 2016 2016 Class A and Class B Class A and Class B Class A and Class B Class A and Class B RMB RMB RMB US$ Net income attributable to Class A and Class B ordinary shareholders—basic 446,552,851 535,824,084 643,828,433 92,730,581 Plus: interest expense for convertible notes — 16,050,359 19,288,813 2,778,167 Net income attributable to Class A and Class B ordinary shareholders—diluted 446,552,851 551,874,443 663,117,246 95,508,748 Weighted average number of Class A and Class B ordinary shares outstanding—basic 27,873,501 28,085,521 28,150,139 28,150,139 Plus: share options 178,203 207,354 133,295 133,295 Plus: non-vested 176,119 278,027 16,465 16,465 Plus: shares outstanding for convertible notes — 1,575,074 1,736,864 1,736,864 Weighted average number of Class A and Class B ordinary shares outstanding—diluted 28,227,823 30,145,976 30,036,763 30,036,763 Basic net income per share 16.02 19.08 22.87 3.29 Diluted net income per share 15.82 18.31 22.08 3.18 In January, 2016, the Company’s shareholders voted in favor of a proposal to adopt a dual-class share structure, pursuant to which authorized share capital was reclassified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to four votes on all matters that are subject to shareholder vote. As economic rights and obligations are applied equally to both Class A and Class B ordinary shares, earnings are allocated between the two classes of ordinary shares evenly with the same allocation on a per share basis. Diluted net income per share does not include the following instruments as their inclusion would be antidilutive: Years Ended December 31, 2014 2015 2016 Share options 304,045 343,750 316,510 Non-vested — — — Total 304,045 343,750 316,510 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
Investments | 4. Investments The following table summarizes the Group’s investment balances: As of December 31, 2015 2016 2016 RMB RMB US$ Short-term investments - Held-to-maturity - Fixed income products 25,240,000 144,580,000 20,823,851 Total held-to-maturity 25,240,000 144,580,000 20,823,851 - Available-for-sale - Fixed income products 496,565,847 154,594,435 22,266,230 Total available-for-sale 496,565,847 154,594,435 22,266,230 - Other short-term investments 38,268,052 — — Total short-term investments 560,073,899 299,174,435 43,090,081 Long-term investments - Held-to-maturity - Fixed income products 56,180,000 134,500,000 19,372,029 Total held-to-maturity 56,180,000 134,500,000 19,372,029 - Available-for-sale 10,069,729 — — - Other long-term investments - Private equity funds products 78,390,404 95,568,533 13,764,732 - Other investments 107,141,812 116,851,794 16,830,159 Total other long-term investments 185,532,216 212,420,327 30,594,891 Total long-term investments 251,781,945 346,920,327 49,966,920 Total investments 811,855,844 646,094,762 93,057,001 Held-to-maturity held-to-maturity Held-to-maturity Available-for-sale available-for-sale available-for-sale Other short-term investments consist of investments in secondary market equity funds of funds that are not publicly traded. The Group accounted for these secondary market equity funds of funds using the cost method of accounting due to the fact that the Group does not have significant influence over the funds and the investment is not more than minor. Other long-term investments consist of investments in three private equity funds as a limited partner with less than 3% equity interest, equity investment of common shares of three companies with less than 15% interest and equity investments of series B preferred share in PPDAI Group Inc. In 2014, the Company invested RMB14,413,099 in PPDAI Group Inc., by subscribing and purchasing Series B Preferred Shares, representing 2.62% of the investee’s issued share capital. PPDAI Group Inc. is a private entity primarily engaged in the P2P internet lending business. The equity interests in PPDAI Group Inc., held by the Company was diluted to 1.96% as of December 31, 2016. The Group accounted for these private equity funds investments and equity investment in private entity using the cost method of accounting due to the fact that the Group has no significant influence on the investees. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurement | 5. Fair Value Measurement As of December 31, 2015 and December 31, 2016, information about inputs into the fair value measurements of the Company’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows: Fair Value Measurements at Reporting Date Using Description As of Quoted Prices Significant Significant RMB RMB RMB RMB Short-term investment Available-for-sale 496,565,847 — 496,565,847 — Long-term investment Available-for-sale 10,069,729 — 10,069,729 — Fair Value Measurements at Reporting Date Using Description As of Quoted Prices Significant Significant RMB RMB RMB RMB Short-term investment Available-for-sale 154,594,435 — 154,594,435 — Long-term investment Available-for-sale — — — — Available-for-sale The Company does not have assets or liabilities reported at fair value on a non-recurring The Company also has financial instruments that are not reported at fair value on the consolidated balance sheet but whose fair values are practicable to estimate. The Group believes the fair value of its financial instruments: principally cash and cash equivalents, restricted cash, accounts receivable, amount due from related parties, factoring receivables, short-term held-to-maturity The Group’s long-term investments consist of investment in private equity funds, held-to-maturity As of December 31, 2015 Fair Value Measurements at Reporting Date Using Description Carrying Value Fair Value Quoted Prices Significant Significant RMB RMB RMB RMB RMB Long-term investment – cost method investment: Investment in private equity funds products 78,390,404 78,235,701 — — 78,235,701 Investment in other investments 107,141,812 111,841,541 — — 111,841,541 Long-term investment – held-to-maturity: Investment in fixed income products 56,180,000 53,804,649 — 53,804,649 — As of December 31, 2016 Fair Value Measurements at Reporting Date Using Description Carrying Value Fair Value Quoted Prices Significant Significant RMB RMB RMB RMB RMB Long-term investment – cost method investment: Investment in private equity funds products 95,568,533 95,419,830 — — 95,419,830 Investment in other investments 116,851,794 238,803,980 — — 238,803,980 Long-term investment – held-to-maturity: Investment in fixed income products 134,500,000 135,860,819 — 135,860,819 — For the long-term investment in private equity funds the fair value was determined based on the Group’s equity holding percentage multiplied by the fair value of the underlying funds available from the financial information of the funds. The fair value of the underlying investments in these funds was estimated via a discounted cash flow model, using unobservable inputs mainly including assumptions about expected future cash flows based on information supplied by investees, degree of liquidity in the current credit markets and discount rate, and is thus classified as a Level 3 fair value measurement. The fair value of the equity investment in the private entity is also estimated using discounted cash flow model and is classified as a level 3 fair value measurement. The fair value of long-term investment in fixed income products was estimated using a discounted cash flow model based on contractual cash flows and a discount rate at the prevailing market yield on the measurement date for similar products, and is classified as a Level 2 fair value measurement. |
Investment in Affiliates
Investment in Affiliates | 12 Months Ended |
Dec. 31, 2016 | |
Investment in Affiliates | 6. Investment in Affiliates The following table summarizes the Group’s balances of investment in affiliates: As of December 31, 2015 2016 2016 RMB RMB US$ Kunshan Jingzhao 11,068,436 11,541,091 1,662,262 Kunshan Vantone 5,424,558 5,225,900 752,686 Wanjia Win-Win 51,077,862 60,130,744 8,660,629 Wuhu Bona 885,264 807,385 116,288 Beijing Shengyi 1,954,914 1,623,110 233,776 Shanghai Weiying — 1,058,886 152,511 Wuhu Hongxing — 9,800,000 1,411,494 Hainan Alibaba — 4,000,000 576,120 Shanghai Nuoya — 2,000,000 288,060 Funds that the Company serves as general partner 255,744,809 442,989,395 63,803,744 -Gopher Transform Private Fund — 150,000,000 21,604,494 -Real estate funds and real estate funds of funds 46,924,414 50,373,389 7,255,277 -Private equity funds of funds 208,778,546 242,573,595 34,937,865 -Other fixed income funds of funds 41,849 42,411 6,108 Total investment in affiliates 326,155,843 539,176,511 77,657,570 In May 2011, Tianjin Gopher injected RMB4.0 million into Kunshan Jingzhao Equity Investment Management Co., Ltd (“Kunshan Jingzhao”), a newly setup joint venture, for 40% of the equity interest. Kunshan Jingzhao principally engages in real estate fund management business. In November 2012, Gopher Asset Management injected RMB3.8 million into Kunshan Vantone Zhengyuan Private Equity Fund Management Co., Ltd (“Kunshan Vantone”), a newly established joint venture, for 15% of the equity interest. Kunshan Vantone principally engages in private equity fund management businesses. The Group considers it has significant influence over Kunshan Vantone due to the level of its participation on the board of directors. In February 2013, Gopher Asset Management injected RMB21.0 million into Wanjia Win-Win Win-Win”), Win-Win In July 2013, Gopher Asset Management injected RMB0.8 million into Wuhu Bona Film Investment Management Co., Ltd. (“Wuhu Bona”), a newly established joint venture, for 15% of the equity interest. Wuhu Bona principally engages in film private equity fund management businesses. The Group considers it has significant influences over Wuhu Bona due to the level of its participation on the board of directors. In July 2015, Shanghai Noah Rongyao Investment Consulting Co., Ltd. injected RMB2.7 million into Beijing Shengyi Technology and Art Co., Ltd. (“Beijing Shengyi”), a newly established joint venture, for 25% of the equity interest. Beijing Shengyi principally engages in culture and art business. In January 2016, Shanghai Gopher Asset Management injected RMB1.2 million into Shanghai Weiying Gopher Investment Management Co., Ltd (“Shanghai Weiying”), a newly setup joint venture, for 30% of equity interest. Shanghai Weiying principally engages in film industry investment. In April 2016, Shanghai Gopher Asset Management injected RMB9.8 million into Wuhu Hongxing Meikailong Equity Investment Management Co., Ltd (“Wuhu Hongxing”), a newly setup joint venture, for 50% of equity interest. Wuhu Hongixng principally engages in equity investment, asset management and investment consulting related to commercial properties. In August 2016, Gopher Asset Management injected RMB4 million into Hainan Alibaba Picture Investment Management Co., Ltd (“Hainan Alibaba), a newly setup joint venture, for 40% of equity interest. Hainan Alibaba principally engages in PE fund management and film industry investment, etc. In October 2016, Wuhu Gopher Asset Management injected RMB2 million into Shanghai Nuoya Commercial Operation Management Co., Ltd (“Shanghai Nuoya”), a newly setup joint venture, for 30% of equity interest. Shanghai Nuoya principally engages in enterprise management and consulting. Gopher Asset Management and its subsidiaries invested in private equity funds of funds, real estate funds and real estate funds of funds, and other fixed income funds of funds that the Group serves as general partner or fund manager. Gopher Asset Management held no more than 1.7% equity interests in these real estate funds and no more than 5.0% equity interest in these real estate funds of funds and private equity funds of funds as a general partner. In the fourth quarter of 2016, Gopher Asset Management injected RMB150 million into Gopher Transformation Private Fund, accounted for 48% of total actual distribution volume. The fund principally invested in a limited partnership to invest one real-estate company. Although managed by Gopher Asset Management, the fund are not consolidated by the Group based on the facts that substantive kick-out non-related The Group accounts for these investments using the equity method of accounting due to the fact that the Company can exercise significant influence on these investees in the capacity of general partner or fund manager. The Group recorded income from equity in affiliates of RMB13,583,865, RMB21,352,767 and RMB22,342,896 for the years ended December 31, 2014, 2015 and 2016, respectively. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2016 | |
Property and Equipment, Net | 7. Property and Equipment, Net Property and equipment, net consists of the following: As of December 31, 2015 2016 2016 RMB RMB US$ Leasehold improvements 109,826,051 138,813,271 19,993,270 Furniture, fixtures and equipment 63,763,654 85,469,351 12,310,147 Motor vehicles 23,019,817 49,940,181 7,192,882 Software 39,034,783 64,016,790 9,220,336 235,644,305 338,239,593 48,716,635 Accumulated depreciation (79,150,194 ) (129,855,593 ) (18,703,096 ) 156,494,111 208,384,000 30,013,539 Construction in progress 39,981,138 35,105,512 5,056,245 Property and equipment, net 196,475,249 243,489,512 35,069,784 Depreciation expense was RMB22,398,968, RMB34,417,668 and RMB61,320,332 for the years ended December 31, 2014, 2015 and 2016, respectively. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Other Current Liabilities | 8. Other Current Liabilities Components of other current liabilities are as follows: As of December 31, 2015 2016 2016 RMB RMB US$ Accrued expenses 82,870,781 126,698,212 18,248,338 Advance from customers 19,587,242 20,227,161 2,913,317 Interest payable for convertible notes 7,461,952 8,370,658 1,205,625 Other payables 32,661,326 78,341,632 11,283,542 Payable to individual investors of internet financial service business 143,234,477 29,031,169 4,181,358 Payable for purchases of property and equipment 13,391,314 11,208,902 1,614,418 Other tax payable 41,698,015 48,816,742 7,031,073 Amount due to related party — 12,000,000 1,728,360 Total 340,905,107 334,694,476 48,206,031 Accrued expenses mainly consist of payables for marketing expenses and professional service fees. Payable to individual investors of internet financial service business consists of interests and principals payable to individual investors who purchased internet financial products distributed by the Group. Amount due to related party is the loan due to Beijing Sequoia Mingde Equity Investment Center (Limited Partnership). See Note 12 for details. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes | 9. Income Taxes Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, the Cayman Islands do not impose withholding tax on dividend payments. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the Company’s subsidiaries established in Hong Kong are subject to 16.5% income tax on their taxable income generated from operations in Hong Kong. Under the Hong Kong tax laws, it is exempted from the Hong Kong income tax on its foreign-derived income. In addition, payments of dividends from Hong Kong subsidiaries to us are not subject to any Hong Kong withholding tax. PRC Under the Law of the People’s Republic of China on Enterprise Income Tax (“EIT Law”), domestically-owned enterprises and foreign-invested enterprises are subject to a uniform tax rate of 25%. The tax expense (benefit) comprises: Years Ended December 31, 2014 2015 2016 2016 RMB RMB RMB US$ Current Tax 173,388,429 136,698,765 166,563,258 23,990,099 Deferred Tax (22,095,408 ) (6,813,018 ) (8,566,670 ) (1,233,857 ) Total 151,293,021 129,885,747 157,996,588 22,756,242 Reconciliation between the statutory tax rate to income before income taxes and the actual provision for income taxes is as follows: Years Ended December 31, 2014 2015 2016 PRC income tax rate 25.00 % 25.00 % 25.00 % Expenses not deductible for tax purposes 0.38 % 0.00 % 0.17 % Effect of tax-free (0.62 %) (2.97 %) (4.44 %) Effect of uncertain tax positions 0.17 % (1.75 %) (0.01 %) Effect of different tax rate of subsidiary operation in other jurisdiction (0.07 %) (0.70 %) (3.96 %) Effect of deferred tax asset allowance — 2.00 % 4.70 % Effect of tax holidays (0.67 %) (1.28 %) (1.82 %) Effect of intra-group share transfer — — 1.96 % Effect of others 0.96 % 0.16 % (0.06 %) 25.15 % 20.46 % 21.54 % The aggregate amount and per share effect of the Tax Holiday (including effect of timing difference reversed in the year with different rate) are as follows: Years Ended December 31, 2014 2015 2016 2016 RMB RMB RMB US$ Aggregate 4,007,311 8,103,295 13,363,068 1,924,682 Per share effect-basic 0.14 0.29 0.47 0.07 Per share effect-diluted 0.14 0.27 0.44 0.06 The principal components of the deferred income tax asset and liabilities are as follows: As of December 31, 2015 2016 2016 RMB RMB US$ Deferred tax assets: Accrued expenses 18,992,967 24,107,150 3,472,152 Tax loss carry forward 36,546,645 63,023,249 9,077,236 Unrealized other income 3,734,748 3,105,198 447,241 Others 358,881 83 12 Gross deferred tax assets 59,633,241 90,235,680 12,996,641 Valuation allowance (12,665,420 ) (34,508,881 ) (4,970,312 ) Net deferred tax assets 46,967,821 55,726,799 8,026,329 Analysis as: Current 3,104,253 — — Non-current 43,863,568 55,726,799 8,026,329 Deferred tax liabilities: Unrealized investment income 4,264,027 4,456,335 641,846 Net deferred tax liabilities (after offsetting) 1,159,774 4,456,335 641,846 Analysis as: Current 1,159,774 — — Non-current — 4,456,335 641,846 Deferred tax assets and liabilities have been offset where the Company has a legally enforceable right to do so, and intends to settle on a net basis. The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more likely than not realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Group’s experience with tax attributes expiring unused and tax planning alternatives. These assumptions require significant judgment and the forecasts of future taxable income are consistent with the plans and estimates the Group is using to manage the underlying businesses. Valuation allowances are established for deferred tax assets based on a more likely than not threshold. The Group’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carry forward periods provided for in the tax law. The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry-forward period are reduced. As of December 31, 2016, operating loss carry forward amounted to RMB247 million for the PRC and Hong Kong income tax purpose, the tax loss carryforward of RMB572,253 will begin to expire in 2017. During the year ended December 31, 2015 and 2016, the Group recorded an allowance of RMB12,665,420 and RMB34,508,881 for deferred tax assets which are not more likely than not to be realized. 76.1% of the deferred tax asset allowance as of December 31, 2016 was related to the net operating loss from internet financial service business. In accordance with the EIT Law, dividends, which arise from profits of foreign-invested corporations earned after January 1, 2008, are subject to a 5% to 10% withholding income tax. A deferred tax liability should be recognized for the undistributed profits of PRC companies unless the Company has sufficient evidence to demonstrate that the undistributed dividends will be reinvested and the remittance of the dividends will be postponed indefinitely. The accumulated undistributed earnings of the Group’s PRC subsidiaries were RMB1.9 billion as of December 31, 2016. The Group intends to indefinitely reinvest the remaining undistributed earnings of the Group’s PRC subsidiaries, and therefore, no additional provision for PRC dividend withholding tax was accrued. The Group did not record any uncertain tax positions during the years ended December 31, 2014, 2015 and 2016. The Group classifies interest and/or penalties related to income tax matters in income tax expense. The Group accrued interest of RMB1,038,963, nil and nil related to the uncertain tax positions in 2014, 2015 and 2016, respectively. Accrued interest was RMB29,033 and nil as of December 31, 2015 and 2016, respectively. The uncertain tax positions of RMB67,248 was released in 2016 due to the lapse of statute of limitations. The Group does not anticipate any significant increases or decreases to its liability for unrecognized tax benefits within the next 12 months. According to PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent. The statute of limitations will be extended five years under special circumstances, which are not clearly defined (but an underpayment of tax liability exceeding RMB0.1 million is specifically listed as a special circumstance). In the case of a related party transaction, the statute of limitations is 10 years. There is no statute of limitations in the case of tax evasion. . The movement of the Group’s uncertain tax positions is summarized as follows: RMB US$ Unrecognized tax benefit—December 31, 2013 9,991,022 1,542,348 Gross increases—accrued interest in current period 1,038,963 160,388 Settlements — — Reverse due to lapse of statute of limitations — — Exchange rate translation 97,712 15,084 Unrecognized tax benefit—December 31, 2014 11,127,697 1,717,820 Gross increases—accrued interest in current period — — Settlements — — Reverse due to lapse of statute of limitations (11,202,168 ) (1,729,317 ) Exchange rate translation 141,719 21,878 Unrecognized tax benefit—December 31, 2015 67,248 10,381 Gross increases—accrued interest in current period — — Settlements — — Reverse due to lapse of statute of limitations (67,248 ) (10,381 ) Exchange rate translation — — Unrecognized tax benefit—December 31, 2016 — — |
Loans Receivable, Net
Loans Receivable, Net | 12 Months Ended |
Dec. 31, 2016 | |
Loans Receivable, Net | 10. Loans Receivable, Net Loans receivable as of December 31, 2015 and 2016 consist of the following: 2015 2016 2016 RMB RMB US$ Loans receivable: -Within credit term 133,444,399 115,070,663 16,573,623 -Past due — — — Total loans receivable 133,444,399 115,070,663 16,573,623 Allowance for loan losses (1,334,502 ) (1,150,707 ) (165,736 ) Loans receivable, net 132,109,897 113,919,956 16,407,887 The loan interest rate ranging between 4%-14.4% The following table presents the activity in the allowance for loan losses as of and for the years ended December 31, 2015 and 2016. RMB US$ Loans receivable—December 31, 2014 1,166,800 180,123 Provisions 1,225,597 189,200 Reversal of allowance provided (1,057,895 ) (163,311 ) Charge-offs — — Loans receivable—December 31, 2015 1,334,502 206,012 Provisions 1,150,707 165,736 Reversal of allowance provided (1,334,502 ) (206,012 ) Charge-offs Loans receivable—December 31, 2016 1,150,707 165,736 |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2016 | |
Convertible Notes | 11. Convertible notes On February 3, 2015, the Company issued an aggregate principal amount of US$80 million (RMB555 million as of December 31, 2016) of convertible notes (“Notes”) through private placement to Greenwoods Asset Management, Hillhouse Capital Management and Keywise Capital Management. The Notes bear interest at a rate of 3.5% per annum from the issuance date through maturity in February 3, 2020 (the “maturity date”), and is payable semiannually in arrears on February 3 and August 3 of each year, beginning on August 3, 2015. The Notes will be convertible, at the holders’ option, into the Company’s ADSs, two of which represent one ordinary share of the Company, at a conversion price of US$23.03 (RMB159.90 as of December 31, 2016) per ADS, representing an initial conversion rate of 43.4216 ADSs per US$1,000 principal amount of the Notes, subject to customary adjustments. The conversion feature requires physical settlement, and can only be exercised when the portion to be converted is at least US$10 million or a lesser amount then held by the holder. The holders will have the right, at the holders’ option, to require the Company to repurchase for cash on February 3, 2018 or on the maturity date, or upon a fundamental change or default, all of the Notes at a repurchase price that is equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. Events of default include failure to pay principal or interest, breach of conversion obligation, suspension from trading or failure of ADSs to be listed, bankruptcy, etc. Debt issuance costs of nil is recorded as a direct deduction from the face amount of convertible notes. The Company recorded the Notes as a liability in their entirety, and neither conversion feature nor any other feature is required to be bifurcated and accounted for separately. In addition, as the effective conversion price is greater than the fair value of underlying ADS, there was no beneficial conversion feature to be recognized. As of December 31, 2016, none of the Notes have been converted. |
Redeemable Non-controlling Inte
Redeemable Non-controlling Interest of a Subsidiary | 12 Months Ended |
Dec. 31, 2016 | |
Redeemable Non-controlling Interest of a Subsidiary | 12. Redeemable Non-controlling In December 2016, Beijing Sequoia Mingde Equity Investment Center (Limited Partnership), or Sequoia Mingde, an affiliate of Sequoia Capital China, acquired 8% of the equity interest of Gopher International Limited (“New Gopher”), a newly established subsidiary of the Company, at purchase price of RMB336 million, with a precondition that all unrestricted asset management business should be transferred from Gopher Asset Management Co., (“Old Gopher”) to the New Gopher (the “business restructure”). In addition, Sequoia Mingde provided RMB 12 million no-interest non-controlling 2015 2016 2016 RMB RMB US$ Beginning of the year — — — Issuance of redeemable non-controlling — 336,000,000 48,394,066 Loss attributable to redeemable non-controlling — (5,335,678 ) (768,498 ) Redeemable non-controlling — 330,664,322 47,625,568 |
Share Repurchase
Share Repurchase | 12 Months Ended |
Dec. 31, 2016 | |
Share Repurchase | 13. Share Repurchase Treasury stock represents shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury stock is accounted for under the cost method. In 2016, the Company used US$1.8 million (RMB12,602,156) to repurchase ADSs. As of December 31, 2016, under the repurchase plan, the Company had repurchased an aggregate of 1,287,205 ordinary shares on the open market for total cash consideration of US$20.5 million (RMB130,438,720). The repurchased shares were presented as “treasury stock” in shareholders’ equity on the Group’s consolidated balance sheets. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Share-Based Compensation | 14. Share-Based Compensation The following table presents the Company’s share-based compensation expense by type of award: Years Ended December 31, 2014 2015 2016 2016 RMB RMB RMB US$ Share options 9,043,829 33,912,040 39,008,208 5,618,351 Non-vested 23,647,858 33,760,448 40,163,109 5,784,691 Total share-based compensation 32,691,687 67,672,488 79,171,317 11,403,042 Share Options: During the year ended December 31, 2008, the Company adopted the Noah Holdings Limited Share Incentive Plan (the “2008 Plan”), which allows the Company to offer a variety of share-based incentive awards to the Group’s employees, officers, directors and individual consultants who render services to the Group. Under the 2008 Plan, the maximum number of shares that may be issued shall not exceed 8% of the shares in issue on the date the offer of the grant of an option is made. During the year ended December 31, 2010, the Company adopted its 2010 share incentive plan (the “2010 Plan”). Under the 2010 plan, the maximum number of shares in respect of which options, restricted shares, or restricted share units may be granted will be 10% of the Company’s current outstanding share capital, or 2,315,000 shares. Options have a ten-year The weighted-average grant-date fair value of options granted during the years ended December 31, 2014, 2015 and 2016 was RMB RMB172.92 (US$27.87), RMB294.76 (US$45.50) and RMB319.16 (US$47.96) per share, respectively. There were 128,457, 49,887 and 62,430 options exercised during the years ended December 31, 2014, 2015 and 2016 respectively. The Group uses the Black-Scholes pricing model and the following assumptions to estimate the fair value of the options granted or modified: 2014 2015 2016 Average risk-free rate of return 1.89 % 1.73 % 1.14 % Weighted average expected option life 6.0 years 6.1 years 6.1 years Estimated volatility 82.2 % 54.1 % 55.8 % Average dividend yield Nil Nil Nil The following table summarizes option activity during the year ended December 31, 2016: Number Weighted Weighted Aggregate RMB RMB Outstanding as of January 1, 2016 762,890 202.91 8.3 133,866,535 Granted 186,425 268.83 Exercised (62,430 ) 90.69 Forfeited (53,172 ) 263.00 Converted to restricted shares (11,495 ) 392.06 Outstanding as of December 31, 2016 822,218 233.37 7.8 76,643,947 Vested and expected to vest as of December 31, 2016 702,914 233.37 7.8 63,813,110 Exercisable as of December 31, 2016 167,812 177.01 7.5 20,634,707 As of December 31, 2016, there was RMB117,690,049 of unrecognized compensation expense related to unvested share options, which is expected to be recognized over a weighted average period of 2.66 years. Non-vested A summary of non-vested Non-vested Number of non-vested Weighted-average RMB Non-vested 249,026 237.14 Granted 122,719 329.22 Conversion from option 5,748 368.40 Vested (138,492 ) 225.45 Forfeited (23,813 ) 442.23 Non-vested 215,188 297.69 The total fair value of non-vested non-vested non-vested On August 6, 2014, the Group granted 19,375 restricted shares to independent directors to replace options previously granted and modify the purchase price of the unvested restricted shares from RMB229.76 (US$37.03) per share to zero, but other conditions remaining unchanged. The Company compared the fair value of the modified restricted shares against the original awards as of the modification date and concluded that there is RMB1.9 million (US$0.3 million) incremental compensation cost to be recognized in the next 2 years. The company issued 5,748 non-vested |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Employee Benefit Plans | 15. Employee Benefit Plans Full time employees of the Group in the PRC participate in a government-mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. PRC labor regulations require the Group to accrue for these benefits based on a certain percentage of the employees’ salaries. The total contribution for such employee benefits were RMB71,135,997, RMB115,004,962 and RMB140,992,601 for the years ended December 31, 2014, 2015 and 2016, respectively. The Group has no ongoing obligation to its employees subsequent to its contributions to the PRC plan. |
Restricted Assets
Restricted Assets | 12 Months Ended |
Dec. 31, 2016 | |
Restricted Assets | 16. Restricted Assets Pursuant to the relevant laws and regulations in the PRC applicable to foreign-investment corporations and the Articles of Association of the Group’s PRC subsidiaries and VIEs, the Group is required to maintain a statutory reserve (“PRC statutory reserve”): a general reserve fund, which is non-distributable. after-tax after-tax In addition, the share capital of the Company’s PRC subsidiaries and VIEs of RMB1,065,321,750 and RMB1,116,574,950 as of December 31, 2015 and 2016, respectively, was considered restricted due to restrictions on the distribution of share capital. As a result of these PRC laws and regulations, the Company’s PRC subsidiaries and VIEs are restricted in their ability to transfer a portion of their net assets, including general reserve and registered capital, either in the form of dividends, loans or advances. Such restricted portion amounted to RMB1,234,018,822 and RMB1,325,400,086 as of December 31, 2015 and 2016, respectively. The restricted assets of the Company’s VIEs amounted to RMB438,896,279 and RMB344,383,556 as of December 31, 2015 and 2016, respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Information | 17. Segment Information The Group uses the management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The Group’s CODM has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. During the past three years, the Group has gradually transitioned from a wealth management consulting services provider to an integrated financial services group with capabilities in wealth management, asset management and internet financial service. In order to better reflect such transition, the Group has adjusted its internal organizational and corporate structures in the fourth quarter of 2014. The segment information has been adjusted accordingly to present the operating results by three reportable segments: wealth management, asset management and internet financial service. The Group’s CODM does not review balance sheet information of the segments. Segment information of the Group’s business is as follow: Years Ended December 31, 2014 Wealth Management Business Assets Management Business Internet Financial Business Total RMB RMB RMB RMB Revenues: One-time 423,218,934 — — 423,218,934 Recurring service fees 243,619,600 76,313,477 — 319,933,077 Performance-based income 7,952,243 16,680,481 — 24,632,724 Other service fees 13,246,685 — 16,732,441 29,979,126 Total third-party revenues 688,037,462 92,993,958 16,732,441 797,763,861 One-time 180,943,785 — — 180,943,785 Recurring service fees 342,603,359 217,438,078 30,326 560,071,763 Performance-based income 2,444,365 73,897,688 76,342,053 Other service fees 75,050 1,105,055 856,695 2,036,800 Total related party revenues 526,066,559 292,440,821 887,021 819,394,401 Total revenues 1,214,104,021 385,434,779 17,619,462 1,617,158,262 Less: business taxes and related surcharges (68,598,144 ) (19,319,443 ) (755,784 ) (88,673,371 ) Net revenues 1,145,505,877 366,115,336 16,863,678 1,528,484,891 Operating cost and expenses: Compensation and benefits Relationship Manager Compensation (319,572,173 ) (235,762 ) (2,244,639 ) (322,052,574 ) Performance Fee Compensation — (22,034,438 ) — (22,034,438 ) Other Compensation (214,841,520 ) (124,968,021 ) (53,563,785 ) (393,373,326 ) Total compensation and benefits (534,413,693 ) (147,238,221 ) (55,808,424 ) (737,460,338 ) Selling expenses (135,282,336 ) (9,756,483 ) (2,226,991 ) (147,265,810 ) General and administrative expenses (74,673,516 ) (60,090,462 ) (16,862,300 ) (151,626,278 ) Other operating expenses (23,641,595 ) (1,674,417 ) (4,645,818 ) (29,961,830 ) Government subsidies 67,303,362 23,601,038 27,062 90,931,462 Total operating cost and expenses (700,707,778 ) (195,158,545 ) (79,516,471 ) (975,382,794 ) Income (loss) from operations 444,798,099 170,956,791 (62,652,793 ) 553,102,097 Years Ended December 31, 2015 Wealth Management Business Assets Management Business Internet Financial Business Total RMB RMB RMB RMB Revenues: One-time 390,668,384 520,001 — 391,188,385 Recurring service fees 334,983,117 66,309,348 — 401,292,465 Performance-based income 141,773,493 52,165,537 — 193,939,030 Other service fees 69,447,545 512,475 58,330,241 128,290,261 Total third-party revenues 936,872,539 119,507,361 58,330,241 1,114,710,141 One-time 424,354,473 4,333,018 — 428,687,491 Recurring service fees 324,182,643 310,730,732 — 634,913,375 Performance –based income — 53,825,293 — 53,825,293 Other service fees 393,683 — 166,123 559,806 Total related party revenues 748,930,799 368,889,043 166,123 1,117,985,965 Total revenues 1,685,803,338 488,396,404 58,496,364 2,232,696,106 Less: business taxes and related surcharges (88,285,200 ) (23,408,513 ) (1,074,552 ) (112,768,265 ) Net revenues 1,597,518,138 464,987,891 57,421,812 2,119,927,841 Operating cost and expenses: Compensation and benefits Relationship Manager Compensation (507,400,087 ) (8,044,612 ) (9,185,024 ) (524,629,723 ) Performance Fee Compensation — (24,786,763 ) — (24,786,763 ) Other Compensation (348,504,061 ) (150,661,189 ) (115,910,643 ) (615,075,893 ) Total compensation and benefits (855,904,148 ) (183,492,564 ) (125,095,667 ) (1,164,492,379 ) Selling expenses (219,286,283 ) (17,278,343 ) (27,250,783 ) (263,815,409 ) General and administrative expenses (78,850,681 ) (53,554,038 ) (38,524,794 ) (170,929,513 ) Other operating expenses (53,374,913 ) (19,411,331 ) (21,838,060 ) (94,624,304 ) Government subsidies 75,960,496 56,304,348 444,868 132,709,712 Total operating cost and expenses (1,131,455,529 ) (217,431,928 ) (212,264,436 ) (1,561,151,893 ) Income (loss) from operations 466,062,609 247,555,963 (154,842,624 ) 558,775,948 Years Ended December 31, 2016 Wealth Management Business Assets Management Business Internet Financial Business Total RMB RMB RMB RMB Revenues: One-time 809,461,138 1,184,221 — 810,645,359 Recurring service fees 413,085,113 61,915,165 — 475,000,278 Performance-based income 11,143,779 8,596,434 — 19,740,213 Other service fees 67,435,787 — 50,358,068 117,793,855 Total third-party revenues 1,301,125,817 71,695,820 50,358,068 1,423,179,705 One-time 318,554,406 2,887,327 — 321,441,733 Recurring service fees 347,818,641 427,907,685 — 775,726,326 Performance –based income 706,390 38,793,992 — 39,500,382 Other service fees 722,009 — 1,065,914 1,787,923 Total related party revenues 667,801,446 469,589,004 1,065,914 1,138,456,364 Total revenues 1,968,927,263 541,284,824 51,423,982 2,561,636,069 Less: business taxes and related surcharges (37,274,715 ) (9,474,316 ) (1,314,268 ) (48,063,299 ) Net revenues 1,931,652,548 531,810,508 50,109,714 2,513,572,770 Operating cost and expenses: Compensation and benefits Relationship Manager Compensation (556,553,499 ) (1,452,611 ) (5,613,679 ) (563,619,789 ) Performance Fee Compensation (8,145,016 ) — (8,145,016 ) Other Compensation (443,704,242 ) (155,567,371 ) (129,367,542 ) (728,639,155 ) Total compensation and benefits (1,000,257,741 ) (165,164,998 ) (134,981,221 ) (1,300,403,960 ) Selling expenses (280,993,783 ) (16,171,723 ) (25,502,012 ) (322,667,518 ) General and administrative expenses (120,763,794 ) (77,200,486 ) (36,523,786 ) (234,488,066 ) Other operating expenses (82,058,856 ) (35,922,504 ) (33,106,059 ) (151,087,419 ) Government subsidies 78,444,752 83,919,516 — 162,364,268 Total operating cost and expenses (1,405,629,422 ) (210,540,195 ) (230,113,078 ) (1,846,282,695 ) Income (loss) from operations 526,023,126 321,270,313 (180,003,364 ) 667,290,075 Substantially all of the Group’s revenues are derived from, and its assets are located in the PRC and Hong Kong. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions | 18. Related Party Transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities. The table below sets forth major related parties and their relationships with the Group: Company Name Relationship with the Group Sequoia Capital Investment Management (Tianjin) Co., Ltd. Affiliate of shareholder of the Group Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership) Affiliate of shareholder of the Group Beijing Sequoia Heyuan Capital Investment Fund (Limited Partnership) Affiliate of shareholder of the Group Shaoxing Sequoia Huiyuan Capital Investment Fund (Limited Partnership) Affiliate of shareholder of the Croup Wanjia Win-Win Investee of Gopher Asset Management Co., Ltd. Wuhu Bona Investee of Gopher Asset Management Co., Ltd. Yiwu Xinguang Equity Investment Fund Management Co., Ltd. Investees of Shanghai Gopher Weiqin Equity Investment Center (Limited Partnership), fund invested and managed by Shanghai Gopher Asset Management Co., Ltd. Gopher RE Credit Fund SP Fund managed by Gopher Capital GP Ltd., a subsidiary Gopher investment Fund SPC Fund managed by Gopher Capital GP Ltd., a subsidiary Investees of Shanghai Gopher Fangduoduo Investment Management Co., Ltd., a consolidated VIE of the Company Investees of Gopher Asset Management Co., Ltd. Investees of Shanghai Gopher Nuotie Investment Management Co., Ltd., a consolidated VIE of the Company Investees of Gopher Asset Management Co., Ltd. Investees of Shanghai Gopher Yuanhao Investment Management Co., Ltd., a consolidated VIE of the Company Investees of Gopher Asset Management Co., Ltd. Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd. Investees of Gopher Asset Management Co., Ltd. Investees of Gopher Captial GP Ltd. Investees of Gopher Asset Management Co., Ltd. Investee funds of Shanghai Gefei Languang Investment Management Co., Ltd. Investees of Gopher Asset Management Co., Ltd. Investee funds of Wuhu Gefeiyintai Investment Management Co., Ltd. Investees of Gopher Asset Management Co., Ltd. Investee funds of Wuhu Gopher Investment Management Co., Ltd. Investees of Gopher Asset Management Co., Ltd. Investee of Tianjin Gopher Asset Management Co., Ltd, a consolidated VIE of the Company Investees of Gopher Asset Management Co., Ltd. Investees of Shanghai Gopher Asset Management Co., Ltd, a consolidated VIE of the Company Investees of Gopher Asset Management Co., Ltd. Investee funds of Hangzhou Wanke Investment Management Co., Ltd. Investees of Gopher Asset Management Co., Ltd. Investees of Gopher Asset Management Co., Ltd., a consolidated VIE of the Company Investees of Gopher Asset Management Co., Ltd. During the years ended December 31, 2015 and 2016, related party transactions were as follows: Years Ended December 31 2014 2015 2016 2016 RMB RMB RMB US$ One-time Investees of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 57,167,835 1,601,930 65,975,239 9,502,410 Investees of Gopher Asset Management Co., Ltd. 31,431,057 87,103,829 29,143,028 4,197,469 Investees of Gopher Capital GP Ltd. 21,610,352 163,062,723 42,830,956 6,168,941 Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company 16,899,267 90,178,715 14,709,830 2,118,656 Wanjia Win-Win 13,728,697 126,706 — — Investee funds of Wuhu Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 13,383,558 20,569,000 166,757,151 24,018,026 Investees of Shanghai Gopher Fangduoduo Investment Management Co., Ltd., a consolidated VIE of the Company — — 1,129,717 162,713 Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company 6,828,836 65,958,819 — — Investee funds of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a consolidated VIE of the Company 3,594,621 — — — Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership) 3,169,064 — — — Sequoia Capital Investment Management (Tianjin) Co., Ltd. 2,971,000 — — — Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company 2,637,579 — — — One-time 2,639,607 85,769 895,812 129,024 Investee funds of Tianjin Gopher Asset Management Co., Ltd. 2,487,443 — — — Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. 1,531,599 — — — Gopher RE Credit Fund SP 764,235 — — — Shaoxing Sequoia Huiyuan Capital Investment Fund (Limited Partnership) 99,035 — — — Total one-time 180,943,785 428,687,491 321,441,733 46,297,239 Recurring services fee Investees of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 71,238,249 17,368,889 226,486,527 32,620,845 Investee funds of Gopher Asset Management Co., Ltd. 97,310,324 109,191,795 128,636,314 18,527,483 Wanjia Win-Win 94,493,711 44,791,972 7,440,558 1,071,663 Investee funds of Wuhu Gopher Asset Management Co., Ltd. 79,651,065 51,807,324 79,315,287 11,423,777 Investees of Shanghai Gopher Investment Management Co., Ltd., a consolidated VIE of the Company — — 16,870,674 2,429,882 Sequoia Capital Investment Management (Tianjin) Co., Ltd. 52,667,224 47,850,038 42,404,469 6,107,514 Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company 37,336,074 3,774,933 2,598,464 374,257 Investees of Gopher Capital GP Ltd. 31,373,962 116,225,782 164,488,522 23,691,275 Investee funds of Tianjin Gopher Asset Management Co., Ltd. 25,155,045 25,043,197 34,939,104 5,032,278 Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company 20,343,486 148,421,108 — — Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. 15,728,463 7,824,920 5,448,537 784,753 Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a consolidated VIE of the Company 10,327,189 2,682,159 5,567,900 801,944 Wuhu Bona 7,040,886 8,842,927 7,728,080 1,113,075 Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership) 5,587,347 — — — Beijing Sequoia Heyuan Capital Investment Fund (Limited Partnership) 5,238,138 — — — Investee funds of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a consolidated VIE of the Company 4,920,036 4,498,656 — — Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd. 1,136,429 38,343,622 44,415,932 6,397,225 Recurring services fee earned from funds subscribed by shareholders 368,473 7,812,281 1,553,624 223,768 Investee funds of Noah Holdings (Hong Kong) Limited 155,662 — — — Investee funds of Kunming Gopher Asset Management Co., Ltd., a consolidated VIE of the Company — 433,772 1,109,537 159,807 Investees of Shanghai Gopher Fangduoduo Investment Management Co., Ltd., a consolidated VIE of the Company — — 3,703,044 533,349 Investees of Shanghai Gopher NuoTie Investment Management Co., Ltd., a consolidated VIE of the Company 2,309,209 332,595 Investees of Shanghai Gopher Yuanhao Investment Management Co., Ltd., a consolidated VIE of the Company 710,544 102,340 Total recurring services fee 560,071,763 634,913,375 775,726,326 111,727,830 Performance-based income Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company 57,659 23,085,688 4,711,247 678,559 Investee funds of Gopher Capital GP Ltd., a subsidiary — — 380,167 54,756 Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a consolidated VIE of the Company — 10,700,504 — — Investee funds of Gopher Asset Management Co., Ltd. 65,100,808 — 6,039,336 869,845 Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company 7,044,583 5,690,366 — — Investee funds of Wuhu Gopher Asset Management Co., Ltd., a consolidated VIE of the Company — 14,348,735 16,110,757 2,320,432 Wanjia Win-Win 4,139,003 — 6,913,756 995,788 Investee funds of Kunshan Jingzhao Equity Investment Management Limited — — 649,764 93,586 Investee of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company — — 4,695,355 676,272 Total performance-based income 76,342,053 53,825,293 39,500,382 5,689,238 Other service fee Investee funds of Gopher Asset Management Co., Ltd. 961,173 — — — Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company 89,443 — — — Wanjia Win-Win 573,540 — — — Investee funds of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 303,005 — — — Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company 12,678 — — — Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company 63,679 — — — Other services subscribed by shareholders 15,825 554,596 1,706,065 245,724 Yiwu Xinguang Equity Investment Fund Management Co., Ltd. 9,367 — — — Kunshan Jingzhao 8,090 — — — Investee funds of Gopher Capital GP Ltd., a subsidiary — 5,210 81,858 11,790 Total other service fee 2,036,800 559,806 1,787,923 257,514 Total 819,394,401 1,117,985,965 1,138,456,364 163,971,821 As of December 31, 2015 and 2016, amounts due from related parties associated with the above transactions were comprised of the following: As of December 31, 2015 2016 2016 RMB RMB US$ Wanjia Win-Win 30,687,837 9,702,246 1,397,414 Investee funds of Wuhu Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 18,428,721 158,270,393 22,795,678 Investee funds of Gopher Capital GP Ltd., a subsidiary 50,617,764 50,043,708 7,207,793 Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. 20,322,711 10,193,071 1,468,108 Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company 33,423,362 — — Investee funds of Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 61,364,006 76,730,690 11,051,518 Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company 935,529 375,130 54,030 Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company 9,629,670 24,635,070 3,548,188 Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a consolidated VIE of the Company 76,647 — — Investee funds of Wuhu Gopher Yintai Investment Management Co., Ltd., a consolidated VIE of the Company 22,657 — — Investee funds of Tianjin Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 1,473,097 5,679,578 818,029 Investee funds of Kunming Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 50,202 30,391 4,377 Investee funds of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 209,830 75,685,406 10,900,966 Wuhu Bona Film Investment Management Co., Ltd. 1,180,268 4,996,325 719,621 Investees of Shanghai Gopher Fangduoduo Investment Management Co., Ltd., a consolidated VIE of the Company — 3,828,248 551,382 Investees of Shanghai Gopher Nuo Tie Investment Management Co., Ltd., a consolidated VIE of the Company — 2,424,197 349,157 Yiwu Xinguang Equity Investment Fund Management Co., Ltd. — 4,009,600 577,503 Investees of Noah Holdings (Hong Kong) Limited 5,346,413 770,044 Other funds managed by the Group and affiliates 9,813,967 6,889,076 992,233 Total 238,236,268 438,839,542 63,206,041 As of December 31, 2015 and 2016, deferred revenues related to the recurring management fee received in advance from related parties were comprised of the following: As of December 31, 2015 2016 2016 RMB RMB US$ Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company 10,911,322 — — Investee funds of Wuhu Gopher Asset Management Co., Ltd. 28,000 8,881,566 1,279,212 Wanjia Win-Win 69,956 542,734 78,170 Investee funds of Gopher Asset Management Co., Ltd. 12,871,000 2,438,991 351,288 Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company 140,676 — — Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. 7,338 — — Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company 5,247,490 — — Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a consolidated VIE of the Company 36,472 12,848 1,851 Investee funds of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 28,000 — — Investee funds of Gopher Capital GP Ltd., a subsidiary 2,669,774 981,329 141,341 Investee of Tianjin Gopher Asset Management Co., Ltd., a consolidated VIE of the Company — 194,335 27,990 Investee of Wuhu Gopher Asset Management Co., Ltd., a consolidated VIE of the Company — 16,766,477 2,414,874 Total 32,010,028 29,818,280 4,294,726 In 2014, Shanghai Yafu Investment Consulting Co., Ltd.(“Shanghai Yafu”), an investment vehicle of Noah’s employees, acquired 10% of the equity interests of Shanghai Noah Yijie Finance Technology Co., Ltd upon formation of the entity. In July 2015, Sequoia Mingde, acquired 9.8% of equity interests in Shanghai Noah Yijie Finance Technology Co., Ltd., at purchase price of RMB31.6 million. The capital injection of Sequoia Mingde in 2015 into Shanghai Noah Yijie Finance Technology Co., Ltd. diluted the shares of Shanghai Yafu from 10.00% to 8.55%. In December 2016, Shanghai Qinjie Investment (Limited Partnership), a fund managed by Shanghai Gopher, acquired 9.88% of the equity interests of Shanghai Noah Yijie Finance Technology Co., Ltd, at purchase price of RMB150 million through the issuance of Series B shares. This acquisition diluted the shares of Shanghai Yafu to 7.5% and the shares of Sequoia Mingde to 8.6%. During the year ended December 31, 2015 and 2016, donation made to Shanghai Noah Charity Fund were RMB3.5 million and RMB6.0 million, respectively. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Commitments | 19. Commitments (a) Operating Leases The Group leases its facilities under non-cancelable Future minimum lease payments under non-cancelable Years Ended December 31 RMB US$ 2017 71,839,452 10,347,033 2018 61,417,714 8,845,991 2019 50,316,494 7,247,083 2020 43,588,626 6,278,068 2021 and after 131,776,349 18,979,742 Total 358,938,635 51,697,917 Rental expenses were RMB 46,852,399, RMB 75,964,160 and RMB 92,971,662 for the years ended December 31, 2014, 2015 and 2016, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events | 20. Subsequent events Effective on April 13, 2017, 2,492,146 of the Company’s ADSs held as treasury shares were cancelled. |
Additional Financial Informatio
Additional Financial Information of Parent Company - Financial Statements Schedule I | 12 Months Ended |
Dec. 31, 2016 | |
Additional Financial Information of Parent Company - Financial Statements Schedule I | Under PRC regulations, foreign-invested companies in China may pay dividends only out of their accumulated profits, if any, determined in accordance with PRC accounting standards and regulations. The Company’s PRC subsidiaries and VIEs are required to set aside at least 10% of their respective accumulated profits each year, if any, to fund general reserve funds unless such reserve funds have reached 50% of its respective registered capital. These reserves are not distributable in the form of cash dividends to the Company. In addition, the share capital of the Company’s PRC subsidiaries and VIEs are considered restricted due to restrictions on the distribution of share capital. The following Schedule I has been provided pursuant to the requirements of Rules 12-04(a) 5-04(c) S-X, a) Condensed balance sheets As of December 31 2015 2016 2016 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 321,418,159 364,864,405 52,551,405 Due from subsidiaries and VIEs 543,918,770 504,906,811 72,721,707 Deferred tax assets 755,246 — — Other current assets 31,146,365 32,821,866 4,727,332 Total current assets 897,238,540 902,593,082 130,000,444 Investment in subsidiaries and VIEs 2,091,409,293 3,000,710,841 432,192,257 Non-current 2,979,502 2,794,810 402,536 Other non-current 647,780 694,300 100,000 TOTAL ASSETS 2,992,275,115 3,906,793,033 562,695,237 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Other current liabilities 15,300,517 10,443,302 1,504,148 Total current liabilities 15,300,517 10,443,302 1,504,148 Convertible notes 518,224,000 555,440,000 80,000,000 Other non-current 9,864,869 8,773,490 1,263,645 Total liabilities 543,389,386 574,656,792 82,767,793 Shareholders’ equity Class A ordinary shares (US$0.0005 par value): 91,394,900 shares authorized, 20,802,611 shares issued and 19,556,538 shares outstanding as of December 31, 2015 and 21,003,533 shares issued and 19,716,328 shares outstanding as of December 31, 2016 69,086 69,758 10,047 Class B ordinary shares (US$0.0005 par value): 8,605,100 shares authorized, 8,515,000 shares issued and outstanding as of December 31, 2015 and 2016 29,047 29,047 4,184 Treasury stock (1,246,073 ordinary shares as of December 31, 2015 and 1,287,205 ordinary shares as of December 31, 2016) (117,836,564 ) (130,438,720 ) (18,787,083 ) Additional paid-in 990,515,956 1,226,215,683 176,611,794 Retained earnings 1,597,865,303 2,241,693,736 322,871,055 Accumulated other comprehensive income (21,757,099 ) (5,433,263 ) (782,553 ) Total shareholders’ equity 2,448,885,729 3,332,136,241 479,927,444 TOTAL LIABILITIES AND SHAREHOLERS’ EQUITY 2,992,275,115 3,906,793,033 562,695,237 b) Condensed statement of operations Years ended December 31, 2014 2015 2016 2016 RMB RMB RMB US$ Net revenues — — — — Operating cost and expenses Compensation and benefits 10,125,102 10,979,206 9,828,485 1,415,596 Selling expenses 167,690 373,752 89,785 12,932 General and administrative expenses 9,671,790 10,549,109 4,368,239 629,157 Total operating cost and expenses 19,964,582 21,902,067 14,286,509 2,057,685 Loss from operations 19,964,582 21,902,067 14,286,509 2,057,685 Other income (expenses): Interest income 5,547,639 8,336,138 10,412,533 1,499,717 Interest expense — (16,050,359 ) (19,288,813 ) (2,778,167 ) Investment income — 25,506,549 — — Other income (expenses) (451,217 ) 112,762 (968,676 ) (139,518 ) Total other income 5,096,422 17,905,090 (9,844,956 ) (1,417,968 ) Income before taxes and income from equity in subsidiaries and VIEs (14,868,160 ) (3,996,977 ) (24,131,465 ) (3,475,653 ) Income tax (benefit)/expenses (1,268,040 ) 3,524,413 3,298,731 475,115 Income from equity in affiliates — — 1,393,685 200,732 Equity in profit of subsidiaries and VIEs 462,689,051 536,296,648 663,267,482 95,530,387 Net income attributable to Noah shareholders 446,552,851 535,824,084 643,828,433 92,730,581 c) Condensed statement of comprehensive income Years Ended December 31, 2014 2015 2016 2016 RMB RMB RMB US$ Net income 446,552,851 535,824,084 643,828,433 92,730,581 Other comprehensive income, net of tax Change in cumulative foreign currency translation adjustment 6,427,932 4,882,284 19,324,565 2,783,317 Fair value fluctuation of available-for-sale 2,620,351 718,414 (1,291,318 ) (185,988 ) Fair value fluctuation of available-for-sale — — (1,709,411 ) (246,206 ) Other comprehensive income 9,048,283 5,600,698 16,323,836 2,351,123 Comprehensive income attributable to Noah Holdings Ltd. shareholders 455,601,134 541,424,782 660,152,269 95,081,704 d) Condensed statements of cash flows Years ended December 31, 2014 2015 2016 2016 RMB RMB RMB US$ Cash flows from operating activities: Net income attributable to Noah shareholders 446,552,851 535,824,084 643,828,433 92,730,581 Adjustment to reconcile net income to net cash provided by operating activities: Share-based compensation 10,125,102 10,979,206 9,828,485 1,415,596 Gain from equity in subsidiaries and VIE (462,689,051 ) (536,296,648 ) (663,267,482 ) (95,530,387 ) Changes in operating assets and liabilities: Amount due from subsidiaries and VIEs 13,853,941 (319,184,087 ) 39,011,959 5,618,892 Other current assets (21,489,980 ) (5,774,175 ) (1,722,021 ) (248,023 ) Deferred tax assets (339,900 ) (575,664 ) 939,938 135,379 Uncertain tax position liabilities 1,016,786 (4,804,123 ) — — Other current liabilities 3,066,233 7,942,352 (4,857,215 ) (699,584 ) Other non-current 82,534 1,821,548 (1,091,379 ) (157,191 ) Net cash provided by (used in) operating activities (9,821,484 ) (310,067,507 ) 22,670,718 3,265,263 Cash flows from investing activities: Investment in subsidiaries and VIEs (79,958,941 ) (7,851,539 ) — — Increase in investment in affiliates — (22,672,300 ) (27,702,118 ) (3,989,935 ) Net cash used in investing activities (79,958,941 ) (30,523,839 ) (27,702,118 ) (3,989,935 ) Cash flows from financing activities: Proceeds from issuance of ordinary shares upon exercise of stock options 4,062,622 4,351,330 4,539,237 653,786 Share repurchase — (44,586,036 ) (12,602,156 ) (1,815,088 ) Proceeds from convertible notes — 518,224,000 — — Net cash provided by financing activities 4,062,622 477,989,294 (8,062,919 ) (1,161,302 ) Effect of exchange rate changes 6,427,932 4,882,284 56,540,565 8,143,533 Net (decrease) increase in cash and cash equivalents (79,289,871 ) 142,280,232 43,446,246 6,257,559 Cash and cash equivalents—beginning of year 258,427,798 179,137,927 321,418,159 46,293,846 Cash and cash equivalents—end of year 179,137,927 321,418,159 364,864,405 52,551,405 e) Notes to condensed financial statements 1. The condensed financial statements of Noah Holdings Limited have been prepared using the same accounting policies as set out in the consolidated financial statements except that the equity method has been used to account for investments in subsidiaries and VIEs. Such investment in subsidiaries and VIEs are presented on the balance sheets as interests in subsidiaries and VIEs and the profit of the subsidiaries and VIEs is presented as equity in profit of subsidiaries and VIEs on the statement of operations. 2. As of December 31, 2015 and 2016, there were no material contingencies, significant provisions of long-term obligations of the Company, except for those which have been separately disclosed in the consolidated financial statements. 3. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. The footnote disclosure certain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the accompanying Consolidated Financial Statements. |
Summary of Principal Accounti29
Summary of Principal Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Basis of Presentation | (a) Basis of Presentation The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Principles of Consolidation | (b) Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and consolidated VIEs. All inter-company transactions and balances have been eliminated upon consolidation. A consolidated subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power or has the power to: appoint or remove the majority of the members of the board of directors; cast a majority of votes at the meeting of the board of directors; or govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. U.S. GAAP provides guidance on the identification and financial reporting for entities over which control is achieved through means other than voting interests. The Group evaluates each of its interests in private companies to determine whether or not the investee is a VIE and, if so, whether the Group is the primary beneficiary of such VIE. In determining whether the Group is the primary beneficiary, the Group considers if the Group (1) has power to direct the activities that most significantly affects the economic performance of the VIE, and (2) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Group consolidates the VIE. The Company had been engaged in the fund distribution business and distribution of asset management plans sponsored by mutual fund management companies as part of its business through contractual arrangements among its PRC subsidiary, Shanghai Noah Rongyao Investment Consulting Co., Ltd. (“Noah Rongyao”), its PRC variable interest entity, Noah Investment, and Noah Investment’s shareholders because it was difficult for foreign investor entities and subsidiaries of foreign investor entities to apply for a fund distribution license. Noah Upright, a subsidiary of Noah Investment before March 2016, holds the licenses and permits necessary to conduct fund distribution and distribution of asset management plans sponsored by mutual fund management companies in China. However, as the license and permit approval authorities relaxed their requirements for foreign investor entities to apply for fund distribution license, Noah Upright was restructured to be a subsidiary of Shanghai Noah Financial Services Corp., or Noah Financial Services, through equity transfer in March 2016. In addition, as foreign-invested companies engaged in insurance brokerage business are subject to stringent requirements compared with Chinese domestic enterprises under the current PRC laws and regulations, Noah Rongyao and its subsidiaries, as foreign-invested companies, do not meet all such requirements and therefore none of them are permitted to engage in the insurance brokerage business in China. Therefore, the Company conducts the insurance brokerage business in China through Noah Investment and its subsidiaries which are PRC domestic companies beneficially owned by the Founders. Since the Company does not have any equity interests in Noah Investment, in order to exercise effective control over its operations, the Company, through its wholly owned subsidiary Noah Rongyao, entered into a series of contractual arrangements with Noah Investment and its shareholders, pursuant to which the Company is entitled to receive effectively all economic benefits generated from Noah Investment shareholders’ equity interests in it. These contractual arrangements include: (i) a Power of Attorney Agreement under which each shareholder of Noah Investment has executed a power of attorney to grant Noah Rongyao or its designee the power of attorney to act on his or her behalf on all matters pertaining to Noah Investment and to exercise all of his or her rights as a shareholder of the Company, (ii) an Exclusive Option Agreement under which the shareholders granted Noah Investment or its third-party designee an irrevocable and exclusive option to purchase their equity interests in Noah Investment when and to the extent permitted by PRC law, (iii) an Exclusive Support Service Agreement under which Noah Investment engages Noah Rongyao as its exclusive technical and operational consultant and under which Noah Rongyao agrees to assist in arranging the financial support necessary to conduct Noah Investment’s operational activities, (iv) a Share Pledge Agreement under which the shareholders pledged all of their equity interests in Noah Investment to Noah Rongyao as collateral to secure their obligations under the agreement, and (v) a Free-Interest Loan Agreement under which each shareholder of Noah Investment entered into a loan agreement with Noah Rongyao for their respective investment in the equity interests in Noah Investment. The total amount of interest-free loans extended to the Founders is RMB27 million (approximately US$3.6 million) which has been injected into Noah Investment. The Founders of Noah Investment effectively acted as a conduit to fund the required capital contributions from the Company into Noah Rongyao, are non-substantive re-entered no-interest no-interest The Exclusive Option Agreement and Power of Attorney Agreements provide the Company effective control over the VIE and its subsidiaries, while the equity pledge agreements secure the equity owners’ obligations under the relevant agreements. Because the Company, through Noah Rongyao, has (i) the power to direct the activities of Noah Investment that most significantly affect the entity’s economic performance and (ii) the right to receive substantially all of the benefits from Noah Investment, the Company is deemed the primary beneficiary of Noah Investment. Accordingly, the Group has consolidated the financial statements of Noah Investment since its inception. The aforementioned contractual agreements are effective agreements between a parent and a consolidated subsidiary, neither of which is accounted for in the consolidated financial statements (i.e. a call option on subsidiary shares under the Exclusive Option Agreement or a guarantee of subsidiary performance under the Share Pledge Agreement) or are ultimately eliminated upon consolidation (i.e. service fees under the Exclusive Support Service Agreement or loans payable/receivable under the Loan Agreement). The Company believes that these contractual arrangements are in compliance with PRC laws and regulations and are legally enforceable. The restructure of fund distribution business from Noah Investment to Noah Financial Service in 2016 and the transfer of Tianjin Gopher Asset Management Co., Ltd and Gopher Asset Management Co., Ltd from Noah Rongyao to Noah Investment in 2012 do not impact the legal effectiveness of these contractual arrangements and do not impact the conclusion that the Company is the primary beneficiary of Noah Investment and its subsidiaries. However, the aforementioned contractual arrangements with Noah Investment and its shareholders are subject to risks and uncertainties, including: • Noah Investment and its shareholders may have or develop interests that conflict with the Group’s interests, which may lead them to pursue opportunities in violation of the aforementioned contractual arrangements. • Noah Investment and its shareholders could fail to obtain the proper operating licenses or fail to comply with other regulatory requirements. As a result, the PRC government could impose fines, new requirements or other penalties on the VIE or the Group, mandate a change in ownership structure or operations for the VIE or the Group, restrict the VIE or the Group’s use of financing sources or otherwise restrict the VIE or the Group’s ability to conduct business. • The aforementioned contractual agreements may be unenforceable or difficult to enforce. The equity interests under the Share Pledge Agreement have been registered by the shareholders of Noah Investment with the relevant office of the administration of industry and commerce, however, the VIE or the Group may fail to meet other requirements. Even if the agreements are enforceable, they may be difficult to enforce given the uncertainties in the PRC legal system. • The PRC government may declare the aforementioned contractual arrangements invalid. They may modify the relevant regulations, have a different interpretation of such regulations, or otherwise determine that the Group or the VIE have failed to comply with the legal obligations required to effectuate such contractual arrangements. • It may be difficult to finance Noah Investment by means of loans or capital contributions. Loans from the offshore parent company to the VIE must be approved by the relevant PRC government body and such approval may be difficult or impossible to obtain. The following amounts of Noah Investment and its subsidiaries were included in the Group’s consolidated financial statements: As of December 31 2015 2016 2016 RMB RMB US$ Cash and cash equivalents 585,191,507 312,278,112 44,977,403 Restricted cash 1,000,000 1,000,000 144,030 Short-term investments 167,583,165 — — Accounts receivable, net of allowance for doubtful accounts 52,715,369 14,828,126 2,135,694 Amounts due from related parties 135,302,942 209,034,051 30,107,166 Deferred tax assets 26,071,201 11,158,149 1,607,108 Other current assets 23,410,853 33,452,455 4,818,156 Long-term investments 113,390,404 81,168,283 11,690,664 Investment in affiliates 298,229,612 488,263,302 70,324,542 Property and equipment, net 40,161,068 28,804,397 4,148,696 Other non-current 5,611,229 13,775,274 1,984,052 Total assets 1,448,667,350 1,193,762,149 171,937,511 Accrued payroll and welfare expenses 181,685,160 72,212,423 10,400,753 Income tax payable 55,966,327 (5,036,501 ) (725,407 ) Amount due to related parties — 12,000,000 1,728,360 Amounts due to the Group’s subsidiaries 161,666,257 125,713,660 18,106,533 Deferred revenue 29,021,820 29,834,124 4,297,008 Other current liabilities 76,026,370 31,079,003 4,476,307 Non-current 67,248 — — Other non-current 39,635,057 — — Total liabilities 544,068,239 265,802,709 38,283,554 Years Ended December 31, 2014 2015 2016 2016 RMB RMB RMB US$ Revenue: Third-party revenues One-time 80,516,730 145,325,240 1,184,222 170,563 Recurring service fees 111,927,921 181,288,609 56,997,896 8,209,405 Performance-based income 22,994,446 165,971,926 8,596,435 1,238,144 Other service fees 1,346,667 9,616,062 38,881,405 5,600,087 Total third-party revenues 216,785,764 502,201,837 105,659,958 15,218,199 Related party revenues One-time 21,471,381 122,949,788 2,887,327 415,862 Recurring service fees 285,753,554 348,870,146 278,460,025 40,106,586 Performance-based income 75,204,704 53,825,292 38,413,825 5,532,742 Other service fees 1,217,894 2,102,882 19,856,658 2,859,954 Total related party revenues 383,647,533 527,748,108 339,617,835 48,915,144 Total revenues 600,433,297 1,029,949,945 445,277,793 64,133,343 Less: business taxes and related surcharges (33,672,899 ) (57,713,861 ) (10,206,252 ) (1,470,006 ) Net revenues 566,760,398 972,236,084 435,071,541 62,663,337 Operating cost and expenses (183,003,728 ) (624,541,431 ) (452,182,413 ) (65,127,814 ) Other income 11,888,078 39,115,317 67,038,384 9,665,536 Net income 310,817,616 327,597,694 24,381,722 3,511,698 Net income attributable to Noah Holding Limited shareholders 292,244,283 326,209,370 22,123,106 3,186,390 Cash flows provided by (used in) operating activities* 250,372,200 402,492,302 (316,764,831 ) (45,623,625 ) Cash flows (used in) provided by investing activities (53,726,568 ) (293,697,015 ) 28,995,441 4,176,212 Cash flows provided by financing activities 1,365,117 3,282,000 14,855,995 2,139,708 * Cash flows provided by operating activities in 2014, 2015 and 2016 include amounts due to the Group’s subsidiaries of RMB169,322,299, RMB161,666,257 and RMB125,713,660 (US$18,106,533). The VIEs contributed an aggregate of 37.1%, 45.9% and 17.3% of the consolidated net revenues for the years ended December 31, 2014, 2015 and 2016, respectively and an aggregate of 67.0%, 62.2% and 4.1% of the consolidated net income for the years ended December 31, 2014, 2015 and 2016, respectively. As of December 31, 2015 and 2016, the VIEs accounted for an aggregate of 35.4% and 20.1%, respectively, of the consolidated total assets. There are no consolidated assets of the VIEs and their subsidiaries that are collateral for the obligations of the VIEs and their subsidiaries and can only be used to settle the obligations of the VIEs and their subsidiaries. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholder of the VIEs or entrustment loans to the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 16 for disclosure of restricted net assets. |
Consolidation policy Upon Adoption of ASU No. 2015-02 and 2016-17 | (c) Consolidation policy Upon Adoption of ASU No. 2015-02 2016-17 In February 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-02, The Group early adopted ASU 2015-02 re-evaluated Under ASU 2015-02, In October 2016, the FASB issued ASU 2016-17, 2016-17”). 2015-02 2016-17 In evaluating whether the investment funds in the legal form of limited partnership the Group managed as general partner are VIEs or not, the Group firstly assessed whether a simple majority or lower threshold of limited partnership interests, excluding interests held by the general partner, parties under common control of the general partner, or parties acting on behalf of the general partner, have substantive kick-out kick-out non-related kick-out non-related The Group started to manage the contractual funds which it manages as fund manager and earns management fee and/or carried interest from second half of 2014. The contractual funds are VIEs as the fund investors do not have substantive kick-out As of December 31, 2015 and 2016, the Group had variable interests in various investment funds and contractual funds that are VIEs but determined that it was not the primary beneficiary and, therefore, was not consolidating the VIEs. The maximum potential financial statement loss the Group could incur if the investment funds and contractual funds were to default on all of their obligations is (i) the loss of value of the interests in such investments that the Group holds, including equity investments recorded in investment in affiliates as well as debt securities investments recorded in short-term investments and long-term investments in the consolidated balance sheet, and (ii) any management fee and/or carried interest receivables recorded in accounts receivable. The following table summarizes the Group’s maximum exposure to loss associated with identified nonconsolidated VIEs in which it holds variable interests as of December 31, 2016 and 2015, respectively. As of December 31, 2015 2016 2016 RMB RMB US$ Accounts receivable 14,007,287 32,492,199 505,621 Investments 383,778,327 508,010,848 73,168,781 Maximum exposure to loss in non-consolidated 397,785,614 540,503,047 73,674,402 The Group has not provided financial support to these nonconsolidated VIEs during the years ended December 31, 2015 and 2016, and had no liabilities, contingent liabilities, or guarantees (implicit or explicit) related to these nonconsolidated VIEs as of December 31, 2015 and 2016. |
Use of Estimates | (d) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ materially from such estimates. Significant accounting estimates reflected in the Group’s consolidated financial statements include assumptions used to determine valuation allowance for deferred tax assets, allowance for accounts receivable, allowance for loan losses, fair value measurement of underlying investment portfolios of the funds that the Group invests, assumptions related to the consolidation of entities in which the Group holds variable interests, assumptions related to the valuation of share-based compensation, including estimation of related forfeiture rates and assumption related to valuation of investments. |
Concentration of Credit Risk | (e) Concentration of Credit Risk The Group is subject to potential significant concentrations of credit risk consisting principally of cash and cash equivalents, accounts receivable, amounts due from related parties, loan receivables and investments. All of the Group’s cash and cash equivalents and a majority of investments are held with financial institutions that Group management believes to be high credit quality. In addition, the Group’s investment policy limits its exposure to concentrations of credit risk. Substantially all revenues were generated within China. There were no product providers or underlying corporate borrowers which accounted for 10% or more of total revenues for the years ended December 31, 2014, 2015, and 2016. Credit of small loan business is controlled by the application of credit approvals, limits and monitoring procedures. To minimize credit risk, the Group requires collateral in form of right to securities. The Group identifies credit risk on a customer by customer basis. The information is monitored regularly by management. |
Investments in Affiliates | (f) Investments in Affiliates Affiliated companies are entities over which the Group has significant influence, but which it does not control. The Group generally considers an ownership interest of 20% or higher to represent significant influence. Investments in affiliates are accounted for by the equity method of accounting. Under this method, the Group’s share of the post-acquisition profits or losses of affiliated companies is recognized in the statements of operations and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. Unrealized gains on transactions between the Group and its affiliated companies are eliminated to the extent of the Group’s interest in the affiliated companies; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group’s share of losses in an affiliated company equals or exceeds its interest in the affiliated company, the Group does not recognize further losses, unless the Group has incurred obligations or made payments on behalf of the affiliated company. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary. The Group has not recorded any impairment losses in any of the periods reported. The Group also considers it has significant influence over the funds that it serves as general partner or fund manager. For funds that the Group is not deemed the primary beneficiary of these funds. The equity method of accounting is accordingly used for investments by the Group in these funds. In addition, the investee funds meet the definition of an Investment Company and are required to report their investment assets at fair value. The Group records its equity pick-up |
Fair Value of Financial Instruments | (g) Fair Value of Financial Instruments The Group records certain of its financial assets and liabilities at fair value on a recurring basis. Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is as follows: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. |
Cash and Cash Equivalents | (h) Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and demand deposits, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less when purchased. |
Restricted Cash | (i) Restricted Cash The Group’s restricted cash primarily represents cash deposits required by China Insurance Regulatory Commission for entities engaging in insurance agency or brokering activities in China. Such cash cannot be withdrawn without the written approval of the China Insurance Regulatory Commission. Funds that are raised on behalf of investors, prior to the establishment of certain third party investment vehicles, are legally segregated from the Group and will be transferred to such investment vehicles upon formation. |
Investments | (j) Investments The Group invests in debt securities and equity securities and accounts for the investments based on the nature of the products invested, and the Group’s intent and ability to hold the investments to maturity. The Group’s investments in debt securities include marketable bond fund securities, trust products, asset management plans, contractual funds and real estate funds those have a stated maturity and normally pay a prospective fixed rate of return and secondary market equity fund products, the underlying assets of which are portfolios of equity investments in listed enterprises. The Group classifies the investments in debt securities as held-to-maturity Held-to-maturity held-to-maturity available-for-sale, The Group records investments in private equity funds and secondary market equity fund products under the cost method when they do not qualify for the equity method. Gains or losses are realized when such investments are sold. The Group reviews its investments except for those classified as trading securities for other-than-temporary impairment based on the specific identification method and considers available quantitative and qualitative evidence in evaluating potential impairment. If the cost of an investment exceeds the investment’s fair value, the Group considers, among other factors, general market conditions, government economic plans, the duration and the extent to which the fair value of the investment is less than cost and the Group’s intent and ability to hold the investment to determine whether an other-than-temporary impairment has occurred. The Group recognizes other-than-temporary impairment in earnings if it has the intent to sell the debt security or if it is more-likely-than-not If the investment’s fair value is less than the cost of an investment and the Group determines the impairment to be other-than-temporary, the Group recognizes an impairment loss based on the fair value of the investment. To date, the Group has not recorded an other-than-temporary impairment. |
Non-controlling interests | (k) Non-controlling A non-controlling Non-controlling non-controlling non-controlling non-controlling non-controlling The following schedule shows the effects of changes in the Company’s ownership interest in less than wholly owned subsidiaries on equity attributable to Noah Holdings Limited shareholders: Years Ended December 31, 2014 2015 2016 2016 RMB RMB RMB US$ Net income attributable to Noah Holdings Limited shareholders 446,552,851 535,824,084 643,828,433 92,730,581 Transfers from (to) the non-controlling Increase in Noah’s equity by partial disposal of subsidiaries — 29,076,110 151,989,845 21,891,091 Net transfers from (to) non-controlling — 29,076,110 151,989,845 21,891,091 Change from net income (loss) attributable to Noah and transfers (to) from non-controlling 446,552,851 564,900,194 795,818,278 114,621,672 |
Property and Equipment, net | (l) Property and Equipment, net Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the following estimated useful lives: Estimated Useful Lives in Years Leasehold improvements Shorter of the lease term or expected useful life Furniture, fixtures, and equipment 3—5 years Motor Vehicles 5 years Software 2—5 years Gains and losses from the disposal of property and equipment are included in income from operations. |
Revenue Recognition | (m) Revenue Recognition The Group derives revenue primarily from one-time The Group recognizes revenues when there is persuasive evidence of an arrangement, service has been rendered, the sales price is fixed or determinable and collectability is reasonably assured. Prior to a client’s purchase of a wealth management product, the Group provides the client with a wide spectrum of consultation services, including product selection, review, risk profile assessment and evaluation and recommendation for the client. Revenues are recorded, net of sales related taxes and surcharges. One-time The Group enters into one-time one-time one-time one-time The Group also earns one-time commissions from insurance brokerage business, and recognizes revenues when the underlying insurance contracts become effective. To realign the Company’s services provided under different business segments, starting from the first quarter of 2016, revenue from insurance brokerage business was reclassified from “other service fees” to “one-time commissions” in 2016. Recurring Service Fees Recurring service fees depend on the types of wealth management products the Company distributes and/or manages and are calculated as either (i) a percentage of the total capital commitments of investments made by the investors or (ii) as a percentage of the fair value of the total investment in the wealth management product, calculated daily. As the Group provides these services throughout the contract term, for either method of calculation, revenue is recognized on a daily basis over the contract term, assuming all other revenue recognition criteria have been met. Recurring service agreements do not include rights of return, credits or discounts, rebates, price protection or other similar privileges. Multiple Element Arrangements The Group enters into multiple element arrangements when a product provider or underlying corporate borrower engages it to provide both wealth management product distribution and recurring services. The Group also provides both wealth management product distribution and recurring services to funds that it serves as general partner, or fund manager. The Group allocates arrangement consideration in multiple-deliverable revenue arrangements at the inception of an arrangement to all deliverables based on the relative selling price in accordance with the selling price hierarchy, which includes: (i) vendor-specific objective evidence (“VSOE”) if available; (ii) third-party evidence (“TPE”) if VSOE is not available; and (iii) best estimate of selling price (“BESP”) if neither VSOE nor TPE is available. VSOE. The Group determines VSOE based on its historical pricing and discounting practices for the specific service when sold separately. In determining VSOE, the Group requires that a substantial majority of the selling prices for these services fall within a reasonably narrow pricing range. The Group historically had provided wealth management product distribution services on a stand-alone basis but the volume of such services has been significantly decreased in recent years. Therefore VSOE is no longer available for its wealth management product distribution services. The Group has not sold its recurring services on a stand-alone basis, no VSOE exists for recurring services. TPE. When VSOE cannot be established for deliverables in multiple element arrangements, the Group applies judgment with respect to whether it can establish a selling price based on TPE. TPE is determined based on competitor prices for similar deliverables when sold separately. Generally, the Group’s products and services contain certain level of differentiation such that the comparable pricing of services with similar functionality cannot be obtained. Furthermore, the Group is unable to reliably determine what similar competitor services’ selling prices are on a stand-alone basis. As a result, the Group has not been able to establish selling price based on TPE. BESP. When it is unable to establish selling price using VSOE or TPE, the Group uses BESP in its allocation of arrangement consideration. The objective of BESP is to determine the price at which the Group would transact a sale if the service were sold on a stand-alone basis. The Group determines BESP for deliverables by considering multiple factors including, but not limited to, prices it charged for similar offerings, market conditions, specification of the services rendered, product lifecycles, and pricing strategies and practices. The Group has used BESP to allocate the selling price of wealth management product distribution service and recurring services under these multiple element arrangements. Revenue for the respective units of accounting is also recognized in the same manner as described above. Performance-based Income In a typical arrangement in which the Group serves as fund manager, and in some cases in which the Company serves as distributor, except for secondary market funds of funds, the Group is entitled to a performance-based fee based on the extent by which the fund’s investment performance exceeds a certain threshold at the end of the contract term. Such performance-based fee is typically calculated and distributed at the end of the contract term when the cumulative return of the fund can be determined, and is not subject to clawback provisions. The Group does not record any performance-based income until the end of the contract term. Beginning in 2015, for certain secondary market products for which the Group provides recurring services, including both the funds for which the Group serves as the distribution channel and the funds of funds for which the Group acts as the fund manager, the performance-based income may also include a variable performance fee contingent upon the performance of the underlying investment in the measurement period, typically calculated at the end of the measurement period and settled subsequently. Such performance-based fee is not subject to clawback provisions and is recognized when the contingent criteria are met at the end of the measurement period. Other Service Fees The Group also derived revenues from 1) interest payment from small short-term loan, 2) internet financial service business and 3) payment related service, which were recorded as other service fees and represented 1%, 0.4% and 0.6% of the Group’s total net revenue for the year ended December 31, 2016. From November 2013, the Group started offering small short-term loan services. Revenue is recognized when there are probable economic benefits to the Group and when the revenue can be measured reliably. Interest on loan receivables is accrued monthly in accordance with their contractual terms and recorded in accrued interest receivable. Interest income is recorded as part of other service fees in the consolidated statement of operations. The Group does not charge prepayment penalties from its customers. In 2014, the Group started internet financial service business to provide financial products and services to high net worth individuals and enterprise and institutional clients as well as mass affluent individuals in China through its proprietary internet financial platforms. Revenues derived from internet financial service business is recorded in other service fees. |
Business Tax and Related Surcharges | (n) Business Tax and Related Surcharges The Group is subject to business tax, education surtax, and urban maintenance and construction tax, on the services provided in the PRC. Business tax and related surcharges are primarily levied based on revenues concurrent with a specific revenue-producing transaction at combined rates ranging from 5.35% to 5.65%. They can be presented either on a gross basis (included in revenues and costs) or on a net basis (excluded from revenue) at the Company’s accounting policy decision under U.S. GAAP. The Company has elected to report such business tax and related surcharges on a net basis as a reduction of revenues. On March 23, 2016, the Ministry of Finance and the State Administration of Taxation jointly issued the Circular on the Pilot Program for Overall Implementation of the Collection of Value Added Tax Instead of Business Tax, or Circular 36, which took effect on May 1, 2016. Pursuant to Circular 36, all companies operating in construction industry, real estate industry, finance industry, modern service industry or other industries which were required to pay business tax are required to pay VAT, in lieu of business tax. With the rollout of the Value-added Tax (“VAT”) reform on May 1, 2016, business tax is no longer applicable to the Group, and the applicable VAT rate for the Group is 3%, 6% and 17%. |
Compensation and benefits | (o) Compensation and benefits Compensation and benefits mainly include salaries and commissions for relationship managers, share-based compensation expenses, bonus related to performance based income, and salaries and bonuses for middle office and back office employees. |
Income Taxes | (p) Income Taxes Current income taxes are provided for in accordance with the relevant statutory tax laws and regulations. The Group accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Group recognizes net deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, it considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning The Group records uncertain tax positions in accordance with ASC 740 on the basis of a two-step more-likely-than-not |
Share-Based Compensation | (q) Share-Based Compensation The Group recognizes share-based compensation based on the fair value of equity awards on the date of the grant, with compensation expense recognized using a straight-line vesting method over the requisite service periods of the awards, which is generally the vesting period. The Group estimates the fair value of share options granted using the Black-Scholes option pricing model. The expected term represents the period that share-based awards are expected to be outstanding, giving consideration to the contractual terms of the share-based awards, vesting schedules and expectations of future employee exercise behavior. The computation of expected volatility is based on the fluctuation of the historical share price. Management estimates expected forfeitures and recognizes compensation costs only for those share-based awards expected to vest. Amortization of share-based compensation is presented in the same line item in the consolidated statements of operations as the cash compensation of those employees receiving the award. The Group treated a modification of the terms or conditions of an equity award as an exchange of the original award for a new award. The incremental compensation cost as an effect of a modification is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the share price and other pertinent factors at that date. Total recognized compensation cost for an equity award shall at least equal the fair value of the award at the grant date unless at the date of the modification the performance or service conditions of the original award are not expected to be satisfied. Thus, the total compensation cost measured at the date of a modification shall be the sum of the portion of the grant-date fair value of the original award for which the requisite service is expected to be rendered (or has already been rendered) at that date, and the incremental cost resulting from the modification. The Group records the incremental fair value of the modified award, as compensation cost on the date of modification for vested awards, or over the remaining service period for unvested awards. |
Government Grants | (r) Government Grants Government subsidies include cash subsidies received by the Group’s entities in the PRC from local governments as incentives for investing in certain local districts, and are typically granted based on the amount of investment made by the Group in form of registered capital or taxable income generated by the Group in these local districts. Such subsidies allow the Group full discretion in utilizing the funds and are used by the Group for general corporate purposes. The local governments have final discretion as to whether the Group has met all criteria to be entitled to the subsidies. The Group does not in all instances receive written confirmation from local governments indicating the approval of the cash subsidy before cash is received. Cash subsidies are RMB90,931,462, RMB132,709,712 and RMB162,364,268 for the years ended December 31, 2014, 2015, and 2016, respectively. Cash subsidies are recognized when received and when all the conditions for their receipt have been satisfied. |
Net Income per Share | (s) Net Income per Share Basic net income per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised into ordinary shares. Common share equivalents are excluded from the computation of the diluted net income per share in years when their effect would be anti-dilutive. Diluted net income per share is computed by giving effect to all potential dilutive shares, including non-vested |
Operating Leases | (t) Operating Leases Leases where substantially all the rewards and risks of ownership of assets remain with the leasing company are accounted for as operating leases. Certain of the Group’s facility leases provide for a free rent period. Payments made under operating leases are charged to the consolidated statements of operations on a straight-line basis over the lease period. |
Foreign Currency Translation and change in reporting currency | (u) Foreign Currency Translation and change in reporting currency The Company’s reporting currency is Renminbi (“RMB”). The Company’s functional currency is the United States dollar (“U.S. dollar or US$”). The Company’s operations are principally conducted through the subsidiaries and VIEs located in the PRC where the local currency is the functional currency. For those subsidiaries and VIEs which are not located in the PRC and have the functional currency other than RMB, the financial statements are translated from their respective functional currencies into RMB. Assets and liabilities of the Group’s overseas entities denominated in currencies other than the RMB are translated into RMB at the rates of exchange ruling at the balance sheet date. Equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as foreign currency translation adjustment and are shown as a separate component of other comprehensive income in the consolidated statements of comprehensive income. Translations of amounts from RMB into US$ are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.943 on December 31, 2016, representing the certificated exchange rate published by the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2016, or at any other rate. |
Comprehensive Income | (v) Comprehensive Income Comprehensive income includes all changes in equity except those resulting from investments by owners and distributions to owners. For the years presented, total comprehensive income included net income, change in fair value of available-for-sale |
Loans receivable, net | (w) Loans receivable, net Loans receivable represent loans offered to the clients in the small loan business. Loans receivable are initially recognized at fair value which is the cash disbursed to originate loans, measured subsequently at amortized cost using the effective interest method, net of allowance that reflects the Company’s best estimate of the amounts that will not be collected. |
Allowance for loan losses | (x) Allowance for loan losses The allowance for loan losses is maintained at a level believed to be reasonable by management to absorb probable losses inherent in the portfolio as of each balance sheet date. Net changes in the allowance for loan losses are recorded as part of other operating expenses in the consolidated statement of operations. The allowance is based on factors such as the size and current risk characteristics of the individual loans and actual loss, delinquency, and/or risk rating experience of the loans. Generally the period of the loans last for no more than 1 year, and are considered to be a homogenous population of similar credit quality. In addition, the Group also considers the loan allowance benchmarks periodically published by regulators for financial institutions in the PRC for loans with similar risks as a proxy for macroeconomic conditions that could have an impact on the performance of loans prospectively. Specific reserves are provided when and to the extent a credit event occurs with respect to an individual loan. The allowance for loan losses is increased by charges to income and decreased by charge-offs (net of recoveries). Loans are charged off when they are delinquent for more than 120 days. The Group evaluates its allowances for loan losses on a quarterly basis or more often as deemed necessary. The Group has followed the same methodology for estimating the loan losses since inception. The provision rate for loans outstanding as of December 31, 2015 and 2016 were both 1%. The Group performed a “back test” of the allowance for loan losses estimate by comparing the actual loan losses in 2016 to the estimated loan losses as of December 31, 2015. No significant difference was identified. In case significant variance is identified through the back test, the estimate methodology will be modified to reflect expected loan losses. |
Factoring | (y) Factoring The Company started to offer factoring products in 2016 through one of its subsidiaries, whereas the Company acquires accounts receivable from unrelated third parties at a discount to the face amount on a recourse basis, and immediately transfers the right to the receivables (“factoring receivables”) on its internet financial service platform in smaller tranches to individual investors. The Company accounts for the transfer of factoring receivables in accordance with ASC 860, “Transfers and Servicing” (“ASC 860”). For a transfer to be considered a sale, cash receipts and cash payments resulting from the acquisitions and sales are classified as operating cash flows. Transfers that do not qualify sale accounting in accordance with ASC 860 are accounted for as secured borrowings with the proceeds received from the individual investors as “factoring payables” on the consolidated balance sheets, and the advancements to the original holders of the accounts receivables as factoring receivables on the consolidated balance sheets. The cash flows related to purchases and collections of the pledged factoring receivables are included within the cash flows from investing activities category, and the proceeds and payments related to the transfer of the right to the receivables are included within the cash flows from financing activities in the consolidated statement of cash flows. |
Recently issued accounting pronouncements | (z) Recently issued accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued, ASU 2014-09, 2014-09 2015-14, 2014-09 2014-09 Additionally, the FASB issued the following various updates affecting the guidance in ASU 2014-09. 2016-08, 2016-10, 2016-12, 2016-20, 2016-20 2014-09. In November 2015, the FASB issued ASU 2015-17, In January 2016, the FASB issued ASU 2016-01, 825-10): 2016-01”), 2016-01 2016-01 In February 2016, the FASB issued ASU No. 2016-02, right-of-use In March 2016, the FASB issued ASU No. 2016-06, one-time No. 2016-06 No. 2016-06 In March 2016, the FASB issued ASU 2016-07, In March 2016, the FASB issued ASU 2016-09, In August 2016, the FASB issued ASU 2016-15, In October 2016, FASB issued ASU 2016-16, In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810): Interests Held through Related Parties under Common Control (“ASU 2016-17”). This guidance in ASU 2016-17 states that reporting entities deciding whether they are primary beneficiaries no longer have to consider indirect interests held through related parties that are under common control to be the equivalent of direct interests in their entirety. Reporting entities would include those indirect interests on a proportionate basis. The Group has adopted this new guidance and has applied the guidance retrospectively beginning with the annual period in which the amendments in ASU 2015-02 were adopted in 2015. In October 2016, the FASB issued ASU 2016-18, beginning-of-period end-of-period In January 2017, the FASB issued ASU 2017-01, In January 2017, the FASB issued ASU 2017-04, |
Organization and Principal Ac30
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Subsidiaries | The Company’s significant subsidiaries as of December 31, 2016 include the following: Date of Incorporation Place of Incorporation Percentage of Shanghai Noah Rongyao Investment Consulting Co., Ltd. August 24, 2007 PRC 100 % Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd. September 29, 2007 PRC 100 % Shanghai Noah Financial Services Co., Ltd. April 18, 2008 PRC 100 % Kunshan Noah Xingguang Investment Management Co., Ltd. August 12, 2011 PRC 100 % Noah Holdings (Hong Kong) Limited September 1, 2011 Hong Kong 100 % Shanghai Rongyao Information Technology Co., Ltd. March 2, 2012 PRC 100 % Zigong Noah Financial Service Co., Ltd. October 22, 2012 PRC 100 % Noah Financial Express (Wuhu) Microfinance Co., Ltd. August 13, 2013 PRC 100 % Shanghai Noah Chuangying Enterprise Management Co., Ltd. December 14, 2015 PRC 100 % Shanghai Noah Yijie Finance Technology Co., Ltd March 17, 2014 PRC 54.93 % Noah Commercial Factoring Co., Ltd. April 1, 2014 PRC 95 % Noah (Shanghai) Financial Leasing Co., Ltd December 20, 2014 PRC 100 % Noah Holdings International Limited January 7, 2015 Hong Kong 100 % Kunshan Noah Rongyao Investment Management Co., Ltd. December 2, 2015 PRC 100 % Noah Insurance (Hong Kong) Limited January 3, 2011 Hong Kong 100 % Gopher Holdings (Hong Kong) Limited April 5, 2016 Hong Kong 100 % Gopher International Investment Management (Shanghai) Limited November 14, 2016 PRC 92 % Noah Investment’s significant subsidiaries as of December 31, 2016 include the following: Date of Incorporation Place of Incorporation Percentage of Shanghai Noah Investment Management Co., Ltd. August 26, 2005 PRC 100 % Shanghai Noah Rongyao Insurance Broker Co., Ltd. September 24, 2008 PRC 100 % Gopher Asset Management Co., Ltd. February 9, 2012 PRC 100 % Wuhu Gopher Asset Management Co., Ltd. October 10, 2012 PRC 100 % Gopher Nuobao (Shanghai) Asset Management Co., Ltd. April 10, 2013 PRC 100 % |
Summary of Principal Accounti31
Summary of Principal Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Amounts of Noah Investment and its Subsidiaries included in Consolidated Financial Statements | The following amounts of Noah Investment and its subsidiaries were included in the Group’s consolidated financial statements: As of December 31 2015 2016 2016 RMB RMB US$ Cash and cash equivalents 585,191,507 312,278,112 44,977,403 Restricted cash 1,000,000 1,000,000 144,030 Short-term investments 167,583,165 — — Accounts receivable, net of allowance for doubtful accounts 52,715,369 14,828,126 2,135,694 Amounts due from related parties 135,302,942 209,034,051 30,107,166 Deferred tax assets 26,071,201 11,158,149 1,607,108 Other current assets 23,410,853 33,452,455 4,818,156 Long-term investments 113,390,404 81,168,283 11,690,664 Investment in affiliates 298,229,612 488,263,302 70,324,542 Property and equipment, net 40,161,068 28,804,397 4,148,696 Other non-current 5,611,229 13,775,274 1,984,052 Total assets 1,448,667,350 1,193,762,149 171,937,511 Accrued payroll and welfare expenses 181,685,160 72,212,423 10,400,753 Income tax payable 55,966,327 (5,036,501 ) (725,407 ) Amount due to related parties — 12,000,000 1,728,360 Amounts due to the Group’s subsidiaries 161,666,257 125,713,660 18,106,533 Deferred revenue 29,021,820 29,834,124 4,297,008 Other current liabilities 76,026,370 31,079,003 4,476,307 Non-current 67,248 — — Other non-current 39,635,057 — — Total liabilities 544,068,239 265,802,709 38,283,554 Years Ended December 31, 2014 2015 2016 2016 RMB RMB RMB US$ Revenue: Third-party revenues One-time 80,516,730 145,325,240 1,184,222 170,563 Recurring service fees 111,927,921 181,288,609 56,997,896 8,209,405 Performance-based income 22,994,446 165,971,926 8,596,435 1,238,144 Other service fees 1,346,667 9,616,062 38,881,405 5,600,087 Total third-party revenues 216,785,764 502,201,837 105,659,958 15,218,199 Related party revenues One-time 21,471,381 122,949,788 2,887,327 415,862 Recurring service fees 285,753,554 348,870,146 278,460,025 40,106,586 Performance-based income 75,204,704 53,825,292 38,413,825 5,532,742 Other service fees 1,217,894 2,102,882 19,856,658 2,859,954 Total related party revenues 383,647,533 527,748,108 339,617,835 48,915,144 Total revenues 600,433,297 1,029,949,945 445,277,793 64,133,343 Less: business taxes and related surcharges (33,672,899 ) (57,713,861 ) (10,206,252 ) (1,470,006 ) Net revenues 566,760,398 972,236,084 435,071,541 62,663,337 Operating cost and expenses (183,003,728 ) (624,541,431 ) (452,182,413 ) (65,127,814 ) Other income 11,888,078 39,115,317 67,038,384 9,665,536 Net income 310,817,616 327,597,694 24,381,722 3,511,698 Net income attributable to Noah Holding Limited shareholders 292,244,283 326,209,370 22,123,106 3,186,390 Cash flows provided by (used in) operating activities* 250,372,200 402,492,302 (316,764,831 ) (45,623,625 ) Cash flows (used in) provided by investing activities (53,726,568 ) (293,697,015 ) 28,995,441 4,176,212 Cash flows provided by financing activities 1,365,117 3,282,000 14,855,995 2,139,708 * Cash flows provided by operating activities in 2014, 2015 and 2016 include amounts due to the Group’s subsidiaries of RMB169,322,299, RMB161,666,257 and RMB125,713,660 (US$18,106,533). |
Summary of Maximum Exposure to Loss Associated with Identified Nonconsolidated VIEs | The following table summarizes the Group’s maximum exposure to loss associated with identified nonconsolidated VIEs in which it holds variable interests as of December 31, 2016 and 2015, respectively. As of December 31, 2015 2016 2016 RMB RMB US$ Accounts receivable 14,007,287 32,492,199 505,621 Investments 383,778,327 508,010,848 73,168,781 Maximum exposure to loss in non-consolidated 397,785,614 540,503,047 73,674,402 |
Summary of Effects of Changes in Company's Ownership Interest in Less than Wholly Owned Subsidiaries on Equity Attributable to Noah Holdings Limited Shareholders | The following schedule shows the effects of changes in the Company’s ownership interest in less than wholly owned subsidiaries on equity attributable to Noah Holdings Limited shareholders: Years Ended December 31, 2014 2015 2016 2016 RMB RMB RMB US$ Net income attributable to Noah Holdings Limited shareholders 446,552,851 535,824,084 643,828,433 92,730,581 Transfers from (to) the non-controlling Increase in Noah’s equity by partial disposal of subsidiaries — 29,076,110 151,989,845 21,891,091 Net transfers from (to) non-controlling — 29,076,110 151,989,845 21,891,091 Change from net income (loss) attributable to Noah and transfers (to) from non-controlling 446,552,851 564,900,194 795,818,278 114,621,672 |
Estimated Useful Lives of Property and Equipment | Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the following estimated useful lives: Estimated Useful Lives in Years Leasehold improvements Shorter of the lease term or expected useful life Furniture, fixtures, and equipment 3—5 years Motor Vehicles 5 years Software 2—5 years |
Net Income per Share (Tables)
Net Income per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Computation of Basic and Diluted Net Income per Share Attributable to Ordinary Shareholders | The following table sets forth the computation of basic and diluted net income per share attributable to ordinary shareholders: Years Ended December 31, 2014 2015 2016 2016 Class A and Class B Class A and Class B Class A and Class B Class A and Class B RMB RMB RMB US$ Net income attributable to Class A and Class B ordinary shareholders—basic 446,552,851 535,824,084 643,828,433 92,730,581 Plus: interest expense for convertible notes — 16,050,359 19,288,813 2,778,167 Net income attributable to Class A and Class B ordinary shareholders—diluted 446,552,851 551,874,443 663,117,246 95,508,748 Weighted average number of Class A and Class B ordinary shares outstanding—basic 27,873,501 28,085,521 28,150,139 28,150,139 Plus: share options 178,203 207,354 133,295 133,295 Plus: non-vested 176,119 278,027 16,465 16,465 Plus: shares outstanding for convertible notes — 1,575,074 1,736,864 1,736,864 Weighted average number of Class A and Class B ordinary shares outstanding—diluted 28,227,823 30,145,976 30,036,763 30,036,763 Basic net income per share 16.02 19.08 22.87 3.29 Diluted net income per share 15.82 18.31 22.08 3.18 |
Antidilutive Securities Excluded from Computation of Earning Per Share | Diluted net income per share does not include the following instruments as their inclusion would be antidilutive: Years Ended December 31, 2014 2015 2016 Share options 304,045 343,750 316,510 Non-vested — — — Total 304,045 343,750 316,510 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investment | The following table summarizes the Group’s investment balances: As of December 31, 2015 2016 2016 RMB RMB US$ Short-term investments - Held-to-maturity - Fixed income products 25,240,000 144,580,000 20,823,851 Total held-to-maturity 25,240,000 144,580,000 20,823,851 - Available-for-sale - Fixed income products 496,565,847 154,594,435 22,266,230 Total available-for-sale 496,565,847 154,594,435 22,266,230 - Other short-term investments 38,268,052 — — Total short-term investments 560,073,899 299,174,435 43,090,081 Long-term investments - Held-to-maturity - Fixed income products 56,180,000 134,500,000 19,372,029 Total held-to-maturity 56,180,000 134,500,000 19,372,029 - Available-for-sale 10,069,729 — — - Other long-term investments - Private equity funds products 78,390,404 95,568,533 13,764,732 - Other investments 107,141,812 116,851,794 16,830,159 Total other long-term investments 185,532,216 212,420,327 30,594,891 Total long-term investments 251,781,945 346,920,327 49,966,920 Total investments 811,855,844 646,094,762 93,057,001 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurements of Company's Assets and Liabilities that Measured at Fair Value on A Recurring Basis | As of December 31, 2015 and December 31, 2016, information about inputs into the fair value measurements of the Company’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows: Fair Value Measurements at Reporting Date Using Description As of Quoted Prices Significant Significant RMB RMB RMB RMB Short-term investment Available-for-sale 496,565,847 — 496,565,847 — Long-term investment Available-for-sale 10,069,729 — 10,069,729 — Fair Value Measurements at Reporting Date Using Description As of Quoted Prices Significant Significant RMB RMB RMB RMB Short-term investment Available-for-sale 154,594,435 — 154,594,435 — Long-term investment Available-for-sale — — — — |
Fair Value Measurements of Long-term Financial Instruments | As of December 31, 2015 and 2016, information about inputs into the fair value measurements of the Company’s long-term financial instruments that are not reported at fair value on balance sheet is as following: As of December 31, 2015 Fair Value Measurements at Reporting Date Using Description Carrying Value Fair Value Quoted Prices Significant Significant RMB RMB RMB RMB RMB Long-term investment – cost method investment: Investment in private equity funds products 78,390,404 78,235,701 — — 78,235,701 Investment in other investments 107,141,812 111,841,541 — — 111,841,541 Long-term investment – held-to-maturity: Investment in fixed income products 56,180,000 53,804,649 — 53,804,649 — As of December 31, 2016 Fair Value Measurements at Reporting Date Using Description Carrying Value Fair Value Quoted Prices Significant Significant RMB RMB RMB RMB RMB Long-term investment – cost method investment: Investment in private equity funds products 95,568,533 95,419,830 — — 95,419,830 Investment in other investments 116,851,794 238,803,980 — — 238,803,980 Long-term investment – held-to-maturity: Investment in fixed income products 134,500,000 135,860,819 — 135,860,819 — |
Investment in Affiliates (Table
Investment in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments in and Advances to Affiliates | The following table summarizes the Group’s balances of investment in affiliates: As of December 31, 2015 2016 2016 RMB RMB US$ Kunshan Jingzhao 11,068,436 11,541,091 1,662,262 Kunshan Vantone 5,424,558 5,225,900 752,686 Wanjia Win-Win 51,077,862 60,130,744 8,660,629 Wuhu Bona 885,264 807,385 116,288 Beijing Shengyi 1,954,914 1,623,110 233,776 Shanghai Weiying — 1,058,886 152,511 Wuhu Hongxing — 9,800,000 1,411,494 Hainan Alibaba — 4,000,000 576,120 Shanghai Nuoya — 2,000,000 288,060 Funds that the Company serves as general partner 255,744,809 442,989,395 63,803,744 -Gopher Transform Private Fund — 150,000,000 21,604,494 -Real estate funds and real estate funds of funds 46,924,414 50,373,389 7,255,277 -Private equity funds of funds 208,778,546 242,573,595 34,937,865 -Other fixed income funds of funds 41,849 42,411 6,108 Total investment in affiliates 326,155,843 539,176,511 77,657,570 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property and Equipment, Net | Property and equipment, net consists of the following: As of December 31, 2015 2016 2016 RMB RMB US$ Leasehold improvements 109,826,051 138,813,271 19,993,270 Furniture, fixtures and equipment 63,763,654 85,469,351 12,310,147 Motor vehicles 23,019,817 49,940,181 7,192,882 Software 39,034,783 64,016,790 9,220,336 235,644,305 338,239,593 48,716,635 Accumulated depreciation (79,150,194 ) (129,855,593 ) (18,703,096 ) 156,494,111 208,384,000 30,013,539 Construction in progress 39,981,138 35,105,512 5,056,245 Property and equipment, net 196,475,249 243,489,512 35,069,784 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Current Liabilities | Components of other current liabilities are as follows: As of December 31, 2015 2016 2016 RMB RMB US$ Accrued expenses 82,870,781 126,698,212 18,248,338 Advance from customers 19,587,242 20,227,161 2,913,317 Interest payable for convertible notes 7,461,952 8,370,658 1,205,625 Other payables 32,661,326 78,341,632 11,283,542 Payable to individual investors of internet financial service business 143,234,477 29,031,169 4,181,358 Payable for purchases of property and equipment 13,391,314 11,208,902 1,614,418 Other tax payable 41,698,015 48,816,742 7,031,073 Amount due to related party — 12,000,000 1,728,360 Total 340,905,107 334,694,476 48,206,031 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tax Expense (Benefit) | The tax expense (benefit) comprises: Years Ended December 31, 2014 2015 2016 2016 RMB RMB RMB US$ Current Tax 173,388,429 136,698,765 166,563,258 23,990,099 Deferred Tax (22,095,408 ) (6,813,018 ) (8,566,670 ) (1,233,857 ) Total 151,293,021 129,885,747 157,996,588 22,756,242 |
Reconciliation Between Statutory Tax Rate to Income Before Income Taxes and Actual Provision for Income Taxes | Reconciliation between the statutory tax rate to income before income taxes and the actual provision for income taxes is as follows: Years Ended December 31, 2014 2015 2016 PRC income tax rate 25.00 % 25.00 % 25.00 % Expenses not deductible for tax purposes 0.38 % 0.00 % 0.17 % Effect of tax-free (0.62 %) (2.97 %) (4.44 %) Effect of uncertain tax positions 0.17 % (1.75 %) (0.01 %) Effect of different tax rate of subsidiary operation in other jurisdiction (0.07 %) (0.70 %) (3.96 %) Effect of deferred tax asset allowance — 2.00 % 4.70 % Effect of tax holidays (0.67 %) (1.28 %) (1.82 %) Effect of intra-group share transfer — — 1.96 % Effect of others 0.96 % 0.16 % (0.06 %) 25.15 % 20.46 % 21.54 % |
Aggregate Amount and Per Share Effect of the Tax Holiday | The aggregate amount and per share effect of the Tax Holiday (including effect of timing difference reversed in the year with different rate) are as follows: Years Ended December 31, 2014 2015 2016 2016 RMB RMB RMB US$ Aggregate 4,007,311 8,103,295 13,363,068 1,924,682 Per share effect-basic 0.14 0.29 0.47 0.07 Per share effect-diluted 0.14 0.27 0.44 0.06 |
Principal Components of Deferred Income Tax Asset and Liabilities | The principal components of the deferred income tax asset and liabilities are as follows: As of December 31, 2015 2016 2016 RMB RMB US$ Deferred tax assets: Accrued expenses 18,992,967 24,107,150 3,472,152 Tax loss carry forward 36,546,645 63,023,249 9,077,236 Unrealized other income 3,734,748 3,105,198 447,241 Others 358,881 83 12 Gross deferred tax assets 59,633,241 90,235,680 12,996,641 Valuation allowance (12,665,420 ) (34,508,881 ) (4,970,312 ) Net deferred tax assets 46,967,821 55,726,799 8,026,329 Analysis as: Current 3,104,253 — — Non-current 43,863,568 55,726,799 8,026,329 Deferred tax liabilities: Unrealized investment income 4,264,027 4,456,335 641,846 Net deferred tax liabilities (after offsetting) 1,159,774 4,456,335 641,846 Analysis as: Current 1,159,774 — — Non-current — 4,456,335 641,846 |
Movement of Uncertain Tax Positions | The movement of the Group’s uncertain tax positions is summarized as follows: RMB US$ Unrecognized tax benefit—December 31, 2013 9,991,022 1,542,348 Gross increases—accrued interest in current period 1,038,963 160,388 Settlements — — Reverse due to lapse of statute of limitations — — Exchange rate translation 97,712 15,084 Unrecognized tax benefit—December 31, 2014 11,127,697 1,717,820 Gross increases—accrued interest in current period — — Settlements — — Reverse due to lapse of statute of limitations (11,202,168 ) (1,729,317 ) Exchange rate translation 141,719 21,878 Unrecognized tax benefit—December 31, 2015 67,248 10,381 Gross increases—accrued interest in current period — — Settlements — — Reverse due to lapse of statute of limitations (67,248 ) (10,381 ) Exchange rate translation — — Unrecognized tax benefit—December 31, 2016 — — |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Loans Receivable, Net | Loans receivable as of December 31, 2015 and 2016 consist of the following: 2015 2016 2016 RMB RMB US$ Loans receivable: -Within credit term 133,444,399 115,070,663 16,573,623 -Past due — — — Total loans receivable 133,444,399 115,070,663 16,573,623 Allowance for loan losses (1,334,502 ) (1,150,707 ) (165,736 ) Loans receivable, net 132,109,897 113,919,956 16,407,887 |
Activity in Allowance for Loan Losses | The following table presents the activity in the allowance for loan losses as of and for the years ended December 31, 2015 and 2016. RMB US$ Loans receivable—December 31, 2014 1,166,800 180,123 Provisions 1,225,597 189,200 Reversal of allowance provided (1,057,895 ) (163,311 ) Charge-offs — — Loans receivable—December 31, 2015 1,334,502 206,012 Provisions 1,150,707 165,736 Reversal of allowance provided (1,334,502 ) (206,012 ) Charge-offs Loans receivable—December 31, 2016 1,150,707 165,736 |
Redeemable Non-controlling In40
Redeemable Non-controlling Interest of a Subsidiary (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Redeemable Noncontrolling Interest | 2015 2016 2016 RMB RMB US$ Beginning of the year — — — Issuance of redeemable non-controlling — 336,000,000 48,394,066 Loss attributable to redeemable non-controlling — (5,335,678 ) (768,498 ) Redeemable non-controlling — 330,664,322 47,625,568 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share Based Compensation Expense by Type of Award | The following table presents the Company’s share-based compensation expense by type of award: Years Ended December 31, 2014 2015 2016 2016 RMB RMB RMB US$ Share options 9,043,829 33,912,040 39,008,208 5,618,351 Non-vested 23,647,858 33,760,448 40,163,109 5,784,691 Total share-based compensation 32,691,687 67,672,488 79,171,317 11,403,042 |
Black Scholes Pricing Model Assumptions used to Estimate Fair Value of Options Granted | The Group uses the Black-Scholes pricing model and the following assumptions to estimate the fair value of the options granted or modified: 2014 2015 2016 Average risk-free rate of return 1.89 % 1.73 % 1.14 % Weighted average expected option life 6.0 years 6.1 years 6.1 years Estimated volatility 82.2 % 54.1 % 55.8 % Average dividend yield Nil Nil Nil |
Summary of Stock Option Activity | The following table summarizes option activity during the year ended December 31, 2016: Number Weighted Weighted Aggregate RMB RMB Outstanding as of January 1, 2016 762,890 202.91 8.3 133,866,535 Granted 186,425 268.83 Exercised (62,430 ) 90.69 Forfeited (53,172 ) 263.00 Converted to restricted shares (11,495 ) 392.06 Outstanding as of December 31, 2016 822,218 233.37 7.8 76,643,947 Vested and expected to vest as of December 31, 2016 702,914 233.37 7.8 63,813,110 Exercisable as of December 31, 2016 167,812 177.01 7.5 20,634,707 |
Summary of Non Vested Restricted Share Activity | A summary of non-vested Non-vested Number of non-vested Weighted-average RMB Non-vested 249,026 237.14 Granted 122,719 329.22 Conversion from option 5,748 368.40 Vested (138,492 ) 225.45 Forfeited (23,813 ) 442.23 Non-vested 215,188 297.69 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Information | Segment information of the Group’s business is as follow: Years Ended December 31, 2014 Wealth Management Business Assets Management Business Internet Financial Business Total RMB RMB RMB RMB Revenues: One-time 423,218,934 — — 423,218,934 Recurring service fees 243,619,600 76,313,477 — 319,933,077 Performance-based income 7,952,243 16,680,481 — 24,632,724 Other service fees 13,246,685 — 16,732,441 29,979,126 Total third-party revenues 688,037,462 92,993,958 16,732,441 797,763,861 One-time 180,943,785 — — 180,943,785 Recurring service fees 342,603,359 217,438,078 30,326 560,071,763 Performance-based income 2,444,365 73,897,688 76,342,053 Other service fees 75,050 1,105,055 856,695 2,036,800 Total related party revenues 526,066,559 292,440,821 887,021 819,394,401 Total revenues 1,214,104,021 385,434,779 17,619,462 1,617,158,262 Less: business taxes and related surcharges (68,598,144 ) (19,319,443 ) (755,784 ) (88,673,371 ) Net revenues 1,145,505,877 366,115,336 16,863,678 1,528,484,891 Operating cost and expenses: Compensation and benefits Relationship Manager Compensation (319,572,173 ) (235,762 ) (2,244,639 ) (322,052,574 ) Performance Fee Compensation — (22,034,438 ) — (22,034,438 ) Other Compensation (214,841,520 ) (124,968,021 ) (53,563,785 ) (393,373,326 ) Total compensation and benefits (534,413,693 ) (147,238,221 ) (55,808,424 ) (737,460,338 ) Selling expenses (135,282,336 ) (9,756,483 ) (2,226,991 ) (147,265,810 ) General and administrative expenses (74,673,516 ) (60,090,462 ) (16,862,300 ) (151,626,278 ) Other operating expenses (23,641,595 ) (1,674,417 ) (4,645,818 ) (29,961,830 ) Government subsidies 67,303,362 23,601,038 27,062 90,931,462 Total operating cost and expenses (700,707,778 ) (195,158,545 ) (79,516,471 ) (975,382,794 ) Income (loss) from operations 444,798,099 170,956,791 (62,652,793 ) 553,102,097 Years Ended December 31, 2015 Wealth Management Business Assets Management Business Internet Financial Business Total RMB RMB RMB RMB Revenues: One-time 390,668,384 520,001 — 391,188,385 Recurring service fees 334,983,117 66,309,348 — 401,292,465 Performance-based income 141,773,493 52,165,537 — 193,939,030 Other service fees 69,447,545 512,475 58,330,241 128,290,261 Total third-party revenues 936,872,539 119,507,361 58,330,241 1,114,710,141 One-time 424,354,473 4,333,018 — 428,687,491 Recurring service fees 324,182,643 310,730,732 — 634,913,375 Performance –based income — 53,825,293 — 53,825,293 Other service fees 393,683 — 166,123 559,806 Total related party revenues 748,930,799 368,889,043 166,123 1,117,985,965 Total revenues 1,685,803,338 488,396,404 58,496,364 2,232,696,106 Less: business taxes and related surcharges (88,285,200 ) (23,408,513 ) (1,074,552 ) (112,768,265 ) Net revenues 1,597,518,138 464,987,891 57,421,812 2,119,927,841 Operating cost and expenses: Compensation and benefits Relationship Manager Compensation (507,400,087 ) (8,044,612 ) (9,185,024 ) (524,629,723 ) Performance Fee Compensation — (24,786,763 ) — (24,786,763 ) Other Compensation (348,504,061 ) (150,661,189 ) (115,910,643 ) (615,075,893 ) Total compensation and benefits (855,904,148 ) (183,492,564 ) (125,095,667 ) (1,164,492,379 ) Selling expenses (219,286,283 ) (17,278,343 ) (27,250,783 ) (263,815,409 ) General and administrative expenses (78,850,681 ) (53,554,038 ) (38,524,794 ) (170,929,513 ) Other operating expenses (53,374,913 ) (19,411,331 ) (21,838,060 ) (94,624,304 ) Government subsidies 75,960,496 56,304,348 444,868 132,709,712 Total operating cost and expenses (1,131,455,529 ) (217,431,928 ) (212,264,436 ) (1,561,151,893 ) Income (loss) from operations 466,062,609 247,555,963 (154,842,624 ) 558,775,948 Years Ended December 31, 2016 Wealth Management Business Assets Management Business Internet Financial Business Total RMB RMB RMB RMB Revenues: One-time 809,461,138 1,184,221 — 810,645,359 Recurring service fees 413,085,113 61,915,165 — 475,000,278 Performance-based income 11,143,779 8,596,434 — 19,740,213 Other service fees 67,435,787 — 50,358,068 117,793,855 Total third-party revenues 1,301,125,817 71,695,820 50,358,068 1,423,179,705 One-time 318,554,406 2,887,327 — 321,441,733 Recurring service fees 347,818,641 427,907,685 — 775,726,326 Performance –based income 706,390 38,793,992 — 39,500,382 Other service fees 722,009 — 1,065,914 1,787,923 Total related party revenues 667,801,446 469,589,004 1,065,914 1,138,456,364 Total revenues 1,968,927,263 541,284,824 51,423,982 2,561,636,069 Less: business taxes and related surcharges (37,274,715 ) (9,474,316 ) (1,314,268 ) (48,063,299 ) Net revenues 1,931,652,548 531,810,508 50,109,714 2,513,572,770 Operating cost and expenses: Compensation and benefits Relationship Manager Compensation (556,553,499 ) (1,452,611 ) (5,613,679 ) (563,619,789 ) Performance Fee Compensation (8,145,016 ) — (8,145,016 ) Other Compensation (443,704,242 ) (155,567,371 ) (129,367,542 ) (728,639,155 ) Total compensation and benefits (1,000,257,741 ) (165,164,998 ) (134,981,221 ) (1,300,403,960 ) Selling expenses (280,993,783 ) (16,171,723 ) (25,502,012 ) (322,667,518 ) General and administrative expenses (120,763,794 ) (77,200,486 ) (36,523,786 ) (234,488,066 ) Other operating expenses (82,058,856 ) (35,922,504 ) (33,106,059 ) (151,087,419 ) Government subsidies 78,444,752 83,919,516 — 162,364,268 Total operating cost and expenses (1,405,629,422 ) (210,540,195 ) (230,113,078 ) (1,846,282,695 ) Income (loss) from operations 526,023,126 321,270,313 (180,003,364 ) 667,290,075 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions | During the years ended December 31, 2015 and 2016, related party transactions were as follows: Years Ended December 31 2014 2015 2016 2016 RMB RMB RMB US$ One-time Investees of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 57,167,835 1,601,930 65,975,239 9,502,410 Investees of Gopher Asset Management Co., Ltd. 31,431,057 87,103,829 29,143,028 4,197,469 Investees of Gopher Capital GP Ltd. 21,610,352 163,062,723 42,830,956 6,168,941 Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company 16,899,267 90,178,715 14,709,830 2,118,656 Wanjia Win-Win 13,728,697 126,706 — — Investee funds of Wuhu Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 13,383,558 20,569,000 166,757,151 24,018,026 Investees of Shanghai Gopher Fangduoduo Investment Management Co., Ltd., a consolidated VIE of the Company — — 1,129,717 162,713 Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company 6,828,836 65,958,819 — — Investee funds of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a consolidated VIE of the Company 3,594,621 — — — Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership) 3,169,064 — — — Sequoia Capital Investment Management (Tianjin) Co., Ltd. 2,971,000 — — — Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company 2,637,579 — — — One-time 2,639,607 85,769 895,812 129,024 Investee funds of Tianjin Gopher Asset Management Co., Ltd. 2,487,443 — — — Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. 1,531,599 — — — Gopher RE Credit Fund SP 764,235 — — — Shaoxing Sequoia Huiyuan Capital Investment Fund (Limited Partnership) 99,035 — — — Total one-time 180,943,785 428,687,491 321,441,733 46,297,239 Recurring services fee Investees of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 71,238,249 17,368,889 226,486,527 32,620,845 Investee funds of Gopher Asset Management Co., Ltd. 97,310,324 109,191,795 128,636,314 18,527,483 Wanjia Win-Win 94,493,711 44,791,972 7,440,558 1,071,663 Investee funds of Wuhu Gopher Asset Management Co., Ltd. 79,651,065 51,807,324 79,315,287 11,423,777 Investees of Shanghai Gopher Investment Management Co., Ltd., a consolidated VIE of the Company — — 16,870,674 2,429,882 Sequoia Capital Investment Management (Tianjin) Co., Ltd. 52,667,224 47,850,038 42,404,469 6,107,514 Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company 37,336,074 3,774,933 2,598,464 374,257 Investees of Gopher Capital GP Ltd. 31,373,962 116,225,782 164,488,522 23,691,275 Investee funds of Tianjin Gopher Asset Management Co., Ltd. 25,155,045 25,043,197 34,939,104 5,032,278 Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company 20,343,486 148,421,108 — — Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. 15,728,463 7,824,920 5,448,537 784,753 Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a consolidated VIE of the Company 10,327,189 2,682,159 5,567,900 801,944 Wuhu Bona 7,040,886 8,842,927 7,728,080 1,113,075 Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership) 5,587,347 — — — Beijing Sequoia Heyuan Capital Investment Fund (Limited Partnership) 5,238,138 — — — Investee funds of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a consolidated VIE of the Company 4,920,036 4,498,656 — — Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd. 1,136,429 38,343,622 44,415,932 6,397,225 Recurring services fee earned from funds subscribed by shareholders 368,473 7,812,281 1,553,624 223,768 Investee funds of Noah Holdings (Hong Kong) Limited 155,662 — — — Investee funds of Kunming Gopher Asset Management Co., Ltd., a consolidated VIE of the Company — 433,772 1,109,537 159,807 Investees of Shanghai Gopher Fangduoduo Investment Management Co., Ltd., a consolidated VIE of the Company — — 3,703,044 533,349 Investees of Shanghai Gopher NuoTie Investment Management Co., Ltd., a consolidated VIE of the Company 2,309,209 332,595 Investees of Shanghai Gopher Yuanhao Investment Management Co., Ltd., a consolidated VIE of the Company 710,544 102,340 Total recurring services fee 560,071,763 634,913,375 775,726,326 111,727,830 Performance-based income Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company 57,659 23,085,688 4,711,247 678,559 Investee funds of Gopher Capital GP Ltd., a subsidiary — — 380,167 54,756 Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a consolidated VIE of the Company — 10,700,504 — — Investee funds of Gopher Asset Management Co., Ltd. 65,100,808 — 6,039,336 869,845 Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company 7,044,583 5,690,366 — — Investee funds of Wuhu Gopher Asset Management Co., Ltd., a consolidated VIE of the Company — 14,348,735 16,110,757 2,320,432 Wanjia Win-Win 4,139,003 — 6,913,756 995,788 Investee funds of Kunshan Jingzhao Equity Investment Management Limited — — 649,764 93,586 Investee of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company — — 4,695,355 676,272 Total performance-based income 76,342,053 53,825,293 39,500,382 5,689,238 Other service fee Investee funds of Gopher Asset Management Co., Ltd. 961,173 — — — Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company 89,443 — — — Wanjia Win-Win 573,540 — — — Investee funds of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 303,005 — — — Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company 12,678 — — — Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company 63,679 — — — Other services subscribed by shareholders 15,825 554,596 1,706,065 245,724 Yiwu Xinguang Equity Investment Fund Management Co., Ltd. 9,367 — — — Kunshan Jingzhao 8,090 — — — Investee funds of Gopher Capital GP Ltd., a subsidiary — 5,210 81,858 11,790 Total other service fee 2,036,800 559,806 1,787,923 257,514 Total 819,394,401 1,117,985,965 1,138,456,364 163,971,821 |
Amounts Due from Related Parties | As of December 31, 2015 and 2016, amounts due from related parties associated with the above transactions were comprised of the following: As of December 31, 2015 2016 2016 RMB RMB US$ Wanjia Win-Win 30,687,837 9,702,246 1,397,414 Investee funds of Wuhu Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 18,428,721 158,270,393 22,795,678 Investee funds of Gopher Capital GP Ltd., a subsidiary 50,617,764 50,043,708 7,207,793 Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. 20,322,711 10,193,071 1,468,108 Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company 33,423,362 — — Investee funds of Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 61,364,006 76,730,690 11,051,518 Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company 935,529 375,130 54,030 Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company 9,629,670 24,635,070 3,548,188 Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a consolidated VIE of the Company 76,647 — — Investee funds of Wuhu Gopher Yintai Investment Management Co., Ltd., a consolidated VIE of the Company 22,657 — — Investee funds of Tianjin Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 1,473,097 5,679,578 818,029 Investee funds of Kunming Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 50,202 30,391 4,377 Investee funds of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 209,830 75,685,406 10,900,966 Wuhu Bona Film Investment Management Co., Ltd. 1,180,268 4,996,325 719,621 Investees of Shanghai Gopher Fangduoduo Investment Management Co., Ltd., a consolidated VIE of the Company — 3,828,248 551,382 Investees of Shanghai Gopher Nuo Tie Investment Management Co., Ltd., a consolidated VIE of the Company — 2,424,197 349,157 Yiwu Xinguang Equity Investment Fund Management Co., Ltd. — 4,009,600 577,503 Investees of Noah Holdings (Hong Kong) Limited 5,346,413 770,044 Other funds managed by the Group and affiliates 9,813,967 6,889,076 992,233 Total 238,236,268 438,839,542 63,206,041 |
Deferred Revenues Related to Recurring Management Fee Received in Advance from Related Parties | As of December 31, 2015 and 2016, deferred revenues related to the recurring management fee received in advance from related parties were comprised of the following: As of December 31, 2015 2016 2016 RMB RMB US$ Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a consolidated VIE of the Company 10,911,322 — — Investee funds of Wuhu Gopher Asset Management Co., Ltd. 28,000 8,881,566 1,279,212 Wanjia Win-Win 69,956 542,734 78,170 Investee funds of Gopher Asset Management Co., Ltd. 12,871,000 2,438,991 351,288 Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a consolidated VIE of the Company 140,676 — — Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. 7,338 — — Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a consolidated VIE of the Company 5,247,490 — — Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a consolidated VIE of the Company 36,472 12,848 1,851 Investee funds of Shanghai Gopher Asset Management Co., Ltd., a consolidated VIE of the Company 28,000 — — Investee funds of Gopher Capital GP Ltd., a subsidiary 2,669,774 981,329 141,341 Investee of Tianjin Gopher Asset Management Co., Ltd., a consolidated VIE of the Company — 194,335 27,990 Investee of Wuhu Gopher Asset Management Co., Ltd., a consolidated VIE of the Company — 16,766,477 2,414,874 Total 32,010,028 29,818,280 4,294,726 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Future Minimum Lease Payments Under Non Cancelable Operating Lease Agreements | Future minimum lease payments under non-cancelable Years Ended December 31 RMB US$ 2017 71,839,452 10,347,033 2018 61,417,714 8,845,991 2019 50,316,494 7,247,083 2020 43,588,626 6,278,068 2021 and after 131,776,349 18,979,742 Total 358,938,635 51,697,917 |
Summary of Subsidiaries (Detail
Summary of Subsidiaries (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Shanghai Noah Rongyao Investment Consulting Co., Ltd. | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation | Aug. 24, 2007 |
Place of Incorporation | PRC |
Percentage of Ownership | 100.00% |
Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd. | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation | Sep. 29, 2007 |
Place of Incorporation | PRC |
Percentage of Ownership | 100.00% |
Shanghai Noah Financial Services Co., Ltd. | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation | Apr. 18, 2008 |
Place of Incorporation | PRC |
Percentage of Ownership | 100.00% |
Kunshan Noah Xingguan Investment Management Co., Ltd. | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation | Aug. 12, 2011 |
Place of Incorporation | PRC |
Percentage of Ownership | 100.00% |
Noah Holdings (Hong Kong) Limited | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation | Sep. 1, 2011 |
Place of Incorporation | Hong Kong |
Percentage of Ownership | 100.00% |
Shanghai Rongyao Information Technology Co., Ltd. | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation | Mar. 2, 2012 |
Place of Incorporation | PRC |
Percentage of Ownership | 100.00% |
Zigong Noah Financial Service Co., Ltd. | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation | Oct. 22, 2012 |
Place of Incorporation | PRC |
Percentage of Ownership | 100.00% |
Noah Financial Express (Wuhu) Microfinance Co., Ltd. | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation | Aug. 13, 2013 |
Place of Incorporation | PRC |
Percentage of Ownership | 100.00% |
Shanghai Noah Chuangying Enterprise Management Co., Ltd. | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation | Dec. 14, 2015 |
Place of Incorporation | PRC |
Percentage of Ownership | 100.00% |
Shanghai Noah Yijie Finance Technology Co., Ltd. | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation | Mar. 17, 2014 |
Place of Incorporation | PRC |
Percentage of Ownership | 54.93% |
Noah Commercial Factoring Co., Ltd. | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation | Apr. 1, 2014 |
Place of Incorporation | PRC |
Percentage of Ownership | 95.00% |
Noah (Shanghai) Financial Leasing Co., Ltd | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation | Dec. 20, 2014 |
Place of Incorporation | PRC |
Percentage of Ownership | 100.00% |
Noah Holdings International Limited | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation | Jan. 7, 2015 |
Place of Incorporation | Hong Kong |
Percentage of Ownership | 100.00% |
Kunshan Noah Rongyao Investment Management Co., Ltd. | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation | Dec. 2, 2015 |
Place of Incorporation | PRC |
Percentage of Ownership | 100.00% |
Noah Insurance (Hong Kong) Limited | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation | Jan. 3, 2011 |
Place of Incorporation | Hong Kong |
Percentage of Ownership | 100.00% |
Gopher Holdings (Hong Kong) Limited | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation | Apr. 5, 2016 |
Place of Incorporation | Hong Kong |
Percentage of Ownership | 100.00% |
Gopher International Investment Management (Shanghai) Limited | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation | Nov. 14, 2016 |
Place of Incorporation | PRC |
Percentage of Ownership | 92.00% |
Noah Investments Subsidiaries (
Noah Investments Subsidiaries (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Shanghai Noah Investment Management Co., Ltd. | |
Variable Interest Entity [Line Items] | |
Date of Incorporation | Aug. 26, 2005 |
Place of Incorporation | PRC |
Percentage of Ownership | 100.00% |
Shanghai Noah Rongyao Insurance Broker Co., Ltd. | |
Variable Interest Entity [Line Items] | |
Date of Incorporation | Sep. 24, 2008 |
Place of Incorporation | PRC |
Percentage of Ownership | 100.00% |
Gopher Asset Management Co., Ltd. | |
Variable Interest Entity [Line Items] | |
Date of Incorporation | Feb. 9, 2012 |
Place of Incorporation | PRC |
Percentage of Ownership | 100.00% |
Wuhu Gopher Asset Management Co., Ltd. | |
Variable Interest Entity [Line Items] | |
Date of Incorporation | Oct. 10, 2012 |
Place of Incorporation | PRC |
Percentage of Ownership | 100.00% |
Gopher- Nuobao (Shanghai) Asset Management Co., Ltd. | |
Variable Interest Entity [Line Items] | |
Date of Incorporation | Apr. 10, 2013 |
Place of Incorporation | PRC |
Percentage of Ownership | 100.00% |
Organization and Principal Ac47
Organization and Principal Activities - Additional Information (Detail) | Dec. 31, 2016 |
Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd. | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Equity interest sold to Shanghai Noah Financial Service | 100.00% |
Summary of Principal Accounti48
Summary of Principal Accounting Policies - Additional Information (Detail) | May 01, 2016 | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2016CNY (¥) |
Significant Accounting Policies [Line Items] | ||||||
Interest-free loans extended to VIE founders | $ 3,600,000 | ¥ 27,000,000 | ||||
Interest-free loans agreements expiry date | 2023-12 | 2023-12 | ||||
Non-controlling interests | $ 8,517,237 | ¥ 85,110,820 | ¥ 59,135,176 | |||
Net income (loss) attributable to non-controlling interests | (5,847,803) | ¥ (40,601,294) | (9,522,737) | ¥ 17,333,060 | ||
Government subsidies | $ 23,385,319 | ¥ 162,364,268 | ¥ 132,709,712 | ¥ 90,931,462 | ||
Foreign currency exchange rate, translation | 6.943 | 6.943 | ||||
Loans charge off period | 120 days | 120 days | ||||
Loan loss provision rate | 1.00% | 1.00% | 1.00% | |||
Variable Interest Entity, Primary Beneficiary | Credit Concentration Risk | Net Revenue | ||||||
Significant Accounting Policies [Line Items] | ||||||
Concentration risk, percentage | 17.30% | 17.30% | 45.90% | 37.10% | ||
Variable Interest Entity, Primary Beneficiary | Credit Concentration Risk | Net Income (Loss) | ||||||
Significant Accounting Policies [Line Items] | ||||||
Concentration risk, percentage | 4.10% | 4.10% | 62.20% | 67.00% | ||
Variable Interest Entity, Primary Beneficiary | Credit Concentration Risk | Total Assets | ||||||
Significant Accounting Policies [Line Items] | ||||||
Concentration risk, percentage | 20.10% | 20.10% | 35.40% | |||
CHINA | ||||||
Significant Accounting Policies [Line Items] | ||||||
VAT rate one (as a percent) | 3.00% | |||||
VAT rate two (as a percent) | 6.00% | |||||
VAT rate three (as a percent) | 17.00% | |||||
Internet Financial Service Business | ||||||
Significant Accounting Policies [Line Items] | ||||||
Other service fees as percentage of total net revenue | 0.40% | 0.40% | ||||
Short-term Loans | ||||||
Significant Accounting Policies [Line Items] | ||||||
Other service fees as percentage of total net revenue | 1.00% | 1.00% | ||||
Other Businesses | ||||||
Significant Accounting Policies [Line Items] | ||||||
Other service fees as percentage of total net revenue | 0.60% | 0.60% | ||||
Minimum | ||||||
Significant Accounting Policies [Line Items] | ||||||
Ownership percentage in affiliate to represent influence | 20.00% | 20.00% | ||||
Minimum | CHINA | ||||||
Significant Accounting Policies [Line Items] | ||||||
Business tax and related surcharges | 5.35% | 5.35% | ||||
Maximum | CHINA | ||||||
Significant Accounting Policies [Line Items] | ||||||
Business tax and related surcharges | 5.65% | 5.65% |
Amounts in Noah Investment and
Amounts in Noah Investment and its Subsidiaries Included in Consolidated Financial Statements (Detail) | 12 Months Ended | ||||||||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2013CNY (¥) | ||
Variable Interest Entity [Line Items] | |||||||||
Cash and cash equivalents | $ 429,570,728 | ¥ 1,750,204,915 | ¥ 2,982,509,565 | $ 307,204,908 | ¥ 2,132,923,674 | ¥ 1,187,211,176 | |||
Restricted cash | 144,030 | 1,000,000 | 1,000,000 | ||||||
Short-term investments | 43,090,081 | 299,174,435 | 560,073,899 | ||||||
Accounts receivable, net of allowance for doubtful accounts | 29,401,097 | 204,131,815 | 122,346,687 | ||||||
Amounts due from related parties | 63,206,041 | 438,839,542 | 238,236,268 | ||||||
Deferred tax assets | 0 | 0 | 0 | ||||||
Other current assets | 12,786,819 | 88,778,883 | 75,141,655 | ||||||
Long-term investments | 49,966,920 | 346,920,327 | 251,781,945 | ||||||
Property and equipment, net | 35,069,784 | 243,489,512 | 196,475,249 | ||||||
Other non-current assets | 5,566,233 | 38,646,355 | 16,885,730 | ||||||
Total assets | 857,912,963 | 5,956,489,700 | 4,096,994,415 | ||||||
Accrued payroll and welfare expenses | 79,969,482 | 555,228,116 | 494,688,785 | ||||||
Income tax payable | 3,336,020 | 23,161,986 | 61,650,980 | ||||||
Deferred revenue | 13,431,134 | 93,252,362 | 68,425,735 | ||||||
Other current liabilities | 48,206,031 | 334,694,476 | 340,905,107 | ||||||
Non-current uncertain tax position liabilities | 67,248 | ||||||||
Other non-current liabilities | 14,251,168 | 98,945,858 | 77,876,237 | ||||||
Total Liabilities | 321,842,714 | 2,234,553,961 | 1,562,997,866 | ||||||
Revenue: | |||||||||
Third-party revenues | 204,980,513 | ¥ 1,423,179,705 | ¥ 1,114,710,141 | 797,763,861 | |||||
Related party revenues | 163,971,821 | 1,138,456,364 | 1,117,985,965 | 819,394,401 | |||||
Total revenues | 368,952,334 | 2,561,636,069 | 2,232,696,106 | 1,617,158,262 | |||||
Less: business taxes and related surcharges | (6,922,555) | (48,063,299) | (112,768,265) | (88,673,371) | |||||
Net revenues | 362,029,779 | 2,513,572,770 | 2,119,927,841 | 1,528,484,891 | |||||
Other income | 9,542,716 | 66,255,078 | 76,058,379 | 48,492,970 | |||||
Net income | 92,730,581 | 643,828,433 | 535,824,084 | 446,552,851 | |||||
Cash flows provided by (used in) operating activities | 98,840,218 | 686,247,631 | 675,132,348 | 589,637,901 | |||||
Cash flows (used in) provided by investing activities | (127,292,943) | (883,794,899) | (759,462,206) | (93,518,339) | |||||
Cash flows provided by financing activities | 143,257,249 | 994,635,081 | 462,771,650 | 60,448,133 | |||||
One Time Commissions | |||||||||
Revenue: | |||||||||
Third-party revenues | 116,757,217 | 810,645,359 | 391,188,385 | 423,218,934 | |||||
Related party revenues | 46,297,239 | 321,441,733 | 428,687,491 | 180,943,785 | |||||
Recurring Service Fees | |||||||||
Revenue: | |||||||||
Third-party revenues | 68,414,270 | 475,000,278 | 401,292,465 | 319,933,077 | |||||
Related party revenues | 111,727,830 | 775,726,326 | 634,913,375 | 560,071,763 | |||||
Performance Based Income | |||||||||
Revenue: | |||||||||
Third-party revenues | 2,843,182 | 19,740,213 | 193,939,030 | 24,632,724 | |||||
Related party revenues | 5,689,238 | 39,500,382 | 53,825,293 | 76,342,053 | |||||
Other Service | |||||||||
Revenue: | |||||||||
Third-party revenues | 16,965,844 | 117,793,855 | 128,290,261 | 29,979,126 | |||||
Related party revenues | 257,514 | 1,787,923 | 559,806 | 2,036,800 | |||||
Variable Interest Entity, Primary Beneficiary | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Cash and cash equivalents | 44,977,403 | 312,278,112 | 585,191,507 | ||||||
Restricted cash | 144,030 | 1,000,000 | 1,000,000 | ||||||
Short-term investments | 167,583,165 | ||||||||
Accounts receivable, net of allowance for doubtful accounts | 2,135,694 | 14,828,126 | 52,715,369 | ||||||
Amounts due from related parties | 30,107,166 | 209,034,051 | 135,302,942 | ||||||
Deferred tax assets | 1,607,108 | 11,158,149 | 26,071,201 | ||||||
Other current assets | 4,818,156 | 33,452,455 | 23,410,853 | ||||||
Long-term investments | 11,690,664 | 81,168,283 | 113,390,404 | ||||||
Investment in affiliates | 70,324,542 | 488,263,302 | 298,229,612 | ||||||
Property and equipment, net | 4,148,696 | 28,804,397 | 40,161,068 | ||||||
Other non-current assets | 1,984,052 | 13,775,274 | 5,611,229 | ||||||
Total assets | 171,937,511 | 1,193,762,149 | 1,448,667,350 | ||||||
Accrued payroll and welfare expenses | 10,400,753 | 72,212,423 | 181,685,160 | ||||||
Income tax payable | (725,407) | (5,036,501) | 55,966,327 | ||||||
Amount due to related parties | 1,728,360 | 12,000,000 | |||||||
Amounts due to the Group's subsidiaries | 18,106,533 | 125,713,660 | 161,666,257 | ||||||
Deferred revenue | 4,297,008 | 29,834,124 | 29,021,820 | ||||||
Other current liabilities | 4,476,307 | 31,079,003 | 76,026,370 | ||||||
Non-current uncertain tax position liabilities | 67,248 | ||||||||
Other non-current liabilities | 39,635,057 | ||||||||
Total Liabilities | 38,283,554 | ¥ 265,802,709 | ¥ 544,068,239 | ||||||
Revenue: | |||||||||
Third-party revenues | 15,218,199 | 105,659,958 | 502,201,837 | 216,785,764 | |||||
Related party revenues | 48,915,144 | 339,617,835 | 527,748,108 | 383,647,533 | |||||
Total revenues | 64,133,343 | 445,277,793 | 1,029,949,945 | 600,433,297 | |||||
Less: business taxes and related surcharges | (1,470,006) | (10,206,252) | (57,713,861) | (33,672,899) | |||||
Net revenues | 62,663,337 | 435,071,541 | 972,236,084 | 566,760,398 | |||||
Operating cost and expenses | (65,127,814) | (452,182,413) | (624,541,431) | (183,003,728) | |||||
Other income | 9,665,536 | 67,038,384 | 39,115,317 | 11,888,078 | |||||
Net income | 3,511,698 | 24,381,722 | 327,597,694 | 310,817,616 | |||||
Cash flows provided by (used in) operating activities | [1] | (45,623,625) | (316,764,831) | 402,492,302 | 250,372,200 | ||||
Cash flows (used in) provided by investing activities | 4,176,212 | 28,995,441 | (293,697,015) | (53,726,568) | |||||
Cash flows provided by financing activities | 2,139,708 | 14,855,995 | 3,282,000 | 1,365,117 | |||||
Variable Interest Entity, Primary Beneficiary | One Time Commissions | |||||||||
Revenue: | |||||||||
Third-party revenues | 170,563 | 1,184,222 | 145,325,240 | 80,516,730 | |||||
Related party revenues | 415,862 | 2,887,327 | 122,949,788 | 21,471,381 | |||||
Variable Interest Entity, Primary Beneficiary | Recurring Service Fees | |||||||||
Revenue: | |||||||||
Third-party revenues | 8,209,405 | 56,997,896 | 181,288,609 | 111,927,921 | |||||
Related party revenues | 40,106,586 | 278,460,025 | 348,870,146 | 285,753,554 | |||||
Variable Interest Entity, Primary Beneficiary | Performance Based Income | |||||||||
Revenue: | |||||||||
Third-party revenues | 1,238,144 | 8,596,435 | 165,971,926 | 22,994,446 | |||||
Related party revenues | 5,532,742 | 38,413,825 | 53,825,292 | 75,204,704 | |||||
Variable Interest Entity, Primary Beneficiary | Other Service | |||||||||
Revenue: | |||||||||
Third-party revenues | 5,600,087 | 38,881,405 | 9,616,062 | 1,346,667 | |||||
Related party revenues | 2,859,954 | 19,856,658 | 2,102,882 | 1,217,894 | |||||
Variable Interest Entity, Primary Beneficiary | Noah Holdings Limited | |||||||||
Revenue: | |||||||||
Net income | $ 3,186,390 | ¥ 22,123,106 | ¥ 326,209,370 | ¥ 292,244,283 | |||||
[1] | Cash flows provided by operating activities in 2014, 2015 and 2016 include amounts due to the Group's subsidiaries of RMB169,322,299, RMB161,666,257 and RMB125,713,660 (US$18,106,533). |
Amounts in Noah Investment an50
Amounts in Noah Investment and its Subsidiaries Included in Consolidated Financial Statements (Parenthetical) (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Variable Interest Entity [Line Items] | ||||
Increase in amounts due to the Group's subsidiaries | $ 18,106,533 | ¥ 125,713,660 | ¥ 161,666,257 | ¥ 169,322,299 |
Summary of Maximum Exposure to
Summary of Maximum Exposure to Loss Associated with Identified Nonconsolidated VIEs (Detail) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss in non-consolidated VIEs | $ 73,674,402 | ¥ 540,503,047 | ¥ 397,785,614 |
Accounts Receivable | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss in non-consolidated VIEs | 505,621 | 32,492,199 | 14,007,287 |
Investments | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss in non-consolidated VIEs | $ 73,168,781 | ¥ 508,010,848 | ¥ 383,778,327 |
Summary of Effects of Changes i
Summary of Effects of Changes in Company's Ownership Interest in Less than Wholly Owned Subsidiaries on Equity Attributable to Noah Holdings Limited Shareholders (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net income attributable to Noah Holdings Limited shareholders | $ 92,730,581 | ¥ 643,828,433 | ¥ 535,824,084 | ¥ 446,552,851 |
Transfers from (to) the non-controlling interest: | ||||
Increase in Noah's equity by partial disposal of subsidiaries | 161,000,000 | 32,900,356 | ||
Net transfers from (to) non-controlling interest | 21,891,091 | 151,989,845 | 29,076,110 | |
Change from net income (loss) attributable to Noah and transfers (to) from non-controlling interest | 114,621,672 | 795,818,278 | 564,900,194 | ¥ 446,552,851 |
Parent | ||||
Transfers from (to) the non-controlling interest: | ||||
Increase in Noah's equity by partial disposal of subsidiaries | $ 21,891,091 | ¥ 151,989,845 | ¥ 29,076,110 |
Estimated Useful Lives of Prope
Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Leasehold Improvements | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | Shorter of the lease term or expected useful life |
Furniture, fixtures, and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 3 years |
Furniture, fixtures, and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 5 years |
Motor Vehicles | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 5 years |
Software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 2 years |
Software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 5 years |
Computation of Basic and Dilute
Computation of Basic and Diluted Net Income per Share Attributable to Ordinary Shareholders (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2016CNY (¥)¥ / sharesshares | Dec. 31, 2015CNY (¥)¥ / sharesshares | Dec. 31, 2014CNY (¥)¥ / sharesshares | |
Computation of Earnings Per Share [Line Items] | ||||
Net income attributable to Class A and Class B ordinary shareholders-basic | $ 92,730,581 | ¥ 643,828,433 | ¥ 535,824,084 | ¥ 446,552,851 |
Plus: interest expense for convertible notes | 2,778,167 | 19,288,813 | 16,050,359 | |
Net income attributable to Class A and Class B ordinary shareholders-diluted | $ 95,508,748 | ¥ 663,117,246 | ¥ 551,874,443 | ¥ 446,552,851 |
Weighted average number of Class A and Class B ordinary shares outstanding-basic | 28,150,139 | 28,150,139 | 28,085,521 | 27,873,501 |
Plus: shares outstanding for convertible notes | 1,736,864 | 1,736,864 | 1,575,074 | |
Weighted average number of Class A and Class B ordinary shares outstanding-diluted | 30,036,763 | 30,036,763 | 30,145,976 | 28,227,823 |
Basic net income per share | (per share) | $ 3.29 | ¥ 22.87 | ¥ 19.08 | ¥ 16.02 |
Diluted net income per share | (per share) | $ 3.18 | ¥ 22.08 | ¥ 18.31 | ¥ 15.82 |
Stock Options | ||||
Computation of Earnings Per Share [Line Items] | ||||
Additional shares included in the calculation of diluted EPS | 133,295 | 133,295 | 207,354 | 178,203 |
Restricted Stock | ||||
Computation of Earnings Per Share [Line Items] | ||||
Additional shares included in the calculation of diluted EPS | 16,465 | 16,465 | 278,027 | 176,119 |
Antidilutive Securities Exclude
Antidilutive Securities Excluded from Computation of Earning Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 316,510 | 343,750 | 304,045 |
Share options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 316,510 | 343,750 | 304,045 |
Investment (Detail)
Investment (Detail) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
Short-term investments | |||
Held-to-maturity investments | $ 20,823,851 | ¥ 144,580,000 | ¥ 25,240,000 |
Available for sale investments | 22,266,230 | 154,594,435 | 496,565,847 |
Other short-term investments | 38,268,052 | ||
Total short-term investments | 43,090,081 | 299,174,435 | 560,073,899 |
Long-term investments | |||
Held-to-maturity investments | 19,372,029 | 134,500,000 | 56,180,000 |
Available-for-sale investments | 10,069,729 | ||
Other long-term investments | 30,594,891 | 212,420,327 | 185,532,216 |
Total long-term investments | 49,966,920 | 346,920,327 | 251,781,945 |
Total investments | 93,057,001 | 646,094,762 | 811,855,844 |
Fixed Income Products | |||
Short-term investments | |||
Held-to-maturity investments | 20,823,851 | 144,580,000 | 25,240,000 |
Available for sale investments | 22,266,230 | 154,594,435 | 496,565,847 |
Long-term investments | |||
Held-to-maturity investments | 19,372,029 | 134,500,000 | 56,180,000 |
Private Equity Funds Products | |||
Long-term investments | |||
Other long-term investments | 13,764,732 | 95,568,533 | 78,390,404 |
Other Investments | |||
Long-term investments | |||
Other long-term investments | $ 16,830,159 | ¥ 116,851,794 | ¥ 107,141,812 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2016CNY (¥) | |
Schedule of Held-to-maturity Securities [Line Items] | |||||
Investment income | $ 5,694,624 | ¥ 39,537,775 | ¥ 39,698,790 | ¥ 38,901,980 | |
Held-to-maturity investments, long-term | 19,372,029 | 56,180,000 | ¥ 134,500,000 | ||
Other comprehensive income-change in fair value of available-for-sale investments | 24,692,207 | 44,166,013 | 5,164,535 | ||
Other comprehensive income-realized gains reclassified from other comprehensive income to "investment income" | 27,692,936 | 43,447,599 | 2,544,184 | ||
Other comprehensive income-net unrealized gains on the available-for-sale investments | $ (678,401) | (4,710,140) | 718,414 | ¥ 2,620,351 | |
Amortized cost of the available-for-sale investments | 495,847,433 | ¥ 152,950,000 | |||
PPDAI Group Inc. | Private Equity Funds Products | Maximum | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Percentage of investee's issued share capital | 3.00% | 3.00% | |||
PPDAI Group Inc. | Series B Preferred Stock | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Percentage of investee's issued share capital | 1.96% | 2.62% | 1.96% | ||
Payment to acquire investment | ¥ 14,413,099 | ||||
PPDAI Group Inc. | Series B Preferred Stock | Maximum | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Percentage of investee's issued share capital | 15.00% | 15.00% | |||
Held-to-maturity investments | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Investment income | ¥ 21,393,276 | 4,856,760 | ¥ 12,496,501 | ||
Held to maturity investment, gross unrecognized holding gain | ¥ 1,360,819 | ||||
Held to maturity investment, gross unrecognized holding Loss | 2,375,351 | ||||
Held-to-maturity investments | Debt Securities of Certain Real Estate Funds | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Held-to-maturity securities | ¥ 46,180,000 | 124,500,000 | |||
Held-to-maturity securities, 2017 | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Held-to-maturity investments, long-term | 133,500,000 | ||||
Held-to-maturity securities, 2019 | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Held-to-maturity investments, long-term | ¥ 1,000,000 |
Fair Value Measurements of Comp
Fair Value Measurements of Company's Assets and Liabilities that Measured at Fair Value on A Recurring Basis (Detail) - CNY (¥) | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term investment | ||
Available-for-sale investments | ¥ 10,069,729 | |
Recurring Basis | ||
Short-term investment | ||
Available-for-sale investments | 154,594,435 | 496,565,847 |
Long-term investment | ||
Available-for-sale investments | 10,069,729 | |
Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Short-term investment | ||
Available-for-sale investments | ¥ 154,594,435 | 496,565,847 |
Long-term investment | ||
Available-for-sale investments | ¥ 10,069,729 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets reported at fair value on a non-recurring basis | $ 0 | $ 0 |
Liabilities reported at fair value on a non-recurring basis | $ 0 | $ 0 |
Fair Value Measurements of Co60
Fair Value Measurements of Company's Long-Term Financial Instruments (Detail) - CNY (¥) | Dec. 31, 2016 | Dec. 31, 2015 |
Private Equity Funds Products | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term investment - cost method investment, Carrying Value | ¥ 95,568,533 | ¥ 78,390,404 |
Long-term investment - cost method investment, Fair Value | 95,419,830 | 78,235,701 |
Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term investment - cost method investment, Carrying Value | 116,851,794 | 107,141,812 |
Long-term investment - cost method investment, Fair Value | 238,803,980 | 111,841,541 |
Fixed Income Products | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term investment - held-to-maturity, Carrying Value | 134,500,000 | 56,180,000 |
Long-term investment - held-to-maturity, Fair Value | 135,860,819 | 53,804,649 |
Significant Other Observable Inputs (Level 2) | Fixed Income Products | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term investment - held-to-maturity, Fair Value | 135,860,819 | 53,804,649 |
Significant Unobservable Inputs (Level 3) | Private Equity Funds Products | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term investment - cost method investment, Fair Value | 95,419,830 | 78,235,701 |
Significant Unobservable Inputs (Level 3) | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term investment - cost method investment, Fair Value | ¥ 238,803,980 | ¥ 111,841,541 |
Balances of Investments in Affi
Balances of Investments in Affiliates (Detail) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
Schedule of Investments [Line Items] | |||
Funds that the Company serves as general partner | $ 63,803,744 | ¥ 442,989,395 | ¥ 255,744,809 |
Total investment in affiliates | 77,657,570 | 539,176,511 | 326,155,843 |
Kunshan Jingzhao Equity Investment Management Co., Ltd. | |||
Schedule of Investments [Line Items] | |||
Equity investments | 1,662,262 | 11,541,091 | 11,068,436 |
Kunshan Vantone Zhengyuan Private Equity Fund Management Co., Ltd | |||
Schedule of Investments [Line Items] | |||
Equity investments | 752,686 | 5,225,900 | 5,424,558 |
Wanjia Win-Win Assets Management Co., Ltd. | |||
Schedule of Investments [Line Items] | |||
Equity investments | 8,660,629 | 60,130,744 | 51,077,862 |
Wuhu Bona Film Investment Management Limited | |||
Schedule of Investments [Line Items] | |||
Equity investments | 116,288 | 807,385 | 885,264 |
Beijing Shengyi Technology And Art Company Limited [Member] | |||
Schedule of Investments [Line Items] | |||
Equity investments | 233,776 | 1,623,110 | 1,954,914 |
Shanghai Weiying Gopher Investment Management Co., Ltd | |||
Schedule of Investments [Line Items] | |||
Equity investments | 152,511 | 1,058,886 | |
Wuhu Hongxing Meikailong Equity Investment Management Co., Ltd | |||
Schedule of Investments [Line Items] | |||
Equity investments | 1,411,494 | 9,800,000 | |
Hainan Alibaba Picture Investment Management Co., Ltd | |||
Schedule of Investments [Line Items] | |||
Equity investments | 576,120 | 4,000,000 | |
Shanghai Nuoya Commercial Operation Management Co., Ltd | |||
Schedule of Investments [Line Items] | |||
Equity investments | 288,060 | 2,000,000 | |
Gopher Transform Private Fund | |||
Schedule of Investments [Line Items] | |||
Funds that the Company serves as general partner | 21,604,494 | 150,000,000 | |
Real Estate Funds | |||
Schedule of Investments [Line Items] | |||
Funds that the Company serves as general partner | 7,255,277 | 50,373,389 | 46,924,414 |
Private Equity Funds Products | |||
Schedule of Investments [Line Items] | |||
Funds that the Company serves as general partner | 34,937,865 | 242,573,595 | 208,778,546 |
Other Fixed Income Investments [Member] | |||
Schedule of Investments [Line Items] | |||
Funds that the Company serves as general partner | $ 6,108 | ¥ 42,411 | ¥ 41,849 |
Investment in Affiliates - Addi
Investment in Affiliates - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Oct. 31, 2016CNY (¥) | Aug. 31, 2016CNY (¥) | Apr. 30, 2016CNY (¥) | Jan. 31, 2016CNY (¥) | Jul. 31, 2015CNY (¥) | Jul. 31, 2013CNY (¥) | Feb. 28, 2013CNY (¥) | Nov. 30, 2012CNY (¥) | May 31, 2011CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Income (loss) from equity in affiliates | $ 3,218,046 | ¥ 22,342,896 | ¥ 21,352,767 | ¥ 13,583,865 | ||||||||||
Kunshan Jingzhao Equity Investment Management Co., Ltd. | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Capital Injected in to a joint venture | ¥ 4,000,000 | |||||||||||||
Equity Interest ownership | 40.00% | |||||||||||||
Kunshan Vantone Zhengyuan Private Equity Fund Management Co., Ltd | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Capital Injected in to a joint venture | ¥ 3,800,000 | |||||||||||||
Equity Interest ownership | 15.00% | |||||||||||||
Wanjia Win-Win Assets Management Co., Ltd. | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Capital Injected in to a joint venture | ¥ 21,000,000 | |||||||||||||
Equity Interest ownership | 35.00% | |||||||||||||
Wuhu Bona Film Investment Management Limited | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Capital Injected in to a joint venture | ¥ 800,000 | |||||||||||||
Equity Interest ownership | 15.00% | |||||||||||||
Beijing Shengyi Technology And Art Company Limited [Member] | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Capital Injected in to a joint venture | ¥ 2,700,000 | |||||||||||||
Equity Interest ownership | 25.00% | |||||||||||||
Shanghai Weiying Gopher Investment Management Co., Ltd | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Capital Injected in to a joint venture | ¥ 1,200,000 | |||||||||||||
Equity Interest ownership | 30.00% | |||||||||||||
Wuhu Hongxing Meikailong Equity Investment Management Co., Ltd | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Capital Injected in to a joint venture | ¥ 9,800,000 | |||||||||||||
Equity Interest ownership | 50.00% | |||||||||||||
Hainan Alibaba Picture Investment Management Co., Ltd | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Capital Injected in to a joint venture | ¥ 4,000,000 | |||||||||||||
Equity Interest ownership | 40.00% | |||||||||||||
Shanghai Nuoya Commercial Operation Management Co., Ltd | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Capital Injected in to a joint venture | ¥ 2,000,000 | |||||||||||||
Equity Interest ownership | 30.00% | |||||||||||||
Gopher Transform Private Fund | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Capital injected in to a joint venture | ¥ 150,000,000 | |||||||||||||
Investment at cost, percentage | 48.00% | |||||||||||||
Maximum | Gopher Asset Management Co., Ltd. | Real Estate Funds | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Equity Interest ownership | 1.70% | 1.70% | 1.70% | |||||||||||
Maximum | Gopher Asset Management Co., Ltd. | Private Equity Funds Products | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Equity Interest ownership | 5.00% | 5.00% | 5.00% |
Property and Equipment, Net (De
Property and Equipment, Net (Detail) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Leasehold improvements | $ 19,993,270 | ¥ 138,813,271 | ¥ 109,826,051 |
Furniture, fixtures and equipment | 12,310,147 | 85,469,351 | 63,763,654 |
Motor vehicles | 7,192,882 | 49,940,181 | 23,019,817 |
Software | 9,220,336 | 64,016,790 | 39,034,783 |
Property, Plant and Equipment, Gross, Total | 48,716,635 | 338,239,593 | 235,644,305 |
Accumulated depreciation | (18,703,096) | (129,855,593) | (79,150,194) |
Property Plant And Equipment Net Excluding Construction In Progress, Total | 30,013,539 | 208,384,000 | 156,494,111 |
Construction in progress | 5,056,245 | 35,105,512 | 39,981,138 |
Property and equipment, net | $ 35,069,784 | ¥ 243,489,512 | ¥ 196,475,249 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | ¥ 61,320,332 | ¥ 34,417,668 | ¥ 22,398,968 |
Other Current Liabilities (Deta
Other Current Liabilities (Detail) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
Other Liabilities Current [Line Items] | |||
Accrued expenses | $ 18,248,338 | ¥ 126,698,212 | ¥ 82,870,781 |
Advance from customers | 2,913,317 | 20,227,161 | 19,587,242 |
Interest payable for convertible notes | 1,205,625 | 8,370,658 | 7,461,952 |
Other payables | 11,283,542 | 78,341,632 | 32,661,326 |
Payable for purchases of property and equipment | 1,614,418 | 11,208,902 | 13,391,314 |
Other tax payable | 7,031,073 | 48,816,742 | 41,698,015 |
Amount due to related party | 1,728,360 | 12,000,000 | |
Total | 48,206,031 | 334,694,476 | 340,905,107 |
Investor One | |||
Other Liabilities Current [Line Items] | |||
Payable to individual investors of internet financial service business | $ 4,181,358 | ¥ 29,031,169 | ¥ 143,234,477 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended | |||||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2016CNY (¥) | |
Income Taxes [Line Items] | ||||||
Income tax rate | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | |
Operating loss carry forward | ¥ 572,253 | |||||
Operating loss carry forwards expiration year | 2,017 | 2,017 | ||||
Deferred tax asset allowance | $ 4,970,312 | ¥ 12,665,420 | 34,508,881 | |||
Deferred tax asset allowance rate | 4.70% | 4.70% | 2.00% | 2.00% | ||
Accumulated undistributed earnings of Group's PRC subsidiaries | 1,900,000,000 | |||||
Increase in unrecognized tax benefit | ¥ 0 | ¥ 0 | ¥ 0 | |||
Unrecognized tax benefit, interest on income tax expense | ¥ 1,038,963 | |||||
Unrecognized tax benefit, accrued interest in current period | 29,033 | |||||
Reverse due to lapse of statute of limitations | $ 10,381 | ¥ 67,248 | $ 1,729,317 | ¥ 11,202,168 | ||
Minimum | ||||||
Income Taxes [Line Items] | ||||||
Withholding income tax rate | 5.00% | 5.00% | ||||
Maximum | ||||||
Income Taxes [Line Items] | ||||||
Withholding income tax rate | 10.00% | 10.00% | ||||
If the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent | ||||||
Income Taxes [Line Items] | ||||||
Unrecognized tax benefit, statute of limitations | 3 years | 3 years | ||||
If underpayment of tax liability exceeding RMB0.1 million | ||||||
Income Taxes [Line Items] | ||||||
Unrecognized tax benefit, statute of limitations | 5 years | 5 years | ||||
In the case of a related party transaction | ||||||
Income Taxes [Line Items] | ||||||
Unrecognized tax benefit, statute of limitations | 10 years | 10 years | ||||
Inland Revenue, Hong Kong | ||||||
Income Taxes [Line Items] | ||||||
Income tax rate | 16.50% | 16.50% | ||||
State Administration of Taxation, People's Republic of China | ||||||
Income Taxes [Line Items] | ||||||
Income tax rate | 25.00% | 25.00% | ||||
Estimated Effective Income Tax Rate | ||||||
Income Taxes [Line Items] | ||||||
Deferred tax asset allowance rate | 76.10% | 76.10% | ||||
Peoples Republic of China and Hong Kong | ||||||
Income Taxes [Line Items] | ||||||
Operating loss carry forward | ¥ 247,000,000 |
Tax Expense Benefit (Detail)
Tax Expense Benefit (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Income Taxes [Line Items] | ||||
Current Tax | $ 23,990,099 | ¥ 166,563,258 | ¥ 136,698,765 | ¥ 173,388,429 |
Deferred Tax | (1,233,857) | (8,566,670) | (6,813,018) | (22,095,408) |
Total | $ 22,756,242 | ¥ 157,996,588 | ¥ 129,885,747 | ¥ 151,293,021 |
Reconciliation Between Statutor
Reconciliation Between Statutory Tax Rate to Income Before Income Taxes and Actual Provision for Income Taxes (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Rate Reconciliation [Line Items] | |||
PRC income tax rate | 25.00% | 25.00% | 25.00% |
Expenses not deductible for tax purposes | 0.17% | 0.00% | 0.38% |
Effect of tax-free investment income | (4.44%) | (2.97%) | (0.62%) |
Effect of uncertain tax positions | (0.01%) | (1.75%) | 0.17% |
Effect of different tax rate of subsidiary operation in other jurisdiction | (3.96%) | (0.70%) | (0.07%) |
Effect of deferred tax asset allowance | 4.70% | 2.00% | |
Effect of tax holidays | (1.82%) | (1.28%) | (0.67%) |
Effect of intra-group share transfer | 1.96% | ||
Effect of others | (0.06%) | 0.16% | 0.96% |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.54% | 20.46% | 25.15% |
Aggregate Amount and Per Share
Aggregate Amount and Per Share Effect of the Tax Holiday (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2016CNY (¥)¥ / shares | Dec. 31, 2015CNY (¥)¥ / shares | Dec. 31, 2014CNY (¥)¥ / shares | |
Income Tax Holiday [Line Items] | ||||
Aggregate | $ 1,924,682 | ¥ 13,363,068 | ¥ 8,103,295 | ¥ 4,007,311 |
Per share effect-basic | (per share) | $ 0.07 | ¥ 0.47 | ¥ 0.29 | ¥ 0.14 |
Per share effect-diluted | (per share) | $ 0.06 | ¥ 0.44 | ¥ 0.27 | ¥ 0.14 |
Principal Components of Deferre
Principal Components of Deferred Income Tax Asset and Liabilities (Detail) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
Deferred tax assets: | |||
Accrued expenses | $ 3,472,152 | ¥ 24,107,150 | ¥ 18,992,967 |
Tax loss carry forward | 9,077,236 | 63,023,249 | 36,546,645 |
Unrealized other income | 447,241 | 3,105,198 | 3,734,748 |
Others | 12 | 83 | 358,881 |
Gross deferred tax assets | 12,996,641 | 90,235,680 | 59,633,241 |
Valuation allowance | (4,970,312) | (34,508,881) | (12,665,420) |
Net deferred tax assets | 8,026,329 | 55,726,799 | 46,967,821 |
Current | 3,104,253 | ||
Non-current | 8,026,329 | 55,726,799 | 43,863,568 |
Deferred tax liabilities: | |||
Unrealized investment income | 641,846 | 4,456,335 | 4,264,027 |
Net deferred tax liabilities (after offsetting) | 641,846 | 4,456,335 | 1,159,774 |
Current | ¥ 1,159,774 | ||
Non-current | $ 641,846 | ¥ 4,456,335 |
Movement of Uncertain Tax Posit
Movement of Uncertain Tax Positions (Detail) | 12 Months Ended | |||||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | |
Schedule of Unrecognized Tax Benefits [Line Items] | ||||||
Unrecognized tax benefit, beginning balance | $ 10,381 | ¥ 67,248 | $ 1,717,820 | ¥ 11,127,697 | $ 1,542,348 | ¥ 9,991,022 |
Gross increases-accrued interest in current period | 160,388 | 1,038,963 | ||||
Settlements | 0 | 0 | 0 | 0 | 0 | 0 |
Reverse due to lapse of statute of limitations | $ (10,381) | ¥ (67,248) | (1,729,317) | (11,202,168) | ||
Exchange rate translation | 21,878 | 141,719 | 15,084 | 97,712 | ||
Unrecognized tax benefit, ending balance | $ 10,381 | ¥ 67,248 | $ 1,717,820 | ¥ 11,127,697 |
Loans Receivable (Detail)
Loans Receivable (Detail) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
Loans receivable: | |||
Total loans receivable | $ 16,573,623 | ¥ 115,070,663 | ¥ 133,444,399 |
Allowance for loan losses | (165,736) | (1,150,707) | (1,334,502) |
Loans receivable, net | 16,407,887 | 113,919,956 | 132,109,897 |
Within Credit Term Loans | |||
Loans receivable: | |||
Total loans receivable | $ 16,573,623 | ¥ 115,070,663 | ¥ 133,444,399 |
Loans Receivable, Net - Additio
Loans Receivable, Net - Additional Information (Detail) | Dec. 31, 2016CNY (¥) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Securities received as collateral | ¥ 93,170,665 |
Minimum | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan interest rate | 4.00% |
Maximum | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan interest rate | 14.40% |
Activity in Allowance for Loan
Activity in Allowance for Loan Losses (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 206,012 | ¥ 1,334,502 | $ 180,123 | ¥ 1,166,800 |
Provisions | 165,736 | 1,150,707 | 189,200 | 1,225,597 |
Reversal of allowance provided | (206,012) | (1,334,502) | (163,311) | (1,057,895) |
Charge-offs | 0 | 0 | 0 | 0 |
Ending balance | $ 165,736 | ¥ 1,150,707 | $ 206,012 | ¥ 1,334,502 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) - Convertible notes (Notes) | Feb. 03, 2015USD ($)$ / shares | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥)¥ / shares |
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 80,000,000 | ¥ 555,000,000 | |
Debt instrument, interest rate | 3.50% | ||
Debt instrument, maturity date | Feb. 3, 2020 | ||
Debt Instrument, frequency of periodic payment | Semiannually | ||
Debt instrument, initial conversion price | (per share) | $ 23.03 | ¥ 159.90 | |
Debt Instrument, initial conversion rate | 0.0434216 | ||
Debt Instrument, repurchase price as a percentage of principal amount | 100.00% | ||
Debt issuance costs | $ 0 | ¥ 0 | |
Number of ADS that each ordinary share represents | 2 | ||
Portion of debt to be converted | $ 10,000,000 | ||
Amount of convertible notes converted | $ 0 |
Redeemable Non-controlling In76
Redeemable Non-controlling Interest of a Subsidiary - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | |
Redeemable Noncontrolling Interest [Line Items] | |||
Selling price of redeemable non-controlling interest holders | $ 48,394,066 | ¥ 336,000,000 | |
Beijing Sequoia Mingde Equity Investment Center (Limited Partnership) | Gopher International Limited | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Percentage of equity shares sold | 8.00% | 8.00% | |
Selling price of redeemable non-controlling interest holders | ¥ 336,000,000 | ||
No-interest bearing loan | ¥ 12,000,000 | ¥ 12,000,000 | |
Percentage of loan covert to equity interests | 8.00% | ||
Compound annual interest rate | 8.00% | ||
Accretion to redemption value | ¥ 0 |
Summary of Redeemable Non-contr
Summary of Redeemable Non-controlling Interest (Detail) | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | |
Redeemable Noncontrolling Interest [Line Items] | ||
Issuance of redeemable non-controlling interest of a subsidiary | $ 48,394,066 | ¥ 336,000,000 |
Loss attributable to redeemable non-controlling interest of a subsidiary | (768,498) | (5,335,678) |
Redeemable non-controlling interest - end of the year | $ 47,625,568 | ¥ 330,664,322 |
Share Repurchase - Additional I
Share Repurchase - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($)shares | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥)shares | Dec. 31, 2016CNY (¥)shares | |
Equity, Class of Treasury Stock [Line Items] | ||||
Repurchase of ordinary shares | $ 1,800,000 | ¥ 12,602,156 | ¥ 44,586,036 | |
Ordinary shares, treasury stock | shares | 1,287,205 | 1,246,073 | 1,287,205 | |
Ordinary shares purchased on open market, total cash consideration | $ | $ 20,500,000 | |||
Treasury stock | $ 18,787,083 | ¥ 117,836,564 | ¥ 130,438,720 |
Share Based Compensation Expens
Share Based Compensation Expense by Type of Award (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | $ 11,403,042 | ¥ 79,171,317 | ¥ 67,672,488 | ¥ 32,691,687 |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | 5,618,351 | 39,008,208 | 33,912,040 | 9,043,829 |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | $ 5,784,691 | ¥ 40,163,109 | ¥ 33,760,448 | ¥ 23,647,858 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | Aug. 06, 2014USD ($)$ / sharesshares | Aug. 06, 2014CNY (¥)¥ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2016CNY (¥)¥ / sharesshares | Dec. 31, 2015$ / shares | Dec. 31, 2015CNY (¥)¥ / sharesshares | Dec. 31, 2014$ / shares | Dec. 31, 2014CNY (¥)¥ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted average grant date fair value of options granted | (per share) | $ 47.96 | ¥ 319.16 | $ 45.50 | ¥ 294.76 | $ 27.87 | ¥ 172.92 | ||
Options exercised | 62,430 | 62,430 | 49,887 | 128,457 | ||||
Unrecognized compensation expense related to unvested share options | ¥ | ¥ 117,690,049 | |||||||
Unrecognized compensation expense, period for recognition | 2 years 7 months 28 days | 2 years 7 months 28 days | ||||||
Restricted shares granted | 122,719 | 122,719 | ||||||
Incremental compensation cost related to plan modified | $ | $ 150,494 | |||||||
Conversion from option | 5,748 | 5,748 | ||||||
Converted to restricted shares | 11,495 | 11,495 | ||||||
Weighted average exercise price | ¥ / shares | ¥ 90.69 | |||||||
Before Modification | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted average exercise price | $ / shares | $ 56.25 | |||||||
After Modification | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted average exercise price | $ / shares | $ 0 | |||||||
Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation expense, period for recognition | 2 years 4 months 17 days | 2 years 4 months 17 days | ||||||
Total fair value of non-vested restricted shares | ¥ | ¥ 31,223,067 | ¥ 24,959,520 | ¥ 22,954,162 | |||||
Unrecognized compensation expense related to non-vested restricted shares | ¥ | ¥ 59,313,954 | |||||||
Restricted Stock | Modification of Exercise Price | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation expense, period for recognition | 2 years | 2 years | ||||||
Incremental compensation cost related to plan modified | $ 300,000 | ¥ 1,900,000 | ||||||
Restricted Stock | Modification of Exercise Price | Independent Directors | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted shares granted | 19,375 | 19,375 | ||||||
Restricted Stock | Modification of Exercise Price | Before Modification | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Converted to restricted shares | (per share) | $ 37.03 | ¥ 229.76 | ||||||
Restricted Stock | Modification of Exercise Price | After Modification | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Converted to restricted shares | $ / shares | $ 0 | |||||||
Stock Incentive Plan 2008 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Maximum number of shares that may be issued as a percentage of outstanding stock | 8.00% | 8.00% | ||||||
Stock Incentive Plan 2010 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Maximum number of shares that may be issued as a percentage of outstanding stock | 10.00% | 10.00% | ||||||
Maximum number of shares that may be issued | 2,315,000 | |||||||
Stock Incentive Plan 2010 | Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock incentive plans, term | 10 years | 10 years | ||||||
Vesting period for remaining the 75% of options granted | 36 months | 36 months | ||||||
Stock Incentive Plan 2010 | Stock Options | First anniversary of the grant date | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock incentive vesting ratably over the following 36 months | 25.00% | 25.00% | ||||||
Stock Incentive Plan 2010 | Stock Options | Vesting ratably over the following 36 months | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock incentive vesting ratably over the following 36 months | 75.00% | 75.00% |
Black Scholes Pricing Model Ass
Black Scholes Pricing Model Assumptions used to Estimate Fair Value of Options Granted (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average risk-free rate of return | 1.14% | 1.73% | 1.89% |
Weighted average expected option life | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years |
Estimated volatility | 55.80% | 54.10% | 82.20% |
Average dividend yield |
Stock Option Activity (Detail)
Stock Option Activity (Detail) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of options | |||
Outstanding as of January 1, 2016 | 762,890 | ||
Granted | 186,425 | ||
Exercised | (62,430) | (49,887) | (128,457) |
Forfeited | (53,172) | ||
Converted to restricted shares | (11,495) | ||
Outstanding as of December 31, 2016 | 822,218 | 762,890 | |
Vested and expected to vest as of December 31, 2016 | 702,914 | ||
Exercisable as of December 31, 2016 | 167,812 | ||
Weighted-Average Exercise Price | |||
Outstanding as of January 1, 2016 | ¥ 202.91 | ||
Granted | 268.83 | ||
Exercised | 90.69 | ||
Forfeited | 263 | ||
Converted to restricted shares | 392.06 | ||
Outstanding as of December 31, 2016 | 233.37 | ¥ 202.91 | |
Vested and expected to vest as of December 31, 2016 | 233.37 | ||
Exercisable as of December 31, 2016 | ¥ 177.01 | ||
Weighted-Average Remaining Contractual Term | |||
Outstanding | 7 years 9 months 18 days | 8 years 3 months 18 days | |
Vested and expected to vest as of December 31, 2016 | 7 years 9 months 18 days | ||
Exercisable as of December 31, 2016 | 7 years 6 months | ||
Aggregate Intrinsic Value of Options | |||
Outstanding as of January 1, 2016 | ¥ 133,866,535 | ||
Outstanding as of December 31, 2016 | 76,643,947 | ¥ 133,866,535 | |
Vested and expected to vest as of December 31, 2016 | 63,813,110 | ||
Exercisable as of December 31, 2016 | ¥ 20,634,707 |
Summary of Non Vested Restricte
Summary of Non Vested Restricted Share Activity (Detail) | 12 Months Ended |
Dec. 31, 2016¥ / sharesshares | |
Number of non-vested restricted shares | |
Beginning Balance | shares | 249,026 |
Granted | shares | 122,719 |
Conversion from option | shares | 5,748 |
Vested | shares | (138,492) |
Forfeited | shares | (23,813) |
Ending Balance | shares | 215,188 |
Weighted-average grant-date fair value | |
Beginning Balance | ¥ / shares | ¥ 237.14 |
Granted | ¥ / shares | 329.22 |
Conversion from option | ¥ / shares | 368.40 |
Vested | ¥ / shares | 225.45 |
Forfeited | ¥ / shares | 442.23 |
Ending Balance | ¥ / shares | ¥ 297.69 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution for multi-employer defined contribution plan | ¥ 140,992,601 | ¥ 115,004,962 | ¥ 71,135,997 |
Restricted Assets - Additional
Restricted Assets - Additional Information (Detail) - CNY (¥) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Workers' Compensation Insurance and Reserves [Line Items] | ||
Profit after taxation transferred to general reserve fund | 10.00% | |
Maximum profit after taxation transferred to general reserve fund | 50.00% | |
General reserve fund of PRC subsidiaries | ¥ 208,825,136 | ¥ 168,697,072 |
Restricted share capital of PRC subsidiaries | 1,116,574,950 | 1,065,321,750 |
Restricted net assets | 1,325,400,086 | 1,234,018,822 |
Variable Interest Entity, Primary Beneficiary | ||
Workers' Compensation Insurance and Reserves [Line Items] | ||
Restricted net assets | ¥ 344,383,556 | ¥ 438,896,279 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 3 |
Segment Information (Detail)
Segment Information (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Revenues: | ||||
Total third-party revenues | $ 204,980,513 | ¥ 1,423,179,705 | ¥ 1,114,710,141 | ¥ 797,763,861 |
Total related party revenues | 163,971,821 | 1,138,456,364 | 1,117,985,965 | 819,394,401 |
Total revenues | 368,952,334 | 2,561,636,069 | 2,232,696,106 | 1,617,158,262 |
Less: business taxes and related surcharges | (6,922,555) | (48,063,299) | (112,768,265) | (88,673,371) |
Net revenues | 362,029,779 | 2,513,572,770 | 2,119,927,841 | 1,528,484,891 |
Operating cost and expenses: | ||||
Relationship manager compensation | (81,178,135) | (563,619,789) | (524,629,723) | (322,052,574) |
Performance fee compensation | (1,173,126) | (8,145,016) | (24,786,763) | (22,034,438) |
Other Compensation | (104,945,867) | (728,639,155) | (615,075,893) | (393,373,326) |
Total compensation and benefits | (187,297,128) | (1,300,403,960) | (1,164,492,379) | (737,460,338) |
Selling expenses | (46,473,789) | (322,667,518) | (263,815,409) | (147,265,810) |
General and administrative expenses | (33,773,306) | (234,488,066) | (170,929,513) | (151,626,278) |
Other operating expenses | (21,761,115) | (151,087,419) | (94,624,304) | (29,961,830) |
Government subsidies | 23,385,319 | 162,364,268 | 132,709,712 | 90,931,462 |
Total operating cost and expenses | (265,920,019) | (1,846,282,695) | (1,561,151,893) | (975,382,794) |
Income (loss) from operations | 96,109,760 | 667,290,075 | 558,775,948 | 553,102,097 |
One Time Commissions | ||||
Revenues: | ||||
Total third-party revenues | 116,757,217 | 810,645,359 | 391,188,385 | 423,218,934 |
Total related party revenues | 46,297,239 | 321,441,733 | 428,687,491 | 180,943,785 |
Recurring Service Fees | ||||
Revenues: | ||||
Total third-party revenues | 68,414,270 | 475,000,278 | 401,292,465 | 319,933,077 |
Total related party revenues | 111,727,830 | 775,726,326 | 634,913,375 | 560,071,763 |
Performance Based Income | ||||
Revenues: | ||||
Total third-party revenues | 2,843,182 | 19,740,213 | 193,939,030 | 24,632,724 |
Total related party revenues | 5,689,238 | 39,500,382 | 53,825,293 | 76,342,053 |
Other Service | ||||
Revenues: | ||||
Total third-party revenues | 16,965,844 | 117,793,855 | 128,290,261 | 29,979,126 |
Total related party revenues | $ 257,514 | 1,787,923 | 559,806 | 2,036,800 |
Wealth Management | ||||
Revenues: | ||||
Total third-party revenues | 1,301,125,817 | 936,872,539 | 688,037,462 | |
Total related party revenues | 667,801,446 | 748,930,799 | 526,066,559 | |
Total revenues | 1,968,927,263 | 1,685,803,338 | 1,214,104,021 | |
Less: business taxes and related surcharges | (37,274,715) | (88,285,200) | (68,598,144) | |
Net revenues | 1,931,652,548 | 1,597,518,138 | 1,145,505,877 | |
Operating cost and expenses: | ||||
Relationship manager compensation | (556,553,499) | (507,400,087) | (319,572,173) | |
Other Compensation | (443,704,242) | (348,504,061) | (214,841,520) | |
Total compensation and benefits | (1,000,257,741) | (855,904,148) | (534,413,693) | |
Selling expenses | (280,993,783) | (219,286,283) | (135,282,336) | |
General and administrative expenses | (120,763,794) | (78,850,681) | (74,673,516) | |
Other operating expenses | (82,058,856) | (53,374,913) | (23,641,595) | |
Government subsidies | 78,444,752 | 75,960,496 | 67,303,362 | |
Total operating cost and expenses | (1,405,629,422) | (1,131,455,529) | (700,707,778) | |
Income (loss) from operations | 526,023,126 | 466,062,609 | 444,798,099 | |
Wealth Management | One Time Commissions | ||||
Revenues: | ||||
Total third-party revenues | 809,461,138 | 390,668,384 | 423,218,934 | |
Total related party revenues | 318,554,406 | 424,354,473 | 180,943,785 | |
Wealth Management | Recurring Service Fees | ||||
Revenues: | ||||
Total third-party revenues | 413,085,113 | 334,983,117 | 243,619,600 | |
Total related party revenues | 347,818,641 | 324,182,643 | 342,603,359 | |
Wealth Management | Performance Based Income | ||||
Revenues: | ||||
Total third-party revenues | 11,143,779 | 141,773,493 | 7,952,243 | |
Total related party revenues | 706,390 | 2,444,365 | ||
Wealth Management | Other Service | ||||
Revenues: | ||||
Total third-party revenues | 67,435,787 | 69,447,545 | 13,246,685 | |
Total related party revenues | 722,009 | 393,683 | 75,050 | |
Asset Management Business | ||||
Revenues: | ||||
Total third-party revenues | 71,695,820 | 119,507,361 | 92,993,958 | |
Total related party revenues | 469,589,004 | 368,889,043 | 292,440,821 | |
Total revenues | 541,284,824 | 488,396,404 | 385,434,779 | |
Less: business taxes and related surcharges | (9,474,316) | (23,408,513) | (19,319,443) | |
Net revenues | 531,810,508 | 464,987,891 | 366,115,336 | |
Operating cost and expenses: | ||||
Relationship manager compensation | (1,452,611) | (8,044,612) | (235,762) | |
Performance fee compensation | (8,145,016) | (24,786,763) | (22,034,438) | |
Other Compensation | (155,567,371) | (150,661,189) | (124,968,021) | |
Total compensation and benefits | (165,164,998) | (183,492,564) | (147,238,221) | |
Selling expenses | (16,171,723) | (17,278,343) | (9,756,483) | |
General and administrative expenses | (77,200,486) | (53,554,038) | (60,090,462) | |
Other operating expenses | (35,922,504) | (19,411,331) | (1,674,417) | |
Government subsidies | 83,919,516 | 56,304,348 | 23,601,038 | |
Total operating cost and expenses | (210,540,195) | (217,431,928) | (195,158,545) | |
Income (loss) from operations | 321,270,313 | 247,555,963 | 170,956,791 | |
Asset Management Business | One Time Commissions | ||||
Revenues: | ||||
Total third-party revenues | 1,184,221 | 520,001 | ||
Total related party revenues | 2,887,327 | 4,333,018 | ||
Asset Management Business | Recurring Service Fees | ||||
Revenues: | ||||
Total third-party revenues | 61,915,165 | 66,309,348 | 76,313,477 | |
Total related party revenues | 427,907,685 | 310,730,732 | 217,438,078 | |
Asset Management Business | Performance Based Income | ||||
Revenues: | ||||
Total third-party revenues | 8,596,434 | 52,165,537 | 16,680,481 | |
Total related party revenues | 38,793,992 | 53,825,293 | 73,897,688 | |
Asset Management Business | Other Service | ||||
Revenues: | ||||
Total third-party revenues | 512,475 | |||
Total related party revenues | 1,105,055 | |||
Internet Financial Service Business | ||||
Revenues: | ||||
Total third-party revenues | 50,358,068 | 58,330,241 | 16,732,441 | |
Total related party revenues | 1,065,914 | 166,123 | 887,021 | |
Total revenues | 51,423,982 | 58,496,364 | 17,619,462 | |
Less: business taxes and related surcharges | (1,314,268) | (1,074,552) | (755,784) | |
Net revenues | 50,109,714 | 57,421,812 | 16,863,678 | |
Operating cost and expenses: | ||||
Relationship manager compensation | (5,613,679) | (9,185,024) | (2,244,639) | |
Other Compensation | (129,367,542) | (115,910,643) | (53,563,785) | |
Total compensation and benefits | (134,981,221) | (125,095,667) | (55,808,424) | |
Selling expenses | (25,502,012) | (27,250,783) | (2,226,991) | |
General and administrative expenses | (36,523,786) | (38,524,794) | (16,862,300) | |
Other operating expenses | (33,106,059) | (21,838,060) | (4,645,818) | |
Government subsidies | 444,868 | 27,062 | ||
Total operating cost and expenses | (230,113,078) | (212,264,436) | (79,516,471) | |
Income (loss) from operations | (180,003,364) | (154,842,624) | (62,652,793) | |
Internet Financial Service Business | Recurring Service Fees | ||||
Revenues: | ||||
Total related party revenues | 30,326 | |||
Internet Financial Service Business | Other Service | ||||
Revenues: | ||||
Total third-party revenues | 50,358,068 | 58,330,241 | 16,732,441 | |
Total related party revenues | ¥ 1,065,914 | ¥ 166,123 | ¥ 856,695 |
Related Party Transactions (Det
Related Party Transactions (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Related party revenues | $ 163,971,821 | ¥ 1,138,456,364 | ¥ 1,117,985,965 | ¥ 819,394,401 |
One Time Commissions | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 46,297,239 | 321,441,733 | 428,687,491 | 180,943,785 |
One Time Commissions | Shanghai Gopher Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 9,502,410 | 65,975,239 | 1,601,930 | 57,167,835 |
One Time Commissions | Gopher Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 4,197,469 | 29,143,028 | 87,103,829 | 31,431,057 |
One Time Commissions | Gopher Capital GP Ltd | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 6,168,941 | 42,830,956 | 163,062,723 | 21,610,352 |
One Time Commissions | Gopher- Nuobao (Shanghai) Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 2,118,656 | 14,709,830 | 90,178,715 | 16,899,267 |
One Time Commissions | Wanjia Win-Win. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 126,706 | 13,728,697 | ||
One Time Commissions | Wuhu Gopher Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 24,018,026 | 166,757,151 | 20,569,000 | 13,383,558 |
One Time Commissions | Shanghai Gopher Fangduoduo Investment Management Co., Ltd | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 162,713 | 1,129,717 | ||
One Time Commissions | Shanghai Gopher Languang Investment Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 65,958,819 | 6,828,836 | ||
One Time Commissions | Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 3,594,621 | |||
One Time Commissions | Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership) | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 3,169,064 | |||
One Time Commissions | Sequoia Capital Investment Management (Tianjin) Co., Ltd | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 2,971,000 | |||
One Time Commissions | Hangzhou Vanke Investment Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 2,637,579 | |||
One Time Commissions | One-Time Commissions Earned from Funds Subscribed by Shareholders | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 129,024 | 895,812 | 85,769 | 2,639,607 |
One Time Commissions | Tianjin Gopher Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 2,487,443 | |||
One Time Commissions | Kunshan Jingzhao Equity Investment Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 1,531,599 | |||
One Time Commissions | Gopher RE Credit Fund SP | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 764,235 | |||
One Time Commissions | Shaoxing Sequoia Huiyuan Capital Investment Fund (Limited Partnership) | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 99,035 | |||
Recurring Service Fees | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 111,727,830 | 775,726,326 | 634,913,375 | 560,071,763 |
Recurring Service Fees | Shanghai Gopher Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 32,620,845 | 226,486,527 | 17,368,889 | 71,238,249 |
Recurring Service Fees | Gopher Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 18,527,483 | 128,636,314 | 109,191,795 | 97,310,324 |
Recurring Service Fees | Gopher Capital GP Ltd | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 23,691,275 | 164,488,522 | 116,225,782 | 31,373,962 |
Recurring Service Fees | Gopher- Nuobao (Shanghai) Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 6,397,225 | 44,415,932 | 38,343,622 | 1,136,429 |
Recurring Service Fees | Wanjia Win-Win. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 1,071,663 | 7,440,558 | 44,791,972 | 94,493,711 |
Recurring Service Fees | Wuhu Gopher Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 11,423,777 | 79,315,287 | 51,807,324 | 79,651,065 |
Recurring Service Fees | Shanghai Gopher Fangduoduo Investment Management Co., Ltd | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 533,349 | 3,703,044 | ||
Recurring Service Fees | Shanghai Gopher Languang Investment Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 148,421,108 | 20,343,486 | ||
Recurring Service Fees | Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 4,498,656 | 4,920,036 | ||
Recurring Service Fees | Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership) | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 5,587,347 | |||
Recurring Service Fees | Hangzhou Vanke Investment Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 374,257 | 2,598,464 | 3,774,933 | 37,336,074 |
Recurring Service Fees | Tianjin Gopher Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 5,032,278 | 34,939,104 | 25,043,197 | 25,155,045 |
Recurring Service Fees | Kunshan Jingzhao Equity Investment Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 784,753 | 5,448,537 | 7,824,920 | 15,728,463 |
Recurring Service Fees | Shanghai Gopher Investment Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 2,429,882 | 16,870,674 | ||
Recurring Service Fees | Sequoia Capital Investment Management Tianjin Company Limited | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 6,107,514 | 42,404,469 | 47,850,038 | 52,667,224 |
Recurring Service Fees | Chongqing Gopher Longxin Equity Investment Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 801,944 | 5,567,900 | 2,682,159 | 10,327,189 |
Recurring Service Fees | Wuhu Bona Film Investment Management Limited | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 1,113,075 | 7,728,080 | 8,842,927 | 7,040,886 |
Recurring Service Fees | Beijing Sequoia Heyuan Capital Investment Fund Limited Partnership | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 5,238,138 | |||
Recurring Service Fees | Recurring Services Fee Earned from Funds Subscribed by Shareholders | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 223,768 | 1,553,624 | 7,812,281 | 368,473 |
Recurring Service Fees | Noah Holdings (Hong Kong) Limited | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 155,662 | |||
Recurring Service Fees | Kunming Gopher Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 159,807 | 1,109,537 | 433,772 | |
Recurring Service Fees | Shanghai Gopher Nuo Tie Investment Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 332,595 | 2,309,209 | ||
Recurring Service Fees | Shanghai Gopher Yuanhao Investment Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 102,340 | 710,544 | ||
Performance Based Income | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 5,689,238 | 39,500,382 | 53,825,293 | 76,342,053 |
Performance Based Income | Shanghai Gopher Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 676,272 | 4,695,355 | ||
Performance Based Income | Gopher Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 869,845 | 6,039,336 | 65,100,808 | |
Performance Based Income | Gopher Capital GP Ltd | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 54,756 | 380,167 | ||
Performance Based Income | Gopher- Nuobao (Shanghai) Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 678,559 | 4,711,247 | 23,085,688 | 57,659 |
Performance Based Income | Wanjia Win-Win. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 995,788 | 6,913,756 | 4,139,003 | |
Performance Based Income | Wuhu Gopher Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 2,320,432 | 16,110,757 | 14,348,735 | |
Performance Based Income | Shanghai Gopher Languang Investment Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 5,690,366 | 7,044,583 | ||
Performance Based Income | Kunshan Jingzhao Equity Investment Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 93,586 | 649,764 | ||
Performance Based Income | Chongqing Gopher Longxin Equity Investment Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 10,700,504 | |||
Other Service Fee | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 257,514 | 1,787,923 | 559,806 | 2,036,800 |
Other Service Fee | Shanghai Gopher Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 303,005 | |||
Other Service Fee | Gopher Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 961,173 | |||
Other Service Fee | Gopher Capital GP Ltd | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 11,790 | 81,858 | 5,210 | |
Other Service Fee | Gopher- Nuobao (Shanghai) Asset Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 12,678 | |||
Other Service Fee | Wanjia Win-Win. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 573,540 | |||
Other Service Fee | Shanghai Gopher Languang Investment Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 89,443 | |||
Other Service Fee | Hangzhou Vanke Investment Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 63,679 | |||
Other Service Fee | Other Services Subscribed by Shareholders | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | $ 245,724 | ¥ 1,706,065 | ¥ 554,596 | 15,825 |
Other Service Fee | Yiwu Xinguang Equity Investment Fund Management Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | 9,367 | |||
Other Service Fee | Kunshan Jingzhao | ||||
Related Party Transaction [Line Items] | ||||
Related party revenues | ¥ 8,090 |
Amounts Due from Related Partie
Amounts Due from Related Parties (Detail) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
Related Party Transaction [Line Items] | |||
Amounts due from related parties | $ 63,206,041 | ¥ 438,839,542 | ¥ 238,236,268 |
Wanjia Win-Win. | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 1,397,414 | 9,702,246 | 30,687,837 |
Wuhu Gopher Asset Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 22,795,678 | 158,270,393 | 18,428,721 |
Gopher Capital GP Ltd | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 7,207,793 | 50,043,708 | 50,617,764 |
Kunshan Jingzhao Equity Investment Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 1,468,108 | 10,193,071 | 20,322,711 |
Shanghai Gopher Languang Investment Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 33,423,362 | ||
Gopher Asset Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 11,051,518 | 76,730,690 | 61,364,006 |
Hangzhou Vanke Investment Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 54,030 | 375,130 | 935,529 |
Gopher Nuobao Asset Management Company Limited | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 3,548,188 | 24,635,070 | 9,629,670 |
Chongqing Gopher Longxin Equity Investment Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 76,647 | ||
Wuhu Gopher Yintai Investment Management Company Limited | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 22,657 | ||
Tianjin Gopher Asset Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 818,029 | 5,679,578 | 1,473,097 |
Kunming Gopher Asset Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 4,377 | 30,391 | 50,202 |
Shanghai Gopher Asset Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 10,900,966 | 75,685,406 | 209,830 |
Wuhu Bona Film Investment Management Limited | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 719,621 | 4,996,325 | 1,180,268 |
Shanghai Gopher Fangduoduo Investment Management Co., Ltd | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 551,382 | 3,828,248 | |
Shanghai Gopher Nuo Tie Investment Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 349,157 | 2,424,197 | |
Yiwu Xinguang Equity Investment Fund Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 577,503 | 4,009,600 | |
Noah Holdings (Hong Kong) Limited | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | 770,044 | 5,346,413 | |
Other Funds Managed by Group and Affiliates | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | $ 992,233 | ¥ 6,889,076 | ¥ 9,813,967 |
Deferred Revenues Related to Re
Deferred Revenues Related to Recurring Management Fee Received in Advance from Related Parties (Detail) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
Related Party Transaction [Line Items] | |||
Deferred revenue from related parties | $ 4,294,726 | ¥ 29,818,280 | ¥ 32,010,028 |
Shanghai Gopher Languang Investment Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Deferred revenue from related parties | 10,911,322 | ||
Wuhu Gopher Asset Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Deferred revenue from related parties | 1,279,212 | 8,881,566 | 28,000 |
Wanjia Win-Win. | |||
Related Party Transaction [Line Items] | |||
Deferred revenue from related parties | 78,170 | 542,734 | 69,956 |
Gopher Asset Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Deferred revenue from related parties | 351,288 | 2,438,991 | 12,871,000 |
Hangzhou Vanke Investment Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Deferred revenue from related parties | 140,676 | ||
Kunshan Jingzhao Equity Investment Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Deferred revenue from related parties | 7,338 | ||
Gopher Nuobao Asset Management Company Limited | |||
Related Party Transaction [Line Items] | |||
Deferred revenue from related parties | 5,247,490 | ||
Chongqing Gopher Longxin Equity Investment Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Deferred revenue from related parties | 1,851 | 12,848 | 36,472 |
Shanghai Gopher Asset Management Co., Ltd. | |||
Related Party Transaction [Line Items] | |||
Deferred revenue from related parties | 28,000 | ||
Gopher Capital GP Ltd | |||
Related Party Transaction [Line Items] | |||
Deferred revenue from related parties | 141,341 | 981,329 | ¥ 2,669,774 |
Investee of Tianjin Gopher Asset Management Company Limited | |||
Related Party Transaction [Line Items] | |||
Deferred revenue from related parties | 27,990 | 194,335 | |
Investee of Wuhu Gopher Asset Management Company Limited | |||
Related Party Transaction [Line Items] | |||
Deferred revenue from related parties | $ 2,414,874 | ¥ 16,766,477 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - CNY (¥) ¥ in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||||
Percentage of share ownership diluted | 8.55% | |||
Donations | ¥ 6 | ¥ 3.5 | ||
Shanghai Yafu Investment Consulting Co., Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage | 10.00% | |||
Percentage of share ownership diluted | 7.50% | |||
Sequoia Mingde Capital | ||||
Related Party Transaction [Line Items] | ||||
Percentage of share ownership diluted | 8.60% | |||
Shanghai Noah Yijie Finance Technology Co., Ltd. | Sequoia Mingde Capital | ||||
Related Party Transaction [Line Items] | ||||
Percentage of equity shares | 9.80% | |||
Purchase price | ¥ 31.6 | |||
Shanghai Noah Yijie Finance Technology Co., Ltd. | Shanghai Qinjie Investment | ||||
Related Party Transaction [Line Items] | ||||
Percentage of equity shares | 9.88% | |||
Purchase price | ¥ 150 |
Future Minimum Lease Payments U
Future Minimum Lease Payments Under Non-Cancelable Operating Lease (Detail) - Dec. 31, 2016 | USD ($) | CNY (¥) |
Leases Future Minimum Payments [Line Items] | ||
2,017 | $ 10,347,033 | ¥ 71,839,452 |
2,018 | 8,845,991 | 61,417,714 |
2,019 | 7,247,083 | 50,316,494 |
2,020 | 6,278,068 | 43,588,626 |
2021 and after | 18,979,742 | 131,776,349 |
Total | $ 51,697,917 | ¥ 358,938,635 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases Disclosure [Line Items] | |||
Rental expenses | ¥ 92,971,662 | ¥ 75,964,160 | ¥ 46,852,399 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Apr. 13, 2017shares |
Subsequent Event | |
Subsequent Event [Line Items] | |
Treasury shares cancelled | 2,492,146 |
Condensed Balance Sheets (Detai
Condensed Balance Sheets (Detail) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) |
Current assets | ||||||
Cash and cash equivalents | $ 429,570,728 | ¥ 2,982,509,565 | $ 307,204,908 | ¥ 2,132,923,674 | ¥ 1,750,204,915 | ¥ 1,187,211,176 |
Deferred tax assets | 0 | 0 | 0 | |||
Other current assets | 12,786,819 | 88,778,883 | 75,141,655 | |||
Total current assets | 681,626,127 | 4,732,530,196 | 3,261,832,080 | |||
Investment in subsidiaries and VIEs | 77,657,570 | 539,176,511 | 326,155,843 | |||
Non-current deferred tax assets | 8,026,329 | 55,726,799 | 43,863,568 | |||
Other non-current assets | 5,566,233 | 38,646,355 | 16,885,730 | |||
Total assets | 857,912,963 | 5,956,489,700 | 4,096,994,415 | |||
Current liabilities | ||||||
Other current liabilities | 48,206,031 | 334,694,476 | 340,905,107 | |||
Total current liabilities | 226,949,700 | 1,575,711,768 | 966,830,381 | |||
Convertible notes | 80,000,000 | 555,440,000 | 518,224,000 | |||
Other non-current liabilities | 14,251,168 | 98,945,858 | 77,876,237 | |||
Total Liabilities | 321,842,714 | 2,234,553,961 | 1,562,997,866 | |||
Shareholders' equity | ||||||
Treasury stock (1,246,073 ordinary shares as of December 31, 2015 and 1,287,205 ordinary shares as of December 31, 2016) | (18,787,083) | (130,438,720) | (117,836,564) | |||
Additional paid-in capital | 176,611,794 | 1,226,215,683 | 990,515,956 | |||
Retained earnings | 322,871,055 | 2,241,693,736 | 1,597,865,303 | |||
Accumulated other comprehensive income | (782,553) | (5,433,263) | (21,757,099) | |||
Total shareholders' equity | 479,927,444 | 3,332,136,241 | 2,448,885,729 | |||
Total Liabilities and Equity | 857,912,963 | 5,956,489,700 | 4,096,994,415 | |||
Class A | ||||||
Shareholders' equity | ||||||
Ordinary shares | 10,047 | 69,758 | 69,086 | |||
Class B | ||||||
Shareholders' equity | ||||||
Ordinary shares | 4,184 | 29,047 | 29,047 | |||
Parent Company | ||||||
Current assets | ||||||
Cash and cash equivalents | 52,551,405 | 364,864,405 | $ 46,293,846 | 321,418,159 | ¥ 179,137,927 | ¥ 258,427,798 |
Due from subsidiaries and VIEs | 72,721,707 | 504,906,811 | 543,918,770 | |||
Deferred tax assets | 755,246 | |||||
Other current assets | 4,727,332 | 32,821,866 | 31,146,365 | |||
Total current assets | 130,000,444 | 902,593,082 | 897,238,540 | |||
Investment in subsidiaries and VIEs | 432,192,257 | 3,000,710,841 | 2,091,409,293 | |||
Non-current deferred tax assets | 402,536 | 2,794,810 | 2,979,502 | |||
Other non-current assets | 100,000 | 694,300 | 647,780 | |||
Total assets | 562,695,237 | 3,906,793,033 | 2,992,275,115 | |||
Current liabilities | ||||||
Other current liabilities | 1,504,148 | 10,443,302 | 15,300,517 | |||
Total current liabilities | 1,504,148 | 10,443,302 | 15,300,517 | |||
Convertible notes | 80,000,000 | 555,440,000 | 518,224,000 | |||
Other non-current liabilities | 1,263,645 | 8,773,490 | 9,864,869 | |||
Total Liabilities | 82,767,793 | 574,656,792 | 543,389,386 | |||
Shareholders' equity | ||||||
Treasury stock (1,246,073 ordinary shares as of December 31, 2015 and 1,287,205 ordinary shares as of December 31, 2016) | (18,787,083) | (130,438,720) | (117,836,564) | |||
Additional paid-in capital | 176,611,794 | 1,226,215,683 | 990,515,956 | |||
Retained earnings | 322,871,055 | 2,241,693,736 | 1,597,865,303 | |||
Accumulated other comprehensive income | (782,553) | (5,433,263) | (21,757,099) | |||
Total shareholders' equity | 479,927,444 | 3,332,136,241 | 2,448,885,729 | |||
Total Liabilities and Equity | 562,695,237 | 3,906,793,033 | 2,992,275,115 | |||
Parent Company | Class A | ||||||
Shareholders' equity | ||||||
Ordinary shares | 10,047 | 69,758 | 69,086 | |||
Parent Company | Class B | ||||||
Shareholders' equity | ||||||
Ordinary shares | $ 4,184 | ¥ 29,047 | ¥ 29,047 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) (Detail) | Dec. 31, 2016$ / sharesshares | Dec. 31, 2016¥ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2015¥ / sharesshares |
Condensed Financial Statements, Captions [Line Items] | ||||
Ordinary shares, treasury stock | 1,287,205 | 1,287,205 | 1,246,073 | 1,246,073 |
Class A | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Ordinary shares, par value | (per share) | $ 0.0005 | ¥ 0.0005 | ¥ 0.0005 | |
Ordinary shares, shares authorized | 91,394,900 | 91,394,900 | 91,394,900 | 91,394,900 |
Ordinary shares, shares issued | 21,003,533 | 21,003,533 | 20,802,611 | 20,802,611 |
Ordinary shares, shares outstanding | 19,716,328 | 19,716,328 | 19,556,538 | 19,556,538 |
Class B | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Ordinary shares, par value | (per share) | $ 0.0005 | ¥ 0.0005 | ¥ 0.0005 | |
Ordinary shares, shares authorized | 8,605,100 | 8,605,100 | 8,605,100 | 8,605,100 |
Ordinary shares, shares issued | 8,515,000 | 8,515,000 | 8,515,000 | 8,515,000 |
Ordinary shares, shares outstanding | 8,515,000 | 8,515,000 | 8,515,000 | 8,515,000 |
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Ordinary shares, treasury stock | 1,287,205 | 1,287,205 | 1,246,073 | 1,246,073 |
Parent Company | Class A | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Ordinary shares, par value | $ / shares | $ 0.0005 | $ 0.0005 | ||
Ordinary shares, shares authorized | 91,394,900 | 91,394,900 | 91,394,900 | 91,394,900 |
Ordinary shares, shares issued | 21,003,533 | 21,003,533 | 20,802,611 | 20,802,611 |
Ordinary shares, shares outstanding | 19,716,328 | 19,716,328 | 19,556,538 | 19,556,538 |
Parent Company | Class B | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Ordinary shares, par value | $ / shares | $ 0.0005 | $ 0.0005 | ||
Ordinary shares, shares authorized | 8,605,100 | 8,605,100 | 8,605,100 | 8,605,100 |
Ordinary shares, shares issued | 8,515,000 | 8,515,000 | 8,515,000 | 8,515,000 |
Ordinary shares, shares outstanding | 8,515,000 | 8,515,000 | 8,515,000 | 8,515,000 |
Condensed Statement of Operatio
Condensed Statement of Operations (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | $ 362,029,779 | ¥ 2,513,572,770 | ¥ 2,119,927,841 | ¥ 1,528,484,891 |
Operating cost and expenses | ||||
Compensation and benefits | (187,297,128) | (1,300,403,960) | (1,164,492,379) | (737,460,338) |
Selling expenses | (46,473,789) | (322,667,518) | (263,815,409) | (147,265,810) |
General and administrative expenses | (33,773,306) | (234,488,066) | (170,929,513) | (151,626,278) |
Total operating cost and expenses | 265,920,019 | 1,846,282,695 | 1,561,151,893 | 975,382,794 |
Loss from operations | 96,109,760 | 667,290,075 | 558,775,948 | 553,102,097 |
Other income (expenses): | ||||
Interest income | 5,694,624 | 39,537,775 | 39,698,790 | 38,901,980 |
Interest expense | (2,778,167) | (19,288,813) | (16,050,359) | |
Investment income | 6,990,888 | 48,537,737 | 51,954,918 | 23,552,297 |
Other income (expenses) | (364,629) | (2,531,621) | 455,030 | (13,961,307) |
Total other income | 9,542,716 | 66,255,078 | 76,058,379 | 48,492,970 |
Income before taxes and income from equity in affiliates | 105,652,476 | 733,545,153 | 634,834,327 | 601,595,067 |
Income tax (benefit)/expenses | (22,756,242) | (157,996,588) | (129,885,747) | (151,293,021) |
Equity in profit of subsidiaries and VIEs | 3,218,046 | 22,342,896 | 21,352,767 | 13,583,865 |
Net income attributable to Noah Holdings Limited shareholders | 92,730,581 | 643,828,433 | 535,824,084 | 446,552,851 |
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Operating cost and expenses | ||||
Compensation and benefits | 1,415,596 | 9,828,485 | 10,979,206 | 10,125,102 |
Selling expenses | 12,932 | 89,785 | 373,752 | 167,690 |
General and administrative expenses | 629,157 | 4,368,239 | 10,549,109 | 9,671,790 |
Total operating cost and expenses | 2,057,685 | 14,286,509 | 21,902,067 | 19,964,582 |
Loss from operations | 2,057,685 | 14,286,509 | 21,902,067 | 19,964,582 |
Other income (expenses): | ||||
Interest income | 1,499,717 | 10,412,533 | 8,336,138 | 5,547,639 |
Interest expense | (2,778,167) | (19,288,813) | (16,050,359) | |
Investment income | 25,506,549 | |||
Other income (expenses) | (139,518) | (968,676) | 112,762 | (451,217) |
Total other income | (1,417,968) | (9,844,956) | 17,905,090 | 5,096,422 |
Income before taxes and income from equity in affiliates | (3,475,653) | (24,131,465) | (3,996,977) | (14,868,160) |
Income tax (benefit)/expenses | 475,115 | 3,298,731 | 3,524,413 | (1,268,040) |
Income from equity in affiliates | 200,732 | 1,393,685 | ||
Equity in profit of subsidiaries and VIEs | 95,530,387 | 663,267,482 | 536,296,648 | 462,689,051 |
Net income attributable to Noah Holdings Limited shareholders | $ 92,730,581 | ¥ 643,828,433 | ¥ 535,824,084 | ¥ 446,552,851 |
Condensed Statement of Comprehe
Condensed Statement of Comprehensive Income (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Condensed Statement of Income Captions [Line Items] | ||||
Net income | $ 92,730,581 | ¥ 643,828,433 | ¥ 535,824,084 | ¥ 446,552,851 |
Other comprehensive income, net of tax | ||||
Change in cumulative foreign currency translation adjustment | 2,771,433 | 19,242,060 | 4,884,837 | 6,426,044 |
Fair value fluctuation of available-for-sale investment (Note 4) | (678,401) | (4,710,140) | 718,414 | 2,620,351 |
Fair value fluctuation of available-for-sale investment held by affiliates | 246,206 | 1,709,411 | ||
Other comprehensive income | 2,339,238 | 16,241,331 | 5,603,251 | 9,046,395 |
Comprehensive income | 88,453,518 | 614,132,792 | 531,904,598 | 472,932,306 |
Parent Company | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 92,730,581 | 643,828,433 | 535,824,084 | 446,552,851 |
Other comprehensive income, net of tax | ||||
Change in cumulative foreign currency translation adjustment | 2,783,317 | 19,324,565 | 4,882,284 | 6,427,932 |
Fair value fluctuation of available-for-sale investment (Note 4) | (185,988) | (1,291,318) | 718,414 | 2,620,351 |
Fair value fluctuation of available-for-sale investment held by affiliates | (246,206) | (1,709,411) | ||
Other comprehensive income | 2,351,123 | 16,323,836 | 5,600,698 | 9,048,283 |
Comprehensive income | $ 95,081,704 | ¥ 660,152,269 | ¥ 541,424,782 | ¥ 455,601,134 |
Condensed Statements of Cash fl
Condensed Statements of Cash flows (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Cash flows from operating activities: | ||||
Net income attributable to Noah shareholders | $ 92,730,581 | ¥ 643,828,433 | ¥ 535,824,084 | ¥ 446,552,851 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||||
Share-based compensation | 11,403,042 | 79,171,317 | 67,672,488 | 32,691,687 |
Gain from equity in subsidiaries and VIE | (3,218,046) | (22,342,896) | (21,352,767) | (13,583,865) |
Changes in operating assets and liabilities: | ||||
Amount due from subsidiaries and VIEs | (13,554,408) | (94,108,258) | (86,362,877) | (93,845,185) |
Other current assets | (1,964,169) | (13,637,228) | (16,631,435) | (30,082,367) |
Deferred tax assets | (1,809,843) | (12,565,739) | (7,770,022) | (22,095,408) |
Uncertain tax position liabilities | (9,685) | (67,246) | (11,060,449) | 1,136,675 |
Other current liabilities | (3,634,616) | (25,235,138) | 167,615,661 | 79,151,660 |
Other non-current liabilities | (157,192) | (1,091,381) | 46,826,675 | 9,278,672 |
Net cash provided by (used in) operating activities | 98,840,218 | 686,247,631 | 675,132,348 | 589,637,901 |
Cash flows from investing activities: | ||||
Investment in subsidiaries and VIEs | (27,709,518) | (192,387,183) | (94,422,851) | (121,486,049) |
Net cash used in investing activities | (127,292,943) | (883,794,899) | (759,462,206) | (93,518,339) |
Cash flows from financing activities: | ||||
Proceeds from issuance of ordinary shares upon exercise of stock options | 653,786 | 4,539,237 | 4,351,330 | 4,062,622 |
Share repurchase | (1,815,088) | (12,602,156) | (44,586,036) | |
Proceeds from convertible notes | 518,224,000 | |||
Net cash (used in) provided by financing activities | 143,257,249 | 994,635,081 | 462,771,650 | 60,448,133 |
Effect of exchange rate changes | 7,561,296 | 52,498,078 | 4,276,967 | 6,426,044 |
Net (decrease) increase in cash and cash equivalents | 122,365,820 | 849,585,891 | 382,718,759 | 562,993,739 |
Cash and cash equivalents-beginning of the period | 307,204,908 | 2,132,923,674 | 1,750,204,915 | 1,187,211,176 |
Cash and cash equivalents-end of the period | 429,570,728 | 2,982,509,565 | 2,132,923,674 | 1,750,204,915 |
Parent Company | ||||
Cash flows from operating activities: | ||||
Net income attributable to Noah shareholders | 92,730,581 | 643,828,433 | 535,824,084 | 446,552,851 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||||
Share-based compensation | 1,415,596 | 9,828,485 | 10,979,206 | 10,125,102 |
Gain from equity in subsidiaries and VIE | (95,530,387) | (663,267,482) | (536,296,648) | (462,689,051) |
Changes in operating assets and liabilities: | ||||
Amount due from subsidiaries and VIEs | 5,618,892 | 39,011,959 | (319,184,087) | 13,853,941 |
Other current assets | (248,023) | (1,722,021) | (5,774,175) | (21,489,980) |
Deferred tax assets | 135,379 | 939,938 | (575,664) | (339,900) |
Uncertain tax position liabilities | (4,804,123) | 1,016,786 | ||
Other current liabilities | (699,584) | (4,857,215) | 7,942,352 | 3,066,233 |
Other non-current liabilities | (157,191) | (1,091,379) | 1,821,548 | 82,534 |
Net cash provided by (used in) operating activities | 3,265,263 | 22,670,718 | (310,067,507) | (9,821,484) |
Cash flows from investing activities: | ||||
Investment in subsidiaries and VIEs | (7,851,539) | (79,958,941) | ||
Increase in investment in affiliates | (3,989,935) | (27,702,118) | (22,672,300) | |
Net cash used in investing activities | (3,989,935) | (27,702,118) | (30,523,839) | (79,958,941) |
Cash flows from financing activities: | ||||
Proceeds from issuance of ordinary shares upon exercise of stock options | 653,786 | 4,539,237 | 4,351,330 | 4,062,622 |
Share repurchase | (1,815,088) | (12,602,156) | (44,586,036) | |
Proceeds from convertible notes | 518,224,000 | |||
Net cash (used in) provided by financing activities | (1,161,302) | (8,062,919) | 477,989,294 | 4,062,622 |
Effect of exchange rate changes | 8,143,533 | 56,540,565 | 4,882,284 | 6,427,932 |
Net (decrease) increase in cash and cash equivalents | 6,257,559 | 43,446,246 | (142,280,232) | (79,289,871) |
Cash and cash equivalents-beginning of the period | 46,293,846 | 321,418,159 | 179,137,927 | 258,427,798 |
Cash and cash equivalents-end of the period | $ 52,551,405 | ¥ 364,864,405 | ¥ 321,418,159 | ¥ 179,137,927 |