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Additional Financial Information of Parent Company - Financial Statements Schedule I | 12 Months Ended
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Dec. 31, 2014
Additional Financial Information of Parent Company - Financial Statements Schedule I | 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) and 5-04(c) of Regulation S-X, which require condensed financial information as to the financial position, changes in financial position and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented as the restricted net assets of the Company’s PRC subsidiaries and VIEs which may not be transferred to the Company in the forms of loans, advances or cash dividends without the consent of PRC government authorities as of December 31, 2014, was more than 25% of the Company’s consolidated net assets as of December 31, 2014. a) Condensed balance sheets (Expressed In U.S. dollars unless otherwise stated)
|  | As of December 31 |
|  | 2013 |  |  | 2014 |
|  | $ |  |  | $ |
ASSETS |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 42,689,231 |  |  |  | 28,871,793 |
Due from subsidiaries and VIEs |  |  | 38,453,506 |  |  |  | 36,220,656 |
Deferred tax assets |  |  | 64,755 |  |  |  | 78,574 |
Other current assets |  |  | 730,102 |  |  |  | 4,143,658 |
Total current assets |  |  | 81,937,594 |  |  |  | 69,314,681 |
Investment in subsidiaries and VIEs |  |  | 144,678,555 |  |  |  | 232,083,557 |
Non-current deferred tax assets |  |  | 389,615 |  |  |  | 430,578 |
Other non-current assets |  |  | — |  |  |  | 50,000 |
TOTAL ASSETS |  |  | 227,005,764 |  |  |  | 301,878,816 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Other current liabilities |  |  | 691,734 |  |  |  | 1,185,921 |
Total current liabilities |  |  | 691,734 |  |  |  | 1,185,921 |
Uncertain tax position liabilities |  |  | 605,820 |  |  |  | 774,284 |
Other non-current liabilities |  |  | 1,283,046 |  |  |  | 1,296,348 |
Total liabilities |  |  | 2,580,600 |  |  |  | 3,256,553 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |
Ordinary shares ($0.0005 par value): 94,100,000 shares authorized, 28,715,882 shares issued and 27,648,066 shares outstanding as of December 31, 2013 and 29,123,118 shares issued and 28,055,302 shares outstanding as of December 31, 2014 |  |  | 14,358 |  |  |  | 14,561 |
Treasury stock (1,067,816 ordinary shares at both December 31, 2013 and December 31, 2014) |  |  | (11,675,955 | ) |  |  | (11,675,955 | )
Additional paid-in capital |  |  | 129,687,092 |  |  |  | 135,640,392 |
Retained earnings |  |  | 97,118,620 |  |  |  | 169,525,124 |
Accumulated other comprehensive income |  |  | 9,281,049 |  |  |  | 5,118,141 |
Total shareholders’ equity |  |  | 224,425,164 |  |  |  | 298,622,263 |
TOTAL LIABILITIES AND SHAREHOLERS’ EQUITY |  |  | 227,005,764 |  |  |  | 301,878,816 |
b) Condensed statement of operations (Expressed In U.S. dollars unless otherwise stated)
|  | Years ended December 31, |
|  | 2012 |  |  | 2013 |  |  | 2014 |
|  | $ |  |  | $ |  |  | $ |
Net revenues |  |  | — |  |  |  | — |  |  |  | — |
Operating cost and expenses |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  |  | 487,435 |  |  |  | — |  |  |  | 1,643,361 |
Selling expenses |  |  | 15,995 |  |  |  | 24,281 |  |  |  | 27,217 |
General and administrative expenses |  |  | 1,263,771 |  |  |  | 815,650 |  |  |  | 1,569,786 |
Total operating cost and expenses |  |  | 1,767,201 |  |  |  | 839,931 |  |  |  | 3,240,364 |
Loss from operations |  |  | (1,767,201 | ) |  |  | (839,931 | ) |  |  | (3,240,364 | )
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 1,157,512 |  |  |  | 352,072 |  |  |  | 900,413 |
Investment income |  |  | — |  |  |  | 107,019 |  |  |  | — |
Other income (expenses) |  |  | 118,539 |  |  |  | 815,020 |  |  |  | (73,235 | )
Total other income |  |  | 1,276,051 |  |  |  | 1,274,111 |  |  |  | 827,178 |
(Loss) gain before taxes and income from equity in subsidiaries and VIEs |  |  | (491,150 | ) |  |  | 434,180 |  |  |  | (2,413,186 | )
Income tax expenses |  |  | (222,265 | ) |  |  | (232,692 | ) |  |  | (205,810 | )
Equity in profit of subsidiaries and VIEs |  |  | 23,539,869 |  |  |  | 51,233,683 |  |  |  | 75,025,500 |
Net income attributable to Noah shareholders |  |  | 22,826,454 |  |  |  | 51,435,171 |  |  |  | 72,406,504 |
c) Condensed statement of comprehensive income (Expressed In U.S. dollars unless otherwise stated)
|  | Years Ended December 31, |
|  | 2012 |  |  | 2013 |  |  | 2014 |
|  | $ |  |  | $ |  |  | $ |
Net income |  |  | 22,826,454 |  |  |  | 51,435,171 |  |  |  | 72,406,504 |
Other comprehensive income, net of tax |  |  |  |  |  |  |  |  |  |  |  |
Change in cumulative foreign currency translation adjustment |  |  | 1,336,728 |  |  |  | 4,231,071 |  |  |  | (4,585,232 | )
Fair value fluctuation of available-for-sale investment |  |  | — |  |  |  | — |  |  |  | 422,324 |
Other comprehensive income |  |  | 1,336,728 |  |  |  | 4,231,071 |  |  |  | (4,162,908 | )
Comprehensive income attributable to Noah Holdings Ltd. shareholders |  |  | 24,163,182 |  |  |  | 55,666,242 |  |  |  | 68,243,596 |
d) Condensed statements of cash flows (Expressed In U.S. dollars unless otherwise stated)
|  | Years ended December 31, |
|  | 2012 |  |  | 2013 |  |  | 2014 |
|  | $ |  |  | $ |  |  | $ |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Noah shareholders |  |  | 22,826,454 |  |  |  | 51,435,171 |  |  |  | 72,406,504 |
Adjustment to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Share-based compensation |  |  | 487,435 |  |  |  | — |  |  |  | 1,643,361 |
Gain from equity in subsidiaries and VIE |  |  | (23,539,869 | ) |  |  | (51,233,683 | ) |  |  | (75,025,500 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Amount due from related party |  |  | 405,905 |  |  |  | 929,736 |  |  |  | 2,232,850 |
Other current assets |  |  | (223,065 | ) |  |  | (309,674 | ) |  |  | (3,463,556 | )
Deferred tax assets |  |  | 52,879 |  |  |  | (40,153 | ) |  |  | (54,782 | )
Uncertain tax position liabilities |  |  | 169,389 |  |  |  | 168,926 |  |  |  | 168,464 |
Other current liabilities |  |  | (419,372 | ) |  |  | 352,432 |  |  |  | 494,187 |
Other non-current liabilities |  |  | (173,576 | ) |  |  | 96,942 |  |  |  | 13,302 |
Net cash provided by (used in) operating activities |  |  | (413,820 | ) |  |  | 1,399,697 |  |  |  | (1,585,170 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sale of available-for-sale |  |  | — |  |  |  | 4,949,984 |  |  |  | — |
Purchases of available-for-sale |  |  | — |  |  |  | (4,949,984 | ) |  |  | — |
Increase in amount due from subsidiaries and VIEs |  |  | (17,000,000 | ) |  |  | — |  |  |  | — |
Investment in subsidiaries and VIEs |  |  | — |  |  |  | — |  |  |  | (12,887,042 | )
Net cash used in investing activities |  |  | (17,000,000 | ) |  |  | — |  |  |  | (12,887,042 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Dividends paid |  |  | (7,856,908 | ) |  |  | (7,673,585 | ) |  |  | — |
Proceeds from issuance of ordinary shares upon exercise of stock options |  |  | 407,569 |  |  |  | 1,130,401 |  |  |  | 654,774 |
Share repurchase |  |  | (8,520,763 | ) |  |  | (3,155,192 | ) |  |  | — |
Net cash provided by (used in) financing activities |  |  | (15,970,102 | ) |  |  | (9,698,376 | ) |  |  | 654,774 |
Net increase (decrease) in cash and cash equivalents |  |  | (33,383,922 | ) |  |  | (8,298,679 | ) |  |  | (13,817,438 | )
Cash and cash equivalents—beginning of year |  |  | 84,371,832 |  |  |  | 50,987,910 |  |  |  | 42,689,231 |
Cash and cash equivalents—end of year |  |  | 50,987,910 |  |  |  | 42,689,231 |  |  |  | 28,871,793 |
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, 2013 and 2014, 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.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5283-111683 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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