15. 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

Tianjin Gopher Xin Equity Investment Partnership (Limited Partnership) and 9 other investee funds		Investees of Tianjin Gopher Asset Management Co., Ltd.

Chongqing Gopher Longmao Investment Center (Limited Partnership) and 3 other investee funds		Investees of Chongqing Gopher Longxin Equity Investment Management Co., Ltd, a subsidiary of the VIE of the Company

Wuhu Gopher Lanrui Investment Center (Limited Partnership) and 9 other investee funds		Investees of Shanghai Gopher Languang Investment Management Co., Ltd, a subsidiary of the VIE of the Company

Shanghai Gopher Hongyang Investment Center (Limited Partnership) and 20 other investee funds		Investees of Gopher Asset Management Co., Ltd.

Wuhu Gopher Zhengqian Investment Center (Limited Partnership) and 9 other investee funds		Investees of Wuhu Gopher Asset Management Co., Ltd, a subsidiary of the VIE of the Company

Gopher Fund I and 5 other investee funds		Fund managed by Gopher Capital GP Ltd., a subsidiary

Kunshan Jingzhaojiuguang Investment Center (Limited Partnership) and 6 other investee funds		Investees of Kunshan Jingzhao Equity Investment Management Limited, an affiliate of the Company

Kunshan Jingzhao Equity Investment Management Limited		Investee of Tianjin Gopher Asset Management Co., Ltd.

Kunshan Vantone Zhengyuan Private Equity Fund Management Limited		Investee of Gopher Asset Management Co., Ltd.

Gopher investment Fund SPC		Fund managed by Gopher Capital GP Ltd., a subsidiary

Wanjia Win-Win Assets Management Co., Ltd.		Investee of Gopher Asset Management Co., Ltd.

Wuhu Bona Film Investment Management Limited		Investee of Gopher Asset Management Co., Ltd.

Hangzhou Wanlu Equity Investment Partnership (Limited Partnership) and 2 other investee funds		Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a subsidiary of the VIE of the Company

Wuhu Gopher Zhengrui Investment Center (Limited Partnership)		Investees of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd, a VIE of the Company

Shanghai Gopher Shangken Investment Center (Limited Partnership)		Investees of Shanghai GopherAsset Management Co., Ltd, a VIE of the Company

Gopher Nuobao TOP 30 Hedge fund NO.1 and the other fund		Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd.,a subsidiary of the VIE of the Company

Gopher Investment Fund II SPC		Fund managed by Noah Holdings (HongKong) Limited., a subsidiary

Shanghai Yafu Investment Consulting Co., Ltd.		An investment vehicle of Noah’s employees

Shanghai Noah Charity Funds		Charity fund established by Shanghai Noah Rongyao Investment Consulting Co., Ltd., a subsidiary of the Company

During the years ended December 31, 2013 and 2014, significant related party transactions were as follows:


	Years Ended December 31
	2012		2013		2014
	$		$		$
One-time commissions
Investees of Shanghai Gopher Asset Management Co., Ltd., a VIE of the Company		—		—		9,264,250
Investees of Gopher Asset Management Co., Ltd., a VIE of the Company		3,866,439		2,161,933		5,093,514
Investees of Gopher Capital GP Ltd.		159,257		20,004		3,502,034
Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd., a subsidiary of the VIE of the Company		—		—		2,738,586
Wanjia Win-Win Assets Management Co., Ltd.		—		433,024		2,224,784
Investees of Wuhu Gopher Asset Management Co., Ltd., a VIE of the Company		1,226,227		5,570,754		2,168,853
Investees of Shanghai Gopher Languang Investment Management Co., Ltd., a VIE of the Company		819,199		3,489,082		1,106,637
Investees of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a VIE of the Company		—		—		582,521
Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership)		1,024,790		131,164		513,558
Sequoia Capital Investment Management (Tianjin) Co., Ltd.		218,860		127,965		481,461
Investee funds of Hangzhou Vanke Investment Management Co., Ltd.		—		5,077,871		427,429
Shareholder transactions		—		—		426,154
Investee of Tianjin Gopher Asset Management Co., Ltd., a VIE of the Company		645,699		31,991		403,099
Investee funds of Kunshan Jingzhao Equity Investment Management Limited		215,657		717,565		248,201
Gopher RE Credit Fund SP		—		—		123,847
Shaoxing Sequoia Huiyuan Capital Investment Fund (Limited Partnership)		411,614		359,671		16,049
Shareholder transactions		—		21,906		1,604
Wuhu Bona Film Investment Management Limited		—		1,037,354		—
Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd.		748,914		807,242		—
Gopher investment Fund SPC		—		761,105		—
Financial products invested by the Group and affiliates		55,475		92,962		—
Recurring services fee
Investees of Gopher Asset Management Co., Ltd., a VIE of the Company		2,504,815		11,827,050		15,790,524
Wanjia Win-Win Assets Management Co., Ltd.		—		5,047,542		15,333,971
Investees of Wuhu Gopher Asset Management Co., Ltd., a VIE of the Company		191,757		10,665,773		12,925,380
Investees of Shanghai Gopher Asset Management Co., Ltd., a VIE of the Company		—		—		10,276,509
Sequoia Capital Investment Management (Tianjin) Co., Ltd.		6,407,642		8,385,120		8,546,576
Investee funds of Hangzhou Vanke Investment Management Co., Ltd.		—		3,151,268		6,058,713
Investees of Gopher Captial GP Ltd.		14,002		34,003		5,091,211
Investee of Tianjin Gopher Asset Management Co., Ltd., a VIE of the Company		3,622,393		3,876,955		4,082,036
Investees of Shanghai Gopher Languang Investment Management Co., Ltd., a VIE of the Company		459,439		4,885,604		3,301,240
Investee funds of Kunshan Jingzhao Equity Investment Management Limited		2,111,583		2,742,184		2,552,337
Investees of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a VIE of the Company		268,632		2,893,066		1,675,845
Investees of Shanghai Gopher Investment Management Co., Ltd., a VIE of the Company		—		—		1,283,681
Wuhu Bona Film Investment Management Co., Ltd.		—		331,157		1,142,560
Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership)		—		—		906,687
Beijing Sequoia Heyuan Capital Investment Fund (Limited Partnership)		—		—		850,019
Investees of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a VIE of the Company		—		—		798,399
Fund Managed by Gopher- Nuobao (Shanghai) Asset Management Co., Ltd., a subsidiary of the VIE of the Company		—		—		184,414
Shareholder transactions		—		—		59,481
Investees of Noah Holdings (Hong Kong) Limited		—		—		25,260
Investees of Gopher Asset Management Co., Ltd., a subsidiary of the VIE of the Company		—		—		513
Financial products invested by the Group and affiliates		1,010,330		1,140,375		313
Gopher investment Fund SPC		—		528,338		—
Other service fee
Investees of Gopher Asset Management Co., Ltd., a VIE of the Company		—		—		10,607,614
Investees of Shanghai Gopher Languang Investment Management Co., Ltd., a VIE of the Company		—		561,458		1,145,515
Wanjia Win-Win Assets Management Co., Ltd.		—		82,275		756,696
Investees of Shanghai Gopher Asset Management Co., Ltd., a VIE of the Company		—		—		48,654
Fund Managed by Gopher- Nuobao (Shanghai) Asset Management Co., Ltd., a subsidiary of the VIE of the Company		—		—		11,294
Investee funds of Hangzhou Vanke Investment Management Co., Ltd.		—		—		10,225
Shareholder transactions		—		—		2,541
Yiwu Xinguang Equity Investment Fund Management Co., Ltd.		—		—		1,504
Investee funds of Kunshan Jingzhao Equity Investment Management Limited		—		—		1,299
Investees of Wuhu Gopher Asset Management Co., Ltd., a VIE of the Company				336,107

Total		25,982,724		77,329,868		132,793,592

As of December 31, 2013 and 2014, amounts due from related parties associated with the above transactions were comprised of the following:


	As of December 31,
	2013		2014
	$		$
Wanjia Win-Win Assets Management Co., Ltd.		3,005,600		8,330,419
Investee funds of Wuhu Gopher Asset Management Co., Ltd.		856,879		3,731,866
Investee funds of Gopher Capital GP		738,725		3,535,483
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		2,704,988		3,264,336
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd.		729,933		2,244,540
Investee funds of Gopher Asset Management Co., Ltd.		—		1,494,061
Investee funds of Hangzhou Vanke Investment Management Co., Ltd.		778,562		1,054,369
Investee funds of Gopher Nuobao Asset Management Co., Ltd.		—		174,865
Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd.		1,082		1,057
Investee funds of Shanghai Nuobang Asset Management Co., Ltd.		—		280
Yiwu Xinguang Equity Investment Fund Management Co., Ltd.		—		7,254,174
Investee funds of Tianjin Gopher Investment Management Co., Ltd.		109,055		98

Total		8,924,824		31,085,548

As of December 31, 2013 and 2014, deferred revenues related to the recurring management fee received in advance from related parties were comprised of the following:


	As of December 31,
	2013		2014
	$		$
Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd.		292,272		5,189,571
Investee funds of Wuhu Gopher Investment Management Co., Ltd.		924,018		2,881,465
Wanjia Win-Win Assets Management Co., Ltd.		1,774,667		2,624,558
Investee funds of Gopher Asset Management Co., Ltd.		1,100,107		671,541
Investee funds of Hangzhou Vanke Investment Management Co., Ltd.		2,130,255		559,587
Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd.		201,902		643,641
Investee funds of Gopher Nuobao Asset Management Co., Ltd.		—		383,320
Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd.		236,586		337,917
Investee funds of Gopher Capital GP		576,937		135,281
Sequoia Capital Investment Management (Tianjin) Co., Ltd.		1,950,347		—

Total		9,187,091		13,426,881

Shanghai Yafu Investment Consulting Co., Ltd., an investment vehicle of Noah’s employees, acquired 10% of equity interests in four subsidiaries of the Group upon formation of the entities. The subsidiaries invested and the respective purchase price is listed as below.


Company Name	RMB		$
Noah Ark (Shanghai) Financial Service Co., Ltd.		5,000,000		805,854
Shanghai Noah Yijie Finance Technology Co., Ltd.		3,000,000		483,512
Shanghai Noah Jintong Data Services Co., Ltd.		3,000,000		483,512
Enoch Education Training (Shanghai) Co., Ltd.		1,000,000		161,171
Total		12,000,000		1,934,049

During the year ended December 31, 2013 and 2014, donation made to Shanghai Noah Charity Fund were nil and $2.4 million.