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 asset management capability focusing on distributing wealth management products to 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, 2014 include the following:


	Date of Incorporation	Place of Incorporation	Percentage of Ownership
Shanghai Noah Rongyao Investment Consulting Co., Ltd.	August 24, 2007	PRC		100	%
Shanghai Noah Financial Services Co., Ltd.*	April 18, 2008	PRC		100	%
Tianjin Noah Wealth Management Consulting Co., Ltd	December 26, 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	%
Noah Financial Express (Wuhu) Microfinance Co., Ltd.	August 13, 2013	PRC		100	%
Noah Commercial Factoring Co., Ltd.	April 1, 2014	PRC		100	%
Shanghai Noah Yijie Finance Technology Co., Ltd	March 17, 2014	PRC		90	%

*	In August 2012, Shanghai Noah Yuanzheng Investment Consulting Co., Ltd. was renamed as Shanghai Noah Financial Service Co., Ltd., after it obtained the regulatory approval to authorize its business scope to include providing investment advisory, wealth management and related financial services.

Noah Investment’s significant subsidiaries as of December 31, 2014 include the following:


	Date of Incorporation	Place of Incorporation	Percentage of Ownership
Shanghai Noah Investment Management Co., Ltd.	August 26, 2005	PRC		100	%
Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd.	September 29, 2007	PRC		100	%
Shanghai Noah Rongyao Insurance Broker Co., Ltd.	September 24, 2008	PRC		100	%
Tianjin Gopher Asset Management Co., Ltd.*	March 18, 2010	PRC		100	%
Gopher Asset Management Co., Ltd.	February 9, 2012	PRC		100	%
Shanghai Gopher Blue Ray Investment Management Co., Ltd.	August 15, 2012	PRC		60	%
Wuhu Gopher Asset Management Co., Ltd.	October 10, 2012	PRC		100	%
Shanghai Gopher Asset Management Co., Ltd.	December 14, 2012	PRC		100	%
Zhejiang Vanke Noah Assets Management Co., Ltd.	March 22, 2013	PRC		51	%

In March 2012, Noah Investment acquired 100% equity interest of Tianjin Gopher Asset Management Co., Ltd (“Tianjin Gopher”) and Gopher Asset Management Co., Ltd (“Gopher Asset”) which was established in February 2012 from Shanghai Noah Financial Services Co., Ltd. at cost. The transaction was recorded as reorganization between entities under common control with no impact on the consolidated financial statements.

In June 2014, Gopher Asset acquired 100% equity interest of Tianjin Gopher from Noah Investment at cost. The transaction was recorded as reorganization between entities under common control with no impact on the consolidated financial statements.