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Freshfields advises on Noah Holdings’ secondary listing on HKSE

Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Goldman Sachs, the sole sponsor in the U.S. SEC-registered offering and secondary listing of shares of Noah Holdings Limited (‘Noah Holdings’) on the Hong Kong Stock Exchange (‘HKSE’). Trading in the shares is expected to commence on 13 July 2022.

Noah Holdings is a leading high-net-worth wealth management service provider in China. It manages wealth for high-net-worth clients by connecting leading asset managers around the world to deliver high-quality asset allocation and other comprehensive client services. The company operates in 84 cities in mainland China, as well as in Hong Kong, Taiwan, New York, Silicon Valley and Singapore. Its American Depositary Shares are listed on the New York Stock Exchange. This transaction reinforces Freshfields’ leading position supporting US-listed Chinese companies to conduct additional or alternative listings, sometimes known as ‘homecoming’ listings, in Hong Kong. In recent years, the firm has advised on many such listings, including those of KE Holdings, XPeng Inc., Baozun Inc., Huazhu Group, Yum China Holdings, Inc. and Alibaba (among others).

“Our work on Noah Holdings’ secondary listing further strengthens our track record advising on homecoming listings by Chinese issuers,” said Calvin Lai, partner at Freshfields, who led the team advising on the transaction. “Our experience on this type of transaction has become a key competitive strength of our Asia capital markets practice and reflects the deep and seamless collaboration between our Greater China and U.S. capital markets teams.”

The Freshfields team was also led by partner and head of China ECM Richard Wang and counsel Chris Fu. They were supported by associates Yitian Jin, Zedong Liu and Ashley Deng. Additional support on US law matters was provided by New York based partners Michael Levitt, Claude Stansbury, counsel Jeremy Barr and associate Thomas Bourneuf.