Noah Holdings Limited announced that Mr. Shusong Ba has tendered his resignation as an independent director and a member of the audit committee of the board of directors of the company. The company has appointed Mr. Jinbo Yao as an independent director and a member of the audit committee of the Board in place of Mr. Shusong Ba. Mr. Jinbo Yao is the founder, chairman of the board of directors and chief executive officer of 58.com Inc. Mr. Yao is a pioneer in China's internet industry.

Mr. Yao currently serves on the board of directors of Xueda Education Group.