The Board of Noah Holdings Limited announced the changes to the Board and Board Committees: Ms. Chia-Yue Chang ("Ms. Chang") has been re-designated from a Director to a non-executive Director, due to the adjustment of work arrangements, with effect from August 29, 2023 (Re-designation). Ms. Chang, aged 62, has been a Director since August 2007 until the Re-designation. She currently holds certain non-executive positions within the Group, including, among others, the vice chairman of the board of Noah Upright Fund Distribution Co.

Ltd. ("Noah Upright") and a non-executive director of Noah Investment. She served as the chief marketing officer from January 2017 to February 2021, and served as the general manager of Noah Upright from July 2011 to March 2018 and from March 2019 to December 2020. From March 2021, she has also been serving as the director of the ethics compliance committee (including discipline supervision and compliance), the sustainable development committee and the fairness committee, respectively, of Company.

Ms. Chang received her master's degree in library science from University of California, Los Angeles in California, the U.S., in March 1987, and her bachelor's degree in library science from National Taiwan University in Taiwan, in June 1983. The Board considered and accepted the recommendation from the Corporate Governance and Nominating Committee to re-designate Ms. Chang as a non-executive Director, after reviewing her academic qualification, work experience and contributions to the Board during her tenure as a Director. Mr. Neil Nanpeng Shen ("Mr. Shen") has tendered his resignation from the position as a non-executive Director with effect from August 29, 2023, as Mr. Shen wants to devote more time to his other engagements.

Accordingly, Mr. Shen requested to be released from his duties in the Group. The Corporate Governance and Nominating Committee has nominated Mr. Kai Wang ("Mr. Wang") to replace Mr. Shen's position. Mr. Wang has been appointed as a non-executive Director with effect from August 29, 2023.

Mr. Wang, aged 38, has extensive experience in venture capital and private equity investment. In July 2010, Mr. Wang joined Sequoia Capital China and has since held various roles within the firm. His responsibilities have encompassed investment sourcing, investment recommendations, and post-investment management.

Currently, Mr. Wang is serving as a managing director of Sequoia Capital China. He has also been serving as a director of Shanghai Noah Yijie Financial Technology Co. Ltd., a subsidiary of the Company, since November 2019, mainly responsible for overseeing its management and development and providing strategic guidance.

From August 2007 to June 2010, Mr. Wang served as an assistant manager at KPMG Advisory (China) Co. Ltd., primarily responsible for transaction advisory. Mr. Wang received his bachelor 's degree in international economics and trade from University of International Business and Economics in Beijing, China, in July 2007.

The Board considered and accepted the recommendation from the Corporate Governance and Nominating Committee to appoint Mr. Wang as a non-executive Director, after reviewing his academic qualification and work experience, among others. Mr. Tze-Kaing YANG ("Mr. Yang"), after more than eight years of service, upon the expiration of the independent director agreement entered between him and the Company, has retired from the position as an independent Director with effect from August 29, 2023. Following Mr. Yang's retirement, he ceased to be the chairman of the Company's Audit Committee and a member of the Company's Compensation Committee with effect from the same date.

Ms. Cynthia Jinhong Meng ("Ms. Meng") has been appointed as an independent Director with effect from August 29, 2023. Ms. Meng, aged 54, has extensive experience in corporate advisory, strategy development, stakeholder engagement and integrating ESG/sustainability. In June 2016, Ms. Meng established Credence Investment Holding Limited ("Credence").

From September 2018 to February 2023, Ms. Meng served as a partner at Brunswick Group Ltd. Prior to founding Credence, Ms. Meng had over ten years of experience in investment banking as a recognized equity research analyst. From January 2011 to June 2016, she served as a managing director and the head of Greater China technology, media, and telecom ("TMT") equity research at Jefferies Hong Kong Limited. From September 2007 to October 2010, she served as a vice president, senior publishing equity research analyst and the head of China telecom services and equipment research team at Merrill Lynch (Asia Pacific) Limited.

From August 2006 to August 2007, she served as a vice president and publishing equity research analyst at China International Capital Corporation Hong Kong Securities Limited. From October 2005 to July 2006, she served as a vice president and a regional telecoms services team support of J.P. Morgan Securities (Asia Pacific) Limited. From April 2005 to October 2005, she served as an associate and research team support for global technology hardware and telecom equipment sector at Thomas Weisel Partners, a New York-based investment bank.

Prior to that, Ms. Meng also served as (i) a management consultant at Adventis Corporation, a Boston-based global TMT strategy consultancy, from July 1999 to March 2005; (ii) a management consultant at Arthur D. Little, a management consultancy headquartered in Boston, from July 1998 to July 1999; and (iii) a marketing executive at Mobile Oil Asia Pacific pte Ltd. from October 1994 to August 1996. Ms. Meng obtained her master's degree in business administration from the Kellogg School of Management, Northwestern University in Illinois, the U.S. in June 1998 and her bachelor's degree in English literature from Ningbo University in Zhejiang, China, in June 1992. In addition, Ms. Meng has obtained the qualification as Securities and Futures Intermediaries issued by the Hong Kong Securities Institute and also received completion certificates for educational and professional programs at numerous universities and institutions worldwide over the past decade, including, among others, Harvard Law School and Stanford Graduate School of Business.

The Board announced that, with effective from August 29, 2023, (i) Dr. Zhiwu CHEN an independent Director, has been appointed as the chairman of the Audit Committee; and (ii) Ms. Meng has been appointed as a member of the Audit Committee and a member of the Compensation Committee.