Noah Holdings Limited (NOAH) 20-F 27 Apr 16 2015 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2015shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	NOAH
Entity Registrant Name	NOAH HOLDINGS LTD
Entity Central Index Key	1,499,543
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	28,071,538

Consolidated Balance Sheets

Consolidated Balance Sheets	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)
Current assets:
Cash and cash equivalents	$ 329,266,676	¥ 2,132,923,674	¥ 1,750,204,915
Restricted cash	154,373	1,000,000	1,000,000
Short-term investments (including short-term investments measured at fair value of RMB91,496,450 and RMB496,565,847, as of December 31, 2014 and 2015, respectively)	86,460,511	560,073,899	137,630,510
Accounts receivable, net of allowance for doubtful accounts of nil as of December 31, 2014 and December 31, 2015	18,887,074	122,346,687	68,069,273
Amounts due from related parties	36,777,342	238,236,268	192,873,391
Loans receivable, net of allowance for loan losses of RMB1,166,800 and RMB1,334,502 as of December 31, 2014 and December 31, 2015, respectively	20,394,254	132,109,897	43,013,200
Deferred tax assets	0	0	21,852,937
Other current assets	11,599,874	75,141,655	58,510,220
Total current assets	503,540,104	3,261,832,080	2,273,154,446
Long-term investments (including long-term investments measured at fair value of nil and RMB10,069,729, as of December 31, 2014 and 2015, respectively)	38,868,434	251,781,945	61,245,229
Investment in affiliates	50,349,786	326,155,843	222,231,778
Property and equipment, net	30,330,552	196,475,249	92,154,228
Other non-current assets	2,606,708	16,885,730	11,979,918
Non-current deferred tax assets	6,771,368	43,863,568	14,037,839
Total assets	632,466,952	4,096,994,415	2,674,803,438
Current liabilities:
Accrued payroll and welfare expenses (including accrued payroll and welfare expense of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB68,617,341 and RMB181,685,160 as of December 31, 2014 and December 31, 2015, respectively)	76,366,789	494,688,785	320,462,551
Income tax payable (including income tax payable of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB28,035,249 and RMB55,966,327 as of December 31, 2014 and December 31, 2015, respectively)	9,517,271	61,650,980	55,446,726
Deferred revenues (including deferred revenue of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB37,883,923 and RMB29,021,820 as of December 31, 2014 and December 31, 2015, respectively)	10,563,113	68,425,735	97,709,941
Other current liabilities (including other current liabilities of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB27,770,537 and RMB76,026,370 as of December 31, 2014 and December 31, 2015, respectively)	52,626,682	340,905,107	169,135,148
Short-term bank loan	0	0	50,000,000
Deferred tax liabilities	179,038	1,159,774	0
Total current liabilities	149,252,893	966,830,381	692,754,366
Non-current uncertain tax position liabilities (including uncertain tax position liabilities of the consolidated VIEs without recourse to Noah Holdings Ltd. of RMB6,323,573 and RMB67,248 as of December 31, 2014 and December 31, 2015, respectively)	10,381	67,248	11,127,697
Other non-current liabilities (including other non-current liabilities of the consolidated VIEs without recourse to Noah Holdings Ltd. of nil and RMB39,635,057 as of December 31, 2014 and December 31, 2015)	12,022,019	77,876,237	31,049,562
Convertible notes	80,000,000	518,224,000	0
Total liabilities	241,285,293	1,562,997,866	734,931,625
Shareholders' equity:
Ordinary shares (US$0.0005 par value): 94,100,000 shares authorized, 29,123,118 shares issued and 28,055,302 shares outstanding as of December 31, 2014 and 29,317,611 shares issued and 28,071,538 shares outstanding as of December 31, 2015	15,149	98,133	97,530
Treasury stock (1,067,816 ordinary shares as of December 31, 2014 and 1,246,073 ordinary shares as of December 31, 2015)	(18,190,831)	(117,836,564)	(73,250,528)
Additional paid-in capital	152,909,314	990,515,956	889,416,631
Retained earnings	246,667,897	1,597,865,303	1,062,041,219
Accumulated other comprehensive loss	(3,358,717)	(21,757,099)	(27,357,797)
Total Noah Holdings Limited shareholders' equity	378,042,812	2,448,885,729	1,850,947,055
Non-controlling interests	13,138,847	85,110,820	88,924,758
Total Shareholders' Equity	391,181,659	2,533,996,549	1,939,871,813
Total Liabilities and Equity	$ 632,466,952	¥ 4,096,994,415	¥ 2,674,803,438

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical)	Dec. 31, 2015USD ($)shares	Dec. 31, 2015CNY (¥)¥ / sharesshares	Dec. 31, 2014CNY (¥)¥ / sharesshares
Available for sale investments	$ 76,656,557	¥ 496,565,847	¥ 91,496,450
Accounts receivable, allowance for doubtful accounts	0
Loans receivable, allowance for loan losses	206,012	¥ 1,334,502	¥ 1,166,800
Available for sale investments	1,554,497	10,069,729
Accrued payroll and welfare expenses	76,366,789	494,688,785	¥ 320,462,551
Income tax payable	9,517,271	61,650,980	55,446,726
Deferred revenues	10,563,113	68,425,735	97,709,941
Other current liabilities	52,626,682	340,905,107	169,135,148
Non-current uncertain tax position liabilities	10,381	67,248	11,127,697
Other non-current liabilities	$ 12,022,019	¥ 77,876,237	¥ 31,049,562
Ordinary shares, par value | ¥ / shares		¥ 0.0005	¥ 0.0005
Ordinary shares, shares authorized	94,100,000	94,100,000	94,100,000
Ordinary shares, shares issued	29,317,611	29,317,611	29,123,118
Ordinary shares, shares outstanding	28,071,538	28,071,538	28,055,302
Ordinary shares, treasury stock	1,246,073	1,246,073	1,067,816
Variable Interest Entity, Primary Beneficiary
Accrued payroll and welfare expenses	$ 28,047,357	¥ 181,685,160	¥ 68,617,341
Income tax payable	8,639,712	55,966,327	28,035,249
Deferred revenues	4,480,197	29,021,820	37,883,923
Other current liabilities	11,736,449	76,026,370	27,770,537
Non-current uncertain tax position liabilities	10,381	67,248	¥ 6,323,573
Other non-current liabilities	$ 6,118,598	¥ 39,635,057

Consolidated Statements of Oper

Consolidated Statements of Operations	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2015CNY (¥)¥ / sharesshares	Dec. 31, 2014CNY (¥)¥ / sharesshares	Dec. 31, 2013CNY (¥)¥ / sharesshares
Third-party revenues
Total third-party revenues	$ 172,081,593	¥ 1,114,710,141	¥ 797,763,861	¥ 589,611,288
Related party revenues
Total related party revenues	172,587,292	1,117,985,965	819,394,401	475,009,064
Total revenues	344,668,885	2,232,696,106	1,617,158,262	1,064,620,352
Less: business taxes and related surcharges	(17,408,420)	(112,768,265)	(88,673,371)	(58,643,752)
Net revenues	327,260,465	2,119,927,841	1,528,484,891	1,005,976,600
Operating cost and expenses:
Relationship manager compensation	(80,988,873)	(524,629,723)	(322,052,574)	(205,294,824)
Performance fee compensation	(3,826,417)	(24,786,763)	(22,034,438)	0
Other compensations	(94,951,356)	(615,075,893)	(393,373,326)	(243,442,553)
Total compensation and benefits	(179,766,646)	(1,164,492,379)	(737,460,338)	(448,737,377)
Selling expenses	(40,726,081)	(263,815,409)	(147,265,810)	(102,198,334)
General and administrative expenses	(26,386,970)	(170,929,513)	(151,626,278)	(110,020,644)
Other operating expenses	(14,607,475)	(94,624,304)	(29,961,830)	(5,445,385)
Government subsidies	20,486,849	132,709,712	90,931,462	32,644,120
Total operating cost and expenses	(241,000,323)	(1,561,151,893)	(975,382,794)	(633,757,620)
Income from operations	86,260,142	558,775,948	553,102,097	372,218,980
Other income (expenses):
Interest income	6,128,437	39,698,790	38,901,980	20,272,408
Interest expenses	(2,477,748)	(16,050,359)	0	0
Investment income	8,020,456	51,954,918	23,552,297	24,141,820
Other income (expense)	70,245	455,030	(13,961,307)	1,907,106
Total other income	11,741,390	76,058,379	48,492,970	46,321,334
Income before taxes and income from equity in affiliates	98,001,532	634,834,327	601,595,067	418,540,314
Income tax expense	(20,050,903)	(129,885,747)	(151,293,021)	(100,081,866)
Income from equity in affiliates, net of taxes	3,296,299	21,352,767	13,583,865	7,290,800
Net income	81,246,928	526,301,347	463,885,911	325,749,248
Less: net income (loss) attributable to non-controlling interests	(1,470,057)	(9,522,737)	17,333,060	9,821,510
Net income attributable to Noah Holdings Limited shareholders	$ 82,716,985	¥ 535,824,084	¥ 446,552,851	¥ 315,927,738
Net income per share:
Basic | (per share)	$ 2.95	¥ 19.08	¥ 16.02	¥ 11.50
Diluted | (per share)	$ 2.83	¥ 18.31	¥ 15.82	¥ 11.28
Weighted average number of shares used in computation:
Basic	28,085,521	28,085,521	27,873,501	27,480,150
Diluted	30,145,976	30,145,976	28,227,823	28,008,386
One Time Commissions
Third-party revenues
Total third-party revenues	$ 60,389,080	¥ 391,188,385	¥ 423,218,934	¥ 356,123,887
Related party revenues
Total related party revenues	66,177,945	428,687,491	180,943,785	128,209,082
Recurring Service Fees
Third-party revenues
Total third-party revenues	61,948,882	401,292,465	319,933,077	202,437,468
Related party revenues
Total related party revenues	98,013,735	634,913,375	560,071,763	340,757,637
Performance Based Income
Third-party revenues
Total third-party revenues	29,939,027	193,939,030	24,632,724	0
Related party revenues
Total related party revenues	8,309,193	53,825,293	76,342,053	0
Other Service
Third-party revenues
Total third-party revenues	19,804,604	128,290,261	29,979,126	31,049,933
Related party revenues
Total related party revenues	$ 86,419	¥ 559,806	¥ 2,036,800	¥ 6,042,345

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)	Dec. 31, 2013CNY (¥)
Net Income	$ 81,246,928	¥ 526,301,347	¥ 463,885,911	¥ 325,749,248
Other comprehensive income, net of tax
Change in foreign currency translation adjustment	754,089	4,884,837	6,426,044	(8,168,265)
Fair value fluctuation of available-for-sale investment (Note 4)	110,904	718,414	2,620,351
Other comprehensive income	864,993	5,603,251	9,046,395	(8,168,265)
Comprehensive income	82,111,921	531,904,598	472,932,306	317,580,983
Less: comprehensive income attributable to non-controlling interest	(1,469,663)	(9,520,184)	17,331,172	9,813,639
Comprehensive income attributable to Noah Holdings Limited shareholders	$ 83,581,584	¥ 541,424,782	¥ 455,601,134	¥ 307,767,344

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity	USD ($)shares	CNY (¥)shares	Ordinary SharesCNY (¥)shares	Treasury StockCNY (¥)shares	Additional Paid-in CapitalCNY (¥)	Retained earningsCNY (¥)	Accumulated other comprehensive incomeCNY (¥)	Total Noah Holdings Limited shareholders' equityCNY (¥)	Noncontrolling InterestCNY (¥)
Balance (in shares) at Dec. 31, 2012 | shares			28,279,528	(845,139)
Balance at Dec. 31, 2012		¥ 1,093,418,840	¥ 94,934	¥ (53,676,679)	¥ 813,572,639	¥ 347,157,198	¥ (28,245,686)	¥ 1,078,902,406	¥ 14,516,434
Net Income		325,749,248				315,927,738		315,927,738	9,821,510
Cash dividend paid		(47,596,568)				(47,596,568)		(47,596,568)
Share-based compensation		¥ 32,249,165			32,249,165			32,249,165
Vesting of restricted shares (in shares) | shares			283,340
Vesting of restricted shares			¥ 865		(865)
Issuance of ordinary shares upon exercise of options (in shares) | shares	153,014	153,014	153,014
Issuance of ordinary shares upon exercise of options		¥ 6,843,114	¥ 472		6,842,642			6,843,114
Repurchase of ordinary shares (in shares) | shares				(222,677)
Repurchase of ordinary shares		(19,573,849)		¥ (19,573,849)				(19,573,849)
Other comprehensive income-foreign currency translation adjustments		(8,168,265)					(8,160,394)	(8,160,394)	(7,871)
Non-controlling interest capital injection		40,878,002							40,878,002
Balance (in shares) at Dec. 31, 2013 | shares			28,715,882	(1,067,816)
Balance at Dec. 31, 2013		1,423,799,687	¥ 96,271	¥ (73,250,528)	852,663,581	615,488,368	(36,406,080)	1,358,591,612	65,208,075
Net Income		463,885,911				446,552,851		446,552,851	17,333,060
Cash dividend paid		(1,614,489)							(1,614,489)
Share-based compensation		¥ 32,691,687			32,691,687			32,691,687
Vesting of restricted shares (in shares) | shares			278,779
Vesting of restricted shares			¥ 862		(862)
Issuance of ordinary shares upon exercise of options (in shares) | shares	128,457	128,457	128,457
Issuance of ordinary shares upon exercise of options		¥ 4,062,622	¥ 397		4,062,225			4,062,622
Other comprehensive income-foreign currency translation adjustments		6,426,044					6,427,932	6,427,932	(1,888)
Other comprehensive income-change in fair value of available-for-sale investments		5,164,535					5,164,535	5,164,535
Other comprehensive income-realized gains on the available-for-sale investments		(2,544,184)					(2,544,184)	(2,544,184)
Non-controlling interest capital injection		8,000,000							8,000,000
Balance (in shares) at Dec. 31, 2014 | shares			29,123,118	(1,067,816)
Balance at Dec. 31, 2014		1,939,871,813	¥ 97,530	¥ (73,250,528)	889,416,631	1,062,041,219	(27,357,797)	1,850,947,055	88,924,758
Net Income	$ 81,246,928	526,301,347				535,824,084		535,824,084	(9,522,737)
Share-based compensation		¥ 67,672,488			67,672,488			67,672,488
Vesting of restricted shares (in shares) | shares			144,606
Vesting of restricted shares			¥ 446		(446)
Issuance of ordinary shares upon exercise of options (in shares) | shares	49,887	49,887	49,887
Issuance of ordinary shares upon exercise of options		¥ 4,351,330	¥ 157		4,351,173			4,351,330
Repurchase of ordinary shares (in shares) | shares				(178,257)
Repurchase of ordinary shares	$ (18,700,000)	(44,586,036)		¥ (44,586,036)				(44,586,036)
Other comprehensive income-foreign currency translation adjustments	754,089	4,884,837					4,882,284	4,882,284	2,553
Other comprehensive income-change in fair value of available-for-sale investments		44,166,013					44,166,013	44,166,013
Other comprehensive income-realized gains on the available-for-sale investments		(43,447,599)					(43,447,599)	(43,447,599)
Non-controlling interest capital injection		38,782,356			29,076,110			29,076,110	9,706,246
Non-controlling Interest capital return		(4,000,000)							(4,000,000)
Balance (in shares) at Dec. 31, 2015 | shares			29,317,611	(1,246,073)
Balance at Dec. 31, 2015	$ 391,181,659	¥ 2,533,996,549	¥ 98,133	¥ (117,836,564)	¥ 990,515,956	¥ 1,597,865,303	¥ (21,757,099)	¥ 2,448,885,729	¥ 85,110,820

Consolidated Statements of Cash

Consolidated Statements of Cash Flows	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)	Dec. 31, 2013CNY (¥)
Cash flows from operating activities:
Net Income	$ 81,246,928	¥ 526,301,347	¥ 463,885,911	¥ 325,749,248
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from disposal of property and equipment	32,614	211,270	169,166	770,960
Depreciation and amortization	5,313,172	34,417,668	22,398,968	15,183,755
Share-based compensation	10,446,832	67,672,488	32,691,687	32,249,165
Income from equity in affiliates	(3,296,299)	(21,352,767)	(13,583,865)	(7,290,800)
Provision for loan losses	25,889	167,702	227,300	939,500
Income from amortization of discount on held-to-maturity investments			(877,825)	(1,578,746)
Changes in operating assets and liabilities:
Accounts receivable	(8,378,989)	(54,277,414)	(16,782,248)	11,361,141
Amounts due from related parties	(13,332,131)	(86,362,877)	(93,845,185)	(26,039,338)
Other current assets	(2,567,451)	(16,631,435)	(30,082,367)	(9,257,761)
Other non-current assets	(526,639)	(3,411,463)	(5,072,761)	(1,467,356)
Accrued payroll and welfare expenses	26,895,896	174,226,234	141,907,574	104,249,920
Income taxes payable	957,772	6,204,254	39,951,591	256,061
Deferred revenues	(4,520,702)	(29,284,206)	3,690,121	60,874,068
Other current liabilities	25,875,399	167,615,661	79,151,660	47,416,935
Other non-current liabilities	7,228,793	46,826,675	9,278,672	8,768,497
Uncertain tax position liabilities	(1,707,439)	(11,060,449)	1,136,675	945,559
Deferred tax assets and liabilities	(1,199,485)	(7,770,022)	(22,095,408)	10,774,327
Purchases of available-for-sale investments through internet finance business	(18,271,685)	(118,360,318)	(22,511,765)
Net cash provided by (used in) operating activities	104,222,475	675,132,348	589,637,901	573,905,135
Cash flows from investing activities:
Purchases of property and equipment	(21,039,552)	(136,290,010)	(59,462,184)	(41,210,352)
Internally developed intangible assets				(464,578)
Collection of short-term loan investments				3,411,466
Purchase of held-to-maturity investments	(3,896,385)	(25,240,000)	(39,000,003)	(110,906,999)
Proceeds from redemption of held-to-maturity investments	7,162,926	46,400,000	121,999,998	315,999,998
Purchases of trading securities investments	(14,665,473)	(95,000,000)	(218,287,169)	(245,464,326)
Proceeds on trading securities investments	14,665,473	95,000,000	306,142,599	176,808,727
Purchases of available-for-sale investments	(566,566,991)	(3,670,107,653)	(111,876,970)	(29,965,718)
Proceeds from sale or redemption of available-for-sale investments	516,616,753	3,346,540,000	45,487,686	29,965,718
Purchase of long-term investments	(34,327,834)	(222,368,846)	(53,805,229)	(63,448,608)
Proceeds from sale of long-term investments	5,007,873	32,440,000	29,915,000
Increase in restricted cash				(500,000)
Increase in investment in affiliates	(14,576,376)	(94,422,851)	(121,486,049)	(51,280,005)
Capital return from investment in affiliates	1,829,565	11,851,553	2,083,982	7,050,351
Net cash used in investing activities	(117,240,761)	(759,462,206)	(93,518,339)	(103,954,326)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares upon exercise of stock options and vesting of restricted shares	671,730	4,351,330	4,062,622	6,843,114
Contribution from non-controlling shareholders of subsidiaries	5,986,964	38,782,356	8,000,000	40,878,002
Return of non-controlling interests of subsidiaries	(617,494)	(4,000,000)
Dividend distribution			(1,614,489)	(47,596,568)
Payment for repurchase of ordinary shares	(6,882,898)	(44,586,036)		(19,573,849)
Proceeds from short-term bank loan			50,000,000
Repayment of short-term bank loan	(7,718,670)	(50,000,000)
Proceeds from convertible notes	80,000,000	518,224,000
Net cash (used in) provided by financing activities	71,439,632	462,771,650	60,448,133	(19,449,301)
Effect of exchange rate changes	660,249	4,276,967	6,426,044	(8,168,265)
Net increases in cash and cash equivalents	59,081,595	382,718,759	562,993,739	442,333,243
Cash and cash equivalents-beginning of the period	270,185,081	1,750,204,915	1,187,211,176	744,877,933
Cash and cash equivalents-end of the period	329,266,676	2,132,923,674	1,750,204,915	1,187,211,176
Supplemental disclosure of cash flow information:
Cash paid for income taxes	20,144,881	130,494,511	133,436,838	89,051,478
Cash paid for interest expenses	290,093	1,879,167	2,875,000
Supplemental disclosure of non-cash investing and financing activities:
Purchase of property and equipment in accounts payable	2,067,263	13,391,314	3,531,311	3,904,873
Related Parties
Cash flows from investing activities:
Loans disbursement	(617,494)	(4,000,000)	(45,000,000)
Principal collection of loans originated from third parties	6,946,803	45,000,000
Third Parties
Cash flows from investing activities:
Loans disbursement	(148,215,978)	(960,113,463)	(1,117,206,667)	(278,150,000)
Principal collection of loans originated from third parties	$ 134,435,929	¥ 870,849,064	¥ 1,166,976,667	¥ 184,200,000

Organization and Principal Acti

Organization and Principal Activities	12 Months Ended
	Dec. 31, 2015
Organization and Principal Activities	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, 2015 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 % 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 % Zigong Noah Financial Service Co., Ltd. October 22, 2012 PRC 100 % Noah Financial Express (Wuhu) Microfinance Co., Ltd. August 13, 2013 PRC 100 % Noah Group Honest Asia Limited March 8, 2014 Hong Kong 100 % Shanghai Noah Yijie Finance Technology Co., Ltd March 17, 2014 PRC 90 % Noah Commercial Factoring Co., Ltd. April 1, 2014 PRC 100 % Noah (Shanghai) Financial Leasing Co., Ltd December 20, 2014 PRC 100 % Noah Holdings international Limited January 7, 2015 Hong Kong 100 % Noah Investment’s significant subsidiaries as of December 31, 2015 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 % 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 % Gopher Nuobao (Shanghai) Asset Management Co., Ltd. April 10, 2013 PRC 100 % In June 2014, Gopher Asset Management Co., Ltd. (“Gopher Asset”) acquired 100% equity interest of Tianjin Gopher Asset Management Co., Ltd. (“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.

Summary of Principal Accounting

Summary of Principal Accounting Policies	12 Months Ended
	Dec. 31, 2015
Summary of Principal Accounting Policies	2. Summary of Principal Accounting Policies (a) Basis of Presentation The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). (b) Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and consolidated VIEs. All inter-company transactions and balances have been eliminated upon consolidation. A consolidated subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power or has the power to: appoint or remove the majority of the members of the board of directors; cast a majority of votes at the meeting of the board of directors; or govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. U.S. GAAP provides guidance on the identification and financial reporting for entities over which control is achieved through means other than voting interests. The Group evaluates each of its interests in private companies to determine whether or not the investee is a VIE and, if so, whether the Group is the primary beneficiary of such VIE. In determining whether the Group is the primary beneficiary, the Group considers if the Group (1) has power to direct the activities that most significantly affects the economic performance of the VIE, and (2) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Group consolidates the VIE. As foreign-invested companies engaged in insurance brokerage business are subject to stringent requirements compared with Chinese domestic enterprises under the current PRC laws and regulations, the Company’s PRC subsidiary, Shanghai Noah Rongyao Investment Consulting Co., Ltd. (“Noah Rongyao”), and its subsidiaries, as foreign-invested companies, do not meet all such requirements and therefore none of them are permitted to engage in the insurance brokerage business in China. Therefore, the Company decided to conduct the insurance brokerage business in China through Noah Investment and its subsidiaries which are PRC domestic companies beneficially owned by the Founders. In addition, the Group engaged in mutual fund distribution business and distribution of asset management plans sponsored by mutual fund management companies as part of our business. Under PRC laws and regulations, distribution of mutual funds or asset management plans sponsored by mutual fund management companies requires a mutual fund distribution license. There may be uncertainties regarding the interpretation and application of regulations and other governmental policies regarding the issuance of a mutual fund distribution license. In addition, the approval authorities have broad discretion and may also provide the different requirements regarding the application of mutual fund distribution license according to different situations, such as the applicants are foreign-invested enterprises or their subsidiaries. As a result, the PRC subsidiaries may find it difficult to meet all such requirements or may have to incur significant costs and efforts to meet such requirements. Therefore, the Company conducts such business in China principally through contractual arrangements among our PRC subsidiary, Noah Rongyao and the Company’s PRC variable interest entity, Noah Investment, and Noah Investment’s shareholders. Noah Upright, a subsidiary of Noah Investment, holds the licenses and permits necessary to conduct mutual fund distribution and distribution of asset management plans sponsored by mutual fund management companies in China. Since the Company does not have any equity interests in Noah Investment, in order to exercise effective control over its operations, the Company, through its wholly owned subsidiary Noah Rongyao, entered into a series of contractual arrangements with Noah Investment and its shareholders, pursuant to which the Company is entitled to receive effectively all economic benefits generated from Noah Investment shareholders’ equity interests in it. These contractual arrangements include: (i) a Power of Attorney Agreement under which each shareholder of Noah Investment has executed a power of attorney to grant Noah Rongyao or its designee the power of attorney to act on his or her behalf on all matters pertaining to Noah Investment and to exercise all of his or her rights as a shareholder of the Company, (ii) an Exclusive Option Agreement under which the shareholders granted Noah Investment or its third-party designee an irrevocable and exclusive option to purchase their equity interests in Noah Investment when and to the extent permitted by PRC law, (iii) an Exclusive Support Service Agreement under which Noah Investment engages Noah Rongyao as its exclusive technical and operational consultant and under which Noah Rongyao agrees to assist in arranging the financial support necessary to conduct Noah Investment’s operational activities, (iv) a Share Pledge Agreement under which the shareholders pledged all of their equity interests in Noah Investment to Noah Rongyao as collateral to secure their obligations under the agreement, and (v) a Free-Interest Loan Agreement under which each shareholder of Noah Investment entered into a loan agreement with Noah Rongyao for their respective investment in the equity interests in Noah Investment. The total amount of interest-free loans extended to the Founders is RMB27 million (approximately US$3.6 million) which has been injected into Noah Investment. The Founders of Noah Investment effectively acted as a conduit to fund the required capital contributions from the Company into Noah Rongyao, are non-substantive shareholders and received no consideration for entering into such transactions. Under the above agreements, the shareholders of Noah Investment irrevocably granted Noah Rongyao the power to exercise all voting rights to which they were entitled. In December 2013, these loans were further restructured and each shareholder of Noah Investment re-entered into a new no-interest loan agreement with Noah Rongyao. The principal amounts of such no-interest loans to these shareholders were the same as that of the initial loans. The loan agreements will expire in December 2023. In addition, Noah Rongyao has the option to acquire all of the equity interests in Noah Investment, to the extent permitted by the then-effective PRC laws and regulations, for nominal consideration. Finally, Noah Rongyao is entitled to receive service fees for certain services to be provided to Noah Investment. The Exclusive Option Agreement and Power of Attorney Agreements provide the Company effective control over the VIE and its subsidiaries, while the equity pledge agreements secure the equity owners’ obligations under the relevant agreements. Because the Company, through Noah Rongyao, has (i) the power to direct the activities of Noah Investment that most significantly affect the entity’s economic performance and (ii) the right to receive substantially all of the benefits from Noah Investment, the Company is deemed the primary beneficiary of Noah Investment. Accordingly, the Group has consolidated the financial statements of Noah Investment since its inception. The aforementioned contractual agreements are effective agreements between a parent and a consolidated subsidiary, neither of which is accounted for in the consolidated financial statements (i.e. a call option on subsidiary shares under the Exclusive Option Agreement or a guarantee of subsidiary performance under the Share Pledge Agreement) or are ultimately eliminated upon consolidation (i.e. service fees under the Exclusive Support Service Agreement or loans payable/receivable under the Loan Agreement). The Company believes that these contractual arrangements are in compliance with PRC laws and regulations and are legally enforceable. The addition of mutual fund business under Noah Investment and the transfer of Tianjin Gopher and Gopher Asset from Noah Rongyao to Noah Investment in 2012 do not impact the legal effectiveness of these contractual arrangements and do not impact the conclusion that the Company is the primary beneficiary of Noah Investment and its subsidiaries. However, the aforementioned contractual arrangements with Noah Investment and its shareholders are subject to risks and uncertainties, including: • Noah Investment and its shareholders may have or develop interests that conflict with the Group’s interests, which may lead them to pursue opportunities in violation of the aforementioned contractual arrangements. • Noah Investment and its shareholders could fail to obtain the proper operating licenses or fail to comply with other regulatory requirements. As a result, the PRC government could impose fines, new requirements or other penalties on the VIE or the Group, mandate a change in ownership structure or operations for the VIE or the Group, restrict the VIE or the Group’s use of financing sources or otherwise restrict the VIE or the Group’s ability to conduct business. • The aforementioned contractual agreements may be unenforceable or difficult to enforce. The equity interests under the Share Pledge Agreement have been registered by the shareholders of Noah Investment with the relevant office of the administration of industry and commerce, however, the VIE or the Group may fail to meet other requirements. Even if the agreements are enforceable, they may be difficult to enforce given the uncertainties in the PRC legal system. • The PRC government may declare the aforementioned contractual arrangements invalid. They may modify the relevant regulations, have a different interpretation of such regulations, or otherwise determine that the Group or the VIE have failed to comply with the legal obligations required to effectuate such contractual arrangements. • It may be difficult to finance Noah Investment by means of loans or capital contributions. Loans from our offshore parent company to the VIE must be approved by the relevant PRC government body and such approval may be difficult or impossible to obtain. The following amounts of Noah Investment and its subsidiaries were included in the Group’s consolidated financial statements: As of December 31 2014 2015 2015 RMB RMB US$ Cash and cash equivalents 473,114,220 585,191,507 90,338,002 Restricted cash 1,000,000 1,000,000 154,373 Short-term investments 38,771,063 167,583,165 25,870,383 Accounts receivable, net of allowance for doubtful accounts 23,424,971 52,715,369 8,137,851 Amounts due from related parties 80,585,481 135,302,942 20,887,175 Deferred tax assets 11,428,104 26,071,201 4,024,700 Other current assets 8,923,196 23,410,853 3,614,013 Long-term investments 3,000,000 113,390,404 17,504,462 Investment in affiliates 246,092,522 298,229,612 46,038,718 Property and equipment, net 22,508,520 40,161,068 6,199,801 Other non-current assets 1,130,863 5,611,229 866,224 Total assets 909,978,940 1,448,667,350 223,635,702 Accrued payroll and welfare expenses 68,617,341 181,685,160 28,047,357 Income tax payable 28,035,249 55,966,327 8,639,712 Amounts due to the Group’s subsidiaries 169,322,299 161,666,257 24,956,969 Deferred revenue 37,883,923 29,021,820 4,480,197 Other current liabilities 27,770,537 76,026,370 11,736,449 Non-current uncertain tax position liabilities 6,323,573 67,248 10,381 Other non-current liabilities — 39,635,057 6,118,598 Total liabilities 337,952,922 544,068,239 83,989,663 Years Ended December 31, 2013 2014 2015 2015 RMB RMB RMB US$ Revenue: Third-party revenues One-time commissions 7,172,187 80,516,730 145,325,240 22,434,351 Recurring service fees 37,212,399 111,927,921 181,288,609 27,986,139 Performance-based income — 22,994,446 165,971,926 25,621,650 Other service fees 27,526,720 1,346,667 9,616,062 1,484,464 Total third-party revenues 71,911,306 216,785,764 502,201,837 77,526,604 Related party revenues One-time commissions 2,849,181 21,471,381 122,949,788 18,980,177 Recurring service fees 144,771,936 285,753,554 348,870,146 53,856,270 Performance-based income — 75,204,704 53,825,292 8,309,193 Other service fees 5,651,129 1,217,894 2,102,882 324,629 Total related party revenues 153,272,246 383,647,533 527,748,108 81,470,269 Total revenues 225,183,552 600,433,297 1,029,949,945 158,996,873 Less: business taxes and related surcharges (12,531,784 ) (33,672,899 ) (57,713,861 ) (8,909,485 ) Net revenues 212,651,768 566,760,398 972,236,084 150,087,388 Operating cost and expenses (84,843,623 ) (183,003,728 ) (624,541,431 ) (96,412,583 ) Other income 15,361,268 11,888,078 39,115,317 6,038,364 Net income 118,101,044 310,817,616 327,597,694 50,572,369 Net income attributable to Noah Holding Limited shareholders 108,261,911 292,244,283 326,209,370 50,358,049 Cash flows provided by operating activities* 251,133,785 250,372,200 402,492,302 62,134,104 Cash flows used in investing activities (95,707,011 ) (53,726,568 ) (293,697,015 ) (45,339,006 ) Cash flows provided by financing activities 37,930,172 1,365,117 3,282,000 506,653 * Cash flows provided by operating activities in 2013, 2014 and 2015 include amounts due to the Group’s subsidiaries of RMB209,824,414, RMB169,322,299 and RMB161,666,257 (US$24,956,969). The VIEs contributed an aggregate of 21.1%, 37.1% and 45.9% of the consolidated net revenues for the years ended December 31, 2013, 2014 and 2015, respectively and an aggregate of 36.3%, 67.0% and 62.2% of the consolidated net income for the years ended December 31, 2013, 2014 and 2015, respectively. As of December 31, 2014 and 2015, the VIEs accounted for an aggregate of 34.0% and 35.4%, respectively, of the consolidated total assets. There are no consolidated assets of the VIEs and their subsidiaries that are collateral for the obligations of the VIEs and their subsidiaries and can only be used to settle the obligations of the VIEs and their subsidiaries. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholder of the VIEs or entrustment loans to the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 15 for disclosure of restricted net assets. (c) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ materially from such estimates. Significant accounting estimates reflected in the Group’s consolidated financial statements include assumptions used to determine valuation allowance for deferred tax assets, allowance for accounts receivable, allowance for loan losses, fair value measurement of underlying investment portfolios of the funds that the Group invests, assumptions related to the consolidation of entities in which the Group holds variable interests, assumptions related to the valuation of share-based compensation, including estimation of related forfeiture rates and assumption related to valuation of investments. (d) Concentration of Credit Risk The Group is subject to potential significant concentrations of credit risk consisting principally of cash and cash equivalents, accounts receivable, amounts due from related parties, loan receivables and investments. All of the Group’s cash and cash equivalents and a majority of investments are held with financial institutions that Group management believes to be high credit quality. In addition, the Group’s investment policy limits its exposure to concentrations of credit risk. Substantially all revenues were generated within China. There were no product providers or underlying corporate borrowers which accounted for 10% or more of total revenues for the years ended December 31, 2013, 2014, and 2015. Credit of small loan business is controlled by the application of credit approvals, limits and monitoring procedures. To minimize credit risk, the Group requires collateral in form of right to securities. The Group identifies credit risk on a customer by customer basis. The information is monitored regularly by management. (e) Investments in Affiliates Affiliated companies are entities over which the Group has significant influence, but which it does not control. The Group generally considers an ownership interest of 20% or higher to represent significant influence. Investments in affiliates are accounted for by the equity method of accounting. Under this method, the Group’s share of the post-acquisition profits or losses of affiliated companies is recognized in the statements of operations and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. Unrealized gains on transactions between the Group and its affiliated companies are eliminated to the extent of the Group’s interest in the affiliated companies; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group’s share of losses in an affiliated company equals or exceeds its interest in the affiliated company, the Group does not recognize further losses, unless the Group has incurred obligations or made payments on behalf of the affiliated company. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary. The Group has not recorded any impairment losses in any of the periods reported. The Group also considers it has significant influence over the funds that it serves as general partner or fund manager, and the Group’s ownership interest in these funds as limited partner or fund manager is generally much lower than 3%. These funds are not consolidated by the Group based on the facts that the Group is not the primary beneficiary of these funds, and substantive kick-out rights exist which are exercisable by a simple-majority of non-related limited partners of these funds to dissolve (liquidate) the funds or remove the company as the general partner of the funds without cause. The Group has early adopted ASU 2015-02 as of December 31, 2015 (see Note 2(x)) and concluded that none of the existing funds require consolidation under the new guidance. The equity method of accounting is accordingly used for investments by the Group in these funds. In addition, the investee funds meet the definition of an Investment Company and are required to report their investment assets at fair value. The Group records its equity pick-up based on its percentage ownership of the investee funds’ operating result. (f) Fair Value of Financial Instruments The Group records certain of its financial assets and liabilities at fair value on a recurring basis. Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is as follows: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. (g) Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and demand deposits, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less when purchased. (h) Restricted Cash The Group’s restricted cash primarily represents cash deposits required by China Insurance Regulatory Commission for entities engaging in insurance agency or brokering activities in China. Such cash cannot be withdrawn without the written approval of the China Insurance Regulatory Commission. Funds that are raised on behalf of investors, prior to the establishment of certain third party investment vehicles, are legally segregated from the Group and will be transferred to such investment vehicles upon formation. (i) Investments The Group invests in debt securities and equity securities and accounts for the investments based on the nature of the products invested, and the Group’s intent and ability to hold the investments to maturity. The Group’s investments in debt securities include marketable bond fund securities, trust products, asset management plans, contractual funds and real estate funds those have a stated maturity and normally pay a prospective fixed rate of return and secondary market equity fund products, the underlying assets of which are portfolios of equity investments in listed enterprises. The Group classifies the investments in debt securities as held-to-maturity when it has both the positive intent and ability to hold them until maturity. Held-to-maturity investments are recorded at amortized cost and are classified as long-term or short-term according to their contractual maturity. Long-term investments are reclassified as short-term when their contractual maturity date is less than one year. Investments that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value with changes in fair value recognized in earnings. Investments that do not meet the criteria of held-to-maturity or trading securities are classified as available-for-sale, and are reported at fair value with changes in fair value deferred in other comprehensive income. The Group records investments in private equity funds and secondary market equity fund products under the cost method when they do not qualify for the equity method. Gains or losses are realized when such investments are sold. The Group reviews its investments except for those classified as trading securities for other-than-temporary impairment based on the specific identification method and considers available quantitative and qualitative evidence in evaluating potential impairment. If the cost of an investment exceeds the investment’s fair value, the Group considers, among other factors, general market conditions, government economic plans, the duration and the extent to which the fair value of the investment is less than cost and the Group’s intent and ability to hold the investment to determine whether an other-than-temporary impairment has occurred. The Group recognizes other-than-temporary impairment in earnings if it has the intent to sell the debt security or if it is more-likely-than-not that it will be required to sell the debt security before recovery of its amortized cost basis. Additionally, the Group evaluates expected cash flows to be received and determines if credit-related losses on debt securities exist, which are considered to be other-than-temporary, should be recognized in earnings. If the investment’s fair value is less than the cost of an investment and the Group determines the impairment to be other-than-temporary, the Group recognizes an impairment loss based on the fair value of the investment. To date, the Group has not recorded an other-than-temporary impairment. (j) Non-controlling interests A non-controlling interest in a subsidiary of the Group represents the portion of the equity (net assets) in the subsidiary not directly or indirectly attributable to the Group. Non-controlling interests are presented as a separate component of equity in the consolidated balance sheet and earnings and other comprehensive income are attributed to controlling and non-controlling interests. The non-controlling interest was RMB88,924,758 and RMB85,110,820, respectively as of December 31, 2014 and 2015. The net income attributable to non-controlling interest was RMB9,821,510 and RMB17,333,060, respectively for years ended December 31, 2013 and 2014, and the net loss attributable to non-controlling interest was RMB9,522,737 for the year ended December 31, 2015. (k) Property and Equipment, net Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the following estimated useful lives: Estimated Useful Lives in Years Leasehold improvements Shorter of the lease term or expected useful life Furniture, fixtures, and equipment 3—5 years Motor Vehicles 5 years Software 2—5 years Gains and losses from the disposal of property and equipment are included in income from operations. (l) Revenue Recognition The Group derives revenue primarily from one-time commissions and recurring service fees paid by product providers or underlying corporate borrowers. The Group recognizes revenues when there is persuasive evidence of an arrangement, service has been rendered, the sales price is fixed or determinable and collectability is reasonably assured. Prior to a client’s purchase of a wealth management product, the Group provides the client with a wide spectrum of consultation services, including product selection, review, risk profile assessment and evaluation and recommendation for the client. Revenues are recorded, net of sales related taxes and surcharges. One-time Commissions The Group enters into one-time commission agreements with product providers or underlying corporate borrowers, which specifies the key terms and conditions of the arrangement. Such agreements do not include rights of return, credits or discounts, rebates, price protection or other similar privileges. Upon establishment of a wealth management product, the Group earns a one-time commission from product providers or underlying corporate borrowers, calculated as a percentage of the wealth management products purchased by its clients. The Group defines the “establishment of a wealth management product” for its revenue recognition purpose as the time when both of the following two criteria are met: (1) the Group’s client has entered into a purchase or subscription contract with the relevant product provider and, if required, the client has transferred a deposit to an escrow account designated by the product provider and (2) the product provider has issued a formal notice to confirm the establishment of a wealth management product. Revenue is recorded upon the establishment of the wealth management product, when the provision of service concludes and the fee becomes fixed and determinable, assuming all other revenue recognition criteria have been met, and there are no future obligations or contingencies. Certain contracts require a portion of the payment be deferred until the end of the wealth management products’ life or other specified contingency. In such instances, the Group defers the contingent amount until the contingency has been resolved. A small portion of the Group’s one-time commission arrangements require the provision of certain services after sales activities, which primarily relate to disseminating information to clients related to investment performance. The Group accrues the estimated cost of providing these services, which are inconsequential, when the one-time commission is earned as the services to be provided are substantially complete. The Group has historically completed the services in a timely manner and can reliably estimate the remaining costs. Recurring Service Fees Recurring service fees from product providers depend on the type of wealth management product the Group’s client purchased and are calculated as either (i) a percentage of the total value of investments in the wealth management products purchased by the Group’s clients, calculated at the establishment date of the wealth management product or (ii) as a percentage of the fair value of the total investment in the wealth management product, calculated daily. As the Group provides these services throughout the contract term, for either method of calculation, revenue is recognized on a daily basis over the contract term, assuming all other revenue recognition criteria have been met. Recurring service agreements do not include rights of return, credits or discounts, rebates, price protection or other similar privileges. Multiple Element Arrangements The Group enters into multiple element arrangements when a product provider or underlying corporate borrower engages it to provide both wealth management marketing and recurring services. The Group also provides both wealth management marketing and recurring services to funds of private equity funds and real estate funds that it serves as general partner. The Group allocates arrangement consideration in multiple-deliverable revenue arrangements at the inception of an arrangement to all deliverables based on the relative selling price in accordance with the selling price hierarchy, which includes: (i) vendor-specific objective evidence (“VSOE”) if available; (ii) third-party evidence (“TPE”) if VSOE is not available; and (iii) best estimate of selling price (“BESP”) if neither VSOE nor TPE is available. VSOE. The Group determines VSOE based on its historical pricing and discounting practices for the specific service when sold separately. In determining VSOE, the Group requires that a substantial majority of the selling prices for these services fall within a reasonably narrow pricing range. TPE. When VSOE cannot be established for deliverables in multiple element arrangements, the Group applies judgment with respect to whether it can establish a selling price based on TPE. TPE is determined based on competitor prices for similar deliverables when sold separately. Generally, the Group’s products and services contain certain level of differentiation such that the comparable pricing of services with similar functionality cannot be obtained. Furthermore, the Group is unable to reliably determine what similar competitor services’ selling prices are on a stand-alone basis. As a result, the Group has not been able to establish selling price based on TPE. BESP. When it is unable to establish selling price using VSOE or TPE, the Group uses BESP in its allocation of arrangement consideration. The objective of BESP is to determine the price at which the Group would transact a sale if the service were sold on a stand-alone basis. The Group determines BESP for deliverables by considering multiple factors including, but not limited to, prices it charged for similar offerings, market conditions, specification of the services rendered and pricing practices. The Group has used BESP to allocate the selling price of wealth management marketing service and recurring services under these multiple element arrangements. The Group has vendor specific objective evidence of fair value for its wealth management marketing services as it provides such services on a stand-alone basis. The Group has not sold its recurring services on a stand-alone basis. However, the fee to which the Group is entitled is consistently pr

Net Income per Share

Net Income per Share	12 Months Ended
	Dec. 31, 2015
Net Income per Share	3. Net Income per Share The following table sets forth the computation of basic and diluted net income per share attributable to ordinary shareholders: Years Ended December 31, 2013 2014 2015 2015 RMB RMB RMB US$ Net income attributable to ordinary shareholders—basic 315,927,738 446,552,851 535,824,084 82,716,985 Plus: interest expense for convertible notes — — 16,050,359 2,477,748 Net income attributable to ordinary shareholders—diluted 315,927,738 446,552,851 551,874,443 85,194,733 Weighted average number of ordinary shares outstanding—basic 27,480,150 27,873,501 28,085,521 28,085,521 Plus: share options 229,339 178,203 207,354 207,354 Plus: non-vested restricted shares 298,897 176,119 278,027 278,027 Plus: shares outstanding for convertible notes — — 1,575,074 1,575,074 Weighted average number of ordinary shares outstanding—diluted 28,008,386 28,227,823 30,145,976 30,145,976 Basic net income per share 11.50 16.02 19.08 2.95 Diluted net income per share 11.28 15.82 18.31 2.83 Diluted net income per share does not include the following instruments as their inclusion would be antidilutive: Years Ended December 31, 2013 2014 2015 Share options 20,000 304,045 343,750 Non-vested restricted shares 2,994 — — Total 22,994 304,045 343,750

Investments

Investments	12 Months Ended
	Dec. 31, 2015
Investments	4. Investments The following table summarizes the Group’s investment balances: As of December 31, 2014 2015 2015 RMB RMB US$ Short-term investments - Held-to-maturity investments - Fixed income products 46,134,060 25,240,000 3,896,385 Total held-to-maturity investments 46,134,060 25,240,000 3,896,385 - Available-for-sale investments - Fixed income products 89,084,685 496,565,847 76,656,557 - Other products 2,411,765 — — Total available-for-sale investments 91,496,450 496,565,847 76,656,557 - Other short-term investments — 38,268,052 5,907,569 Total short-term investments 137,630,510 560,073,899 86,460,511 Long-term investments - Held-to-maturity investments - Fixed income products 32,000,000 56,180,000 8,672,698 Total held-to-maturity investments 32,000,000 56,180,000 8,672,698 - Available-for-sale investments — 10,069,729 1,554,497 - Other long-term investments - Private equity funds products 15,440,000 78,390,404 12,101,393 - Other investments 13,805,229 107,141,812 16,539,846 Total other long-term investments 29,245,229 185,532,216 28,641,239 Total long-term investments 61,245,229 251,781,945 38,868,434 Total investments 198,875,739 811,855,844 125,328,945 Held-to-maturity investments consist of investments in fixed income products that have stated maturity and normally pay a prospective fixed rate of return, carried at amortized cost. The Group recorded investment income on these products of RMB15,444,586, RMB12,496,501 and RMB4,856,760 for the years ended December 31, 2013, 2014 and 2015, respectively. As of December 2013 and 2014, the gross unrecognized holding gain was RMB1,774,551 and RMB1,591,890, respectively. As of December 2015, the gross unrecognized holding loss was RMB2,375,351. Of the long-term held-to-maturity investments, RMB 46,180,000 and RMB10,000,000 will mature in 2017 and 2019, respectively. Held-to-maturity investments include investments in debt securities of certain real estate funds managed by the Group of nil and RMB 46,180,000 as of December 31, 2014 and 2015, respectively. Available-for-sale investments consist of investments in fixed income products and other products that have stated maturity and normally pay a prospective fixed rate of return, carried at fair value. Changes in fair value of the available-for-sale investments, net of tax, for the year ended December 31, 2014 and 2015 was RMB5,164,535 and RMB44,166,013, recorded in the other comprehensive income, of which RMB2,544,184 and RMB43,447,599 was realized and reclassified from other comprehensive income to “investment income” in the consolidated statements of operations during the year. As of December 31, 2014 and 2015, the net unrealized gain, net of tax, remained in other comprehensive income was RMB2,620,351 and RMB718,414, respectively. The amortized cost of the available-for-sale investments as of December 31, 2014 and 2015 was RMB88,876,099 and RMB495,847,433, respectively. There’s no investment with realized or unrealized losses during the periods presented. Other short-term investments consist of investments in secondary market equity funds of funds that are not publicly traded. The Group accounted for these secondary market equity funds of funds using the cost method of accounting due to the fact that the Group does not have significant influence over the funds and the investment is not more than minor. Other long-term investments consist of investments in three private equity funds as a limited partner with less than 3% equity interest, equity investment of common shares of three companies with less than 15% interest and equity investments of series B preferred share in PPDAI Group Inc. In 2014, the Company invested RMB14,413,099 in PPDAI Group Inc., by subscribing and purchasing Series B Preferred Shares, representing 2.62% of the investee’s issued share capital. PPDAI Group Inc. is a private entity primarily engaged in the P2P internet lending business. The Group accounted for these private equity funds investments and equity investment in private entity using the cost method of accounting due to the fact that the Group has no significant influence on the investees.

Fair Value Measurement

Fair Value Measurement	12 Months Ended
	Dec. 31, 2015
Fair Value Measurement	5. Fair Value Measurement As of December 31, 2014 and December 31, 2015, information about inputs into the fair value measurements of the Company’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows: Fair Value Measurements at Reporting Date Using Description As of December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) RMB RMB RMB RMB Short-term investment Available-for-sale investments 91,496,450 — 91,496,450 — Fair Value Measurements at Reporting Date Using Description As of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) RMB RMB RMB RMB Short-term investment Available-for-sale investments 496,565,847 — 496,565,847 — Long-term investment Available-for-sale investments 10,069,729 — 10,069,729 — Available-for-sale investments consist of investments in trust products, asset management plans, contractual funds and real estate funds that have stated maturity and normally pay a prospective fixed rate of return. These investments are recorded at fair value on a recurring basis. The fair value is measured using discounted cash flow model based on contractual cash flow and a discount rate of prevailing market yield for products with similar terms as of the measurement date, as such, it is classified within Level 2 measurement. The Company does not have assets or liabilities reported at fair value on a non-recurring basis during the periods presented. The Company also has financial instruments that are not reported at fair value on the consolidated balance sheet but whose fair values are practicable to estimate. The Group believes the fair value of its financial instruments: principally cash and cash equivalents, restricted cash, accounts receivable, amount due from related parties, short-term held-to-maturity investments, other short-term investments, loans receivable, short-term bank loan and other payables approximate their recorded values due to the short-term nature of the instruments. The Group’s long-term investments consist of investment in private equity funds, held-to-maturity long-term fixed income products, and equity investments. As of December 31, 2014 and 2015, information about inputs into the fair value measurements of the Company’s long-term financial instruments that are not reported at fair value on balance sheet is as following: As of December 31, 2014 Fair Value Measurements at Reporting Date Using Description Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) RMB RMB RMB RMB RMB Long-term investment – cost method investment: Investment in private equity funds products 15,440,000 21,532,065 — — 21,532,065 Investment in other investments 13,805,229 13,805,229 — — 13,805,229 Long-term investment – held-to-maturity: Investment in fixed income products 32,000,000 33,591,890 — 33,591,890 — As of December 31, 2015 Fair Value Measurements at Reporting Date Using Description Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) RMB RMB RMB RMB RMB Long-term investment – cost method investment: Investment in private equity funds products 78,390,404 78,235,701 — — 78,235,701 Investment in other investments 107,141,812 111,841,541 — — 111,841,541 Long-term investment – held-to-maturity: Investment in fixed income products 56,180,000 53,804,649 — 53,804,649 — For the long-term investment in private equity funds the fair value was determined based on the Group’s equity holding percentage multiplied by the fair value of the underlying funds available from the financial information of the funds. The fair value of the underlying investments in these funds was estimated via a discounted cash flow model, using unobservable inputs mainly including assumptions about expected future cash flows based on information supplied by investees, degree of liquidity in the current credit markets and discount rate, and is thus classified as a Level 3 fair value measurement. The fair value of the equity investment in the private entity is also estimated using discounted cash flow model and is classified as a level 3 fair value measurement. The fair value of long-term investment in fixed income products was estimated using a discounted cash flow model based on contractual cash flows and a discount rate at the prevailing market yield on the measurement date for similar products, and is classified as a Level 2 fair value measurement.

Investment in Affiliates

Investment in Affiliates	12 Months Ended
	Dec. 31, 2015
Investment in Affiliates	6. Investment in Affiliates The following table summarizes the Group’s balances of investment in affiliates: As of December 31, 2014 2015 2015 RMB RMB US$ Kunshan Jingzhao 9,866,531 11,068,436 1,708,672 Kunshan Vantone 4,733,539 5,424,558 837,407 Wanjia Win-Win 35,314,370 51,077,862 7,885,063 Wuhu Bona 837,600 885,264 136,661 Beijing Shengyi — 1,954,914 301,787 Funds that the Company serves as general partner 171,479,738 255,744,809 39,480,196 -Real estate funds and real estate funds of funds 35,353,199 46,924,414 7,243,881 -Private equity funds of funds 136,038,095 208,778,546 32,229,855 -Other fixed income funds of funds 88,444 41,849 6,460 Total investment in affiliates 222,231,778 326,155,843 50,349,786 In May 2011, Tianjin Gopher injected RMB4.0 million into Kunshan Jingzhao Equity Investment Management Co., Ltd (“Kunshan Jingzhao”), a newly setup joint venture, for 40% of the equity interest. Kunshan Jingzhao principally engages in real estate fund management business. In November 2012, Gopher Asset injected RMB3.8 million into Kunshan Vantone Zhengyuan Private Equity Fund Management Co., Ltd (“Kunshan Vantone”), a newly established joint venture, for 15% of the equity interest. Kunshan Vantone principally engages in private equity fund management businesses. The Group considers it has significant influence over Kunshan Vantone due to the level of its participation on the board of directors. In February 2013, Gopher Asset injected RMB21.0 million into Wanjia Win-Win Assets Management Co., Ltd (“Wanjia Win-Win”), a newly setup joint venture, for 35% of the equity interest. Wanjia Win-Win principally engages in wealth management plan management business. In July 2013, Gopher Asset injected RMB0.8 million into Wuhu Bona Film Investment Management Co., Ltd. (“Wuhu Bona”), a newly established joint venture, for 15% of the equity interest. Wuhu Bona principally engages in film private equity fund management businesses. The Group considers it has significant influences over Wuhu Bona due to the level of its participation on the board of directors. In July 2015, Shanghai Noah Rongyao Investment Consulting Co., Ltd. injected RMB2.7 million into Beijing Shengyi Technology and Art Co., Ltd. (“Beijing Shengyi”), a newly established joint venture, for 25% of the equity interest. Beijing Shengyi principally engages in culture and art business. Gopher Asset and its subsidiaries invested in private equity funds of funds, real estate funds and real estate funds of funds, and other fixed income funds of funds that the Group serves as general partner or fund manager. Gopher Asset held no more than 1.7% equity interests in these real estate funds and no more than 5.0% equity interest in these real estate funds of funds and private equity funds of funds as a general partner. The Group accounts for these investments using the equity method of accounting due to the fact that the Company can exercise significant influence on these investees in the capacity of general partner or fund manager. The Group recorded income from equity in affiliates of RMB7,290,800, RMB13,583,865 and RMB21,352,767 for the years ended December 31, 2013, 2014 and 2015, respectively.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2015
Property and Equipment, Net	7. Property and Equipment, Net Property and equipment, net consists of the following: As of December 31, 2014 2015 2015 RMB RMB US$ Leasehold improvements 56,014,594 109,826,051 16,954,221 Furniture, fixtures and equipment 41,923,243 63,763,654 9,843,412 Motor vehicles 7,251,283 23,019,817 3,553,647 Software 26,957,361 39,034,783 6,025,932 132,146,481 235,644,305 36,377,212 Accumulated depreciation (50,305,395 ) (79,150,194 ) (12,218,684 ) 81,841,086 156,494,111 24,158,528 Construction in progress 10,313,142 39,981,138 6,172,024 Property and equipment, net 92,154,228 196,475,249 30,330,552 Depreciation expense was RMB15,183,755, RMB22,398,968 and RMB34,417,668 for the years ended December 31, 2013, 2014 and 2015, respectively.

Other Current Liabilities

Other Current Liabilities	12 Months Ended
	Dec. 31, 2015
Other Current Liabilities	8. Other Current Liabilities Components of other current liabilities are as follows: As of December 31, 2014 2015 2015 RMB RMB US$ Accrued expenses 90,590,982 82,870,781 12,793,044 Advance from customers 7,816,400 19,587,242 3,023,749 Interest payable for convertible notes — 7,461,952 1,151,927 Other payables 36,015,699 32,661,326 5,042,042 Payable to individual investors of internet finance business — 143,234,477 22,111,593 Payable for purchases of property and equipment 9,238,840 13,391,314 2,067,263 Other tax payable 25,473,227 41,698,015 6,437,064 Total 169,135,148 340,905,107 52,626,682 Accrued expenses mainly consist of payables for marketing expenses and professional service fees. Payable to individual investors of internet finance business consists of interests and principals payable to individual investors who purchased internet financial products distributed by the Company.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Taxes	9. Income Taxes Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, the Cayman Islands do not impose withholding tax on dividend payments. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, our subsidiaries established in Hong Kong are subject to 16.5% income tax on their taxable income generated from operations in Hong Kong. Under the Hong Kong tax laws, it is exempted from the Hong Kong income tax on its foreign-derived income. In addition, payments of dividends from our Hong Kong subsidiaries to us are not subject to any Hong Kong withholding tax. No provision for Hong Kong tax has been made in our consolidated financial statements, as our Hong Kong subsidiaries have not generated any assessable income for the years ended December 31, 2013, 2014 and 2015. PRC Under the Law of the People’s Republic of China on Enterprise Income Tax (“New EIT Law”), which was effective from January 1, 2008, domestically-owned enterprises and foreign-invested enterprises are subject to a uniform tax rate of 25%. The tax expense (benefit) comprises: Years Ended December 31, 2013 2014 2015 2015 RMB RMB RMB US$ Current Tax 100,460,629 173,388,429 136,698,765 21,102,652 Deferred Tax (378,763 ) (22,095,408 ) (6,813,018 ) (1,051,749 ) Total 100,081,866 151,293,021 129,885,747 20,050,903 Reconciliation between the statutory tax rate to income before income taxes and the actual provision for income taxes is as follows: Years Ended December 31, 2013 2014 2015 PRC income tax rate 25.00 % 25.00 % 25.00 % Expenses not deductible for tax purposes 0.29 % 0.38 % 0.00 % Effect of tax-free investment income (1.35 %) (0.62 %) (2.97 %) Effect of uncertain tax positions 0.25 % 0.17 % (1.75 %) Effect of different tax rate of subsidiary operation in other jurisdiction (0.60 %) (0.07 %) (0.70 %) Effect of deferred tax asset allowance (0.78 %) — 2.00 % Effect of tax holidays — (0.67 %) (1.28 %) Effect of others 1.10 % 0.96 % 0.16 % 23.91 % 25.15 % 20.46 % The aggregate amount and per share effect of the Tax Holiday (including effect of timing difference reversed in the year with different rate) are as follows: Years Ended December 31, 2013 2014 2015 2015 RMB RMB RMB US$ Aggregate — 4,007,311 8,103,295 1,250,933 Per share effect-basic — 0.14 0.29 0.04 Per share effect-diluted — 0.14 0.27 0.04 The principal components of the deferred income tax asset and liabilities are as follows: As of December 31, 2014 2015 2015 RMB RMB US$ Deferred tax assets: Accrued expenses 27,356,981 18,992,967 2,932,009 Tax loss carry forward 5,614,710 36,546,645 5,641,829 Unrealized other income 3,159,084 3,734,748 576,546 Others 1,363,185 358,881 55,402 Gross deferred tax assets 37,493,960 59,633,241 9,205,786 Valuation allowance — (12,665,420 ) (1,955,204 ) Net deferred tax assets 37,493,960 46,967,821 7,250,582 Analysis as: Current 23,456,121 3,104,253 479,214 Non-current 14,037,839 43,863,568 6,771,368 Deferred tax liabilities: Unrealized investment income 1,603,184 4,264,027 658,252 Total deferred tax liabilities 1,603,184 4,264,027 658,252 Analysis as: Current 1,603,184 4,264,027 658,252 Non-current — — — The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more likely than not realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Group’s experience with tax attributes expiring unused and tax planning alternatives. These assumptions require significant judgment and the forecasts of future taxable income are consistent with the plans and estimates the Group is using to manage the underlying businesses. Valuation allowances are established for deferred tax assets based on a more likely than not threshold. The Group’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carry forward periods provided for in the tax law. The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry-forward period are reduced. As of December 31, 2015, operating loss carry forward amounted to RMB146.2 million for the PRC and Hong Kong income tax purposes. The loss carrying forward will begin to expire in 2017. No valuation allowance was recorded for the years ended December 31, 2014 as it is determined that it is more likely than not that the relevant deferred tax asset will be realized. During the year ended December 31, 2015, the Group recorded an allowance of RMB12,665,420 for deferred tax assets which are not more likely than not to be realized. 73.2% of the deferred tax asset allowance was related to the net operating loss from internet finance business. In accordance with the New EIT Law, dividends, which arise from profits of foreign-invested corporations earned after January 1, 2008, are subject to a 5% to 10% withholding income tax. A deferred tax liability should be recognized for the undistributed profits of PRC companies unless the Company has sufficient evidence to demonstrate that the undistributed dividends will be reinvested and the remittance of the dividends will be postponed indefinitely. The Group has both the intent and ability to permanently reinvest undistributed profits of approximately RMB1.6 billion earned from its China subsidiaries. Therefore, no withholding income taxes for undistributed profits on such undistributed profits have been accrued as of December 31, 2015. Upon distribution of those earnings generated after January 1, 2008, in the form of dividends or otherwise, the Group would be subject to the then applicable PRC tax laws and regulations. The amounts of unrecognized deferred tax liabilities for these earnings were approximately RMB144.3 million. The Group recorded an increase of nil for uncertain tax positions during the years ended December 31, 2013, 2014 and 2015. The Company classifies interest and/or penalties related to income tax matters in income tax expense. The Group accrued interest of RMB925,803, RMB1,038,963 and nil related to the uncertain tax positions in 2013, 2014 and 2015, respectively. Accrued interest was RMB4,804,123 and RMB29,033 as of December 31, 2014 and 2015, respectively. The uncertain tax positions of RMB11,202,168 was reversed in 2015 due to the lapse of statute of limitations. The Group does not anticipate any significant increases or decreases to its liability for unrecognized tax benefits within the next 12 months. According to PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent. The statute of limitations will be extended five years under special circumstances, which are not clearly defined (but an underpayment of tax liability exceeding RMB0.1 million is specifically listed as a special circumstance). In the case of a related party transaction, the statute of limitations is 10 years. There is no statute of limitations in the case of tax evasion. In 2015, the Group reversed RMB11,202,168 uncertain tax positions which expired in 2015 under the PRC Tax Administration and Collection Law. The movement of the Group’s uncertain tax positions is summarized as follows: RMB US$ Unrecognized tax benefit—December 31, 2012 9,065,219 1,399,429 Gross increases—accrued interest in current period 925,803 142,919 Settlements — — Reverse due to lapse of statute of limitation — — Exchange rate translation — — Unrecognized tax benefit—December 31, 2013 9,991,022 1,542,348 Gross increases—accrued interest in current period 1,038,963 160,388 Settlements — — Reverse due to lapse of statute of limitations — — Exchange rate translation 97,712 15,084 Unrecognized tax benefit—December 31, 2014 11,127,697 1,717,820 Gross increases—accrued interest in current period — — Settlements — — Reverse due to lapse of statute of limitations (11,202,168 ) (1,729,317 ) Exchange rate translation 141,719 21,878 Unrecognized tax benefit—December 31, 2015 67,248 10,381

Loans Receivable, Net

Loans Receivable, Net	12 Months Ended
	Dec. 31, 2015
Loans Receivable, Net	10. Loans Receivable, Net Loans receivable as of December 31, 2014 and 2015 consist of the following: 2014 2015 2015 RMB RMB US$ Loans receivable: -Within credit term 44,180,000 133,444,399 20,600,266 -Past due — — — Total loans receivable 44,180,000 133,444,399 20,600,266 Allowance for loan losses (1,166,800 ) (1,334,502 ) (206,012 ) Loans receivable, net 43,013,200 132,109,897 20,394,254 The loan interest rate ranging between 5%-14.4% for the years ended December 31, 2015. All loans are short-term loans and secured by collateral. The following table presents the activity in the allowance for loan losses as of and for the years ended December 31, 2014 and 2015. RMB US$ Loans receivable—December 31, 2013 939,500 145,034 Provisions 1,545,300 238,553 Reversal of allowance provided (1,318,000 ) (203,464 ) Charge-offs — — Loans receivable—December 31, 2014 1,166,800 180,123 Provisions 1,225,597 189,200 Reversal of allowance provided (1,057,895 ) (163,311 ) Charge-offs — — Loans receivable—December 31, 2015 1,334,502 206,012

Convertible Notes

Convertible Notes	12 Months Ended
	Dec. 31, 2015
Convertible Notes	11. Convertible notes On February 3, 2015, the Company issued an aggregate principal amount of US$80 million (RMB518 million as of December 31, 2015) of convertible notes (“Notes”) through private placement to Greenwoods Asset Management, Hillhouse Capital Management and Keywise Capital Management. The Notes bear interest at a rate of 3.5% per annum from the issuance date through maturity in February 3, 2020 (the “maturity date”), and is payable semiannually in arrears on February 3 and August 3 of each year, beginning on August 3, 2015. The Notes will be convertible, at the holders’ option, into the Company’s ADSs, two of which represent one ordinary share of the Company, at a conversion price of US$23.03 (RMB149.18 as of December 31, 2015) per ADS, representing an initial conversion rate of 43.4216 ADSs per US$1,000 principal amount of the Notes, subject to customary adjustments. The holders will have the right, at the holders’ option, to require the Company to repurchase for cash on February 3, 2018 or on the maturity date, all of the Notes at a repurchase price that is equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. Debt issuance costs of nil is recorded as a direct deduction from the face amount of convertible notes. The Company recorded the Notes as a liability in their entirety, and neither conversion feature nor any other feature is required to be bifurcated and accounted for separately. As of December 31, 2015, none of the Notes have been converted.

Share Repurchase

Share Repurchase	12 Months Ended
	Dec. 31, 2015
Share Repurchase	12. Share Repurchase Treasury stock represents shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury stock is accounted for under the cost method. In 2015, the Company used US$7.0 million to repurchase ADSs. As of December 31, 2015, under the repurchase plan, the Company had repurchased an aggregate of 1,246,073 ordinary shares on the open market for total cash consideration of US$18.7 million. The repurchased shares were presented as “treasury stock” in shareholders’ equity on the Group’s consolidated balance sheets.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2015
Share-Based Compensation	13. Share-Based Compensation The following table presents the Company’s share-based compensation expense by type of award: Years Ended December 31, 2013 2014 2015 2015 RMB RMB RMB US$ Share options 1,265,555 9,043,829 33,912,040 5,235,117 Non-vested restricted shares 30,983,610 23,647,858 33,760,448 5,211,715 Total share-based compensation 32,249,165 32,691,687 67,672,488 10,446,832 Share Options: During the year ended December 31, 2008, the Company adopted the Noah Holdings Limited Share Incentive Plan (the “2008 Plan”), which allows the Company to offer a variety of share-based incentive awards to the Group’s employees, officers, directors and individual consultants who render services to the Group. Under the 2008 Plan, the maximum number of shares that may be issued shall not exceed 8% of the shares in issue on the date the offer of the grant of an option is made. During the year ended December 31, 2010, the Company adopted its 2010 share incentive plan (the “2010 Plan”). Under the 2010 plan, the maximum number of shares in respect of which options, restricted shares, or restricted share units may be granted will be 10% of the Company’s current outstanding share capital, or 2,315,000 shares. Options have a ten-year life and generally vest 25% on the first anniversary of the grant date with the remaining 75% vesting ratably over the following 36 months. The weighted-average grant-date fair value of options granted during the years ended December 31, 2013, 2014 and 2015 was RMB239.97 (US$39.64), RMB172.92 (US$27.87) and RMB294.76 (US$45.50) per share, respectively. There were 153,014, 128,457 and 49,887 options exercised during the years ended December 31, 2013, 2014 and 2015 respectively. The Group uses the Black-Scholes pricing model and the following assumptions to estimate the fair value of the options granted or modified: 2013 2014 2015 Average risk-free rate of return 1.55 % 1.89 % 1.73 % Weighted average expected option life 5.6 years 6.0 years 6.1 years Estimated volatility 80.5 % 82.2 % 54.1 % Average dividend yield 1.90 % Nil Nil The following table summarizes option activity during the year ended December 31, 2015: Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value of Options RMB RMB Outstanding as of January 1, 2015 485,881 169.80 8.4 58,792,954 Granted 362,700 230.61 Exercised (49,887 ) 90.08 Forfeited (35,804 ) 191.41 Outstanding as of December 31, 2015 762,890 202.91 8.3 133,866,535 Vested and expected to vest as of December 31, 2015 651,661 202.91 8.3 114,348,794 Exercisable as of December 31, 2015 251,877 190.66 7.3 38,534,375 As of December 31, 2015, there was RMB95,332,159 of unrecognized compensation expense related to unvested share options, which is expected to be recognized over a weighted average period of 2.95 years. Non-vested Restricted Shares: A summary of non-vested restricted share activity during the year ended December 31, 2015 is presented below: Non-vested restricted shares Number of non-vested restricted shares Weighted-average grant-date fair value RMB Non-vested as of January 1, 2015 260,317 90.92 Granted 153,393 428.26 Vested (144,606 ) 172.60 Forfeited (20,078 ) 266.27 Non-vested as of December 31, 2015 249,026 237.14 The total fair value of non-vested restricted shares vested in 2013, 2014 and 2015 was RMB17,508,140, RMB22,954,162 and RMB24,959,520, respectively. The fair value of non-vested restricted shares was computed based on the fair value of the Group’s ordinary shares on the grant date (or date of modification, as applicable). As of December 31, 2015, there was RMB52,858,717 in total unrecognized compensation expense related to such non-vested restricted shares, which is expected to be recognized over a weighted-average period of 2.48 years. On August 6, 2014, the Group granted 19,375 restricted shares to independent directors to replace options previously granted and modify the purchase price of the unvested restricted shares from RMB229.76 (US$37.03) per share to zero, but other conditions remaining unchanged. The Company compared the fair value of the modified restricted shares against the original awards as of the modification date and concluded that there is RMB1.9 million (US$0.3 million) incremental compensation cost to be recognized in the next 2 years.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2015
Employee Benefit Plans	14. Employee Benefit Plans Full time employees of the Group in the PRC participate in a government-mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. PRC labor regulations require the Group to accrue for these benefits based on a certain percentage of the employees’ salaries. The total contribution for such employee benefits were RMB17,909,266, RMB30,548,243 and RMB34,901,469 for the years ended December 31, 2013, 2014 and 2015, respectively. The Group has no ongoing obligation to its employees subsequent to its contributions to the PRC plan.

Distribution of Profits

Distribution of Profits	12 Months Ended
	Dec. 31, 2015
Distribution of Profits	15. Distribution of Profits Pursuant to the relevant laws and regulations in the PRC applicable to foreign-investment corporations and the Articles of Association of the Group’s PRC subsidiaries and VIEs, the Group is required to maintain a statutory reserve (“PRC statutory reserve”): a general reserve fund, which is non-distributable. The Group’s PRC subsidiaries and VIEs are required to transfer 10% of their profit after taxation, as reported in their PRC statutory financial statements, to the general reserve fund until the balance reaches 50% of their registered capital. At their discretion, the PRC subsidiaries and VIEs may allocate a portion of its after-tax profits based on PRC accounting standards to staff welfare and bonus funds. The general reserve fund may be used to make up prior year losses incurred and, with approval from the relevant government authority, to increase capital. PRC regulations currently permit payment of dividends only out of the Group’s PRC subsidiaries and VIEs’ accumulated profits as determined in accordance with PRC accounting standards and regulations. The general reserve fund amounted to RMB97,753,743 and RMB168,697,072 as of December 31, 2014 and 2015, respectively. The Group has not allocated any of its after-tax profits to the staff welfare and bonus funds for any period presented. In addition, the share capital of the Company’s PRC subsidiaries and VIEs of RMB667,816,000 and RMB1,136,330,550 as of December 31, 2014 and 2015, respectively, was considered restricted due to restrictions on the distribution of share capital. As a result of these PRC laws and regulations, the Company’s PRC subsidiaries and VIEs are restricted in their ability to transfer a portion of their net assets, including general reserve and registered capital, either in the form of dividends, loans or advances. Such restricted portion amounted to RMB765,569,743 and RMB1,305,027,622 as of December 31, 2014 and 2015, respectively. The restricted assets of the Company’s VIEs amounted to RMB294,935,491 and RMB438,896,279 as of December 31, 2014 and 2015, respectively. On February 25, 2013, the Company declared the Company’s payment of an annual cash dividend of US$0.14 per American depositary share (“ADS”), or US$0.28 per ordinary share (two ADSs represent one ordinary share). The annual dividend of US$7.7 million was paid on or about April 9, 2013 to holders of ordinary shares (which includes holders of ADSs) of record as of the close of business on March 20, 2013.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2015
Segment Information	16. Segment Information The Group uses the management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The Group’s CODM has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. During the past three years, the Group has gradually transitioned from a wealth management consulting services provider to an integrated financial group with capabilities in wealth management, asset management and internet finance. In order to better reflect such transition, the Group has adjusted its internal organizational and corporate structures in the fourth quarter of 2014. The segment information has been adjusted accordingly to present the operating results by three reportable segments: wealth management, asset management and internet finance. Prior year comparable information has been updated to reflect the new reportable segments. The Group’s CODM does not review balance sheet information of the segments. Segment information of the Group’s business is as follow: Years Ended December 31, 2013 Wealth Management Business Assets Management Business Internet Finance Business Total RMB RMB RMB RMB Revenues: One-time commissions 354,830,728 1,293,159 — 356,123,887 Recurring service fees 174,739,550 27,697,918 — 202,437,468 Other service fees 30,313,155 736,778 — 31,049,933 Total third-party revenues 559,883,433 29,727,855 — 589,611,288 One-time commissions 125,548,102 2,660,980 — 128,209,082 Recurring service fees 230,196,201 110,561,436 — 340,757,637 Other service fees 1,172,129 4,870,216 — 6,042,345 Total related party revenues 356,916,432 118,092,632 — 475,009,064 Total revenues 916,799,865 147,820,487 — 1,064,620,352 Less: business taxes and related surcharges (50,609,500 ) (8,034,252 ) — (58,643,752 ) Net revenues 866,190,365 139,786,235 — 1,005,976,600 Operating cost and expenses: Compensation and benefits Relationship Manager Compensation (204,834,897 ) (459,927 ) — (205,294,824 ) Performance Fee Compensation — — — — Other Compensation (191,112,438 ) (52,330,115 ) — (243,442,553 ) Total compensation and benefits (395,947,335 ) (52,790,042 ) — (448,737,377 ) Selling expenses (92,757,997 ) (9,440,337 ) — (102,198,334 ) General and administrative expenses (85,194,993 ) (24,825,651 ) — (110,020,644 ) Other operating expenses (5,200,569 ) (244,816 ) — (5,445,385 ) Government subsidies 30,644,119 2,000,001 — 32,644,120 Total operating cost and expenses (548,456,775 ) (85,300,845 ) — (633,757,620 ) Income from operations 317,733,590 54,485,390 — 372,218,980 Years Ended December 31, 2014 Wealth Management Business Assets Management Business Internet Finance Business Total RMB RMB RMB RMB Revenues: One-time commissions 423,218,934 — — 423,218,934 Recurring service fees 243,619,600 76,313,477 — 319,933,077 Performance-based income 7,952,243 16,680,481 — 24,632,724 Other service fees 13,246,685 — 16,732,441 29,979,126 Total third-party revenues 688,037,462 92,993,958 16,732,441 797,763,861 One-time commissions 180,943,785 — — 180,943,785 Recurring service fees 342,603,359 217,438,078 30,326 560,071,763 Performance-based income 2,444,365 73,897,688 76,342,053 Other service fees 75,050 1,105,055 856,695 2,036,800 Total related party revenues 526,066,559 292,440,821 887,021 819,394,401 Total revenues 1,214,104,021 385,434,779 17,619,462 1,617,158,262 Less: business taxes and related surcharges (68,598,144 ) (19,319,443 ) (755,784 ) (88,673,371 ) Net revenues 1,145,505,877 366,115,336 16,863,678 1,528,484,891 Operating cost and expenses: Compensation and benefits Relationship Manager Compensation (319,572,173 ) (235,762 ) (2,244,639 ) (322,052,574 ) Performance Fee Compensation — (22,034,438 ) — (22,034,438 ) Other Compensation (214,841,520 ) (124,968,021 ) (53,563,785 ) (393,373,326 ) Total compensation and benefits (534,413,693 ) (147,238,221 ) (55,808,424 ) (737,460,338 ) Selling expenses (135,282,336 ) (9,756,483 ) (2,226,991 ) (147,265,810 ) General and administrative expenses (74,673,516 ) (60,090,462 ) (16,862,300 ) (151,626,278 ) Other operating expenses (23,641,595 ) (1,674,417 ) (4,645,818 ) (29,961,830 ) Government subsidies 67,303,362 23,601,038 27,062 90,931,462 Total operating cost and expenses (700,707,778 ) (195,158,545 ) (79,516,471 ) (975,382,794 ) Income (loss) from operations 444,798,099 170,956,791 (62,652,793 ) 553,102,097 Years Ended December 31, 2015 Wealth Management Business Assets Management Business Internet Finance Business Total RMB RMB RMB RMB Revenues: One-time commissions 390,668,384 520,001 — 391,188,385 Recurring service fees 334,983,117 66,309,348 — 401,292,465 Performance-based income 141,773,493 52,165,537 — 193,939,030 Other service fees 69,447,545 512,475 58,330,241 128,290,261 Total third-party revenues 936,872,539 119,507,361 58,330,241 1,114,710,141 One-time commissions 424,354,473 4,333,018 — 428,687,491 Recurring service fees 324,182,643 310,730,732 — 634,913,375 Performance –based income — 53,825,293 — 53,825,293 Other service fees 393,683 — 166,123 559,806 Total related party revenues 748,930,799 368,889,043 166,123 1,117,985,965 Total revenues 1,685,803,338 488,396,404 58,496,364 2,232,696,106 Less: business taxes and related surcharges (88,285,200 ) (23,408,513 ) (1,074,552 ) (112,768,265 ) Net revenues 1,597,518,138 464,987,891 57,421,812 2,119,927,841 Operating cost and expenses: Compensation and benefits Relationship Manager Compensation (507,400,087 ) (8,044,612 ) (9,185,024 ) (524,629,723 ) Performance Fee Compensation — (24,786,763 ) — (24,786,763 ) Other Compensation (348,504,061 ) (150,661,189 ) (115,910,643 ) (615,075,893 ) Total compensation and benefits (855,904,148 ) (183,492,564 ) (125,095,667 ) (1,164,492,379 ) Selling expenses (219,286,283 ) (17,278,343 ) (27,250,783 ) (263,815,409 ) General and administrative expenses (78,850,681 ) (53,554,038 ) (38,524,794 ) (170,929,513 ) Other operating expenses (53,374,913 ) (19,411,331 ) (21,838,060 ) (94,624,304 ) Government subsidies 75,960,496 56,304,348 444,868 132,709,712 Total operating cost and expenses (1,131,455,529 ) (217,431,928 ) (212,264,436 ) (1,561,151,893 ) Income (loss) from operations 466,062,609 247,555,963 (154,842,624 ) 558,775,948 Substantially all of the Group’s revenues are derived from, and its assets are located in the PRC and Hong Kong.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions	17. 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 Beijing Sequoia Mingde Capital Investment Fund (Limited Partnership) Affiliate of shareholder of the Croup Kunshan Jingzhao Equity Investment Management Co., Ltd. Investee of Tianjin Gopher Asset Management Co., Ltd. Kunshan Vantone Zhengyuan Private Equity Fund Management Co., Ltd Investee of Gopher Asset Management Co., Ltd. Wanjia Win-Win Assets Management Co., Ltd. Investee of Gopher Asset Management Co., Ltd. Wuhu Bona Film Investment Management Co., Ltd. Investee of Gopher Asset Management Co., Ltd. Beijing Shengyi Technology and Art Co., Ltd. Investee of Shanghai Noah Rongyao Investment Consulting Co., Ltd. Tianjin Gopher Xin Equity Investment Partnership (Limited Partnership) and 9 other investee funds Investees of Tianjin Gopher Asset Management Co., Ltd. Tianjin Gopher JinYong Equity Investment Partnership (Limited Partnership) and 2 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 Weiqin Equity Investment Center (Limited Partnership) and 17 other investee funds Investees of Shanghai Gopher Asset Management Co., Ltd. Shanghai Gopher Hongyang Investment Center (Limited Partnership) and 20 other investee funds Investees of Gopher Asset Management Co., Ltd. Shanghai Gopher Honglun Investment Center (Limited Partnership) and 5 other investee funds Investees of Gopher Asset Management Co., Ltd. Kunshan Gopher Hongkun Equity Investment Center (Limited Partnership) and 27 other investee funds Investees of Gopher Asset Management Co., Ltd. Wuhu Gopher Hongjin Investment Center (Limited Partnership) and 11 other investee funds Investees of Wuhu Gopher Asset Management Co., Ltd. Wuhu Gopher Zhengqian Equity Investment Center (Limited Partnership) and 9 other investee funds Investees of Wuhu Gopher Asset Management Co., Ltd. Kunshan Jingzhaojiuguang Investment Center (Limited Partnership) and 6 other investee funds Investees of Kunshan Jingzhao Equity Investment Management Co., Ltd., an affiliate of the Company 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 subsidiary of the VIE of the Company Shanghai Gopher Shangken Investment Center (Limited Partnership) Investees of Shanghai Gopher Asset Management Co., Ltd. Yiwu Xinguang Equity Investment Fund Management Co., Ltd. Investees of Shanghai Gopher Weiqin Equity Investment Center (Limited Partnership), fund invested and managed by Shanghai Gopher Asset Management Co., Ltd. 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 Fund I and 5 other investee funds Fund managed by Gopher Capital GP Ltd., a subsidiary Gopher RE Credit Fund SP Fund managed by Gopher Capital GP Ltd., a subsidiary Gopher investment Fund SPC Fund managed by Gopher Capital GP Ltd., a subsidiary 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. During the years ended December 31, 2014 and 2015, related party transactions were as follows: Years Ended December 31 2013 2014 2015 2015 RMB RMB RMB US$ One-time commissions Investee funds of Shanghai Gopher Asset Management Co., Ltd. — 57,167,835 1,601,930 247,295 Investee funds of Gopher Asset Management Co., Ltd. 13,299,341 31,431,057 87,103,829 13,446,514 Investee funds of Gopher Capital GP Ltd., a subsidiary 123,057 21,610,352 163,062,723 25,172,548 Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd. — 16,899,267 90,178,715 13,921,195 Wanjia Win-Win Assets Management Co., Ltd. 2,663,789 13,728,697 126,706 19,560 Investee funds of Wuhu Gopher Asset Management Co., Ltd. 34,269,034 13,383,558 20,569,000 3,175,306 Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a subsidiary of the VIE of the Company 21,463,427 6,828,836 65,958,819 10,182,287 Investee funds of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a subsidiary of the VIE of the Company — 3,594,621 — — Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership) 806,868 3,169,064 — — Sequoia Capital Investment Management (Tianjin) Co., Ltd. 787,189 2,971,000 — — Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a subsidiary of the VIE of the Company 31,237,016 2,637,579 — — Shareholder transactions 134,757 2,639,607 85,769 13,240 Investee funds of Tianjin Gopher Asset Management Co., Ltd. 196,796 2,487,443 — — Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. 4,414,171 1,531,599 — — Gopher RE Credit Fund SP — 764,235 — — Shaoxing Sequoia Huiyuan Capital Investment Fund (Limited Partnership) 2,212,551 99,035 — — Wuhu Bona Film Investment Management Co., Ltd. 6,381,384 — — — Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a subsidiary of the VIE of the Company 4,965,828 — — — Gopher investment Fund SPC 4,682,011 — — — Financial products invested by the Group and affiliates 571,863 — — — Total one-time commissions 128,209,082 180,943,785 428,687,491 66,177,945 Recurring services fee Investee funds of Gopher Asset Management Co., Ltd. 72,604,418 97,310,324 109,191,795 16,856,308 Wanjia Win-Win Assets Management Co., Ltd. 30,986,074 94,493,711 44,791,972 6,914,689 Investee funds of Wuhu Gopher Asset Management Co., Ltd. 65,475,519 79,651,065 51,807,324 7,997,673 Investee funds of Shanghai Gopher Asset Management Co., Ltd. — 71,238,249 17,368,889 2,681,295 Sequoia Capital Investment Management (Tianjin) Co., Ltd. 51,474,946 52,667,224 47,850,038 7,386,773 Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a subsidiary of the VIE of the Company 19,345,143 37,336,074 3,774,933 582,749 Investee funds of Gopher Capital GP Ltd., a subsidiary 208,739 31,373,962 116,225,782 17,942,169 Investee funds of Tianjin Gopher Asset Management Co., Ltd. 23,800,023 25,155,045 25,043,197 3,866,003 Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a subsidiary of the VIE of the Company 29,991,962 20,343,486 148,421,108 22,912,270 Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. 16,833,840 15,728,463 7,824,920 1,207,959 Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a subsidiary of the VIE of the Company 17,760,082 10,327,189 2,682,159 414,054 Wuhu Bona Film Investment Management Co., Ltd. 2,032,921 7,040,886 8,842,927 1,365,113 Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership) — 5,587,347 — — Beijing Sequoia Heyuan Capital Investment Fund (Limited Partnership) — 5,238,138 — — Investee funds of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a subsidiary of the VIE of the Company — 4,920,036 4,498,656 694,473 Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd. — 1,136,429 38,343,622 5,919,235 Shareholder transactions — 366,544 4,826,147 745,029 Investee funds of Noah Holdings (Hong Kong) Limited — 155,662 — — Financial products invested by the Group and affiliates 7,000,585 1,929 2,986,134 460,980 Gopher investment Fund SPC 3,243,385 — — — Investee funds of Kunming Gopher Asset Management Co., Ltd., a subsidiary of the VIE of the Company — — 433,772 66,963 Total recurring services fee 340,757,637 560,071,763 634,913,375 98,013,735 Performance-based income Financial products invested by the Group and affiliates — — 1,066 165 Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd. — 57,659 23,084,622 3,563,651 Investee funds of Gopher Capital GP Ltd., a subsidiary — — — — Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a subsidiary of the VIE of the Company — — 10,700,504 1,651,873 Investee funds of Gopher Asset Management Co., Ltd. — 65,100,808 — — Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a subsidiary of the VIE of the Company — 7,044,583 5,690,366 878,441 Investee funds of Wuhu Gopher Asset Management Co., Ltd. — — 14,348,735 2,215,063 Shareholder transactions — — — — Wanjia Win-Win Assets Management Co., Ltd. — 4,139,003 — — Total performance-based income — 76,342,053 53,825,293 8,309,193 Other service fee Investee funds of Gopher Asset Management Co., Ltd. — 961,173 — — Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a subsidiary of the VIE of the Company 3,462,323 89,443 — — Wanjia Win-Win Assets Management Co., Ltd. 507,362 573,540 — — Investee funds of Shanghai Gopher Asset Management Co., Ltd. — 303,005 — — Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd. — 12,678 — — Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a subsidiary of the VIE of the Company — 63,679 — — Shareholder transactions — 15,825 530,547 81,902 Yiwu Xinguang Equity Investment Fund Management Co., Ltd. — 9,367 — — Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. — 8,090 — — Investee funds of Wuhu Gopher Asset Management Co., Ltd. 2,072,660 — — — Financial products invested by the Group and affiliates — — 24,049 3,713 Investee funds of Gopher Capital GP Ltd., a subsidiary — — 5,210 804 Total other service fee 6,042,345 2,036,800 559,806 86,419 Total 475,009,064 819,394,401 1,117,985,965 172,587,292 As of December 31, 2014 and 2015, amounts due from related parties associated with the above transactions were comprised of the following: As of December 31, 2014 2015 2015 RMB RMB US$ Wanjia Win-Win Assets Management Co., Ltd. 51,686,918 30,687,837 4,737,386 Investee funds of Wuhu Gopher Asset Management Co., Ltd. 23,154,736 18,428,721 2,844,904 Investee funds of Gopher Capital GP Ltd., a subsidiary 21,936,258 50,617,764 7,814,036 Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. 20,253,899 20,322,711 3,137,286 Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a subsidiary of the VIE of the Company 13,926,473 33,423,362 5,159,678 Investee funds of Gopher Asset Management Co., Ltd. 9,270,051 61,364,006 9,472,970 Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a subsidiary of the VIE of the Company 6,541,938 935,529 144,421 Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd. 1,084,967 9,629,670 1,486,565 Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a subsidiary of the VIE of the Company 6,558 76,647 11,832 Investee funds of Shanghai Nuobang Asset Management Co., Ltd., a subsidiary of the VIE of the Company 1,737 — — Yiwu Xinguang Equity Investment Fund Management Co., Ltd. 45,009,248 — — Investee funds of Tianjin Asset Investment Management Co., Ltd. 608 — — Investee funds of Wuhu Gopher Yintai Investment Management Co., Ltd., a subsidiary of the VIE of the Company — 22,657 3,498 Investee funds of Tianjin Gopher Asset Management Co., Ltd. — 1,473,097 227,407 Investee funds of Kunming Gopher Asset Management Co., Ltd., a subsidiary of the VIE of the Company — 50,202 7,750 Investee funds of Shanghai Gopher Asset Management Co., Ltd. — 209,830 32,392 Wuhu Bona Film Investment Management Co., Ltd. — 1,180,268 182,202 Shareholder transactions — 9,813,967 1,515,015 Total 192,873,391 238,236,268 36,777,342 As of December 31, 2014 and 2015, deferred revenues related to the recurring management fee received in advance from related parties were comprised of the following: As of December 31, 2014 2015 2015 RMB RMB US$ Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a subsidiary of the VIE of the Company 32,386,037 10,911,322 1,684,418 Investee funds of Wuhu Gopher Asset Management Co., Ltd. 17,982,070 28,000 4,323 Wanjia Win-Win Assets Management Co., Ltd. 16,378,817 69,956 10,799 Investee funds of Gopher Asset Management Co., Ltd. 4,190,818 12,871,000 1,986,940 Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a subsidiary of the VIE of the Company 3,492,159 140,676 21,717 Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. 4,016,706 7,338 1,133 Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd. 2,392,147 5,247,490 810,073 Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a subsidiary of the VIE of the Company 2,108,805 36,472 5,630 Investee funds of Gopher Capital GP Ltd., a subsidiary 844,235 2,669,774 412,142 Sequoia Capital Investment Management (Tianjin) Co., Ltd. — — — Investee funds of Shanghai Gopher Asset Management Co., Ltd. — 28,000 4,322 Total 83,791,794 32,010,028 4,941,497 Shanghai Yafu Investment Consulting Co., Ltd., (“Shanghai Yafu”) an investment vehicle of Noah’s employees, acquired 10% of equity interests in four subsidiaries of the Group upon formation of the entities in 2014. The subsidiaries invested and the respective purchase price is listed as below. In 2015, the capital injection of Beijing Sequoia Mingde Capital Investment Fund (Limited Partnership), an affiliate of Sequoia Capital China, into Shanghai Noah Yijie Finance Technology Co., Ltd. diluted the shares from 10.00% to 8.55%. Company Name RMB US$ 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 In July 2015, Beijing Sequoia Mingde Capital Investment Fund (Limited Partnership), an affiliate of Sequoia Capital China, acquired 9.8% of equity interests in Shanghai Noah Yijie Finance Technology Co., Ltd., at purchase price of RMB31.6 million. During the year ended December 31, 2014 and 2015, donation made to Shanghai Noah Charity Fund were RMB14.8million and RMB3.5 million, respectively.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2015
Commitments	18. Commitments (a) Operating Leases The Group leases its facilities under non-cancelable operating leases expiring at various dates. Future minimum lease payments under non-cancelable operating lease agreements as of December 31, 2015 were as follows: Years Ended December 31 RMB US$ 2016 65,743,756 10,149,087 2017 51,573,418 7,961,564 2018 40,280,681 6,218,266 2019 28,462,131 4,393,796 2020 and after 100,185,181 15,465,926 Total 286,245,167 44,188,639 Rental expenses were RMB43,328,412, RMB46,852,399 and RMB75,964,160 for the years ended December 31, 2013, 2014 and 2015, respectively.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2015
Subsequent events	19. Subsequent events On January 28, 2016, the Company’s shareholders voted in favor of a proposal to adopt a dual-class share structure (the “Dual-class Share Structure”), pursuant to which the Company’s authorized share capital shall be re-organized and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one (1) vote and each Class B ordinary share being entitled to four (4) votes on all matters subject to vote at general meetings of the Company, as well as the proposal to amend and restate the Company’s memorandum and articles of association to reflect the adoption of the Dual-class Share Structure and other related matters. Each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. All of the issued and outstanding Class B Ordinary Shares shall automatically convert into Class A Ordinary Shares, at a ratio of one (1) Class A Ordinary Share for each Class B Ordinary Share, in the event that the total number of issued and outstanding Class B Ordinary Shares beneficially owned by the Management Shareholders is less than 5% of the total number of issued and outstanding Shares. Save and except for voting rights and conversion rights, the Class A Ordinary Shares and the Class B Ordinary Shares shall rank pari passu and shall have the same rights, preferences, privileges and restrictions. Ms. Jingbo Wang, Noah’s Founder, Chairman and CEO, and Mr. Zhe Yin, Noah’s Co-founder, Executive Director and CEO of Gopher Asset Management, will receive Class B ordinary shares and all other shareholders will receive Class A ordinary shares. In March 2016, Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd, through which distribution of mutual funds products are conducted, previously as a subsidiary of Noah Investment, the PRC variable interest entity, was restructured to be under Shanghai Noah Financial Services Co., Ltd (“Noah Financial Services”), through equity transfer. Noah Financial Services is a subsidiary of Shanghai Noah Rongyao Investment Consulting Co., Ltd., an enterprise directly wholly owned by Noah Holdings Limited.

Additional Financial Informatio

Additional Financial Information of Parent Company - Financial Statements Schedule I	12 Months Ended
	Dec. 31, 2015
Additional Financial Information of Parent Company - Financial Statements Schedule I	Additional Financial Information of Parent Company – Financial Statements Schedule I Under PRC regulations, foreign-invested companies in China may pay dividends only out of their accumulated profits, if any, determined in accordance with PRC accounting standards and regulations. The Company’s PRC subsidiaries and VIEs are required to set aside at least 10% of their respective accumulated profits each year, if any, to fund general reserve funds unless such reserve funds have reached 50% of its respective registered capital. These reserves are not distributable in the form of cash dividends to the Company. In addition, the share capital of the Company’s PRC subsidiaries and VIEs are considered restricted due to restrictions on the distribution of share capital. The following Schedule I has been provided pursuant to the requirements of Rules 12-04(a) and 5-04(c) of Regulation S-X, which require condensed financial information as to the financial position, changes in financial position and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented as the restricted net assets of the Company’s PRC subsidiaries and VIEs which may not be transferred to the Company in the forms of loans, advances or cash dividends without the consent of PRC government authorities as of December 31, 2015, was more than 25% of the Company’s consolidated net assets as of December 31, 2015. a) Condensed balance sheets As of December 31 2014 2015 2015 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 179,137,927 321,418,159 49,618,414 Due from subsidiaries and VIEs 224,734,683 543,918,770 83,966,589 Deferred tax assets 487,520 755,246 116,590 Other current assets 25,709,740 31,146,365 4,808,170 Total current assets 430,069,870 897,238,540 138,509,763 Investment in subsidiaries and VIEs 1,438,101,000 2,091,409,293 322,857,959 Non-current deferred tax assets 2,671,564 2,979,502 459,956 Other non-current assets 310,230 647,780 100,000 TOTAL ASSETS 1,871,152,664 2,992,275,115 461,927,678 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Other current liabilities 7,358,165 15,300,517 2,361,993 Total current liabilities 7,358,165 15,300,517 2,361,993 Uncertain tax position liabilities 4,804,123 — — Convertible notes — 518,224,000 80,000,000 Other non-current liabilities 8,043,321 9,864,869 1,522,873 Total liabilities 20,205,609 543,389,386 83,884,866 Shareholders’ equity Ordinary shares (US$0.0005 par value): 94,100,000 shares authorized, 29,123,118 shares issued and 28,055,302 shares outstanding as of December 31, 2014 and 29,317,611 shares issued and 28,071,538 shares outstanding as of December 31, 2015 97,530 98,133 15,149 Treasury stock (1,067,816 ordinary shares as of December 31, 2014 and 1,246,073 ordinary shares as of December 31, 2015) (73,250,528 ) (117,836,564 ) (18,190,831 ) Additional paid-in capital 889,416,631 990,515,956 152,909,314 Retained earnings 1,062,041,219 1,597,865,303 246,667,897 Accumulated other comprehensive income (27,357,797 ) (21,757,099 ) (3,358,717 ) Total shareholders’ equity 1,850,947,055 2,448,885,729 378,042,812 TOTAL LIABILITIES AND SHAREHOLERS’ EQUITY 1,871,152,664 2,992,275,115 461,927,678 b) Condensed statement of operations Years ended December 31, 2013 2014 2015 2015 RMB RMB RMB US$ Net revenues Operating cost and expenses Compensation and benefits — 10,125,102 10,979,206 1,694,897 Selling expenses 149,267 167,690 373,752 57,697 General and administrative expenses 5,014,178 9,671,790 10,549,109 1,628,503 Total operating cost and expenses 5,163,445 19,964,582 21,902,067 3,381,097 Loss from operations (5,163,445 ) (19,964,582 ) (21,902,067 ) (3,381,097 ) Other income (expenses): Interest income 2,164,350 5,547,639 8,336,138 1,286,878 Interest expense — — (16,050,359 ) (2,477,748 ) Investment income 657,895 — 25,506,549 3,937,533 Other income (expenses) 5,010,306 (451,217 ) 112,762 17,407 Total other income 7,832,551 5,096,422 17,905,090 2,764,070 Gain (loss) before taxes and income from equity in subsidiaries and VIEs 2,669,106 (14,868,160 ) (3,996,977 ) (617,027 ) Income tax expenses (1,430,466 ) (1,268,040 ) 3,524,413 544,076 Equity in profit of subsidiaries and VIEs 314,689,098 462,689,051 536,296,648 82,789,936 Net income attributable to Noah shareholders 315,927,738 446,552,851 535,824,084 82,716,985 c) Condensed statement of comprehensive income Years Ended December 31, 2013 2014 2015 2015 RMB RMB RMB US$ Net income 315,927,738 446,552,851 535,824,084 82,716,985 Other comprehensive income, net of tax Change in cumulative foreign currency translation adjustment (8,160,394 ) 6,427,932 4,882,284 753,695 Fair value fluctuation of available-for-sale investment 2,620,351 718,414 110,904 Other comprehensive income (8,160,394 ) 9,048,283 5,600,698 864,599 Comprehensive income attributable to Noah Holdings Ltd. shareholders 307,767,344 455,601,134 541,424,782 83,581,584 d) Condensed statements of cash flows Years ended December 31, 2013 2014 2015 2015 RMB RMB RMB US$ Cash flows from operating activities: Net income attributable to Noah shareholders 315,927,738 446,552,851 535,824,084 82,716,985 Adjustment to reconcile net income to net cash provided by operating activities: Share-based compensation — 10,125,102 10,979,206 1,694,897 Gain from equity in subsidiaries and VIE (314,689,098 ) (462,689,051 ) (536,296,648 ) (82,789,936 ) Changes in operating assets and liabilities: Amount due from subsidiaries and VIEs 6,179,613 13,853,941 (319,184,087 ) (49,273,532 ) Other current assets (1,874,673 ) (21,489,980 ) (5,774,175 ) (891,379 ) Deferred tax assets (243,074 ) (339,900 ) (575,664 ) (88,867 ) Uncertain tax position liabilities 1,022,627 1,016,786 (4,804,123 ) (741,629 ) Other current liabilities 2,345,726 3,066,233 7,942,352 1,226,087 Other non-current liabilities 586,858 82,534 1,821,548 281,199 Net cash provided by (used in) operating activities 9,255,717 (9,821,484 ) (310,067,507 ) (47,866,175 ) Cash flows from investing activities: Proceeds from sale of available-for-sale investments 29,965,718 — — — Purchases of available-for-sale (29,965,718 ) — — — Investment in subsidiaries and VIEs — (79,958,941 ) (7,851,539 ) (1,212,069 ) Increase in investment in affiliates — — (22,672,300 ) (3,500,000 ) Net cash used in investing activities — (79,958,941 ) (30,523,839 ) (4,712,069 ) Cash flows from financing activities: Dividends paid (47,596,568 ) — — — Proceeds from issuance of ordinary shares upon exercise of stock options 6,843,114 4,062,622 4,351,330 671,730 Share repurchase (19,573,849 ) — (44,586,036 ) (6,882,898 ) Proceeds from convertible notes — — 518,224,000 80,000,000 Net cash (used in) provided by financing activities (60,327,303 ) 4,062,622 477,989,294 73,788,832 Effect of exchange rate changes (8,160,394 ) 6,427,932 4,882,284 753,695 Net (decrease) increase in cash and cash equivalents (59,231,980 ) (79,289,871 ) 142,280,232 21,964,283 Cash and cash equivalents—beginning of year 317,659,778 258,427,798 179,137,927 27,654,131 Cash and cash equivalents—end of year 258,427,798 179,137,927 321,418,159 49,618,414 e) Notes to condensed financial statements 1. The condensed financial statements of Noah Holdings Limited have been prepared using the same accounting policies as set out in the consolidated financial statements except that the equity method has been used to account for investments in subsidiaries and VIEs. Such investment in subsidiaries and VIEs are presented on the balance sheets as interests in subsidiaries and VIEs and the profit of the subsidiaries and VIEs is presented as equity in profit of subsidiaries and VIEs on the statement of operations. 2. As of December 31, 2014 and 2015, there were no material contingencies, significant provisions of long-term obligations of the Company, except for those which have been separately disclosed in the consolidated financial statements. 3. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. The footnote disclosure certain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the accompanying Consolidated Financial Statements.

Summary of Principal Accounti28

Summary of Principal Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Basis of Presentation	(a) Basis of Presentation The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Principles of Consolidation	(b) Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and consolidated VIEs. All inter-company transactions and balances have been eliminated upon consolidation. A consolidated subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power or has the power to: appoint or remove the majority of the members of the board of directors; cast a majority of votes at the meeting of the board of directors; or govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. U.S. GAAP provides guidance on the identification and financial reporting for entities over which control is achieved through means other than voting interests. The Group evaluates each of its interests in private companies to determine whether or not the investee is a VIE and, if so, whether the Group is the primary beneficiary of such VIE. In determining whether the Group is the primary beneficiary, the Group considers if the Group (1) has power to direct the activities that most significantly affects the economic performance of the VIE, and (2) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Group consolidates the VIE. As foreign-invested companies engaged in insurance brokerage business are subject to stringent requirements compared with Chinese domestic enterprises under the current PRC laws and regulations, the Company’s PRC subsidiary, Shanghai Noah Rongyao Investment Consulting Co., Ltd. (“Noah Rongyao”), and its subsidiaries, as foreign-invested companies, do not meet all such requirements and therefore none of them are permitted to engage in the insurance brokerage business in China. Therefore, the Company decided to conduct the insurance brokerage business in China through Noah Investment and its subsidiaries which are PRC domestic companies beneficially owned by the Founders. In addition, the Group engaged in mutual fund distribution business and distribution of asset management plans sponsored by mutual fund management companies as part of our business. Under PRC laws and regulations, distribution of mutual funds or asset management plans sponsored by mutual fund management companies requires a mutual fund distribution license. There may be uncertainties regarding the interpretation and application of regulations and other governmental policies regarding the issuance of a mutual fund distribution license. In addition, the approval authorities have broad discretion and may also provide the different requirements regarding the application of mutual fund distribution license according to different situations, such as the applicants are foreign-invested enterprises or their subsidiaries. As a result, the PRC subsidiaries may find it difficult to meet all such requirements or may have to incur significant costs and efforts to meet such requirements. Therefore, the Company conducts such business in China principally through contractual arrangements among our PRC subsidiary, Noah Rongyao and the Company’s PRC variable interest entity, Noah Investment, and Noah Investment’s shareholders. Noah Upright, a subsidiary of Noah Investment, holds the licenses and permits necessary to conduct mutual fund distribution and distribution of asset management plans sponsored by mutual fund management companies in China. Since the Company does not have any equity interests in Noah Investment, in order to exercise effective control over its operations, the Company, through its wholly owned subsidiary Noah Rongyao, entered into a series of contractual arrangements with Noah Investment and its shareholders, pursuant to which the Company is entitled to receive effectively all economic benefits generated from Noah Investment shareholders’ equity interests in it. These contractual arrangements include: (i) a Power of Attorney Agreement under which each shareholder of Noah Investment has executed a power of attorney to grant Noah Rongyao or its designee the power of attorney to act on his or her behalf on all matters pertaining to Noah Investment and to exercise all of his or her rights as a shareholder of the Company, (ii) an Exclusive Option Agreement under which the shareholders granted Noah Investment or its third-party designee an irrevocable and exclusive option to purchase their equity interests in Noah Investment when and to the extent permitted by PRC law, (iii) an Exclusive Support Service Agreement under which Noah Investment engages Noah Rongyao as its exclusive technical and operational consultant and under which Noah Rongyao agrees to assist in arranging the financial support necessary to conduct Noah Investment’s operational activities, (iv) a Share Pledge Agreement under which the shareholders pledged all of their equity interests in Noah Investment to Noah Rongyao as collateral to secure their obligations under the agreement, and (v) a Free-Interest Loan Agreement under which each shareholder of Noah Investment entered into a loan agreement with Noah Rongyao for their respective investment in the equity interests in Noah Investment. The total amount of interest-free loans extended to the Founders is RMB27 million (approximately US$3.6 million) which has been injected into Noah Investment. The Founders of Noah Investment effectively acted as a conduit to fund the required capital contributions from the Company into Noah Rongyao, are non-substantive shareholders and received no consideration for entering into such transactions. Under the above agreements, the shareholders of Noah Investment irrevocably granted Noah Rongyao the power to exercise all voting rights to which they were entitled. In December 2013, these loans were further restructured and each shareholder of Noah Investment re-entered into a new no-interest loan agreement with Noah Rongyao. The principal amounts of such no-interest loans to these shareholders were the same as that of the initial loans. The loan agreements will expire in December 2023. In addition, Noah Rongyao has the option to acquire all of the equity interests in Noah Investment, to the extent permitted by the then-effective PRC laws and regulations, for nominal consideration. Finally, Noah Rongyao is entitled to receive service fees for certain services to be provided to Noah Investment. The Exclusive Option Agreement and Power of Attorney Agreements provide the Company effective control over the VIE and its subsidiaries, while the equity pledge agreements secure the equity owners’ obligations under the relevant agreements. Because the Company, through Noah Rongyao, has (i) the power to direct the activities of Noah Investment that most significantly affect the entity’s economic performance and (ii) the right to receive substantially all of the benefits from Noah Investment, the Company is deemed the primary beneficiary of Noah Investment. Accordingly, the Group has consolidated the financial statements of Noah Investment since its inception. The aforementioned contractual agreements are effective agreements between a parent and a consolidated subsidiary, neither of which is accounted for in the consolidated financial statements (i.e. a call option on subsidiary shares under the Exclusive Option Agreement or a guarantee of subsidiary performance under the Share Pledge Agreement) or are ultimately eliminated upon consolidation (i.e. service fees under the Exclusive Support Service Agreement or loans payable/receivable under the Loan Agreement). The Company believes that these contractual arrangements are in compliance with PRC laws and regulations and are legally enforceable. The addition of mutual fund business under Noah Investment and the transfer of Tianjin Gopher and Gopher Asset from Noah Rongyao to Noah Investment in 2012 do not impact the legal effectiveness of these contractual arrangements and do not impact the conclusion that the Company is the primary beneficiary of Noah Investment and its subsidiaries. However, the aforementioned contractual arrangements with Noah Investment and its shareholders are subject to risks and uncertainties, including: • Noah Investment and its shareholders may have or develop interests that conflict with the Group’s interests, which may lead them to pursue opportunities in violation of the aforementioned contractual arrangements. • Noah Investment and its shareholders could fail to obtain the proper operating licenses or fail to comply with other regulatory requirements. As a result, the PRC government could impose fines, new requirements or other penalties on the VIE or the Group, mandate a change in ownership structure or operations for the VIE or the Group, restrict the VIE or the Group’s use of financing sources or otherwise restrict the VIE or the Group’s ability to conduct business. • The aforementioned contractual agreements may be unenforceable or difficult to enforce. The equity interests under the Share Pledge Agreement have been registered by the shareholders of Noah Investment with the relevant office of the administration of industry and commerce, however, the VIE or the Group may fail to meet other requirements. Even if the agreements are enforceable, they may be difficult to enforce given the uncertainties in the PRC legal system. • The PRC government may declare the aforementioned contractual arrangements invalid. They may modify the relevant regulations, have a different interpretation of such regulations, or otherwise determine that the Group or the VIE have failed to comply with the legal obligations required to effectuate such contractual arrangements. • It may be difficult to finance Noah Investment by means of loans or capital contributions. Loans from our offshore parent company to the VIE must be approved by the relevant PRC government body and such approval may be difficult or impossible to obtain. The following amounts of Noah Investment and its subsidiaries were included in the Group’s consolidated financial statements: As of December 31 2014 2015 2015 RMB RMB US$ Cash and cash equivalents 473,114,220 585,191,507 90,338,002 Restricted cash 1,000,000 1,000,000 154,373 Short-term investments 38,771,063 167,583,165 25,870,383 Accounts receivable, net of allowance for doubtful accounts 23,424,971 52,715,369 8,137,851 Amounts due from related parties 80,585,481 135,302,942 20,887,175 Deferred tax assets 11,428,104 26,071,201 4,024,700 Other current assets 8,923,196 23,410,853 3,614,013 Long-term investments 3,000,000 113,390,404 17,504,462 Investment in affiliates 246,092,522 298,229,612 46,038,718 Property and equipment, net 22,508,520 40,161,068 6,199,801 Other non-current assets 1,130,863 5,611,229 866,224 Total assets 909,978,940 1,448,667,350 223,635,702 Accrued payroll and welfare expenses 68,617,341 181,685,160 28,047,357 Income tax payable 28,035,249 55,966,327 8,639,712 Amounts due to the Group’s subsidiaries 169,322,299 161,666,257 24,956,969 Deferred revenue 37,883,923 29,021,820 4,480,197 Other current liabilities 27,770,537 76,026,370 11,736,449 Non-current uncertain tax position liabilities 6,323,573 67,248 10,381 Other non-current liabilities — 39,635,057 6,118,598 Total liabilities 337,952,922 544,068,239 83,989,663 Years Ended December 31, 2013 2014 2015 2015 RMB RMB RMB US$ Revenue: Third-party revenues One-time commissions 7,172,187 80,516,730 145,325,240 22,434,351 Recurring service fees 37,212,399 111,927,921 181,288,609 27,986,139 Performance-based income — 22,994,446 165,971,926 25,621,650 Other service fees 27,526,720 1,346,667 9,616,062 1,484,464 Total third-party revenues 71,911,306 216,785,764 502,201,837 77,526,604 Related party revenues One-time commissions 2,849,181 21,471,381 122,949,788 18,980,177 Recurring service fees 144,771,936 285,753,554 348,870,146 53,856,270 Performance-based income — 75,204,704 53,825,292 8,309,193 Other service fees 5,651,129 1,217,894 2,102,882 324,629 Total related party revenues 153,272,246 383,647,533 527,748,108 81,470,269 Total revenues 225,183,552 600,433,297 1,029,949,945 158,996,873 Less: business taxes and related surcharges (12,531,784 ) (33,672,899 ) (57,713,861 ) (8,909,485 ) Net revenues 212,651,768 566,760,398 972,236,084 150,087,388 Operating cost and expenses (84,843,623 ) (183,003,728 ) (624,541,431 ) (96,412,583 ) Other income 15,361,268 11,888,078 39,115,317 6,038,364 Net income 118,101,044 310,817,616 327,597,694 50,572,369 Net income attributable to Noah Holding Limited shareholders 108,261,911 292,244,283 326,209,370 50,358,049 Cash flows provided by operating activities* 251,133,785 250,372,200 402,492,302 62,134,104 Cash flows used in investing activities (95,707,011 ) (53,726,568 ) (293,697,015 ) (45,339,006 ) Cash flows provided by financing activities 37,930,172 1,365,117 3,282,000 506,653 * Cash flows provided by operating activities in 2013, 2014 and 2015 include amounts due to the Group’s subsidiaries of RMB209,824,414, RMB169,322,299 and RMB161,666,257 (US$24,956,969). The VIEs contributed an aggregate of 21.1%, 37.1% and 45.9% of the consolidated net revenues for the years ended December 31, 2013, 2014 and 2015, respectively and an aggregate of 36.3%, 67.0% and 62.2% of the consolidated net income for the years ended December 31, 2013, 2014 and 2015, respectively. As of December 31, 2014 and 2015, the VIEs accounted for an aggregate of 34.0% and 35.4%, respectively, of the consolidated total assets. There are no consolidated assets of the VIEs and their subsidiaries that are collateral for the obligations of the VIEs and their subsidiaries and can only be used to settle the obligations of the VIEs and their subsidiaries. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholder of the VIEs or entrustment loans to the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 15 for disclosure of restricted net assets.
Use of Estimates	(c) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ materially from such estimates. Significant accounting estimates reflected in the Group’s consolidated financial statements include assumptions used to determine valuation allowance for deferred tax assets, allowance for accounts receivable, allowance for loan losses, fair value measurement of underlying investment portfolios of the funds that the Group invests, assumptions related to the consolidation of entities in which the Group holds variable interests, assumptions related to the valuation of share-based compensation, including estimation of related forfeiture rates and assumption related to valuation of investments.
Concentration of Credit Risk	(d) Concentration of Credit Risk The Group is subject to potential significant concentrations of credit risk consisting principally of cash and cash equivalents, accounts receivable, amounts due from related parties, loan receivables and investments. All of the Group’s cash and cash equivalents and a majority of investments are held with financial institutions that Group management believes to be high credit quality. In addition, the Group’s investment policy limits its exposure to concentrations of credit risk. Substantially all revenues were generated within China. There were no product providers or underlying corporate borrowers which accounted for 10% or more of total revenues for the years ended December 31, 2013, 2014, and 2015. Credit of small loan business is controlled by the application of credit approvals, limits and monitoring procedures. To minimize credit risk, the Group requires collateral in form of right to securities. The Group identifies credit risk on a customer by customer basis. The information is monitored regularly by management.
Investments in Affiliates	(e) Investments in Affiliates Affiliated companies are entities over which the Group has significant influence, but which it does not control. The Group generally considers an ownership interest of 20% or higher to represent significant influence. Investments in affiliates are accounted for by the equity method of accounting. Under this method, the Group’s share of the post-acquisition profits or losses of affiliated companies is recognized in the statements of operations and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. Unrealized gains on transactions between the Group and its affiliated companies are eliminated to the extent of the Group’s interest in the affiliated companies; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group’s share of losses in an affiliated company equals or exceeds its interest in the affiliated company, the Group does not recognize further losses, unless the Group has incurred obligations or made payments on behalf of the affiliated company. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary. The Group has not recorded any impairment losses in any of the periods reported. The Group also considers it has significant influence over the funds that it serves as general partner or fund manager, and the Group’s ownership interest in these funds as limited partner or fund manager is generally much lower than 3%. These funds are not consolidated by the Group based on the facts that the Group is not the primary beneficiary of these funds, and substantive kick-out rights exist which are exercisable by a simple-majority of non-related limited partners of these funds to dissolve (liquidate) the funds or remove the company as the general partner of the funds without cause. The Group has early adopted ASU 2015-02 as of December 31, 2015 (see Note 2(x)) and concluded that none of the existing funds require consolidation under the new guidance. The equity method of accounting is accordingly used for investments by the Group in these funds. In addition, the investee funds meet the definition of an Investment Company and are required to report their investment assets at fair value. The Group records its equity pick-up based on its percentage ownership of the investee funds’ operating result.
Fair Value of Financial Instruments	(f) Fair Value of Financial Instruments The Group records certain of its financial assets and liabilities at fair value on a recurring basis. Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is as follows: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.
Cash and Cash Equivalents	(g) Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and demand deposits, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less when purchased.
Restricted Cash	(h) Restricted Cash The Group’s restricted cash primarily represents cash deposits required by China Insurance Regulatory Commission for entities engaging in insurance agency or brokering activities in China. Such cash cannot be withdrawn without the written approval of the China Insurance Regulatory Commission. Funds that are raised on behalf of investors, prior to the establishment of certain third party investment vehicles, are legally segregated from the Group and will be transferred to such investment vehicles upon formation.
Investments	(i) Investments The Group invests in debt securities and equity securities and accounts for the investments based on the nature of the products invested, and the Group’s intent and ability to hold the investments to maturity. The Group’s investments in debt securities include marketable bond fund securities, trust products, asset management plans, contractual funds and real estate funds those have a stated maturity and normally pay a prospective fixed rate of return and secondary market equity fund products, the underlying assets of which are portfolios of equity investments in listed enterprises. The Group classifies the investments in debt securities as held-to-maturity when it has both the positive intent and ability to hold them until maturity. Held-to-maturity investments are recorded at amortized cost and are classified as long-term or short-term according to their contractual maturity. Long-term investments are reclassified as short-term when their contractual maturity date is less than one year. Investments that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value with changes in fair value recognized in earnings. Investments that do not meet the criteria of held-to-maturity or trading securities are classified as available-for-sale, and are reported at fair value with changes in fair value deferred in other comprehensive income. The Group records investments in private equity funds and secondary market equity fund products under the cost method when they do not qualify for the equity method. Gains or losses are realized when such investments are sold. The Group reviews its investments except for those classified as trading securities for other-than-temporary impairment based on the specific identification method and considers available quantitative and qualitative evidence in evaluating potential impairment. If the cost of an investment exceeds the investment’s fair value, the Group considers, among other factors, general market conditions, government economic plans, the duration and the extent to which the fair value of the investment is less than cost and the Group’s intent and ability to hold the investment to determine whether an other-than-temporary impairment has occurred. The Group recognizes other-than-temporary impairment in earnings if it has the intent to sell the debt security or if it is more-likely-than-not that it will be required to sell the debt security before recovery of its amortized cost basis. Additionally, the Group evaluates expected cash flows to be received and determines if credit-related losses on debt securities exist, which are considered to be other-than-temporary, should be recognized in earnings. If the investment’s fair value is less than the cost of an investment and the Group determines the impairment to be other-than-temporary, the Group recognizes an impairment loss based on the fair value of the investment. To date, the Group has not recorded an other-than-temporary impairment.
Non-controlling interests	(j) Non-controlling interests A non-controlling interest in a subsidiary of the Group represents the portion of the equity (net assets) in the subsidiary not directly or indirectly attributable to the Group. Non-controlling interests are presented as a separate component of equity in the consolidated balance sheet and earnings and other comprehensive income are attributed to controlling and non-controlling interests. The non-controlling interest was RMB88,924,758 and RMB85,110,820, respectively as of December 31, 2014 and 2015. The net income attributable to non-controlling interest was RMB9,821,510 and RMB17,333,060, respectively for years ended December 31, 2013 and 2014, and the net loss attributable to non-controlling interest was RMB9,522,737 for the year ended December 31, 2015.
Property and Equipment, net	(k) Property and Equipment, net Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the following estimated useful lives: Estimated Useful Lives in Years Leasehold improvements Shorter of the lease term or expected useful life Furniture, fixtures, and equipment 3—5 years Motor Vehicles 5 years Software 2—5 years Gains and losses from the disposal of property and equipment are included in income from operations.
Revenue Recognition	(l) Revenue Recognition The Group derives revenue primarily from one-time commissions and recurring service fees paid by product providers or underlying corporate borrowers. The Group recognizes revenues when there is persuasive evidence of an arrangement, service has been rendered, the sales price is fixed or determinable and collectability is reasonably assured. Prior to a client’s purchase of a wealth management product, the Group provides the client with a wide spectrum of consultation services, including product selection, review, risk profile assessment and evaluation and recommendation for the client. Revenues are recorded, net of sales related taxes and surcharges. One-time Commissions The Group enters into one-time commission agreements with product providers or underlying corporate borrowers, which specifies the key terms and conditions of the arrangement. Such agreements do not include rights of return, credits or discounts, rebates, price protection or other similar privileges. Upon establishment of a wealth management product, the Group earns a one-time commission from product providers or underlying corporate borrowers, calculated as a percentage of the wealth management products purchased by its clients. The Group defines the “establishment of a wealth management product” for its revenue recognition purpose as the time when both of the following two criteria are met: (1) the Group’s client has entered into a purchase or subscription contract with the relevant product provider and, if required, the client has transferred a deposit to an escrow account designated by the product provider and (2) the product provider has issued a formal notice to confirm the establishment of a wealth management product. Revenue is recorded upon the establishment of the wealth management product, when the provision of service concludes and the fee becomes fixed and determinable, assuming all other revenue recognition criteria have been met, and there are no future obligations or contingencies. Certain contracts require a portion of the payment be deferred until the end of the wealth management products’ life or other specified contingency. In such instances, the Group defers the contingent amount until the contingency has been resolved. A small portion of the Group’s one-time commission arrangements require the provision of certain services after sales activities, which primarily relate to disseminating information to clients related to investment performance. The Group accrues the estimated cost of providing these services, which are inconsequential, when the one-time commission is earned as the services to be provided are substantially complete. The Group has historically completed the services in a timely manner and can reliably estimate the remaining costs. Recurring Service Fees Recurring service fees from product providers depend on the type of wealth management product the Group’s client purchased and are calculated as either (i) a percentage of the total value of investments in the wealth management products purchased by the Group’s clients, calculated at the establishment date of the wealth management product or (ii) as a percentage of the fair value of the total investment in the wealth management product, calculated daily. As the Group provides these services throughout the contract term, for either method of calculation, revenue is recognized on a daily basis over the contract term, assuming all other revenue recognition criteria have been met. Recurring service agreements do not include rights of return, credits or discounts, rebates, price protection or other similar privileges. Multiple Element Arrangements The Group enters into multiple element arrangements when a product provider or underlying corporate borrower engages it to provide both wealth management marketing and recurring services. The Group also provides both wealth management marketing and recurring services to funds of private equity funds and real estate funds that it serves as general partner. The Group allocates arrangement consideration in multiple-deliverable revenue arrangements at the inception of an arrangement to all deliverables based on the relative selling price in accordance with the selling price hierarchy, which includes: (i) vendor-specific objective evidence (“VSOE”) if available; (ii) third-party evidence (“TPE”) if VSOE is not available; and (iii) best estimate of selling price (“BESP”) if neither VSOE nor TPE is available. VSOE. The Group determines VSOE based on its historical pricing and discounting practices for the specific service when sold separately. In determining VSOE, the Group requires that a substantial majority of the selling prices for these services fall within a reasonably narrow pricing range. TPE. When VSOE cannot be established for deliverables in multiple element arrangements, the Group applies judgment with respect to whether it can establish a selling price based on TPE. TPE is determined based on competitor prices for similar deliverables when sold separately. Generally, the Group’s products and services contain certain level of differentiation such that the comparable pricing of services with similar functionality cannot be obtained. Furthermore, the Group is unable to reliably determine what similar competitor services’ selling prices are on a stand-alone basis. As a result, the Group has not been able to establish selling price based on TPE. BESP. When it is unable to establish selling price using VSOE or TPE, the Group uses BESP in its allocation of arrangement consideration. The objective of BESP is to determine the price at which the Group would transact a sale if the service were sold on a stand-alone basis. The Group determines BESP for deliverables by considering multiple factors including, but not limited to, prices it charged for similar offerings, market conditions, specification of the services rendered and pricing practices. The Group has used BESP to allocate the selling price of wealth management marketing service and recurring services under these multiple element arrangements. The Group has vendor specific objective evidence of fair value for its wealth management marketing services as it provides such services on a stand-alone basis. The Group has not sold its recurring services on a stand-alone basis. However, the fee to which the Group is entitled is consistently priced at a fixed percentage of the management fee obtained by the fund managers irrespective of the fee obtained for the wealth management marketing services. The recurring service fee the Group charges as general partner is consistent with the management fee obtained by the fund managers irrespective of the fee obtained for the wealth management marketing services. As such, the Group has established fair value as relative charges that are consistent with management fee in such arrangements and believes it represents their best estimate of the selling price at which they would transact if the recurring services were sold regularly on a stand-alone basis. The Group allocates arrangement consideration based on fair value, which is equivalent to the percentages charged for each of the respective units of accounting, as described above. Revenue for the respective units of accounting is also recognized in the same manner as described above. Performance-based Income In a typical arrangement in which the Group serves as fund manager, except for secondary market funds of funds, the Group is entitled to a performance-based fee based on the extent by which the fund’s investment performance exceeds a certain threshold at the end of the contract term. Such performance-based fee is typically calculated and distributed at the end of the contract term when the cumulative return of the fund can be determined, and is not subject to clawback provisions. The Group does not record any performance-based income until the end of the contract term. Beginning in 2015, for certain secondary market products for which the Group provides recurring services, including both the funds for which the Group serves as the distribution channel and the funds of funds for which the Group acts as the fund manager, the performance-based income may also include a variable performance fee contingent upon the performance of the underlying investment in the measurement period, typically calculated at the end of the measurement period and settled subsequently. Such performance-based fee is not subject to clawback provisions and is recognized when the contingent criteria are met at the end of the measurement period. Other Service Fees The Group also derived revenues from small short-term loan, internet finance business, insurance brokerage business and other businesses, which were recorded as other service fees and represented 0.51%, 2.87%, 1.17% and 1.22% of the Group’s total net revenue for the year ended December 31, 2015. We are engaged in insurance brokerage activities as part of our business. We conduct our insurance brokerage business in China principally through contractual arrangements among our PRC subsidiary, Noah Rongyao and our PRC variable interest entity, Noah Investment, and Noah Investment’s shareholders. Noah Insurance, a subsidiary of Noah Investment, holds the licenses and permits necessary to conduct insurance brokerage activities in China. From November 2013, the Group started offering small short-term loan services. Revenue is recognized when there are probable economic benefits to the Group and when the revenue can be measured reliably. Interest on loan receivables is accrued monthly in accordance with their contractual terms and recorded in accrued interest receivable. Interest income is recorded as part of other service fees in the consolidated statement of operations. The Group does not charge prepayment penalties from its customers. In 2014, the Group started internet finance business to provide financial products and services to high net worth individuals as well as white-collar professionals in China through its proprietary internet financial platforms. Revenues derived from internet finance business is recorded in other service fees. The aggregate value of financial products distributed by the Company through its internet finance platform in 2014 and 2015 was RMB1.4 billion and RMB12.0 billion, respectively.
Business Tax and Related Surcharges	(m) Business Tax and Related Surcharges The Group is subject to business tax, education surtax, and urban maintenance and construction tax, on the services provided in the PRC. Business tax and related surcharges are primarily levied based on revenues concurrent with a specific revenue-producing transaction at combined rates ranging from 5.35% to 5.70%. They can be presented either on a gross basis (included in revenues and costs) or on a net basis (excluded from revenue) at the Company’s accounting policy decision under U.S. GAAP. The Company has elected to report such business tax and related surcharges on a net basis as a reduction of revenues.
Compensation and benefits	(n) Compensation and benefits Compensation and benefits mainly include salaries and commissions for relationship managers, share-based compensation expenses, bonus related to performance based income, and salaries and bonuses for middle office and back office employees.
Income Taxes	(o) Income Taxes Current income taxes are provided for in accordance with the relevant statutory tax laws and regulations. The Group accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Group recognizes net deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, it considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Group determines that its deferred tax assets are realizable in the future in excess of their net recorded amount, the Group would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Group records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Group recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The effective tax rate for the Group includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Group recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statement of Operations. Accrued interest and penalties are included within the related tax liability line in the Consolidated Balance Sheet.
Share-Based Compensation	(p) Share-Based Compensation The Group recognizes share-based compensation based on the fair value of equity awards on the date of the grant, with compensation expense recognized using a straight-line vesting method over the requisite service periods of the awards, which is generally the vesting period. The Group estimates the fair value of share options granted using the Black-Scholes option pricing model. The expected term represents the period that share-based awards are expected to be outstanding, giving consideration to the contractual terms of the share-based awards, vesting schedules and expectations of future employee exercise behavior. The computation of expected volatility is based on a combination of the historical and implied volatility of comparable companies from a representative peer group based on industry. Management estimates expected forfeitures and recognizes compensation costs only for those share-based awards expected to vest. Amortization of share-based compensation is presented in the same line item in the consolidated statements of operations as the cash compensation of those employees receiving the award. The Group treated a modification of the terms or conditions of an equity award as an exchange of the original award for a new award. The incremental compensation cost as an effect of a modification is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the share price and other pertinent factors at that date. Total recognized compensation cost for an equity award shall at least equal the fair value of the award at the grant date unless at the date of the modification the performance or service conditions of the original award are not expected to be satisfied. Thus, the total compensation cost measured at the date of a modification shall be the sum of the portion of the grant-date fair value of the original award for which the requisite service is expected to be rendered (or has already been rendered) at that date, and the incremental cost resulting from the modification. The Group records the incremental fair value of the modified award, as compensation cost on the date of modification for vested awards, or over the remaining service period for unvested awards.
Government Grants	(q) Government Grants Government subsidies include cash subsidies received by the Group’s entities in the PRC from local governments as incentives for investing in certain local districts, and are typically granted based on the amount of investment made by the Group in form of registered capital or taxable income generated by the Group in these local districts. Such subsidies allow the Group full discretion in utilizing the funds and are used by the Group for general corporate purposes. The local governments have final discretion as to whether the Group has met all criteria to be entitled to the subsidies. The Group does not in all instances receive written confirmation from local governments indicating the approval of the cash subsidy before cash is received. Cash subsidies of RMB32,644,120, RMB90,931,462 and RMB132,709,712 are included in other operating income for the years ended December 31, 2013, 2014, and 2015, respectively. Cash subsidies are recognized when received and when all the conditions for their receipt have been satisfied.
Net Income per Share	(r) Net Income per Share Basic net income per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised into ordinary shares. Common share equivalents are excluded from the computation of the diluted net income per share in years when their effect would be anti-dilutive. Diluted net income per share is computed by giving effect to all potential dilutive shares, including non-vested restricted shares and share options.
Operating Leases	(s) Operating Leases Leases where substantially all the rewards and risks of ownership of assets remain with the leasing company are accounted for as operating leases. Certain of the Group’s facility leases provide for a free rent period. Payments made under operating leases are charged to the consolidated statements of operations on a straight-line basis over the lease period.
Foreign Currency Translation and change in reporting currency	(t) Foreign Currency Translation and change in reporting currency The Company’s reporting currency is Renminbi (“RMB”). The Company’s functional currency is the United States dollar (“U.S. dollar or US$”). The Company’s operations are principally conducted through the subsidiaries and VIEs located in the PRC where the local currency is the functional currency. For those subsidiaries and VIEs which are not located in the PRC and have the functional currency other than RMB, the financial statements are translated from their respective functional currencies into RMB. Monetary assets and liabilities of the Group’s overseas entities denominated in currencies other than the RMB are translated into RMB at the rates of exchange ruling at the balance sheet date. Non-monetary Assets and liabilities are translated using the applicable period end exchange rate. Equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as foreign currency translation adjustment and are shown as a separate component of other comprehensive income in the consolidated statements of comprehensive income. Effective October 1, 2015, the Company changed its reporting currency from US$ to RMB. The change in reporting currency was undertaken to better report the Company’s performance given the location of its operations are principally in China and to improve the comparability of the Company’s financial results with other publicly traded companies in the industry in China. Prior to October 1, 2015, the Company reported its annual and quarterly consolidated balance sheets and consolidated statements of income and comprehensive income and shareholder’s equity and cash flows in US$. The related financial statements prior to October 1, 2015 have been recast to RMB as if the financial information originally had been presented in RMB since the earliest periods presented. The change in reporting currency resulted in a reduction of the cumulative foreign currency translation adjustment of RMB(92,590,766) and RMB(59,113,814) for year ended December 31, 2013 and 2014, and an increase of RMB41,710,024 for the year ended December 31, 2015. Translations of amounts from RMB into US$ are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.4778 on December 31, 2015, representing the certificated exchange rate published by the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2015, or at any other rate.
Comprehensive Income	(u) Comprehensive Income Comprehensive income includes all changes in equity except those resulting from investments by owners and distributions to owners. For the years presented, total comprehensive income included net income, change in fair value of available-for-sale investments and foreign currency translation adjustments.
Loans receivable, net	(v) Loans receivable, net Loans receivable represent loan amount due from clients. Loans receivable are initially recognized at fair value which is the cash disbursed to originate loans, measured subsequently at amortized cost using the effective interest method, net of allowance that reflects the Company’s best estimate of the amounts that will not be collected.
Allowance for loan losses	(w) Allowance for loan losses The allowance for loan losses is maintained at a level believed to be reasonable by management to absorb probable losses inherent in the portfolio as of each balance sheet date. Net changes in the allowance for loan losses are recorded as part of other operating expenses in the consolidated statement of operations. The allowance is based on factors such as the size and current risk characteristics of the individual loans and actual loss, delinquency, and/or risk rating experience of the loans. The allowance for loan losses is increased by charges to income and decreased by charge-offs (net of recoveries). Loans are charged off when they are delinquent for more than 120 days. The Group evaluates its allowances for loan losses on a quarterly basis or more often as deemed necessary. In addition, the Company also calculates the provision amount in accordance with PRC regulation “The Guidance for Loan Losses” issued by People’s Bank of China (“PBOC”) and is applied to all financial institutes as below: i) General Reserve – is based on total loan receivable balance and to be used to cover unidentified probable loan loss. The General Reserve is required to be no less than 1% of total loan receivable balance. ii) Specific Reserve – is based on the level of loss of each loan after categorizing the loan according to their risk. According to the so-called “Five-Tier Principle” set forth in the Provision Guidance, the loans are categorized as “pass”, “special-mention”, “substandard”, “doubtful” or “loss”. Normally, the provision rate is 2% for “special-mention”, 25% for “substandard”, 50% for “doubtful” and 100% for “loss”. iii) Special Reserve – is fund set aside covering losses due to risks related to a particular country, region, industry or type of loans. The reserve rate could be decided based on management estimate of loan collectability. Due to the short term nature of the loans receivable and based on the Company’s past loan loss experience, the Company only includes General Reserve in the loan loss reserve. To the extent the mandatory loan loss reserve rate as required by PBOC differs from management’s estimates, the management elects to use the higher rate.
Accounting Pronouncement Adopted in 2015	(x) Accounting Pronouncement Adopted in 2015 FASB ASC 810, Consolidation (“FASB ASC 810”), contains the guidance surrounding the definition of variable interest entities (“VIEs”), the definition of variable interests, and the consolidation rules surrounding VIEs. In general, VIEs are entities in which equity investors lack the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. The Group has variable interests in VIEs through its management contracts (see Note 2(b)) and/or investments in certain investment funds. Once it is determined that the Company holds a variable interest in a VIE, FASB ASC 810 requires that the Group perform a qualitative analysis to determine (i) which entity has the power to direct the activities that most significantly impact the VIE’s financial performance and (ii) if the Group has the obligation to absorb the losses of the VIE that could potentially be significant to the VIE or the right to receive the benefits of the VIE that could potentially be significant to the VIE. The entity that has both of these characteristics is deemed to be the primary beneficiary and required to consolidate the VIE. In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis”. The guidance amends the current consolidation guidance and ends the deferral granted to investment companies from applying the VIE guidance. The revised consolidation guidance, among other things, (i) modifies the evaluation of whether limited partnerships and similar legal entities are VIEs, (ii) eliminated the presumption that a general partner should consolidate a limited partnership, and (iii) modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships. The standard is effective for the Group beginning on January 1, 2016, however, early adoption is allowed. The Group early adopted ASU 2015-02 as of December 31, 2015. In adopting the guidance, the Group re-evaluated the existing consolidated VIEs and assessed that the adoption neither changes the conclusion of the consolidated VIEs and nor bring about new VIEs to be consolidated. Under ASU 2015-02, the service fees the Group earns, including carried interest earned in the capacity of general partner or fund manager, are commensurate with the level of effort required to provide such services and are at arm’s length and therefore are not deemed as variable interests. In evaluating whether the investment funds in the legal form of limited partnership the Group managed as general partner are VIEs or not, the Group firstly assessed whether a simple majority or lower threshold of limited partnership interests, excluding interests held by the general partner, parties under common control of the general partner, or parties acting on behalf of the general partner, have substantive kick-out rights or participating rights. If such rights exist, the limited partnership is not deemed as a VIE and no further analysis will be performed. If it’s assessed to be a VIE, the Group further assesses whether there is any interest it has constitutes a variable interest. Before 2015, all limited partnerships the Group managed as general partner have substantive kick-out rights exercisable by a simple-majority of non-related limited partners and therefore are not deemed as VIEs. Since 2015, not all the newly formed limited partnerships the Group manages as general partners have substantive kick-out rights exercisable by a simple-majority of non-related limited partners and therefore constitute VIEs. As a result, such limited partnerships are deemed as VIEs not consolidated by the Group due to the fact that the general partner interest to absorb losses or receive benefits is not potentially significant to the VIEs. The Group started to manage the contractual funds which it manages as fund manager and earns management fee and/or carried interest from second half of 2014. The contractual funds are VIEs as the fund investors do not have substantive kick-out rights or participating rights. The Group sometimes invested in the contractual funds it manages for investment income. Such investments constitute variable interests to the contractual funds which are believed to be VIEs. The Group performed a qualitative analysis to determine if its interest could absorb losses or receive benefits that could potentially be significant to the VIEs and concluded it’s not the primary beneficiary. As of December 31, 2015, the Group had variable interests in various investment funds and contractual funds that are VIEs but determined that it was not the primary beneficiary and, therefore, was not consolidating the VIEs. The maximum potential financial statement loss the Group could incur if the investment funds and contractual funds were to default on all of their obligations is (i) the loss of value of the interests in such investments that the Company holds, including equity investments recorded in investment in affiliates as well as debt securities investments recorded in short-term investments and long-term investments in the consolidated balance sheet, and (ii) any management fee and/or carried interest receivables recorded in accounts receivable. The following table summarizes the Company’s maximum exposure to loss associated with identified nonconsolidated VIEs in which it holds variable interests as of December 31, 2015 and 2014, respectively. As of December 31, 2014 2015 2015 RMB RMB US$ Accounts receivable — 14,007,287 2,162,352 Investments 53,671,693 383,778,327 59,245,165 Maximum exposure to loss in non-consolidated VIEs 53,671,693 397,785,614 61,407,517 The Company has not provided financial support to these nonconsolidated VIEs during the years ended December 31, 2015, 2014, and 2013 and had no liabilities, contingent liabilities, or guarantees (implicit or explicit) related to these nonconsolidated VIEs as of December 31, 2015 and 2014.
Recently issued accounting pronouncements	(y) Recently issued accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued, ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The guidance substantially converges final standards on revenue recognition between the FASB and the International Accounting Standards Board providing a framework on addressing revenue recognition issues and, upon its effective date, replaces almost all exiting revenue recognition guidance, including industry specific guidance, in current U.S. generally accepted accounting principles. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. For a public entity, 2014-09 is originally effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. ASU 2015-14, Revenue from Contracts with Customers, defers the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017 and interim periods therein. Early adoption is permitted to the original effective date. The Group is in the process of evaluating the impact of adoption of this guidance on the Group’s consolidated financial statements. In April 2015, the FASB issued ASU 2015-03 as part of its simplification initiative. The ASU changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. The requirement to present debt issuance costs as a direct reduction of the related debt liability (rather than as an asset) is consistent with the presentation of debt discounts under U.S. GAAP. In addition, it converges the guidance in U.S. GAAP with that in IFRSs, under which transaction costs that are directly attributable to the issuance of a financial liability are treated as an adjustment to the initial carrying amount of the liability. ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Subsequent in August 2015, the FASB issued ASU 2015-15 related with the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements, under which the SEC staff stated it would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Group does not expect the adoption of the above guidance will have a significant effect on the Group’s consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820) – Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its Equivalent)”. Reporting entities are permitted to use net asset value (“NAV”) as a practical expedient to measure the fair value of certain investments. Under current U.S. GAAP, investments that use the NAV practical expedient to measure fair value are categorized within the fair value hierarchy as level 2 or level 3 investments depending on their redemption attributes, which has led to diversity in practice. This ASU will remove the requirement to categorize within the fair value hierarchy all investments that use the NAV practical expedient for fair value measurement purposes. Furthermore, the ASU will remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The ASU is effective for fiscal years beginning after December 15, 2015 and interim periods with those fiscal years. The ASU must be applied retrospectively to all prior periods presented. The Group is in the process of evaluating the impact of adoption of this guidance on the Group’s consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which requires deferred income tax liabilities and assets to be classified as noncurrent on the balance sheet rather than being separated into current and noncurrent. The guidance is effective for public entities for annual periods beginning after December 15, 2016, and interim periods within those annual periods with early adoption being permitted. The ASU will only have impact on the Group’s consolidated balance sheets upon adoption. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires that equity investments, except for those accounted for under the equity method or those that result in consolidation of the investee, be measured at fair value, with subsequent changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 also impacts the presentation and disclosure requirements for financial instruments. ASU 2016-01 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted only for certain provisions. The Group is in the process of evaluating the impact of adoption of this guidance on the Group’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize most leases on the balance sheet. This ASU requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Lessees are permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of twelve months or less. The ASU does not significantly change the lessees’ recognition, measurement and presentation of expenses and cash flows from the previous accounting standard. Lessors’ accounting under the ASC is largely unchanged from the previous accounting standard. In addition, the ASU expands the disclosure requirements of lease arrangements. Lessees and lessors will use a modified retrospective transition approach, which includes a number of practical expedients. The provisions of this guidance are effective for annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Group is in the process of evaluating the impact of adoption of this guidance on the Group’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-06, which clarifies the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. An entity performing the assessment under the amendments in this Update is required to assess the embedded call (put) options solely in accordance with the four-step decision sequence. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. An entity should apply the amendments in this Update on a modified retrospective basis to existing debt instruments as of the beginning of the fiscal year for which the amendments are effective. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Group is in the process of evaluating the impact of adoption of this guidance on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, which eliminates the requirement to retroactively adopt the equity method of accounting. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. The Group is in the process of evaluating the impact of adoption of this guidance on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, which amends the principal-versus-agent implementation guidance and illustrations in the Board’s new revenue standard (ASC 606). The amendments in this update clarify the implementation guidance on principal versus agent considerations. When another party, along with the reporting entity, is involved in providing goods or services to a customer, an entity is required to determine whether the nature of its promise is to provide that good or service to the customer (as a principal) or to arrange for the good or service to be provided to the customer by the other party (as an agent). The guidance is effective for interim and annual periods beginning after December 15, 2017. The Group doesn’t believe the ASU will have significant impact on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. For public entities, the ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Early adoption will be permitted in any interim or annual period for which financial statements have not yet been issued or have not been made available for issuance. The Group is in the process of evaluating the impact of adoption of this guidance on the Group’s consolidated financial statements.

Organization and Principal Ac29

Organization and Principal Activities (Tables)	12 Months Ended
	Dec. 31, 2015
Summary of Subsidiaries	The Company’s significant subsidiaries as of December 31, 2015 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 % 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 % Zigong Noah Financial Service Co., Ltd. October 22, 2012 PRC 100 % Noah Financial Express (Wuhu) Microfinance Co., Ltd. August 13, 2013 PRC 100 % Noah Group Honest Asia Limited March 8, 2014 Hong Kong 100 % Shanghai Noah Yijie Finance Technology Co., Ltd March 17, 2014 PRC 90 % Noah Commercial Factoring Co., Ltd. April 1, 2014 PRC 100 % Noah (Shanghai) Financial Leasing Co., Ltd December 20, 2014 PRC 100 % Noah Holdings international Limited January 7, 2015 Hong Kong 100 % Noah Investment’s significant subsidiaries as of December 31, 2015 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 % 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 % Gopher Nuobao (Shanghai) Asset Management Co., Ltd. April 10, 2013 PRC 100 %

Summary of Principal Accounti30

Summary of Principal Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Amounts of Noah Investment and its Subsidiaries included in Consolidated Financial Statements	The following amounts of Noah Investment and its subsidiaries were included in the Group’s consolidated financial statements: As of December 31 2014 2015 2015 RMB RMB US$ Cash and cash equivalents 473,114,220 585,191,507 90,338,002 Restricted cash 1,000,000 1,000,000 154,373 Short-term investments 38,771,063 167,583,165 25,870,383 Accounts receivable, net of allowance for doubtful accounts 23,424,971 52,715,369 8,137,851 Amounts due from related parties 80,585,481 135,302,942 20,887,175 Deferred tax assets 11,428,104 26,071,201 4,024,700 Other current assets 8,923,196 23,410,853 3,614,013 Long-term investments 3,000,000 113,390,404 17,504,462 Investment in affiliates 246,092,522 298,229,612 46,038,718 Property and equipment, net 22,508,520 40,161,068 6,199,801 Other non-current assets 1,130,863 5,611,229 866,224 Total assets 909,978,940 1,448,667,350 223,635,702 Accrued payroll and welfare expenses 68,617,341 181,685,160 28,047,357 Income tax payable 28,035,249 55,966,327 8,639,712 Amounts due to the Group’s subsidiaries 169,322,299 161,666,257 24,956,969 Deferred revenue 37,883,923 29,021,820 4,480,197 Other current liabilities 27,770,537 76,026,370 11,736,449 Non-current uncertain tax position liabilities 6,323,573 67,248 10,381 Other non-current liabilities — 39,635,057 6,118,598 Total liabilities 337,952,922 544,068,239 83,989,663 Years Ended December 31, 2013 2014 2015 2015 RMB RMB RMB US$ Revenue: Third-party revenues One-time commissions 7,172,187 80,516,730 145,325,240 22,434,351 Recurring service fees 37,212,399 111,927,921 181,288,609 27,986,139 Performance-based income — 22,994,446 165,971,926 25,621,650 Other service fees 27,526,720 1,346,667 9,616,062 1,484,464 Total third-party revenues 71,911,306 216,785,764 502,201,837 77,526,604 Related party revenues One-time commissions 2,849,181 21,471,381 122,949,788 18,980,177 Recurring service fees 144,771,936 285,753,554 348,870,146 53,856,270 Performance-based income — 75,204,704 53,825,292 8,309,193 Other service fees 5,651,129 1,217,894 2,102,882 324,629 Total related party revenues 153,272,246 383,647,533 527,748,108 81,470,269 Total revenues 225,183,552 600,433,297 1,029,949,945 158,996,873 Less: business taxes and related surcharges (12,531,784 ) (33,672,899 ) (57,713,861 ) (8,909,485 ) Net revenues 212,651,768 566,760,398 972,236,084 150,087,388 Operating cost and expenses (84,843,623 ) (183,003,728 ) (624,541,431 ) (96,412,583 ) Other income 15,361,268 11,888,078 39,115,317 6,038,364 Net income 118,101,044 310,817,616 327,597,694 50,572,369 Net income attributable to Noah Holding Limited shareholders 108,261,911 292,244,283 326,209,370 50,358,049 Cash flows provided by operating activities* 251,133,785 250,372,200 402,492,302 62,134,104 Cash flows used in investing activities (95,707,011 ) (53,726,568 ) (293,697,015 ) (45,339,006 ) Cash flows provided by financing activities 37,930,172 1,365,117 3,282,000 506,653 * Cash flows provided by operating activities in 2013, 2014 and 2015 include amounts due to the Group’s subsidiaries of RMB209,824,414, RMB169,322,299 and RMB161,666,257 (US$24,956,969).
Estimated Useful Lives of Property and Equipment	Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the following estimated useful lives: Estimated Useful Lives in Years Leasehold improvements Shorter of the lease term or expected useful life Furniture, fixtures, and equipment 3—5 years Motor Vehicles 5 years Software 2—5 years
Summary of Maximum Exposure to Loss Associated with Identified Nonconsolidated VIEs	The following table summarizes the Company’s maximum exposure to loss associated with identified nonconsolidated VIEs in which it holds variable interests as of December 31, 2015 and 2014, respectively. As of December 31, 2014 2015 2015 RMB RMB US$ Accounts receivable — 14,007,287 2,162,352 Investments 53,671,693 383,778,327 59,245,165 Maximum exposure to loss in non-consolidated VIEs 53,671,693 397,785,614 61,407,517

Net Income per Share (Tables)

Net Income per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Computation of Basic and Diluted Net Income per Share Attributable to Ordinary Shareholders	The following table sets forth the computation of basic and diluted net income per share attributable to ordinary shareholders: Years Ended December 31, 2013 2014 2015 2015 RMB RMB RMB US$ Net income attributable to ordinary shareholders—basic 315,927,738 446,552,851 535,824,084 82,716,985 Plus: interest expense for convertible notes — — 16,050,359 2,477,748 Net income attributable to ordinary shareholders—diluted 315,927,738 446,552,851 551,874,443 85,194,733 Weighted average number of ordinary shares outstanding—basic 27,480,150 27,873,501 28,085,521 28,085,521 Plus: share options 229,339 178,203 207,354 207,354 Plus: non-vested restricted shares 298,897 176,119 278,027 278,027 Plus: shares outstanding for convertible notes — — 1,575,074 1,575,074 Weighted average number of ordinary shares outstanding—diluted 28,008,386 28,227,823 30,145,976 30,145,976 Basic net income per share 11.50 16.02 19.08 2.95 Diluted net income per share 11.28 15.82 18.31 2.83
Antidilutive Securities Excluded from Computation of Earning Per Share	Diluted net income per share does not include the following instruments as their inclusion would be antidilutive: Years Ended December 31, 2013 2014 2015 Share options 20,000 304,045 343,750 Non-vested restricted shares 2,994 — — Total 22,994 304,045 343,750

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Investment	The following table summarizes the Group’s investment balances: As of December 31, 2014 2015 2015 RMB RMB US$ Short-term investments - Held-to-maturity investments - Fixed income products 46,134,060 25,240,000 3,896,385 Total held-to-maturity investments 46,134,060 25,240,000 3,896,385 - Available-for-sale investments - Fixed income products 89,084,685 496,565,847 76,656,557 - Other products 2,411,765 — — Total available-for-sale investments 91,496,450 496,565,847 76,656,557 - Other short-term investments — 38,268,052 5,907,569 Total short-term investments 137,630,510 560,073,899 86,460,511 Long-term investments - Held-to-maturity investments - Fixed income products 32,000,000 56,180,000 8,672,698 Total held-to-maturity investments 32,000,000 56,180,000 8,672,698 - Available-for-sale investments — 10,069,729 1,554,497 - Other long-term investments - Private equity funds products 15,440,000 78,390,404 12,101,393 - Other investments 13,805,229 107,141,812 16,539,846 Total other long-term investments 29,245,229 185,532,216 28,641,239 Total long-term investments 61,245,229 251,781,945 38,868,434 Total investments 198,875,739 811,855,844 125,328,945

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Measurements of Company's Assets and Liabilities that Measured at Fair Value on A Recurring Basis	As of December 31, 2014 and December 31, 2015, information about inputs into the fair value measurements of the Company’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows: Fair Value Measurements at Reporting Date Using Description As of December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) RMB RMB RMB RMB Short-term investment Available-for-sale investments 91,496,450 — 91,496,450 — Fair Value Measurements at Reporting Date Using Description As of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) RMB RMB RMB RMB Short-term investment Available-for-sale investments 496,565,847 — 496,565,847 — Long-term investment Available-for-sale investments 10,069,729 — 10,069,729 —
Fair Value Measurements of Long-term Financial Instruments	As of December 31, 2014 and 2015, information about inputs into the fair value measurements of the Company’s long-term financial instruments that are not reported at fair value on balance sheet is as following: As of December 31, 2014 Fair Value Measurements at Reporting Date Using Description Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) RMB RMB RMB RMB RMB Long-term investment – cost method investment: Investment in private equity funds products 15,440,000 21,532,065 — — 21,532,065 Investment in other investments 13,805,229 13,805,229 — — 13,805,229 Long-term investment – held-to-maturity: Investment in fixed income products 32,000,000 33,591,890 — 33,591,890 — As of December 31, 2015 Fair Value Measurements at Reporting Date Using Description Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) RMB RMB RMB RMB RMB Long-term investment – cost method investment: Investment in private equity funds products 78,390,404 78,235,701 — — 78,235,701 Investment in other investments 107,141,812 111,841,541 — — 111,841,541 Long-term investment – held-to-maturity: Investment in fixed income products 56,180,000 53,804,649 — 53,804,649 —

Investment in Affiliates (Table

Investment in Affiliates (Tables)	12 Months Ended
	Dec. 31, 2015
Investments in and Advances to Affiliates	The following table summarizes the Group’s balances of investment in affiliates: As of December 31, 2014 2015 2015 RMB RMB US$ Kunshan Jingzhao 9,866,531 11,068,436 1,708,672 Kunshan Vantone 4,733,539 5,424,558 837,407 Wanjia Win-Win 35,314,370 51,077,862 7,885,063 Wuhu Bona 837,600 885,264 136,661 Beijing Shengyi — 1,954,914 301,787 Funds that the Company serves as general partner 171,479,738 255,744,809 39,480,196 -Real estate funds and real estate funds of funds 35,353,199 46,924,414 7,243,881 -Private equity funds of funds 136,038,095 208,778,546 32,229,855 -Other fixed income funds of funds 88,444 41,849 6,460 Total investment in affiliates 222,231,778 326,155,843 50,349,786

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2015
Property and Equipment, Net	Property and equipment, net consists of the following: As of December 31, 2014 2015 2015 RMB RMB US$ Leasehold improvements 56,014,594 109,826,051 16,954,221 Furniture, fixtures and equipment 41,923,243 63,763,654 9,843,412 Motor vehicles 7,251,283 23,019,817 3,553,647 Software 26,957,361 39,034,783 6,025,932 132,146,481 235,644,305 36,377,212 Accumulated depreciation (50,305,395 ) (79,150,194 ) (12,218,684 ) 81,841,086 156,494,111 24,158,528 Construction in progress 10,313,142 39,981,138 6,172,024 Property and equipment, net 92,154,228 196,475,249 30,330,552

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Other Current Liabilities	Components of other current liabilities are as follows: As of December 31, 2014 2015 2015 RMB RMB US$ Accrued expenses 90,590,982 82,870,781 12,793,044 Advance from customers 7,816,400 19,587,242 3,023,749 Interest payable for convertible notes — 7,461,952 1,151,927 Other payables 36,015,699 32,661,326 5,042,042 Payable to individual investors of internet finance business — 143,234,477 22,111,593 Payable for purchases of property and equipment 9,238,840 13,391,314 2,067,263 Other tax payable 25,473,227 41,698,015 6,437,064 Total 169,135,148 340,905,107 52,626,682

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Tax Expense (Benefit)	The tax expense (benefit) comprises: Years Ended December 31, 2013 2014 2015 2015 RMB RMB RMB US$ Current Tax 100,460,629 173,388,429 136,698,765 21,102,652 Deferred Tax (378,763 ) (22,095,408 ) (6,813,018 ) (1,051,749 ) Total 100,081,866 151,293,021 129,885,747 20,050,903
Reconciliation Between Statutory Tax Rate to Income Before Income Taxes and Actual Provision for Income Taxes	Reconciliation between the statutory tax rate to income before income taxes and the actual provision for income taxes is as follows: Years Ended December 31, 2013 2014 2015 PRC income tax rate 25.00 % 25.00 % 25.00 % Expenses not deductible for tax purposes 0.29 % 0.38 % 0.00 % Effect of tax-free investment income (1.35 %) (0.62 %) (2.97 %) Effect of uncertain tax positions 0.25 % 0.17 % (1.75 %) Effect of different tax rate of subsidiary operation in other jurisdiction (0.60 %) (0.07 %) (0.70 %) Effect of deferred tax asset allowance (0.78 %) — 2.00 % Effect of tax holidays — (0.67 %) (1.28 %) Effect of others 1.10 % 0.96 % 0.16 % 23.91 % 25.15 % 20.46 %
Aggregate Amount and Per Share Effect of the Tax Holiday	The aggregate amount and per share effect of the Tax Holiday (including effect of timing difference reversed in the year with different rate) are as follows: Years Ended December 31, 2013 2014 2015 2015 RMB RMB RMB US$ Aggregate — 4,007,311 8,103,295 1,250,933 Per share effect-basic — 0.14 0.29 0.04 Per share effect-diluted — 0.14 0.27 0.04
Principal Components of Deferred Income Tax Asset and Liabilities	The principal components of the deferred income tax asset and liabilities are as follows: As of December 31, 2014 2015 2015 RMB RMB US$ Deferred tax assets: Accrued expenses 27,356,981 18,992,967 2,932,009 Tax loss carry forward 5,614,710 36,546,645 5,641,829 Unrealized other income 3,159,084 3,734,748 576,546 Others 1,363,185 358,881 55,402 Gross deferred tax assets 37,493,960 59,633,241 9,205,786 Valuation allowance — (12,665,420 ) (1,955,204 ) Net deferred tax assets 37,493,960 46,967,821 7,250,582 Analysis as: Current 23,456,121 3,104,253 479,214 Non-current 14,037,839 43,863,568 6,771,368 Deferred tax liabilities: Unrealized investment income 1,603,184 4,264,027 658,252 Total deferred tax liabilities 1,603,184 4,264,027 658,252 Analysis as: Current 1,603,184 4,264,027 658,252 Non-current — — —
Movement of Uncertain Tax Positions	The movement of the Group’s uncertain tax positions is summarized as follows: RMB US$ Unrecognized tax benefit—December 31, 2012 9,065,219 1,399,429 Gross increases—accrued interest in current period 925,803 142,919 Settlements — — Reverse due to lapse of statute of limitation — — Exchange rate translation — — Unrecognized tax benefit—December 31, 2013 9,991,022 1,542,348 Gross increases—accrued interest in current period 1,038,963 160,388 Settlements — — Reverse due to lapse of statute of limitations — — Exchange rate translation 97,712 15,084 Unrecognized tax benefit—December 31, 2014 11,127,697 1,717,820 Gross increases—accrued interest in current period — — Settlements — — Reverse due to lapse of statute of limitations (11,202,168 ) (1,729,317 ) Exchange rate translation 141,719 21,878 Unrecognized tax benefit—December 31, 2015 67,248 10,381

Loans Receivable, Net (Tables)

Loans Receivable, Net (Tables)	12 Months Ended
	Dec. 31, 2015
Loans Receivable, Net	Loans receivable as of December 31, 2014 and 2015 consist of the following: 2014 2015 2015 RMB RMB US$ Loans receivable: -Within credit term 44,180,000 133,444,399 20,600,266 -Past due — — — Total loans receivable 44,180,000 133,444,399 20,600,266 Allowance for loan losses (1,166,800 ) (1,334,502 ) (206,012 ) Loans receivable, net 43,013,200 132,109,897 20,394,254
Activity in Allowance for Loan Losses	The following table presents the activity in the allowance for loan losses as of and for the years ended December 31, 2014 and 2015. RMB US$ Loans receivable—December 31, 2013 939,500 145,034 Provisions 1,545,300 238,553 Reversal of allowance provided (1,318,000 ) (203,464 ) Charge-offs — — Loans receivable—December 31, 2014 1,166,800 180,123 Provisions 1,225,597 189,200 Reversal of allowance provided (1,057,895 ) (163,311 ) Charge-offs — — Loans receivable—December 31, 2015 1,334,502 206,012

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Share Based Compensation Expense by Type of Award	The following table presents the Company’s share-based compensation expense by type of award: Years Ended December 31, 2013 2014 2015 2015 RMB RMB RMB US$ Share options 1,265,555 9,043,829 33,912,040 5,235,117 Non-vested restricted shares 30,983,610 23,647,858 33,760,448 5,211,715 Total share-based compensation 32,249,165 32,691,687 67,672,488 10,446,832
Black Scholes Pricing Model Assumptions used to Estimate Fair Value of Options Granted	The Group uses the Black-Scholes pricing model and the following assumptions to estimate the fair value of the options granted or modified: 2013 2014 2015 Average risk-free rate of return 1.55 % 1.89 % 1.73 % Weighted average expected option life 5.6 years 6.0 years 6.1 years Estimated volatility 80.5 % 82.2 % 54.1 % Average dividend yield 1.90 % Nil Nil
Summary of Stock Option Activity	The following table summarizes option activity during the year ended December 31, 2015: Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value of Options RMB RMB Outstanding as of January 1, 2015 485,881 169.80 8.4 58,792,954 Granted 362,700 230.61 Exercised (49,887 ) 90.08 Forfeited (35,804 ) 191.41 Outstanding as of December 31, 2015 762,890 202.91 8.3 133,866,535 Vested and expected to vest as of December 31, 2015 651,661 202.91 8.3 114,348,794 Exercisable as of December 31, 2015 251,877 190.66 7.3 38,534,375
Summary of Non Vested Restricted Share Activity	A summary of non-vested restricted share activity during the year ended December 31, 2015 is presented below: Non-vested restricted shares Number of non-vested restricted shares Weighted-average grant-date fair value RMB Non-vested as of January 1, 2015 260,317 90.92 Granted 153,393 428.26 Vested (144,606 ) 172.60 Forfeited (20,078 ) 266.27 Non-vested as of December 31, 2015 249,026 237.14

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Information	Segment information of the Group’s business is as follow: Years Ended December 31, 2013 Wealth Management Business Assets Management Business Internet Finance Business Total RMB RMB RMB RMB Revenues: One-time commissions 354,830,728 1,293,159 — 356,123,887 Recurring service fees 174,739,550 27,697,918 — 202,437,468 Other service fees 30,313,155 736,778 — 31,049,933 Total third-party revenues 559,883,433 29,727,855 — 589,611,288 One-time commissions 125,548,102 2,660,980 — 128,209,082 Recurring service fees 230,196,201 110,561,436 — 340,757,637 Other service fees 1,172,129 4,870,216 — 6,042,345 Total related party revenues 356,916,432 118,092,632 — 475,009,064 Total revenues 916,799,865 147,820,487 — 1,064,620,352 Less: business taxes and related surcharges (50,609,500 ) (8,034,252 ) — (58,643,752 ) Net revenues 866,190,365 139,786,235 — 1,005,976,600 Operating cost and expenses: Compensation and benefits Relationship Manager Compensation (204,834,897 ) (459,927 ) — (205,294,824 ) Performance Fee Compensation — — — — Other Compensation (191,112,438 ) (52,330,115 ) — (243,442,553 ) Total compensation and benefits (395,947,335 ) (52,790,042 ) — (448,737,377 ) Selling expenses (92,757,997 ) (9,440,337 ) — (102,198,334 ) General and administrative expenses (85,194,993 ) (24,825,651 ) — (110,020,644 ) Other operating expenses (5,200,569 ) (244,816 ) — (5,445,385 ) Government subsidies 30,644,119 2,000,001 — 32,644,120 Total operating cost and expenses (548,456,775 ) (85,300,845 ) — (633,757,620 ) Income from operations 317,733,590 54,485,390 — 372,218,980 Years Ended December 31, 2014 Wealth Management Business Assets Management Business Internet Finance Business Total RMB RMB RMB RMB Revenues: One-time commissions 423,218,934 — — 423,218,934 Recurring service fees 243,619,600 76,313,477 — 319,933,077 Performance-based income 7,952,243 16,680,481 — 24,632,724 Other service fees 13,246,685 — 16,732,441 29,979,126 Total third-party revenues 688,037,462 92,993,958 16,732,441 797,763,861 One-time commissions 180,943,785 — — 180,943,785 Recurring service fees 342,603,359 217,438,078 30,326 560,071,763 Performance-based income 2,444,365 73,897,688 76,342,053 Other service fees 75,050 1,105,055 856,695 2,036,800 Total related party revenues 526,066,559 292,440,821 887,021 819,394,401 Total revenues 1,214,104,021 385,434,779 17,619,462 1,617,158,262 Less: business taxes and related surcharges (68,598,144 ) (19,319,443 ) (755,784 ) (88,673,371 ) Net revenues 1,145,505,877 366,115,336 16,863,678 1,528,484,891 Operating cost and expenses: Compensation and benefits Relationship Manager Compensation (319,572,173 ) (235,762 ) (2,244,639 ) (322,052,574 ) Performance Fee Compensation — (22,034,438 ) — (22,034,438 ) Other Compensation (214,841,520 ) (124,968,021 ) (53,563,785 ) (393,373,326 ) Total compensation and benefits (534,413,693 ) (147,238,221 ) (55,808,424 ) (737,460,338 ) Selling expenses (135,282,336 ) (9,756,483 ) (2,226,991 ) (147,265,810 ) General and administrative expenses (74,673,516 ) (60,090,462 ) (16,862,300 ) (151,626,278 ) Other operating expenses (23,641,595 ) (1,674,417 ) (4,645,818 ) (29,961,830 ) Government subsidies 67,303,362 23,601,038 27,062 90,931,462 Total operating cost and expenses (700,707,778 ) (195,158,545 ) (79,516,471 ) (975,382,794 ) Income (loss) from operations 444,798,099 170,956,791 (62,652,793 ) 553,102,097 Years Ended December 31, 2015 Wealth Management Business Assets Management Business Internet Finance Business Total RMB RMB RMB RMB Revenues: One-time commissions 390,668,384 520,001 — 391,188,385 Recurring service fees 334,983,117 66,309,348 — 401,292,465 Performance-based income 141,773,493 52,165,537 — 193,939,030 Other service fees 69,447,545 512,475 58,330,241 128,290,261 Total third-party revenues 936,872,539 119,507,361 58,330,241 1,114,710,141 One-time commissions 424,354,473 4,333,018 — 428,687,491 Recurring service fees 324,182,643 310,730,732 — 634,913,375 Performance –based income — 53,825,293 — 53,825,293 Other service fees 393,683 — 166,123 559,806 Total related party revenues 748,930,799 368,889,043 166,123 1,117,985,965 Total revenues 1,685,803,338 488,396,404 58,496,364 2,232,696,106 Less: business taxes and related surcharges (88,285,200 ) (23,408,513 ) (1,074,552 ) (112,768,265 ) Net revenues 1,597,518,138 464,987,891 57,421,812 2,119,927,841 Operating cost and expenses: Compensation and benefits Relationship Manager Compensation (507,400,087 ) (8,044,612 ) (9,185,024 ) (524,629,723 ) Performance Fee Compensation — (24,786,763 ) — (24,786,763 ) Other Compensation (348,504,061 ) (150,661,189 ) (115,910,643 ) (615,075,893 ) Total compensation and benefits (855,904,148 ) (183,492,564 ) (125,095,667 ) (1,164,492,379 ) Selling expenses (219,286,283 ) (17,278,343 ) (27,250,783 ) (263,815,409 ) General and administrative expenses (78,850,681 ) (53,554,038 ) (38,524,794 ) (170,929,513 ) Other operating expenses (53,374,913 ) (19,411,331 ) (21,838,060 ) (94,624,304 ) Government subsidies 75,960,496 56,304,348 444,868 132,709,712 Total operating cost and expenses (1,131,455,529 ) (217,431,928 ) (212,264,436 ) (1,561,151,893 ) Income (loss) from operations 466,062,609 247,555,963 (154,842,624 ) 558,775,948

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions	During the years ended December 31, 2014 and 2015, related party transactions were as follows: Years Ended December 31 2013 2014 2015 2015 RMB RMB RMB US$ One-time commissions Investee funds of Shanghai Gopher Asset Management Co., Ltd. — 57,167,835 1,601,930 247,295 Investee funds of Gopher Asset Management Co., Ltd. 13,299,341 31,431,057 87,103,829 13,446,514 Investee funds of Gopher Capital GP Ltd., a subsidiary 123,057 21,610,352 163,062,723 25,172,548 Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd. — 16,899,267 90,178,715 13,921,195 Wanjia Win-Win Assets Management Co., Ltd. 2,663,789 13,728,697 126,706 19,560 Investee funds of Wuhu Gopher Asset Management Co., Ltd. 34,269,034 13,383,558 20,569,000 3,175,306 Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a subsidiary of the VIE of the Company 21,463,427 6,828,836 65,958,819 10,182,287 Investee funds of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a subsidiary of the VIE of the Company — 3,594,621 — — Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership) 806,868 3,169,064 — — Sequoia Capital Investment Management (Tianjin) Co., Ltd. 787,189 2,971,000 — — Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a subsidiary of the VIE of the Company 31,237,016 2,637,579 — — Shareholder transactions 134,757 2,639,607 85,769 13,240 Investee funds of Tianjin Gopher Asset Management Co., Ltd. 196,796 2,487,443 — — Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. 4,414,171 1,531,599 — — Gopher RE Credit Fund SP — 764,235 — — Shaoxing Sequoia Huiyuan Capital Investment Fund (Limited Partnership) 2,212,551 99,035 — — Wuhu Bona Film Investment Management Co., Ltd. 6,381,384 — — — Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a subsidiary of the VIE of the Company 4,965,828 — — — Gopher investment Fund SPC 4,682,011 — — — Financial products invested by the Group and affiliates 571,863 — — — Total one-time commissions 128,209,082 180,943,785 428,687,491 66,177,945 Recurring services fee Investee funds of Gopher Asset Management Co., Ltd. 72,604,418 97,310,324 109,191,795 16,856,308 Wanjia Win-Win Assets Management Co., Ltd. 30,986,074 94,493,711 44,791,972 6,914,689 Investee funds of Wuhu Gopher Asset Management Co., Ltd. 65,475,519 79,651,065 51,807,324 7,997,673 Investee funds of Shanghai Gopher Asset Management Co., Ltd. — 71,238,249 17,368,889 2,681,295 Sequoia Capital Investment Management (Tianjin) Co., Ltd. 51,474,946 52,667,224 47,850,038 7,386,773 Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a subsidiary of the VIE of the Company 19,345,143 37,336,074 3,774,933 582,749 Investee funds of Gopher Capital GP Ltd., a subsidiary 208,739 31,373,962 116,225,782 17,942,169 Investee funds of Tianjin Gopher Asset Management Co., Ltd. 23,800,023 25,155,045 25,043,197 3,866,003 Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a subsidiary of the VIE of the Company 29,991,962 20,343,486 148,421,108 22,912,270 Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. 16,833,840 15,728,463 7,824,920 1,207,959 Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a subsidiary of the VIE of the Company 17,760,082 10,327,189 2,682,159 414,054 Wuhu Bona Film Investment Management Co., Ltd. 2,032,921 7,040,886 8,842,927 1,365,113 Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership) — 5,587,347 — — Beijing Sequoia Heyuan Capital Investment Fund (Limited Partnership) — 5,238,138 — — Investee funds of Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd., a subsidiary of the VIE of the Company — 4,920,036 4,498,656 694,473 Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd. — 1,136,429 38,343,622 5,919,235 Shareholder transactions — 366,544 4,826,147 745,029 Investee funds of Noah Holdings (Hong Kong) Limited — 155,662 — — Financial products invested by the Group and affiliates 7,000,585 1,929 2,986,134 460,980 Gopher investment Fund SPC 3,243,385 — — — Investee funds of Kunming Gopher Asset Management Co., Ltd., a subsidiary of the VIE of the Company — — 433,772 66,963 Total recurring services fee 340,757,637 560,071,763 634,913,375 98,013,735 Performance-based income Financial products invested by the Group and affiliates — — 1,066 165 Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd. — 57,659 23,084,622 3,563,651 Investee funds of Gopher Capital GP Ltd., a subsidiary — — — — Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a subsidiary of the VIE of the Company — — 10,700,504 1,651,873 Investee funds of Gopher Asset Management Co., Ltd. — 65,100,808 — — Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a subsidiary of the VIE of the Company — 7,044,583 5,690,366 878,441 Investee funds of Wuhu Gopher Asset Management Co., Ltd. — — 14,348,735 2,215,063 Shareholder transactions — — — — Wanjia Win-Win Assets Management Co., Ltd. — 4,139,003 — — Total performance-based income — 76,342,053 53,825,293 8,309,193 Other service fee Investee funds of Gopher Asset Management Co., Ltd. — 961,173 — — Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a subsidiary of the VIE of the Company 3,462,323 89,443 — — Wanjia Win-Win Assets Management Co., Ltd. 507,362 573,540 — — Investee funds of Shanghai Gopher Asset Management Co., Ltd. — 303,005 — — Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd. — 12,678 — — Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a subsidiary of the VIE of the Company — 63,679 — — Shareholder transactions — 15,825 530,547 81,902 Yiwu Xinguang Equity Investment Fund Management Co., Ltd. — 9,367 — — Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. — 8,090 — — Investee funds of Wuhu Gopher Asset Management Co., Ltd. 2,072,660 — — — Financial products invested by the Group and affiliates — — 24,049 3,713 Investee funds of Gopher Capital GP Ltd., a subsidiary — — 5,210 804 Total other service fee 6,042,345 2,036,800 559,806 86,419 Total 475,009,064 819,394,401 1,117,985,965 172,587,292
Amounts Due from Related Parties	As of December 31, 2014 and 2015, amounts due from related parties associated with the above transactions were comprised of the following: As of December 31, 2014 2015 2015 RMB RMB US$ Wanjia Win-Win Assets Management Co., Ltd. 51,686,918 30,687,837 4,737,386 Investee funds of Wuhu Gopher Asset Management Co., Ltd. 23,154,736 18,428,721 2,844,904 Investee funds of Gopher Capital GP Ltd., a subsidiary 21,936,258 50,617,764 7,814,036 Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. 20,253,899 20,322,711 3,137,286 Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a subsidiary of the VIE of the Company 13,926,473 33,423,362 5,159,678 Investee funds of Gopher Asset Management Co., Ltd. 9,270,051 61,364,006 9,472,970 Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a subsidiary of the VIE of the Company 6,541,938 935,529 144,421 Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd. 1,084,967 9,629,670 1,486,565 Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a subsidiary of the VIE of the Company 6,558 76,647 11,832 Investee funds of Shanghai Nuobang Asset Management Co., Ltd., a subsidiary of the VIE of the Company 1,737 — — Yiwu Xinguang Equity Investment Fund Management Co., Ltd. 45,009,248 — — Investee funds of Tianjin Asset Investment Management Co., Ltd. 608 — — Investee funds of Wuhu Gopher Yintai Investment Management Co., Ltd., a subsidiary of the VIE of the Company — 22,657 3,498 Investee funds of Tianjin Gopher Asset Management Co., Ltd. — 1,473,097 227,407 Investee funds of Kunming Gopher Asset Management Co., Ltd., a subsidiary of the VIE of the Company — 50,202 7,750 Investee funds of Shanghai Gopher Asset Management Co., Ltd. — 209,830 32,392 Wuhu Bona Film Investment Management Co., Ltd. — 1,180,268 182,202 Shareholder transactions — 9,813,967 1,515,015 Total 192,873,391 238,236,268 36,777,342
Deferred Revenues Related to Recurring Management Fee Received in Advance from Related Parties	As of December 31, 2014 and 2015, deferred revenues related to the recurring management fee received in advance from related parties were comprised of the following: As of December 31, 2014 2015 2015 RMB RMB US$ Investee funds of Shanghai Gopher Languang Investment Management Co., Ltd., a subsidiary of the VIE of the Company 32,386,037 10,911,322 1,684,418 Investee funds of Wuhu Gopher Asset Management Co., Ltd. 17,982,070 28,000 4,323 Wanjia Win-Win Assets Management Co., Ltd. 16,378,817 69,956 10,799 Investee funds of Gopher Asset Management Co., Ltd. 4,190,818 12,871,000 1,986,940 Investee funds of Hangzhou Vanke Investment Management Co., Ltd., a subsidiary of the VIE of the Company 3,492,159 140,676 21,717 Investee funds of Kunshan Jingzhao Equity Investment Management Co., Ltd. 4,016,706 7,338 1,133 Fund Managed by Gopher Nuobao (Shanghai) Asset Management Co., Ltd. 2,392,147 5,247,490 810,073 Investee funds of Chongqing Gopher Longxin Equity Investment Management Co., Ltd., a subsidiary of the VIE of the Company 2,108,805 36,472 5,630 Investee funds of Gopher Capital GP Ltd., a subsidiary 844,235 2,669,774 412,142 Sequoia Capital Investment Management (Tianjin) Co., Ltd. — — — Investee funds of Shanghai Gopher Asset Management Co., Ltd. — 28,000 4,322 Total 83,791,794 32,010,028 4,941,497
Schedule of Purchase Price Allocation	Shanghai Yafu Investment Consulting Co., Ltd., (“Shanghai Yafu”) an investment vehicle of Noah’s employees, acquired 10% of equity interests in four subsidiaries of the Group upon formation of the entities in 2014. The subsidiaries invested and the respective purchase price is listed as below. In 2015, the capital injection of Beijing Sequoia Mingde Capital Investment Fund (Limited Partnership), an affiliate of Sequoia Capital China, into Shanghai Noah Yijie Finance Technology Co., Ltd. diluted the shares from 10.00% to 8.55%. Company Name RMB US$ 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

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2015
Future Minimum Lease Payments Under Non Cancelable Operating Lease Agreements	Future minimum lease payments under non-cancelable operating lease agreements as of December 31, 2015 were as follows: Years Ended December 31 RMB US$ 2016 65,743,756 10,149,087 2017 51,573,418 7,961,564 2018 40,280,681 6,218,266 2019 28,462,131 4,393,796 2020 and after 100,185,181 15,465,926 Total 286,245,167 44,188,639

Summary of Subsidiaries (Detail

Summary of Subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2015
Shanghai Noah Rongyao Investment Consulting Co., Ltd.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Aug. 24, 2007
Place of Incorporation	PRC
Percentage of Ownership	100.00%
Shanghai Noah Financial Services Co., Ltd.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Apr. 18, 2008
Place of Incorporation	PRC
Percentage of Ownership	100.00%
Kunshan Noah Xingguan Investment Management Co., Ltd.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Aug. 12, 2011
Place of Incorporation	PRC
Percentage of Ownership	100.00%
Noah Holdings (Hong Kong) Limited
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Sep. 1, 2011
Place of Incorporation	Hong Kong
Percentage of Ownership	100.00%
Shanghai Rongyao Information Technology Co., Ltd.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Mar. 2, 2012
Place of Incorporation	PRC
Percentage of Ownership	100.00%
Zigong Noah Financial Service Co., Ltd.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Oct. 22, 2012
Place of Incorporation	PRC
Percentage of Ownership	100.00%
Noah Financial Express (Wuhu) Microfinance Co., Ltd.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Aug. 13, 2013
Place of Incorporation	PRC
Percentage of Ownership	100.00%
Noah Group Honest Asia Limited
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Mar. 8, 2014
Place of Incorporation	Hong Kong
Percentage of Ownership	100.00%
Shanghai Noah Yijie Finance Technology Co., Ltd.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Mar. 17, 2014
Place of Incorporation	PRC
Percentage of Ownership	90.00%
Noah Commercial Factoring Co., Ltd.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Apr. 1, 2014
Place of Incorporation	PRC
Percentage of Ownership	100.00%
Noah (Shanghai) Financial Leasing Co., Ltd
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Dec. 20, 2014
Place of Incorporation	PRC
Percentage of Ownership	100.00%
Noah Holdings International Limited
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jan. 7, 2015
Place of Incorporation	Hong Kong
Percentage of Ownership	100.00%

Noah Investments Subsidiaries (

Noah Investments Subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2015
Gopher Asset Management Co., Ltd.
Variable Interest Entity [Line Items]
Date of Incorporation	Feb. 9, 2012
Place of Incorporation	PRC
Percentage of Ownership	100.00%
Shanghai Noah Investment Management Co., Ltd.
Variable Interest Entity [Line Items]
Date of Incorporation	Aug. 26, 2005
Place of Incorporation	PRC
Percentage of Ownership	100.00%
Noah Upright (Shanghai) Fund Investment Consulting Co., Ltd.
Variable Interest Entity [Line Items]
Date of Incorporation	Sep. 29, 2007
Place of Incorporation	PRC
Percentage of Ownership	100.00%
Shanghai Noah Rongyao Insurance Broker Co., Ltd.
Variable Interest Entity [Line Items]
Date of Incorporation	Sep. 24, 2008
Place of Incorporation	PRC
Percentage of Ownership	100.00%
Tianjin Gopher Asset Management Co., Ltd.
Variable Interest Entity [Line Items]
Date of Incorporation	Mar. 18, 2010
Place of Incorporation	PRC
Percentage of Ownership	100.00%
Wuhu Gopher Asset Management Co., Ltd.
Variable Interest Entity [Line Items]
Date of Incorporation	Oct. 10, 2012
Place of Incorporation	PRC
Percentage of Ownership	100.00%
Shanghai Gopher Asset Management Co., Ltd.
Variable Interest Entity [Line Items]
Date of Incorporation	Dec. 14, 2012
Place of Incorporation	PRC
Percentage of Ownership	100.00%
Zhejiang Vanke Noah Assets Management Co., Ltd.
Variable Interest Entity [Line Items]
Date of Incorporation	Mar. 22, 2013
Place of Incorporation	PRC
Percentage of Ownership	51.00%
Gopher- Nuobao (Shanghai) Asset Management Co., Ltd.
Variable Interest Entity [Line Items]
Date of Incorporation	Apr. 10, 2013
Place of Incorporation	PRC
Percentage of Ownership	100.00%

Organization and Principal Ac45

Organization and Principal Activities - Additional Information (Detail)	Dec. 31, 2015
Tianjin Gopher Asset Management Co., Ltd.
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Equity interest sold to Gopher Asset	100.00%

Summary of Principal Accounti46

Summary of Principal Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)	Dec. 31, 2013CNY (¥)	Dec. 31, 2015CNY (¥)
Significant Accounting Policies [Line Items]
Interest-free loans extended to VIE founders	$ 3,600,000				¥ 27,000,000
Interest-free loans agreements expiry date	2023-12	2023-12
Non-controlling interests	$ 13,138,847		¥ 88,924,758		85,110,820
Net income (loss) attributable to non-controlling interests	(1,470,057)	¥ (9,522,737)	17,333,060	¥ 9,821,510
Total third-party revenues	172,081,593	1,114,710,141	797,763,861	589,611,288
Government subsidies	$ 20,486,849	¥ 132,709,712	90,931,462	32,644,120
Cumulative foreign currency translation adjustment			(59,113,814)	(92,590,766)	¥ 41,710,024
Foreign currency exchange rate, translation	6.4778				6.4778
Loans charge off period	120 days	120 days
Other Service
Significant Accounting Policies [Line Items]
Total third-party revenues	$ 19,804,604	¥ 128,290,261	29,979,126	31,049,933
Special Mention
Significant Accounting Policies [Line Items]
Loan loss provision rate	2.00%				2.00%
Substandard
Significant Accounting Policies [Line Items]
Loan loss provision rate	25.00%				25.00%
Doubtful
Significant Accounting Policies [Line Items]
Loan loss provision rate	50.00%				50.00%
Loss
Significant Accounting Policies [Line Items]
Loan loss provision rate	100.00%				100.00%
Short-term Loans
Significant Accounting Policies [Line Items]
Other service fees as percentage of total net revenue	0.51%	0.51%
Internet Finance Business
Significant Accounting Policies [Line Items]
Other service fees as percentage of total net revenue	2.87%	2.87%
Internet Finance Business | Other Service
Significant Accounting Policies [Line Items]
Total third-party revenues		¥ 12,000,000,000	1,400,000,000
Insurance Brokerage Business And Other Businesses [Member]
Significant Accounting Policies [Line Items]
Other service fees as percentage of total net revenue	1.17%	1.17%
Other Businesses
Significant Accounting Policies [Line Items]
Other service fees as percentage of total net revenue	1.22%	1.22%
Variable Interest Entity, Primary Beneficiary
Significant Accounting Policies [Line Items]
Total third-party revenues	$ 77,526,604	¥ 502,201,837	216,785,764	71,911,306
Variable Interest Entity, Primary Beneficiary | Other Service
Significant Accounting Policies [Line Items]
Total third-party revenues	$ 1,484,464	¥ 9,616,062	¥ 1,346,667	¥ 27,526,720
Variable Interest Entity, Primary Beneficiary | Credit Concentration Risk | Net Revenue
Significant Accounting Policies [Line Items]
Concentration risk, percentage	45.90%	45.90%	37.10%	21.10%
Variable Interest Entity, Primary Beneficiary | Credit Concentration Risk | Net Income (Loss)
Significant Accounting Policies [Line Items]
Concentration risk, percentage	62.20%	62.20%	67.00%	36.30%
Variable Interest Entity, Primary Beneficiary | Credit Concentration Risk | Total Assets
Significant Accounting Policies [Line Items]
Concentration risk, percentage	35.40%	35.40%	34.00%
Minimum
Significant Accounting Policies [Line Items]
Ownership percentage in affiliate to represent influence	20.00%	20.00%
General reserve percentage of total loan receivable balance	1.00%				1.00%
Minimum | CHINA
Significant Accounting Policies [Line Items]
Business tax and related surcharges	5.35%	5.35%
Maximum | CHINA
Significant Accounting Policies [Line Items]
Business tax and related surcharges	5.70%	5.70%

Amounts in Noah Investment and

Amounts in Noah Investment and its Subsidiaries Included in Consolidated Financial Statements (Detail)		12 Months Ended
		Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)	Dec. 31, 2013CNY (¥)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014USD ($)	Dec. 31, 2014CNY (¥)	Dec. 31, 2012CNY (¥)
Variable Interest Entity [Line Items]
Cash and cash equivalents		$ 329,266,676			¥ 1,187,211,176	¥ 2,132,923,674	$ 270,185,081	¥ 1,750,204,915	¥ 744,877,933
Restricted cash		154,373				1,000,000		1,000,000
Short-term investments		86,460,511				560,073,899		137,630,510
Accounts receivable, net of allowance for doubtful accounts		18,887,074				122,346,687		68,069,273
Amounts due from related parties		36,777,342				238,236,268		192,873,391
Deferred tax assets		0				0		21,852,937
Other current assets		11,599,874				75,141,655		58,510,220
Long-term investments		38,868,434				251,781,945		61,245,229
Property and equipment, net		30,330,552				196,475,249		92,154,228
Other non-current assets		2,606,708				16,885,730		11,979,918
Total assets		632,466,952				4,096,994,415		2,674,803,438
Accrued payroll and welfare expenses		76,366,789				494,688,785		320,462,551
Income tax payable		9,517,271				61,650,980		55,446,726
Deferred revenue		10,563,113				68,425,735		97,709,941
Other current liabilities		52,626,682				340,905,107		169,135,148
Non-current uncertain tax position liabilities		10,381				67,248		11,127,697
Other non-current liabilities		12,022,019				77,876,237		31,049,562
Total liabilities		241,285,293				1,562,997,866		734,931,625
Revenue:
Third-party revenues		172,081,593	¥ 1,114,710,141	¥ 797,763,861	589,611,288
Related party revenues		172,587,292	1,117,985,965	819,394,401	475,009,064
Total revenues		344,668,885	2,232,696,106	1,617,158,262	1,064,620,352
Less: business taxes and related surcharges		(17,408,420)	(112,768,265)	(88,673,371)	(58,643,752)
Net revenues		327,260,465	2,119,927,841	1,528,484,891	1,005,976,600
Other income		11,741,390	76,058,379	48,492,970	46,321,334
Net income		82,716,985	535,824,084	446,552,851	315,927,738
Cash flows provided by operating activities		104,222,475	675,132,348	589,637,901	573,905,135
Cash flows used in investing activities		(117,240,761)	(759,462,206)	(93,518,339)	(103,954,326)
Cash flows provided by financing activities		71,439,632	462,771,650	60,448,133	(19,449,301)
One Time Commissions
Revenue:
Third-party revenues		60,389,080	391,188,385	423,218,934	356,123,887
Related party revenues		66,177,945	428,687,491	180,943,785	128,209,082
Recurring Service Fees
Revenue:
Third-party revenues		61,948,882	401,292,465	319,933,077	202,437,468
Related party revenues		98,013,735	634,913,375	560,071,763	340,757,637
Performance Based Income
Revenue:
Third-party revenues		29,939,027	193,939,030	24,632,724	0
Related party revenues		8,309,193	53,825,293	76,342,053	0
Other Service
Revenue:
Third-party revenues		19,804,604	128,290,261	29,979,126	31,049,933
Related party revenues		86,419	559,806	2,036,800	6,042,345
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents		90,338,002				585,191,507		473,114,220
Restricted cash		154,373				1,000,000		1,000,000
Short-term investments		25,870,383				167,583,165		38,771,063
Accounts receivable, net of allowance for doubtful accounts		8,137,851				52,715,369		23,424,971
Amounts due from related parties		20,887,175				135,302,942		80,585,481
Deferred tax assets		4,024,700				26,071,201		11,428,104
Other current assets		3,614,013				23,410,853		8,923,196
Long-term investments		17,504,462				113,390,404		3,000,000
Investment in affiliates		46,038,718				298,229,612		246,092,522
Property and equipment, net		6,199,801				40,161,068		22,508,520
Other non-current assets		866,224				5,611,229		1,130,863
Total assets		223,635,702				1,448,667,350		909,978,940
Accrued payroll and welfare expenses		28,047,357				181,685,160		68,617,341
Income tax payable		8,639,712				55,966,327		28,035,249
Amounts due to the Group's subsidiaries		24,956,969				161,666,257		169,322,299
Deferred revenue		4,480,197				29,021,820		37,883,923
Other current liabilities		11,736,449				76,026,370		27,770,537
Non-current uncertain tax position liabilities		10,381				67,248		¥ 6,323,573
Other non-current liabilities		6,118,598				39,635,057
Total liabilities		83,989,663				¥ 544,068,239		¥ 337,952,922
Revenue:
Third-party revenues		77,526,604	502,201,837	216,785,764	71,911,306
Related party revenues		81,470,269	527,748,108	383,647,533	153,272,246
Total revenues		158,996,873	1,029,949,945	600,433,297	225,183,552
Less: business taxes and related surcharges		(8,909,485)	(57,713,861)	(33,672,899)	(12,531,784)
Net revenues		150,087,388	972,236,084	566,760,398	212,651,768
Operating cost and expenses		(96,412,583)	(624,541,431)	(183,003,728)	(84,843,623)
Other income		6,038,364	39,115,317	11,888,078	15,361,268
Net income		50,572,369	327,597,694	310,817,616	118,101,044
Cash flows provided by operating activities	[1]	62,134,104	402,492,302	250,372,200	251,133,785
Cash flows used in investing activities		(45,339,006)	(293,697,015)	(53,726,568)	(95,707,011)
Cash flows provided by financing activities		506,653	3,282,000	1,365,117	37,930,172
Variable Interest Entity, Primary Beneficiary | One Time Commissions
Revenue:
Third-party revenues		22,434,351	145,325,240	80,516,730	7,172,187
Related party revenues		18,980,177	122,949,788	21,471,381	2,849,181
Variable Interest Entity, Primary Beneficiary | Recurring Service Fees
Revenue:
Third-party revenues		27,986,139	181,288,609	111,927,921	37,212,399
Related party revenues		53,856,270	348,870,146	285,753,554	144,771,936
Variable Interest Entity, Primary Beneficiary | Performance Based Income
Revenue:
Third-party revenues		25,621,650	165,971,926	22,994,446
Related party revenues		8,309,193	53,825,292	75,204,704
Variable Interest Entity, Primary Beneficiary | Other Service
Revenue:
Third-party revenues		1,484,464	9,616,062	1,346,667	27,526,720
Related party revenues		324,629	2,102,882	1,217,894	5,651,129
Variable Interest Entity, Primary Beneficiary | Noah Holdings Limited
Revenue:
Net income		$ 50,358,049	¥ 326,209,370	¥ 292,244,283	¥ 108,261,911
[1]	Cash flows provided by operating activities in 2013, 2014 and 2015 include amounts due to the Group's subsidiaries of RMB209,824,414, RMB169,322,299 and RMB161,666,257 (US$24,956,969).

Amounts in Noah Investment an48

Amounts in Noah Investment and its Subsidiaries Included in Consolidated Financial Statements (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)	Dec. 31, 2013CNY (¥)
Variable Interest Entity [Line Items]
Increase in amounts due to the Group's subsidiaries	$ 24,956,969	¥ 161,666,257	¥ 169,322,299	¥ 209,824,414

Estimated Useful Lives of Prope

Estimated Useful Lives of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2015
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	Shorter of the lease term or expected useful life
Furniture, fixtures, and equipment | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Furniture, fixtures, and equipment | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Motor Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Software | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	2 years
Software | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years

Summary of Maximum Exposure to

Summary of Maximum Exposure to Loss Associated with Identified Nonconsolidated VIEs (Detail)	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)
Variable Interest Entity [Line Items]
Maximum exposure to loss in non-consolidated VIEs	$ 61,407,517	¥ 397,785,614	¥ 53,671,693
Accounts Receivable
Variable Interest Entity [Line Items]
Maximum exposure to loss in non-consolidated VIEs	2,162,352	14,007,287
Investments
Variable Interest Entity [Line Items]
Maximum exposure to loss in non-consolidated VIEs	$ 59,245,165	¥ 383,778,327	¥ 53,671,693

Computation of Basic and Dilute

Computation of Basic and Diluted Net Income per Share Attributable to Ordinary Shareholders (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2015CNY (¥)¥ / sharesshares	Dec. 31, 2014CNY (¥)¥ / sharesshares	Dec. 31, 2013CNY (¥)¥ / sharesshares
Computation of Earnings Per Share [Line Items]
Net income attributable to ordinary shareholders-basic	$ 82,716,985	¥ 535,824,084	¥ 446,552,851	¥ 315,927,738
Plus: interest expense for convertible notes	2,477,748	16,050,359
Net income attributable to ordinary shareholders-diluted	$ 85,194,733	¥ 551,874,443	¥ 446,552,851	¥ 315,927,738
Weighted average number of ordinary shares outstanding-basic	28,085,521	28,085,521	27,873,501	27,480,150
Plus: shares outstanding for convertible notes	1,575,074	1,575,074
Weighted average number of ordinary shares outstanding-diluted	30,145,976	30,145,976	28,227,823	28,008,386
Basic net income per share | (per share)	$ 2.95	¥ 19.08	¥ 16.02	¥ 11.50
Diluted net income per share | (per share)	$ 2.83	¥ 18.31	¥ 15.82	¥ 11.28
Stock Options
Computation of Earnings Per Share [Line Items]
Additional shares included in the calculation of diluted EPS	207,354	207,354	178,203	229,339
Restricted Stock
Computation of Earnings Per Share [Line Items]
Additional shares included in the calculation of diluted EPS	278,027	278,027	176,119	298,897

Antidilutive Securities Exclude

Antidilutive Securities Excluded from Computation of Earning Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	343,750	304,045	22,994
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	343,750	304,045	20,000
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share			2,994

Investment (Detail)

Investment (Detail)	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)
Short-term investments
Held-to-maturity investments	$ 3,896,385	¥ 25,240,000	¥ 46,134,060
Available for sale investments	76,656,557	496,565,847	91,496,450
- Other short-term investments	5,907,569	38,268,052
Total short-term investments	86,460,511	560,073,899	137,630,510
Long-term investments
Held-to-maturity investments	8,672,698	56,180,000	¥ 32,000,000
- Available-for-sale investments	1,554,497	10,069,729
Other long-term investments	28,641,239	185,532,216	¥ 29,245,229
Total long-term investments	38,868,434	251,781,945	61,245,229
Total investments	125,328,945	811,855,844	198,875,739
Fixed Income Products
Short-term investments
Held-to-maturity investments	3,896,385	25,240,000	46,134,060
Available for sale investments	76,656,557	496,565,847	89,084,685
Long-term investments
Held-to-maturity investments	8,672,698	56,180,000	32,000,000
Other Products
Short-term investments
Available for sale investments			2,411,765
Private Equity Funds Products
Long-term investments
Other long-term investments	12,101,393	78,390,404	15,440,000
Other Investments
Long-term investments
Other long-term investments	$ 16,539,846	¥ 107,141,812	¥ 13,805,229

Investments - Additional Inform

Investments - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)	Dec. 31, 2013CNY (¥)	Dec. 31, 2015CNY (¥)
Schedule of Held-to-maturity Securities [Line Items]
Investment income	$ 6,128,437	¥ 39,698,790	¥ 38,901,980	¥ 20,272,408
Held-to-maturity investments, long-term	8,672,698		32,000,000		¥ 56,180,000
Other comprehensive income-change in fair value of available-for-sale investments		44,166,013	5,164,535
Other comprehensive income-realized gains reclassified from other comprehensive income to "investment income"		43,447,599	2,544,184
Other comprehensive income-net unrealized gains on the available-for-sale investments	$ 110,904	718,414	2,620,351
Amortized cost of the available-for-sale investments			88,876,099		495,847,433
Held-to-maturity investments
Schedule of Held-to-maturity Securities [Line Items]
Investment income		¥ 4,856,760	12,496,501	15,444,586
Held to maturity investment, gross unrecognized holding gain			¥ 1,591,890	¥ 1,774,551
Held to maturity investment, gross unrecognized holding Loss					2,375,351
Held-to-maturity investments | Debt Securities of Certain Real Estate Funds
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities					46,180,000
Held-to-maturity securities, 2017
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity investments, long-term					46,180,000
Held-to-maturity securities, 2019
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity investments, long-term					¥ 10,000,000
PPDAI Group Inc. | Series B Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Payment to acquire investment			¥ 14,413,099
Percentage of investee's issued share capital			2.62%

Fair Value Measurements of Comp

Fair Value Measurements of Company's Assets and Liabilities that Measured at Fair Value on A Recurring Basis (Detail)	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)
Long-term investment
Available-for-sale investments	$ 1,554,497	¥ 10,069,729
Recurring Basis
Short-term investment
Available-for-sale investments		496,565,847	¥ 91,496,450
Long-term investment
Available-for-sale investments		10,069,729
Recurring Basis | Significant Other Observable Inputs (Level 2)
Short-term investment
Available-for-sale investments		496,565,847	¥ 91,496,450
Long-term investment
Available-for-sale investments		¥ 10,069,729

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets reported at fair value on a non-recurring basis	$ 0	$ 0
Liabilities reported at fair value on a non-recurring basis	$ 0	$ 0

Fair Value Measurements of Co57

Fair Value Measurements of Company's Long-Term Financial Instruments (Detail) - CNY (¥)	Dec. 31, 2015	Dec. 31, 2014
Private Equity Funds Products
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - cost method investment, Carrying Value	¥ 78,390,404	¥ 15,440,000
Long-term investment - cost method investment, Fair Value	78,235,701	21,532,065
Fixed Income Products
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - held-to-maturity, Carrying Value	56,180,000	32,000,000
Long-term investment - held-to-maturity, Fair Value	53,804,649	33,591,890
Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - cost method investment, Carrying Value	107,141,812	13,805,229
Long-term investment - cost method investment, Fair Value	111,841,541	13,805,229
Significant Other Observable Inputs (Level 2) | Fixed Income Products
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - held-to-maturity, Fair Value	53,804,649	33,591,890
Significant Unobservable Inputs (Level 3) | Private Equity Funds Products
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - cost method investment, Fair Value	78,235,701	21,532,065
Significant Unobservable Inputs (Level 3) | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term investment - cost method investment, Fair Value	¥ 111,841,541	¥ 13,805,229

Balances of Investments in Affi

Balances of Investments in Affiliates (Detail)	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)
Schedule of Investments [Line Items]
Funds that the Company serves as general partner	$ 39,480,196	¥ 255,744,809	¥ 171,479,738
Total investment in affiliates	50,349,786	326,155,843	222,231,778
Kunshan Jingzhao Equity Investment Management Co., Ltd.
Schedule of Investments [Line Items]
Equity investments	1,708,672	11,068,436	9,866,531
Kunshan Vantone Zhengyuan Private Equity Fund Management Co., Ltd
Schedule of Investments [Line Items]
Equity investments	837,407	5,424,558	4,733,539
Wanjia Win-Win Assets Management Co., Ltd.
Schedule of Investments [Line Items]
Equity investments	7,885,063	51,077,862	35,314,370
Wuhu Bona Film Investment Management Limited
Schedule of Investments [Line Items]
Equity investments	136,661	885,264	837,600
Beijing Shengyi Technology And Art Company Limited [Member]
Schedule of Investments [Line Items]
Equity investments	301,787	1,954,914
Real Estate Funds
Schedule of Investments [Line Items]
Funds that the Company serves as general partner	7,243,881	46,924,414	35,353,199
Private Equity Funds Products
Schedule of Investments [Line Items]
Funds that the Company serves as general partner	32,229,855	208,778,546	136,038,095
Other Fixed Income Investments [Member]
Schedule of Investments [Line Items]
Funds that the Company serves as general partner	$ 6,460	¥ 41,849	¥ 88,444

Investment in Affiliates - Addi

Investment in Affiliates - Additional Information (Detail)	1 Months Ended					12 Months Ended
	Jul. 31, 2015CNY (¥)	Jul. 31, 2013CNY (¥)	Feb. 28, 2013CNY (¥)	Nov. 30, 2012CNY (¥)	May. 31, 2011CNY (¥)	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)	Dec. 31, 2013CNY (¥)
Investments in and Advances to Affiliates [Line Items]
Income (loss) from equity in affiliates						$ 3,296,299	¥ 21,352,767	¥ 13,583,865	¥ 7,290,800
Kunshan Jingzhao Equity Investment Management Co., Ltd.
Investments in and Advances to Affiliates [Line Items]
Capital Injected in to a joint venture					¥ 4,000,000
Equity Interest ownership					40.00%
Kunshan Vantone Zhengyuan Private Equity Fund Management Co., Ltd
Investments in and Advances to Affiliates [Line Items]
Capital Injected in to a joint venture				¥ 3,800,000
Equity Interest ownership				15.00%
Wanjia Win-Win Assets Management Co., Ltd.
Investments in and Advances to Affiliates [Line Items]
Capital Injected in to a joint venture			¥ 21,000,000
Equity Interest ownership			35.00%
Wuhu Bona Film Investment Management Limited
Investments in and Advances to Affiliates [Line Items]
Capital Injected in to a joint venture		¥ 800,000
Equity Interest ownership		15.00%
Beijing Shengyi Technology And Art Company Limited [Member]
Investments in and Advances to Affiliates [Line Items]
Capital Injected in to a joint venture	¥ 2,700,000
Equity Interest ownership	25.00%
Maximum | Gopher Asset Management Co., Ltd. | Real Estate Funds
Investments in and Advances to Affiliates [Line Items]
Equity Interest ownership						170.00%	170.00%
Maximum | Gopher Asset Management Co., Ltd. | Private Equity Funds Products
Investments in and Advances to Affiliates [Line Items]
Equity Interest ownership						500.00%	500.00%

Property and Equipment, Net (De

Property and Equipment, Net (Detail)	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)
Property, Plant and Equipment [Line Items]
Leasehold improvements	$ 16,954,221	¥ 109,826,051	¥ 56,014,594
Furniture, fixtures and equipment	9,843,412	63,763,654	41,923,243
Motor vehicles	3,553,647	23,019,817	7,251,283
Software	6,025,932	39,034,783	26,957,361
Property, Plant and Equipment, Gross, Total	36,377,212	235,644,305	132,146,481
Accumulated depreciation	(12,218,684)	(79,150,194)	(50,305,395)
Property Plant And Equipment Net Excluding Construction In Progress, Total	24,158,528	156,494,111	81,841,086
Construction in progress	6,172,024	39,981,138	10,313,142
Property and equipment, net	$ 30,330,552	¥ 196,475,249	¥ 92,154,228

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail) - CNY (¥)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Depreciation expense	¥ 34,417,668	¥ 22,398,968	¥ 15,183,755

Other Current Liabilities (Deta

Other Current Liabilities (Detail)	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)
Other Liabilities Current [Line Items]
Accrued expenses	$ 12,793,044	¥ 82,870,781	¥ 90,590,982
Advance from customers	3,023,749	19,587,242	7,816,400
Interest payable for convertible notes	1,151,927	7,461,952
Other payables	5,042,042	32,661,326	36,015,699
Payable to individual investors of internet finance business	22,111,593	143,234,477
Payable for purchases of property and equipment	2,067,263	13,391,314	9,238,840
Other tax payable	6,437,064	41,698,015	25,473,227
Total	$ 52,626,682	¥ 340,905,107	¥ 169,135,148

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)	Dec. 31, 2013CNY (¥)	Dec. 31, 2015CNY (¥)
Income Taxes [Line Items]
Income tax rate	25.00%	25.00%	25.00%	25.00%
Operating loss carry forward					¥ 146,200,000
Operating loss carry forwards expiration year	2,017	2,017
Operating loss carry forward, valuation allowance			¥ 0
Deferred tax asset allowance	$ 1,955,204				12,665,420
Deferred tax asset allowance rate	2.00%	2.00%		(0.78%)
Undistributed profits that the Group has both the intent and ability to permanently reinvest					1,600,000,000
Unrecognized deferred tax liabilities					144,300,000
Increase in unrecognized tax benefit
Unrecognized tax benefit, interest on income tax expense			¥ 1,038,963	¥ 925,803
Unrecognized tax benefit, accrued interest in current period			¥ 4,804,123		¥ 29,033
Reverse due to lapse of statute of limitations	$ 1,729,317	¥ 11,202,168
Minimum
Income Taxes [Line Items]
Withholding income tax rate	5.00%	5.00%
Maximum
Income Taxes [Line Items]
Withholding income tax rate	10.00%	10.00%
If the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent
Income Taxes [Line Items]
Unrecognized tax benefit, statute of limitations	3 years	3 years
If underpayment of tax liability exceeding RMB0.1 million
Income Taxes [Line Items]
Unrecognized tax benefit, statute of limitations	5 years	5 years
In the case of a related party transaction
Income Taxes [Line Items]
Unrecognized tax benefit, statute of limitations	10 years	10 years
Inland Revenue, Hong Kong
Income Taxes [Line Items]
Income tax rate	16.50%	16.50%
State Administration of Taxation, People's Republic of China
Income Taxes [Line Items]
Income tax rate	25.00%	25.00%
Estimated Effective Income Tax Rate
Income Taxes [Line Items]
Deferred tax asset allowance rate	73.20%	73.20%

Tax Expense Benefit (Detail)

Tax Expense Benefit (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)	Dec. 31, 2013CNY (¥)
Income Taxes [Line Items]
Current Tax	$ 21,102,652	¥ 136,698,765	¥ 173,388,429	¥ 100,460,629
Deferred Tax	(1,051,749)	(6,813,018)	(22,095,408)	(378,763)
Total	$ 20,050,903	¥ 129,885,747	¥ 151,293,021	¥ 100,081,866

Reconciliation Between Statutor

Reconciliation Between Statutory Tax Rate to Income Before Income Taxes and Actual Provision for Income Taxes (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Rate Reconciliation [Line Items]
PRC income tax rate	25.00%	25.00%	25.00%
Expenses not deductible for tax purposes	0.00%	0.38%	0.29%
Effect of tax-free investment income	(2.97%)	(0.62%)	(1.35%)
Effect of uncertain tax positions	(1.75%)	0.17%	0.25%
Effect of different tax rate of subsidiary operation in other jurisdiction	(0.70%)	(0.07%)	(0.60%)
Effect of deferred tax asset allowance	2.00%		(0.78%)
Effect of tax holidays	(1.28%)	(0.67%)
Effect of others	0.16%	0.96%	1.10%
Effective Income Tax Rate Reconciliation, Percent, Total	20.46%	25.15%	23.91%

Aggregate Amount and Per Share

Aggregate Amount and Per Share Effect of the Tax Holiday (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2015CNY (¥)¥ / shares	Dec. 31, 2014CNY (¥)¥ / shares
Income Tax Holiday [Line Items]
Aggregate	$ 1,250,933	¥ 8,103,295	¥ 4,007,311
Per share effect-basic | (per share)	$ 0.04	¥ 0.29	¥ 0.14
Per share effect-diluted | (per share)	$ 0.04	¥ 0.27	¥ 0.14

Principal Components of Deferre

Principal Components of Deferred Income Tax Asset and Liabilities (Detail)	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)
Deferred tax assets:
Accrued expenses	$ 2,932,009	¥ 18,992,967	¥ 27,356,981
Tax loss carry forward	5,641,829	36,546,645	5,614,710
Unrealized other income	576,546	3,734,748	3,159,084
Others	55,402	358,881	1,363,185
Gross deferred tax assets	9,205,786	59,633,241	37,493,960
Valuation allowance	(1,955,204)	(12,665,420)
Net deferred tax assets	7,250,582	46,967,821	37,493,960
Current	479,214	3,104,253	23,456,121
Non-current	6,771,368	43,863,568	14,037,839
Deferred tax liabilities:
Unrealized investment income	658,252	4,264,027	1,603,184
Total deferred tax liabilities	658,252	4,264,027	1,603,184
Current	658,252	4,264,027	1,603,184
Non-current	$ 0	¥ 0	¥ 0

Movement of Uncertain Tax Posit

Movement of Uncertain Tax Positions (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014USD ($)	Dec. 31, 2014CNY (¥)	Dec. 31, 2013USD ($)	Dec. 31, 2013CNY (¥)
Schedule of Unrecognized Tax Benefits [Line Items]
Unrecognized tax benefit, beginning balance	$ 1,717,820	¥ 11,127,697	$ 1,542,348	¥ 9,991,022	$ 1,399,429	¥ 9,065,219
Gross increases-accrued interest in current period			160,388	1,038,963	142,919	925,803
Settlements	0	0	0	0	0	0
Reverse due to lapse of statute of limitation	(1,729,317)	(11,202,168)
Exchange rate translation	21,878	141,719	15,084	97,712
Unrecognized tax benefit, ending balance	$ 10,381	¥ 67,248	$ 1,717,820	¥ 11,127,697	$ 1,542,348	¥ 9,991,022

Loans Receivable (Detail)

Loans Receivable (Detail)	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)
Loans receivable:
Total loans receivable	$ 20,600,266	¥ 133,444,399	¥ 44,180,000
Allowance for loan losses	(206,012)	(1,334,502)	(1,166,800)
Loans receivable, net	20,394,254	132,109,897	43,013,200
Within Credit Term Loans
Loans receivable:
Total loans receivable	$ 20,600,266	¥ 133,444,399	¥ 44,180,000

Loans Receivable, Net - Additio

Loans Receivable, Net - Additional Information (Detail)	Dec. 31, 2015
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan interest rate	5.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan interest rate	14.40%

Activity in Allowance for Loan

Activity in Allowance for Loan Losses (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014USD ($)	Dec. 31, 2014CNY (¥)
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance	$ 180,123	¥ 1,166,800	$ 145,034	¥ 939,500
Provisions	189,200	1,225,597	238,553	1,545,300
Reversal of allowance provided	(163,311)	(1,057,895)	(203,464)	(1,318,000)
Charge-offs	0	0	0	0
Ending balance	$ 206,012	¥ 1,334,502	$ 180,123	¥ 1,166,800

Convertible Notes - Additional

Convertible Notes - Additional Information (Detail) - Convertible notes (Notes)	Feb. 03, 2015USD ($)$ / shares	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)¥ / shares
Debt and Financial Instruments [Line Items]
Debt instrument, face amount	$ 80,000,000		¥ 518,000,000
Debt instrument, interest rate	3.50%
Debt instrument, maturity date	Feb. 3, 2020
Debt Instrument, frequency of periodic payment	Semiannually
Debt instrument, initial conversion price | (per share)	$ 23.03		¥ 149.18
Debt Instrument, initial conversion rate	0.0434216
Debt Instrument, repurchase price as a percentage of principal amount	100.00%
Debt issuance costs	$ 0		¥ 0
Number of ADS that each ordinary share represents	2
Amount of convertible notes converted		$ 0

Share Repurchase - Additional I

Share Repurchase - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)shares	Dec. 31, 2015CNY (¥)shares	Dec. 31, 2013CNY (¥)	Dec. 31, 2014shares
Equity, Class of Treasury Stock [Line Items]
Treasury stock, shares	1,246,073	1,246,073		1,067,816
Repurchase of ordinary shares	$ 18,700,000	¥ 44,586,036	¥ 19,573,849
Payment for repurchase of ordinary shares	$ 6,882,898	¥ 44,586,036	¥ 19,573,849

Share Based Compensation Expens

Share Based Compensation Expense by Type of Award (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)	Dec. 31, 2013CNY (¥)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 10,446,832	¥ 67,672,488	¥ 32,691,687	¥ 32,249,165
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	5,235,117	33,912,040	9,043,829	1,265,555
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 5,211,715	¥ 33,760,448	¥ 23,647,858	¥ 30,983,610

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) ¥ / shares in Units, $ / shares in Units, $ in Millions	Aug. 06, 2014USD ($)$ / sharesshares	Aug. 06, 2014CNY (¥)¥ / sharesshares	Dec. 31, 2015CNY (¥)$ / sharesshares	Dec. 31, 2015CNY (¥)¥ / sharesshares	Dec. 31, 2014$ / shares	Dec. 31, 2014CNY (¥)¥ / sharesshares	Dec. 31, 2013$ / shares	Dec. 31, 2013CNY (¥)¥ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of options granted | (per share)			$ 45.50	¥ 294.76	$ 27.87	¥ 172.92	$ 39.64	¥ 239.97
Options exercised				49,887		128,457		153,014
Unrecognized compensation expense related to unvested share options | ¥			$ 95,332,159	¥ 95,332,159
Unrecognized compensation expense, period for recognition				2 years 11 months 12 days
Restricted shares granted				153,393
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition				2 years 5 months 23 days
Total fair value of non-vested restricted shares | ¥				¥ 24,959,520		¥ 22,954,162		¥ 17,508,140
Unrecognized compensation expense related to non-vested restricted shares | ¥			$ 52,858,717	¥ 52,858,717
Restricted Stock | Modification of Exercise Price
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition	2 years	2 years
Incremental compensation cost related to plan modified	$ 0.3	¥ 1,900,000
Restricted Stock | Modification of Exercise Price | Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted	19,375	19,375
Restricted Stock | Modification of Exercise Price | After Modification
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Converted to restricted shares | $ / shares	$ 0
Restricted Stock | Modification of Exercise Price | Before Modification
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Converted to restricted shares | (per share)	$ 37.03	¥ 229.76
Stock Incentive Plan 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares that may be issued as a percentage of outstanding stock				8.00%
Stock Incentive Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares that may be issued as a percentage of outstanding stock				10.00%
Maximum number of shares that may be issued			2,315,000	2,315,000
Stock Incentive Plan 2010 | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive plans, term				10 years
Vesting period for remaining the 75% of options granted				36 months
Stock Incentive Plan 2010 | Stock Options | First anniversary of the grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive vesting ratably over the following 36 months				25.00%
Stock Incentive Plan 2010 | Stock Options | Vesting ratably over the following 36 months
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive vesting ratably over the following 36 months				75.00%

Black Scholes Pricing Model Ass

Black Scholes Pricing Model Assumptions used to Estimate Fair Value of Options Granted (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free rate of return	1.73%	1.89%	1.55%
Weighted average expected option life	6 years 1 month 6 days	6 years	5 years 7 months 6 days
Estimated volatility	54.10%	82.20%	80.50%
Average dividend yield			1.90%

Stock Option Activity (Detail)

Stock Option Activity (Detail) - CNY (¥)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Number of options
Outstanding as of January 1, 2015	485,881
Granted	362,700
Exercised	(49,887)	(128,457)	(153,014)
Forfeited	(35,804)
Outstanding as of December 31, 2015	762,890	485,881
Vested and expected to vest as of December 31, 2015	651,661
Exercisable as of December 31, 2015	251,877
Weighted-Average Exercise Price
Outstanding as of January 1, 2015	¥ 169.80
Granted	230.61
Exercised	90.08
Forfeited	191.41
Outstanding as of December 31, 2015	202.91	¥ 169.80
Vested and expected to vest as of December 31, 2015	202.91
Exercisable as of December 31, 2015	¥ 190.66
Weighted-Average Remaining Contractual Term
Outstanding	8 years 4 months 24 days	8 years 4 months 24 days
Vested and expected to vest as of December 31, 2015	8 years 3 months 18 days
Exercisable as of December 31, 2015	7 years 3 months 18 days
Aggregate Intrinsic Value of Options
Outstanding as of January 1, 2015	¥ 58,792,954
Outstanding as of December 31, 2015	133,866,535	¥ 58,792,954
Vested and expected to vest as of December 31, 2015	114,348,794
Exercisable as of December 31, 2015	¥ 38,534,375

Summary of Non Vested Restricte

Summary of Non Vested Restricted Share Activity (Detail)	12 Months Ended
	Dec. 31, 2015¥ / sharesshares
Number of non-vested restricted shares
Beginning Balance | shares	260,317
Granted | shares	153,393
Vested | shares	(144,606)
Forfeited | shares	(20,078)
Ending Balance | shares	249,026
Weighted-average grant-date fair value
Beginning Balance | ¥ / shares	¥ 90.92
Granted | ¥ / shares	428.26
Vested | ¥ / shares	172.60
Forfeited | ¥ / shares	266.27
Ending Balance | ¥ / shares	¥ 237.14

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) - CNY (¥)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Contribution for multi-employer defined contribution plan	¥ 34,901,469	¥ 30,548,243	¥ 17,909,266

Distribution of Profits - Addit

Distribution of Profits - Additional Information (Detail) $ / shares in Units, $ in Millions	Apr. 09, 2013USD ($)	Feb. 25, 2013$ / sharesshares	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)
Workers' Compensation Insurance and Reserves [Line Items]
Profit after taxation transferred to general reserve fund			10.00%
Maximum profit after taxation transferred to general reserve fund			50.00%
General reserve fund of PRC subsidiaries			¥ 168,697,072	¥ 97,753,743
Restricted share capital of PRC subsidiaries			1,136,330,550	667,816,000
Restricted net assets			1,305,027,622	765,569,743
Cash dividend declared | $ / shares		$ 0.28
Number of American depositary shares in each ordinary share | shares		2
Dividend distribution | $	$ 7.7
Dividend, date to be paid		Apr. 9, 2013
Dividend, date of record		Mar. 20, 2013
American Depositary Share
Workers' Compensation Insurance and Reserves [Line Items]
Cash dividend declared | $ / shares		$ 0.14
Variable Interest Entity, Primary Beneficiary
Workers' Compensation Insurance and Reserves [Line Items]
Restricted net assets			¥ 438,896,279	¥ 294,935,491

Segment Information - Additiona

Segment Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2014Segment
Segment Reporting Information [Line Items]
Number of reportable segments	3

Segment Information (Detail)

Segment Information (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)	Dec. 31, 2013CNY (¥)
Revenues:
Total third-party revenues	$ 172,081,593	¥ 1,114,710,141	¥ 797,763,861	¥ 589,611,288
Total related party revenues	172,587,292	1,117,985,965	819,394,401	475,009,064
Total revenues	344,668,885	2,232,696,106	1,617,158,262	1,064,620,352
Less: business taxes and related surcharges	(17,408,420)	(112,768,265)	(88,673,371)	(58,643,752)
Net revenues	327,260,465	2,119,927,841	1,528,484,891	1,005,976,600
Operating cost and expenses:
Relationship manager compensation	(80,988,873)	(524,629,723)	(322,052,574)	(205,294,824)
Performance fee compensation	(3,826,417)	(24,786,763)	(22,034,438)	0
Other Compensation	(94,951,356)	(615,075,893)	(393,373,326)	(243,442,553)
Total compensation and benefits	(179,766,646)	(1,164,492,379)	(737,460,338)	(448,737,377)
Selling expenses	(40,726,081)	(263,815,409)	(147,265,810)	(102,198,334)
General and administrative expenses	(26,386,970)	(170,929,513)	(151,626,278)	(110,020,644)
Other operating expenses	(14,607,475)	(94,624,304)	(29,961,830)	(5,445,385)
Government subsidies	20,486,849	132,709,712	90,931,462	32,644,120
Total operating cost and expenses	(241,000,323)	(1,561,151,893)	(975,382,794)	(633,757,620)
Income (loss) from operations	86,260,142	558,775,948	553,102,097	372,218,980
One Time Commissions
Revenues:
Total third-party revenues	60,389,080	391,188,385	423,218,934	356,123,887
Total related party revenues	66,177,945	428,687,491	180,943,785	128,209,082
Recurring Service Fees
Revenues:
Total third-party revenues	61,948,882	401,292,465	319,933,077	202,437,468
Total related party revenues	98,013,735	634,913,375	560,071,763	340,757,637
Other Service
Revenues:
Total third-party revenues	19,804,604	128,290,261	29,979,126	31,049,933
Total related party revenues	86,419	559,806	2,036,800	6,042,345
Performance Based Income
Revenues:
Total third-party revenues	29,939,027	193,939,030	24,632,724	0
Total related party revenues	$ 8,309,193	53,825,293	76,342,053	0
Wealth Management
Revenues:
Total third-party revenues		936,872,539	688,037,462	559,883,433
Total related party revenues		748,930,799	526,066,559	356,916,432
Total revenues		1,685,803,338	1,214,104,021	916,799,865
Less: business taxes and related surcharges		(88,285,200)	(68,598,144)	(50,609,500)
Net revenues		1,597,518,138	1,145,505,877	866,190,365
Operating cost and expenses:
Relationship manager compensation		(507,400,087)	(319,572,173)	(204,834,897)
Other Compensation		(348,504,061)	(214,841,520)	(191,112,438)
Total compensation and benefits		(855,904,148)	(534,413,693)	(395,947,335)
Selling expenses		(219,286,283)	(135,282,336)	(92,757,997)
General and administrative expenses		(78,850,681)	(74,673,516)	(85,194,993)
Other operating expenses		(53,374,913)	(23,641,595)	(5,200,569)
Government subsidies		75,960,496	67,303,362	30,644,119
Total operating cost and expenses		(1,131,455,529)	(700,707,778)	(548,456,775)
Income (loss) from operations		466,062,609	444,798,099	317,733,590
Wealth Management | One Time Commissions
Revenues:
Total third-party revenues		390,668,384	423,218,934	354,830,728
Total related party revenues		424,354,473	180,943,785	125,548,102
Wealth Management | Recurring Service Fees
Revenues:
Total third-party revenues		334,983,117	243,619,600	174,739,550
Total related party revenues		324,182,643	342,603,359	230,196,201
Wealth Management | Other Service
Revenues:
Total third-party revenues		69,447,545	13,246,685	30,313,155
Total related party revenues		393,683	75,050	1,172,129
Wealth Management | Performance Based Income
Revenues:
Total third-party revenues		141,773,493	7,952,243
Total related party revenues			2,444,365
Asset Management Business
Revenues:
Total third-party revenues		119,507,361	92,993,958	29,727,855
Total related party revenues		368,889,043	292,440,821	118,092,632
Total revenues		488,396,404	385,434,779	147,820,487
Less: business taxes and related surcharges		(23,408,513)	(19,319,443)	(8,034,252)
Net revenues		464,987,891	366,115,336	139,786,235
Operating cost and expenses:
Relationship manager compensation		(8,044,612)	(235,762)	(459,927)
Performance fee compensation		(24,786,763)	(22,034,438)
Other Compensation		(150,661,189)	(124,968,021)	(52,330,115)
Total compensation and benefits		(183,492,564)	(147,238,221)	(52,790,042)
Selling expenses		(17,278,343)	(9,756,483)	(9,440,337)
General and administrative expenses		(53,554,038)	(60,090,462)	(24,825,651)
Other operating expenses		(19,411,331)	(1,674,417)	(244,816)
Government subsidies		56,304,348	23,601,038	2,000,001
Total operating cost and expenses		(217,431,928)	(195,158,545)	(85,300,845)
Income (loss) from operations		247,555,963	170,956,791	54,485,390
Asset Management Business | One Time Commissions
Revenues:
Total third-party revenues		520,001		1,293,159
Total related party revenues		4,333,018		2,660,980
Asset Management Business | Recurring Service Fees
Revenues:
Total third-party revenues		66,309,348	76,313,477	27,697,918
Total related party revenues		310,730,732	217,438,078	110,561,436
Asset Management Business | Other Service
Revenues:
Total third-party revenues		512,475		736,778
Total related party revenues			1,105,055	¥ 4,870,216
Asset Management Business | Performance Based Income
Revenues:
Total third-party revenues		52,165,537	16,680,481
Total related party revenues		53,825,293	73,897,688
Internet Finance Business
Revenues:
Total third-party revenues		58,330,241	16,732,441
Total related party revenues		166,123	887,021
Total revenues		58,496,364	17,619,462
Less: business taxes and related surcharges		(1,074,552)	(755,784)
Net revenues		57,421,812	16,863,678
Operating cost and expenses:
Relationship manager compensation		(9,185,024)	(2,244,639)
Other Compensation		(115,910,643)	(53,563,785)
Total compensation and benefits		(125,095,667)	(55,808,424)
Selling expenses		(27,250,783)	(2,226,991)
General and administrative expenses		(38,524,794)	(16,862,300)
Other operating expenses		(21,838,060)	(4,645,818)
Government subsidies		444,868	27,062
Total operating cost and expenses		(212,264,436)	(79,516,471)
Income (loss) from operations		(154,842,624)	(62,652,793)
Internet Finance Business | Recurring Service Fees
Revenues:
Total related party revenues			30,326
Internet Finance Business | Other Service
Revenues:
Total third-party revenues		58,330,241	16,732,441
Total related party revenues		¥ 166,123	¥ 856,695

Related Party Transactions (Det

Related Party Transactions (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)	Dec. 31, 2013CNY (¥)
Related Party Transaction [Line Items]
Related party revenues	$ 172,587,292	¥ 1,117,985,965	¥ 819,394,401	¥ 475,009,064
One Time Commissions
Related Party Transaction [Line Items]
Related party revenues	66,177,945	428,687,491	180,943,785	128,209,082
One Time Commissions | Shanghai Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	247,295	1,601,930	57,167,835
One Time Commissions | Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	13,446,514	87,103,829	31,431,057	13,299,341
One Time Commissions | Gopher Capital GP
Related Party Transaction [Line Items]
Related party revenues	25,172,548	163,062,723	21,610,352	123,057
One Time Commissions | Gopher- Nuobao (Shanghai) Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	13,921,195	90,178,715	16,899,267
One Time Commissions | Wanjia Win-Win Assets Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	19,560	126,706	13,728,697	2,663,789
One Time Commissions | Wuhu Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	3,175,306	20,569,000	13,383,558	34,269,034
One Time Commissions | Shanghai Gopher Languang Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	10,182,287	65,958,819	6,828,836	21,463,427
One Time Commissions | Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			3,594,621
One Time Commissions | Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership)
Related Party Transaction [Line Items]
Related party revenues			3,169,064	806,868
One Time Commissions | Sequoia Capital Investment Management (Tianjin) Co., Ltd
Related Party Transaction [Line Items]
Related party revenues			2,971,000	787,189
One Time Commissions | Hangzhou Vanke Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			2,637,579	31,237,016
One Time Commissions | Shareholder transaction
Related Party Transaction [Line Items]
Related party revenues	13,240	85,769	2,639,607	134,757
One Time Commissions | Tianjin Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			2,487,443	196,796
One Time Commissions | Kunshan Jingzhao Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			1,531,599	4,414,171
One Time Commissions | Gopher RE Credit Fund SP
Related Party Transaction [Line Items]
Related party revenues			764,235
One Time Commissions | Shaoxing Sequoia Huiyuan Capital Investment Fund (Limited Partnership)
Related Party Transaction [Line Items]
Related party revenues			99,035	2,212,551
One Time Commissions | Wuhu Bona Film Investment Management Limited
Related Party Transaction [Line Items]
Related party revenues				6,381,384
One Time Commissions | Chongqing Gopher Longxin Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues				4,965,828
One Time Commissions | Gopher investment Fund SPC
Related Party Transaction [Line Items]
Related party revenues				4,682,011
One Time Commissions | Financial Products Invested By Group And Affiliates
Related Party Transaction [Line Items]
Related party revenues				571,863
Recurring Service Fees
Related Party Transaction [Line Items]
Related party revenues	98,013,735	634,913,375	560,071,763	340,757,637
Recurring Service Fees | Shanghai Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	2,681,295	17,368,889	71,238,249
Recurring Service Fees | Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	16,856,308	109,191,795	97,310,324	72,604,418
Recurring Service Fees | Gopher Capital GP
Related Party Transaction [Line Items]
Related party revenues	17,942,169	116,225,782	31,373,962	208,739
Recurring Service Fees | Gopher- Nuobao (Shanghai) Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	5,919,235	38,343,622	1,136,429
Recurring Service Fees | Wanjia Win-Win Assets Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	6,914,689	44,791,972	94,493,711	30,986,074
Recurring Service Fees | Wuhu Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	7,997,673	51,807,324	79,651,065	65,475,519
Recurring Service Fees | Shanghai Gopher Languang Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	22,912,270	148,421,108	20,343,486	29,991,962
Recurring Service Fees | Shanghai Gopher Zhengda Damuzhi Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	694,473	4,498,656	4,920,036
Recurring Service Fees | Hangzhou Sequoia Heyuan Capital Investment Fund (Limited Partnership)
Related Party Transaction [Line Items]
Related party revenues			5,587,347
Recurring Service Fees | Hangzhou Vanke Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	582,749	3,774,933	37,336,074	19,345,143
Recurring Service Fees | Shareholder transaction
Related Party Transaction [Line Items]
Related party revenues	745,029	4,826,147	366,544
Recurring Service Fees | Tianjin Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	3,866,003	25,043,197	25,155,045	23,800,023
Recurring Service Fees | Kunshan Jingzhao Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	1,207,959	7,824,920	15,728,463	16,833,840
Recurring Service Fees | Wuhu Bona Film Investment Management Limited
Related Party Transaction [Line Items]
Related party revenues	1,365,113	8,842,927	7,040,886	2,032,921
Recurring Service Fees | Chongqing Gopher Longxin Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	414,054	2,682,159	10,327,189	17,760,082
Recurring Service Fees | Gopher investment Fund SPC
Related Party Transaction [Line Items]
Related party revenues				3,243,385
Recurring Service Fees | Financial Products Invested By Group And Affiliates
Related Party Transaction [Line Items]
Related party revenues	460,980	2,986,134	1,929	7,000,585
Recurring Service Fees | Sequoia Capital Investment Management Tianjin Company Limited
Related Party Transaction [Line Items]
Related party revenues	7,386,773	47,850,038	52,667,224	51,474,946
Recurring Service Fees | Beijing Sequoia Heyuan Capital Investment Fund Limited Partnership
Related Party Transaction [Line Items]
Related party revenues			5,238,138
Recurring Service Fees | Noah Holdings (Hong Kong) Limited
Related Party Transaction [Line Items]
Related party revenues			155,662
Recurring Service Fees | Kunming Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	66,963	433,772
Performance Based Income
Related Party Transaction [Line Items]
Related party revenues	8,309,193	53,825,293	76,342,053	0
Performance Based Income | Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			65,100,808
Performance Based Income | Gopher- Nuobao (Shanghai) Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	3,563,651	23,084,622	57,659
Performance Based Income | Wanjia Win-Win Assets Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			4,139,003
Performance Based Income | Wuhu Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	2,215,063	14,348,735
Performance Based Income | Shanghai Gopher Languang Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	878,441	5,690,366	7,044,583
Performance Based Income | Chongqing Gopher Longxin Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues	1,651,873	10,700,504
Performance Based Income | Financial Products Invested By Group And Affiliates
Related Party Transaction [Line Items]
Related party revenues	165	1,066
Other Service Fee
Related Party Transaction [Line Items]
Related party revenues	86,419	559,806	2,036,800	6,042,345
Other Service Fee | Shanghai Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			303,005
Other Service Fee | Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			961,173
Other Service Fee | Gopher Capital GP
Related Party Transaction [Line Items]
Related party revenues	804	5,210
Other Service Fee | Gopher- Nuobao (Shanghai) Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			12,678
Other Service Fee | Wanjia Win-Win Assets Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			573,540	507,362
Other Service Fee | Wuhu Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues				2,072,660
Other Service Fee | Shanghai Gopher Languang Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			89,443	¥ 3,462,323
Other Service Fee | Hangzhou Vanke Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			63,679
Other Service Fee | Shareholder transaction
Related Party Transaction [Line Items]
Related party revenues	81,902	530,547	15,825
Other Service Fee | Kunshan Jingzhao Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			8,090
Other Service Fee | Financial Products Invested By Group And Affiliates
Related Party Transaction [Line Items]
Related party revenues	$ 3,713	¥ 24,049
Other Service Fee | Yiwu Xinguang Equity Investment Fund Management Co., Ltd.
Related Party Transaction [Line Items]
Related party revenues			¥ 9,367

Amounts Due from Related Partie

Amounts Due from Related Parties (Detail)	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)
Related Party Transaction [Line Items]
Amounts due from related parties	$ 36,777,342	¥ 238,236,268	¥ 192,873,391
Wanjia Win-Win Assets Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	4,737,386	30,687,837	51,686,918
Wuhu Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	2,844,904	18,428,721	23,154,736
Gopher Capital GP
Related Party Transaction [Line Items]
Amounts due from related parties	7,814,036	50,617,764	21,936,258
Kunshan Jingzhao Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	3,137,286	20,322,711	20,253,899
Shanghai Gopher Languang Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	5,159,678	33,423,362	13,926,473
Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	9,472,970	61,364,006	9,270,051
Hangzhou Vanke Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	144,421	935,529	6,541,938
Gopher Nuobao Asset Management Company Limited
Related Party Transaction [Line Items]
Amounts due from related parties	1,486,565	9,629,670	1,084,967
Chongqing Gopher Longxin Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	11,832	76,647	6,558
Shanghai Nuobang Asset Management Company Limited
Related Party Transaction [Line Items]
Amounts due from related parties			1,737
Yiwu Xinguang Equity Investment Fund Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties			45,009,248
Tianjin Asset Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties			¥ 608
Wuhu Gopher Yintai Investment Management Company Limited [Member]
Related Party Transaction [Line Items]
Amounts due from related parties	3,498	22,657
Tianjin Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	227,407	1,473,097
Kunming Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	7,750	50,202
Shanghai Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Amounts due from related parties	32,392	209,830
Wuhu Bona Film Investment Management Limited
Related Party Transaction [Line Items]
Amounts due from related parties	182,202	1,180,268
Shareholder transaction
Related Party Transaction [Line Items]
Amounts due from related parties	$ 1,515,015	¥ 9,813,967

Deferred Revenues Related to Re

Deferred Revenues Related to Recurring Management Fee Received in Advance from Related Parties (Detail)	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)
Related Party Transaction [Line Items]
Deferred revenue from related parties	$ 4,941,497	¥ 32,010,028	¥ 83,791,794
Shanghai Gopher Languang Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	1,684,418	10,911,322	32,386,037
Wuhu Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	4,323	28,000	17,982,070
Wanjia Win-Win Assets Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	10,799	69,956	16,378,817
Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	1,986,940	12,871,000	4,190,818
Hangzhou Vanke Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	21,717	140,676	3,492,159
Kunshan Jingzhao Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	1,133	7,338	4,016,706
Gopher Nuobao Asset Management Company Limited
Related Party Transaction [Line Items]
Deferred revenue from related parties	810,073	5,247,490	2,392,147
Chongqing Gopher Longxin Equity Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	5,630	36,472	2,108,805
Gopher Capital GP
Related Party Transaction [Line Items]
Deferred revenue from related parties	412,142	2,669,774	¥ 844,235
Shanghai Gopher Asset Management Co., Ltd.
Related Party Transaction [Line Items]
Deferred revenue from related parties	$ 4,322	¥ 28,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) ¥ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2015CNY (¥)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)Subsidiary
Related Party Transaction [Line Items]
Percentage of share ownership diluted		8.55%
Donations		¥ 3.5	¥ 14.8
Shanghai Yafu Investment Consulting Co., Ltd.
Related Party Transaction [Line Items]
Ownership percentage			10.00%
Subsidiaries | Shanghai Yafu Investment Consulting Co., Ltd.
Related Party Transaction [Line Items]
Number of businesses acquired | Subsidiary			4
Shanghai Noah Yijie Finance Technology Co., Ltd. | Beijing Sequoia Mingde Capital Investment Fund Limited Partnership [Member]
Related Party Transaction [Line Items]
Percentage of equity shares	9.80%
Purchase price	¥ 31.6

Purchase Price Allocations (Det

Purchase Price Allocations (Detail) - 12 months ended Dec. 31, 2015	USD ($)	CNY (¥)
Business Combination Allocation of Purchase Price [Line Items]
Purchase price	$ 1,934,049	¥ 12,000,000
Noah Ark (Shanghai) Financial Service Co., Ltd.
Business Combination Allocation of Purchase Price [Line Items]
Purchase price	805,854	5,000,000
Shanghai Noah Yijie Finance Technology Co., Ltd.
Business Combination Allocation of Purchase Price [Line Items]
Purchase price	483,512	3,000,000
Shanghai Noah Jintong Data Services Co., Ltd.
Business Combination Allocation of Purchase Price [Line Items]
Purchase price	483,512	3,000,000
Enoch Education Training Shanghai Co Ltd
Business Combination Allocation of Purchase Price [Line Items]
Purchase price	$ 161,171	¥ 1,000,000

Future Minimum Lease Payments U

Future Minimum Lease Payments Under Non-Cancelable Operating Lease (Detail) - Dec. 31, 2015	USD ($)	CNY (¥)
Leases Future Minimum Payments [Line Items]
2,016	$ 10,149,087	¥ 65,743,756
2,017	7,961,564	51,573,418
2,018	6,218,266	40,280,681
2,019	4,393,796	28,462,131
2020 and after	15,465,926	100,185,181
Total	$ 44,188,639	¥ 286,245,167

Commitments - Additional Inform

Commitments - Additional Information (Detail) - CNY (¥)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Leases Disclosure [Line Items]
Rental expenses	¥ 75,964,160	¥ 46,852,399	¥ 43,328,412

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event	Jan. 28, 2016Vote
Subsequent Event [Line Items]
Maximum percentage of Class B ordinary shares beneficially owned by the management shareholders to automatically convert in to Class A	5.00%
Conversion of Class B into Class A ordinary shares ratio	1
Common Class A [Member]
Subsequent Event [Line Items]
Number of votes per common stock share	1
Common Class B [Member]
Subsequent Event [Line Items]
Number of votes per common stock share	4

Condensed Balance Sheets (Detai

Condensed Balance Sheets (Detail)	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014USD ($)	Dec. 31, 2014CNY (¥)	Dec. 31, 2013CNY (¥)	Dec. 31, 2012CNY (¥)
Current assets
Cash and cash equivalents	$ 329,266,676	¥ 2,132,923,674	$ 270,185,081	¥ 1,750,204,915	¥ 1,187,211,176	¥ 744,877,933
Deferred tax assets	0	0		21,852,937
Other current assets	11,599,874	75,141,655		58,510,220
Total current assets	503,540,104	3,261,832,080		2,273,154,446
Investment in subsidiaries and VIEs	50,349,786	326,155,843		222,231,778
Non-current deferred tax assets	6,771,368	43,863,568		14,037,839
Other non-current assets	2,606,708	16,885,730		11,979,918
Total assets	632,466,952	4,096,994,415		2,674,803,438
Current liabilities
Other current liabilities	52,626,682	340,905,107		169,135,148
Total current liabilities	149,252,893	966,830,381		692,754,366
Uncertain tax position liabilities	10,381	67,248		11,127,697
Convertible notes	80,000,000	518,224,000		0
Other non-current liabilities	12,022,019	77,876,237		31,049,562
Total liabilities	241,285,293	1,562,997,866		734,931,625
Shareholders' equity
Ordinary shares (US$0.0005 par value): 94,100,000 shares authorized, 29,123,118 shares issued and 28,055,302 shares outstanding as of December 31, 2014 and 29,317,611 shares issued and 28,071,538 shares outstanding as of December 31, 2015	15,149	98,133		97,530
Treasury stock (1,067,816 ordinary shares as of December 31, 2014 and 1,246,073 ordinary shares as of December 31, 2015)	(18,190,831)	(117,836,564)		(73,250,528)
Additional paid-in capital	152,909,314	990,515,956		889,416,631
Retained earnings	246,667,897	1,597,865,303		1,062,041,219
Accumulated other comprehensive income	(3,358,717)	(21,757,099)		(27,357,797)
Total shareholders' equity	378,042,812	2,448,885,729		1,850,947,055
Total Liabilities and Equity	632,466,952	4,096,994,415		2,674,803,438
Parent Company
Current assets
Cash and cash equivalents	49,618,414	321,418,159	$ 27,654,131	179,137,927	¥ 258,427,798	¥ 317,659,778
Due from subsidiaries and VIEs	83,966,589	543,918,770		224,734,683
Deferred tax assets	116,590	755,246		487,520
Other current assets	4,808,170	31,146,365		25,709,740
Total current assets	138,509,763	897,238,540		430,069,870
Investment in subsidiaries and VIEs	322,857,959	2,091,409,293		1,438,101,000
Non-current deferred tax assets	459,956	2,979,502		2,671,564
Other non-current assets	100,000	647,780		310,230
Total assets	461,927,678	2,992,275,115		1,871,152,664
Current liabilities
Other current liabilities	2,361,993	15,300,517		7,358,165
Total current liabilities	2,361,993	15,300,517		7,358,165
Uncertain tax position liabilities				4,804,123
Convertible notes	80,000,000	518,224,000
Other non-current liabilities	1,522,873	9,864,869		8,043,321
Total liabilities	83,884,866	543,389,386		20,205,609
Shareholders' equity
Ordinary shares (US$0.0005 par value): 94,100,000 shares authorized, 29,123,118 shares issued and 28,055,302 shares outstanding as of December 31, 2014 and 29,317,611 shares issued and 28,071,538 shares outstanding as of December 31, 2015	15,149	98,133		97,530
Treasury stock (1,067,816 ordinary shares as of December 31, 2014 and 1,246,073 ordinary shares as of December 31, 2015)	(18,190,831)	(117,836,564)		(73,250,528)
Additional paid-in capital	152,909,314	990,515,956		889,416,631
Retained earnings	246,667,897	1,597,865,303		1,062,041,219
Accumulated other comprehensive income	(3,358,717)	(21,757,099)		(27,357,797)
Total shareholders' equity	378,042,812	2,448,885,729		1,850,947,055
Total Liabilities and Equity	$ 461,927,678	¥ 2,992,275,115		¥ 1,871,152,664

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) (Detail)	Dec. 31, 2015$ / sharesshares	Dec. 31, 2015¥ / sharesshares	Dec. 31, 2014$ / sharesshares	Dec. 31, 2014¥ / sharesshares
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value | ¥ / shares		¥ 0.0005		¥ 0.0005
Ordinary shares, shares authorized	94,100,000	94,100,000	94,100,000	94,100,000
Ordinary shares, shares issued	29,317,611	29,317,611	29,123,118	29,123,118
Ordinary shares, shares outstanding	28,071,538	28,071,538	28,055,302	28,055,302
Ordinary shares, treasury stock	1,246,073	1,246,073	1,067,816	1,067,816
Parent Company
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value | $ / shares	$ 0.0005		$ 0.0005
Ordinary shares, shares authorized	94,100,000	94,100,000	94,100,000	94,100,000
Ordinary shares, shares issued	29,317,611	29,317,611	29,123,118	29,123,118
Ordinary shares, shares outstanding	28,071,538	28,071,538	28,055,302	28,055,302
Ordinary shares, treasury stock	1,246,073	1,246,073	1,067,816	1,067,816

Condensed Statement of Operatio

Condensed Statement of Operations (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)	Dec. 31, 2013CNY (¥)
Condensed Financial Statements, Captions [Line Items]
Net revenues	$ 327,260,465	¥ 2,119,927,841	¥ 1,528,484,891	¥ 1,005,976,600
Operating cost and expenses
Compensation and benefits	179,766,646	1,164,492,379	737,460,338	448,737,377
Selling expenses	40,726,081	263,815,409	147,265,810	102,198,334
General and administrative expenses	26,386,970	170,929,513	151,626,278	110,020,644
Total operating cost and expenses	241,000,323	1,561,151,893	975,382,794	633,757,620
Loss from operations	86,260,142	558,775,948	553,102,097	372,218,980
Other income (expenses):
Interest income	6,128,437	39,698,790	38,901,980	20,272,408
Interest expense	(2,477,748)	(16,050,359)	0	0
Investment income	8,020,456	51,954,918	23,552,297	24,141,820
Other income (expenses)	70,245	455,030	(13,961,307)	1,907,106
Total other income	11,741,390	76,058,379	48,492,970	46,321,334
Gain (loss) before taxes and income from equity in subsidiaries and VIEs	98,001,532	634,834,327	601,595,067	418,540,314
Income tax expenses	(20,050,903)	(129,885,747)	(151,293,021)	(100,081,866)
Equity in profit of subsidiaries and VIEs	3,296,299	21,352,767	13,583,865	7,290,800
Net income attributable to Noah Holdings Limited shareholders	82,716,985	535,824,084	446,552,851	315,927,738
Parent Company
Condensed Financial Statements, Captions [Line Items]
Net revenues	0	0	0	0
Operating cost and expenses
Compensation and benefits	1,694,897	10,979,206	10,125,102
Selling expenses	57,697	373,752	167,690	149,267
General and administrative expenses	1,628,503	10,549,109	9,671,790	5,014,178
Total operating cost and expenses	3,381,097	21,902,067	19,964,582	5,163,445
Loss from operations	(3,381,097)	(21,902,067)	(19,964,582)	(5,163,445)
Other income (expenses):
Interest income	1,286,878	8,336,138	5,547,639	2,164,350
Interest expense	(2,477,748)	(16,050,359)
Investment income	3,937,533	25,506,549		657,895
Other income (expenses)	17,407	112,762	(451,217)	5,010,306
Total other income	2,764,070	17,905,090	5,096,422	7,832,551
Gain (loss) before taxes and income from equity in subsidiaries and VIEs	(617,027)	(3,996,977)	(14,868,160)	2,669,106
Income tax expenses	544,076	3,524,413	(1,268,040)	(1,430,466)
Equity in profit of subsidiaries and VIEs	82,789,936	536,296,648	462,689,051	314,689,098
Net income attributable to Noah Holdings Limited shareholders	$ 82,716,985	¥ 535,824,084	¥ 446,552,851	¥ 315,927,738

Condensed Statement of Comprehe

Condensed Statement of Comprehensive Income (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)	Dec. 31, 2013CNY (¥)
Condensed Statement of Income Captions [Line Items]
Net income	$ 82,716,985	¥ 535,824,084	¥ 446,552,851	¥ 315,927,738
Other comprehensive income, net of tax
Change in cumulative foreign currency translation adjustment	754,089	4,884,837	6,426,044	(8,168,265)
Fair value fluctuation of available-for-sale investment	110,904	718,414	2,620,351
Other comprehensive income	864,993	5,603,251	9,046,395	(8,168,265)
Comprehensive income	82,111,921	531,904,598	472,932,306	317,580,983
Parent Company
Condensed Statement of Income Captions [Line Items]
Net income	82,716,985	535,824,084	446,552,851	315,927,738
Other comprehensive income, net of tax
Change in cumulative foreign currency translation adjustment	753,695	4,882,284	6,427,932	(8,160,394)
Fair value fluctuation of available-for-sale investment	110,904	718,414	2,620,351
Other comprehensive income	864,599	5,600,698	9,048,283	(8,160,394)
Comprehensive income	$ 83,581,584	¥ 541,424,782	¥ 455,601,134	¥ 307,767,344

Condensed Statements of Cash fl

Condensed Statements of Cash flows (Detail)	Apr. 09, 2013USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)	Dec. 31, 2013CNY (¥)
Cash flows from operating activities:
Net income attributable to Noah shareholders		$ 82,716,985	¥ 535,824,084	¥ 446,552,851	¥ 315,927,738
Adjustment to reconcile net income to net cash provided by operating activities:
Share-based compensation		10,446,832	67,672,488	32,691,687	32,249,165
Gain from equity in subsidiaries and VIE		(3,296,299)	(21,352,767)	(13,583,865)	(7,290,800)
Changes in operating assets and liabilities:
Amount due from subsidiaries and VIEs		(13,332,131)	(86,362,877)	(93,845,185)	(26,039,338)
Other current assets		(2,567,451)	(16,631,435)	(30,082,367)	(9,257,761)
Deferred tax assets		(1,199,485)	(7,770,022)	(22,095,408)	10,774,327
Uncertain tax position liabilities		(1,707,439)	(11,060,449)	1,136,675	945,559
Other current liabilities		25,875,399	167,615,661	79,151,660	47,416,935
Other non-current liabilities		7,228,793	46,826,675	9,278,672	8,768,497
Net cash provided by (used in) operating activities		104,222,475	675,132,348	589,637,901	573,905,135
Cash flows from investing activities:
Proceeds from sale of available-for-sale investments		516,616,753	3,346,540,000	45,487,686	29,965,718
Purchases of available for sale		(566,566,991)	(3,670,107,653)	(111,876,970)	(29,965,718)
Investment in subsidiaries and VIEs		(14,576,376)	(94,422,851)	(121,486,049)	(51,280,005)
Net cash used in investing activities		(117,240,761)	(759,462,206)	(93,518,339)	(103,954,326)
Cash flows from financing activities:
Dividends paid | $	$ (7,700,000)
Proceeds from issuance of ordinary shares upon exercise of stock options		671,730	4,351,330	4,062,622	6,843,114
Share repurchase		(6,882,898)	(44,586,036)		(19,573,849)
Proceeds from convertible notes		80,000,000	518,224,000
Net cash (used in) provided by financing activities		71,439,632	462,771,650	60,448,133	(19,449,301)
Effect of exchange rate changes		660,249	4,276,967	6,426,044	(8,168,265)
Net (decrease) increase in cash and cash equivalents		59,081,595	382,718,759	562,993,739	442,333,243
Cash and cash equivalents-beginning of the period		270,185,081	1,750,204,915	1,187,211,176	744,877,933
Cash and cash equivalents-end of the period		329,266,676	2,132,923,674	1,750,204,915	1,187,211,176
Parent Company
Cash flows from operating activities:
Net income attributable to Noah shareholders		82,716,985	535,824,084	446,552,851	315,927,738
Adjustment to reconcile net income to net cash provided by operating activities:
Share-based compensation		1,694,897	10,979,206	10,125,102
Gain from equity in subsidiaries and VIE		(82,789,936)	(536,296,648)	(462,689,051)	(314,689,098)
Changes in operating assets and liabilities:
Amount due from subsidiaries and VIEs		(49,273,532)	(319,184,087)	13,853,941	6,179,613
Other current assets		(891,379)	(5,774,175)	(21,489,980)	(1,874,673)
Deferred tax assets		(88,867)	(575,664)	(339,900)	(243,074)
Uncertain tax position liabilities		(741,629)	(4,804,123)	1,016,786	1,022,627
Other current liabilities		1,226,087	7,942,352	3,066,233	2,345,726
Other non-current liabilities		281,199	1,821,548	82,534	586,858
Net cash provided by (used in) operating activities		(47,866,175)	(310,067,507)	(9,821,484)	9,255,717
Cash flows from investing activities:
Proceeds from sale of available-for-sale investments					29,965,718
Purchases of available for sale					(29,965,718)
Investment in subsidiaries and VIEs		(1,212,069)	(7,851,539)	(79,958,941)
Increase in investment in affiliates		(3,500,000)	(22,672,300)
Net cash used in investing activities		(4,712,069)	(30,523,839)	(79,958,941)
Cash flows from financing activities:
Dividends paid					(47,596,568)
Proceeds from issuance of ordinary shares upon exercise of stock options		671,730	4,351,330	4,062,622	6,843,114
Share repurchase		(6,882,898)	(44,586,036)		(19,573,849)
Proceeds from convertible notes		80,000,000	518,224,000
Net cash (used in) provided by financing activities		73,788,832	477,989,294	4,062,622	(60,327,303)
Effect of exchange rate changes		753,695	4,882,284	6,427,932	(8,160,394)
Net (decrease) increase in cash and cash equivalents		21,964,283	142,280,232	(79,289,871)	(59,231,980)
Cash and cash equivalents-beginning of the period		27,654,131	179,137,927	258,427,798	317,659,778
Cash and cash equivalents-end of the period		$ 49,618,414	¥ 321,418,159	¥ 179,137,927	¥ 258,427,798