SEC FORM 3

SEC FORM 3 SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Pan Qing

(Last)

(First)

(Middle)

7TH FLOOR, BLOCK B, NOAH WEALTH CENTER,

1226 SHENBIN SOUTH ROAD, MINHANG

(Street)

SHANGHAI

201107

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/16/2026

3. Issuer Name and Ticker or Trading Symbol
NOAH HOLDINGS LTD [ NOAH ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	CHIEF FINANCIAL OFFICER

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
ORDINARY SHARES	699,090	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
RESTRICTED STOCK UNIT	⁽¹⁾	⁽¹⁾	ORDINARY SHARES	4,200	$0.0	D
RESTRICTED STOCK UNIT	⁽²⁾	⁽²⁾	ORDINARY SHARES	450,460	$0.0	D
RESTRICTED STOCK UNIT	⁽³⁾	⁽³⁾	ORDINARY SHARES	125,000	$0.0	D

Explanation of Responses:

1. Represents an award of 6,383 restricted share units ("RSUs"), each representing the right to receive 10 ordinary shares. 3,272 RSUs vested on December 29, 2023. The remaining 3,111 RSUs vest in equal monthly installments of 103 RSUs at the end of each month, commencing January 29, 2024. The award will be fully vested on June 29, 2026.

2. Represents an award of 90,092 RSUs, each representing the right to receive 10 ordinary shares. 22,523 RSUs vested on March 29, 2024. The remaining 67,569 RSUs vest in equal annual installments of 22,523 RSUs on March 29 of each year thereafter, commencing March 29, 2025. The award will be fully vested on March 29, 2027.

3. Represents an award of 25,000 RSUs, each representing the right to receive 10 ordinary shares. 6,250 RSUs vested on December 20, 2024. The remaining 18,750 RSUs vest in equal annual installments of 6,250 RSUs on December 20 of each year thereafter, commencing December 20, 2025. The award will be fully vested on December 20, 2027.

	/s/ QING PAN	03/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

New insider Pan Qing claimed ownership of 699,090 units of ORDINARY SHARES (SEC Form 3)